Arbor Realty Commercial Real Estate Notes 2020-FL1, Ltd.: Surveillance Performance Update

Ratings

• Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  10-Feb-23	Class A Senior Secured Floating Rate Notes	AAA (sf)	Stb	Confirmed	US
  10-Feb-23	Class A-S Second Priority Secured Floating Rate Notes	AAA (sf)	Stb	Confirmed	US
  10-Feb-23	Class B Third Priority Secured Floating Rate Notes	AAA (sf)	Stb	Upgraded	US
  10-Feb-23	Class C Fourth Priority Secured Floating Rate Notes	A (high) (sf)	Stb	Upgraded	US
  10-Feb-23	Class D Fifth Priority Secured Floating Rate Notes	A (low) (sf)	Stb	Upgraded	US
  10-Feb-23	Class E Sixth Priority Secured Floating Rate Notes	BBB (sf)	Stb	Upgraded	US
  10-Feb-23	Class F Seventh Priority Floating Rate Notes	BB (sf)	Stb	Upgraded	US
  10-Feb-23	Class G Eighth Priority Floating Rate Notes	B (low) (sf)	Stb	Confirmed	US

  More

  Less