ABR NYSE Earnings call
ARBOR Realty Trust Inc. (ABR) · Q1 2026 results
Share price: $1.39 · 2026-11-11
Results Q1 2026 vs Q4 2025 · previous quarter · published 8 May 2026 and 27 Feb 2026
Net income down 57.8% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−57.8%
Net income vs Q4 2025
Outlook given
Net income 11.0M vs 26.1M
Against the same quarter last year (Q1 2025) it is −74.6%, so it is not just seasonal.
Why Net income fell compared to the previous quarter because of one-time realized losses in the resolution of certain delinquent and REO assets.
2 · How management spoke
Restrained
Less upbeat than 79% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Key theme
A $100 million ramp feature in the new CLO is expected to be fully utilized by May 2026.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: inputs look inconsistent (market value only 2.4x the net income: another reporting currency or a one-off gain).
Current price
$1.39
close of 2026-11-11
P/E
38.6
today
Read between the lines
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Guidance
ABR ended Q1 with roughly $500 million in delinquent loans and $500 million in REO assets, showing heavy total exposure to distressed property.
Source quote
“We ended the first quarter with approximately $500 million in delinquent loans and around $500 million of REO assets for total...”
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Guidance
ABR plans to hold on to certain assets from a CapEx perspective.
Source quote
“I would say that from a CapEx perspective, there are certain assets that we expect to hold on to.”
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Fading
Capital spending guidance reflects plans to retain certain assets rather than divest or scale back.
Source quote
“But I think it is just a matter of getting some higher servicing fee loans back from the pre-COVID days... They have cut them back pretty substantially to more in the range of 45 to 50 basis points on Fannie. We have run a model.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Many times these are sponsors we have done a lot of business with, with strong balance sheets, and while we may give them a high level of leverage going in...”
“Again, our goal is to continue to accelerate the resolution of our non-interest-earning assets and redeploy the capital into performing loans and grow our run rate of income.”
“The all-in cost of debt was approximately 6.4% at March 31, 2026, versus 6.45% at December 31, 2025, mainly due to a reduction in SOFR along with a lower rate...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-03-31)
| Metric | Q1 2026period end 2026-03-31 | Q4 2025period end 2025-12-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Operating income | — | 176.6M | — | ||
| Net income | 11.0M | 26.1M | −57.8% | 43.4M | −74.6% |
| EPS | 0.00 | 0.08 | −100.0% | 0.16 | −100.0% |
| P/E today 38.6 | 19.3 | 13.9 | +5.4 | 11.4 | +7.9 |
Topics
Most discussed now
- As Paul will discuss in more detail, Arbor Realty Trust produced distributable earnings of $0.18 per share in the first quarter.
- New Arbor Realty Trust is requiring management changes and/or taking control of these assets.
- New Arbor Realty Trust also saw, for a period of time, real slowness and issues with respect to the credit of its tenants...
- Although its management team never lost sight of its shareholders and their interests during this challenging period, Arbor Realty Trust is…
- On its last earnings call, Arbor Realty Trust discussed at length how it feels it is at the bottom of the cycle,...
Faded since Q4 2025
- Fading These statements are based on Arbor Realty Trust's beliefs, assumptions and expectations of its future performance taking into account the…
- Fading Arbor Realty Trust's goal is to continue to accelerate the resolution of its non-interest-earning assets and redeploy the...
- Fading Arbor Realty Trust also has a very active originations business with several diverse platforms and will continue to contribute to growing...
- Fading As Arbor Realty Trust discussed in the past, it believes it is in the bottom of the cycle and are working very...
Latest announcements
Official filings, newest first.
- Material agreement; New financial obligation; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation; Unregistered share sale · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K