UNIONDALE, N.Y., March 23, 2026 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced the closing of a $762.6 million commercial real estate mortgage loan securitization (the “Securitization”). An aggregate of approximately $674.0 million of investment grade-rated notes were issued (the “Notes”) and Arbor retained subordinate interests in the issuing vehicle of approximately $88.6 million. The $762.6 million of collateral includes approximately $100 million of capacity to acquire additio ...

Jay Jackson: Thank you, Rob, and good afternoon, everyone. Abacus Global Management, Inc. closed the year by delivering another exceptional quarter, our eleventh consecutive quarter of beating consensus. Today, I want to walk you through how we are executing against our vision and what the path forward looks like grounded, not in projections, but in what I would call our proof point: a track record of consistent, measurable outperformance. Eleven quarters ago, we made specific commitments to our shareholder ...

Financial Data and Key Metrics Changes - In Q4 2025, total revenue grew 116% to $71.9 million compared to $33.2 million in the prior year period, driven by strong performance in Life Solutions and higher Asset Management fees [31] - For the full year 2025, revenue increased 110% to $235.2 million compared to $111.9 million in the prior year [31] - Adjusted net income for Q4 2025 grew 71% to $23 million compared to $13.4 million in the prior year [32] - Adjusted EBITDA for Q4 2025 grew 132% to $38.6 million compared to $16.6 million in the prior year, with an adjusted EBITDA margin of 54% [33] - For the full year 2025, adjusted EBITDA increased 115% to $132.6 million compared to $61.6 million for the prior year, with an adjusted EBITDA margin of 56% [34] Business Line Data and Key Metrics Changes - The Life Solutions segment continues to generate impressive revenue growth, contributing significantly to overall revenue increases [31] - The Asset Management segment generated nearly $34 million in management fees in 2025, with over $3 billion in fee-paying AUM [11][31] - The technology services business also contributed to revenue growth, with the flagship product MVerify achieving 4x growth and tracking nearly 3 million lives [12] Market Data and Key Metrics Changes - The company reported a robust capital deployment of $230.7 million in Q4 2025, bringing full year deployment to $580.8 million, up 82% year-over-year [24][30] - The origination platform reviewed more than 10,000 qualified policies during the year, maintaining a close rate of 12% [24] Company Strategy and Development Direction - The company aims to grow recurring revenue from approximately 16% of total revenue today to 70% over the next five years, focusing on building a fee-related earnings base [29] - The strategic acquisition of a minority position in Manning & Napier is expected to create synergies across wealth management and life insurance [14][15] - The company is focused on expanding its asset-based finance strategy, which is projected to be a critical part of AUM expansion [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and execution, highlighting 11 consecutive quarters of outperformance [5][38] - The company initiated its full year 2026 outlook for adjusted net income to be between $96 million and $104 million, implying growth of up to 22% compared to 2025 [36] - Management noted that the current market environment plays to the company's strengths, with increasing demand for longevity-linked assets [38] Other Important Information - The company has a disciplined capital allocation strategy, with a focus on maximizing long-term shareholder value through share repurchases and dividends [17] - The company launched its inaugural securitization in October, aimed at educating institutions about the asset class [19] Q&A Session Summary Question: Expectations for future securitization size and frequency - Management indicated that demand for securitization has increased and they are targeting a potentially larger securitization than the initial $50 million [44][46] Question: Capital needs and equity issuance - Management stated there is no intent to issue equity for policy purchases, as organic capital generation is sufficient to meet growth needs [51][52] Question: Capital deployment and revenue growth - Management clarified that the capital deployed in Q4 was successful, with a significant portion allocated to ETFs, which typically have lower management fees [56][57] Question: Growth targets and acquisition strategy - Management emphasized that growth will be driven by both organic and acquisition strategies, including the recent investment in Manning & Napier [66][67] Question: Value provided by ABL Tech to various markets - Management explained that ABL Tech offers valuable mortality verification data to pension funds and insurance companies, enhancing their operational efficiency [87]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue grew 116% to $71.9 million compared to $33.2 million in the prior year period, driven by strong performance in Life Solutions and higher asset management fees [32] - For the full year 2025, revenue increased 110% to $235.2 million compared to $111.9 million in the prior year [32] - Adjusted net income for Q4 2025 grew 71% to $23 million compared to $13.4 million in the prior year [33] - Adjusted EBITDA for Q4 grew 132% to $38.6 million compared to $16.6 million in the prior year, with an adjusted EBITDA margin of 54% [34] - For the full year 2025, adjusted EBITDA increased 115% to $132.6 million compared to $61.6 million for the prior year [34] - The company initiated its full year 2026 outlook for adjusted net income to be between $96 million and $104 million, implying growth of up to 22% compared to full year 2025 [36] Business Line Data and Key Metrics Changes - The Life Solutions segment continues to generate impressive revenue growth, contributing significantly to overall revenue increases [32] - The asset management segment generated nearly $34 million in management fees in 2025, with over $3 billion in fee-paying AUM [11][29] - The technology services business also contributed to revenue growth, with the flagship product MVerify achieving 4x growth [12] Market Data and Key Metrics Changes - The company reported a robust capital deployment of $230.7 million in Q4 2025, up 82% year-over-year, bringing full year deployment to $580.8 million [25][31] - The origination platform reviewed more than 10,000 qualified policies during the year, maintaining a close rate of 12% [25] Company Strategy and Development Direction - The company aims to grow its recurring revenue from approximately 16% of total revenue today to 70% over the next five years, focusing on building a fee-related earnings base [30] - The strategy is built on four integrated verticals: Life Solutions, Asset Group, Data and Technology, and Wealth Advisors, creating a comprehensive ecosystem [9][10][14] - The recent acquisition of a minority position in Manning & Napier is expected to create synergies across wealth management and life insurance [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and execution, highlighting 11 consecutive quarters of outperformance [4][38] - The current market environment is seen as favorable, with increasing demand for longevity-linked and asset-backed strategies [22] - The company recognizes the disconnect between its fundamentals and current valuation, viewing it as an opportunity for growth [38] Other Important Information - The company has a disciplined capital allocation strategy, with a focus on maximizing long-term shareholder value through share repurchases and dividends [18] - The securitization strategy is expected to create additional financing and distribution channels, enhancing capital efficiency [19] Q&A Session Summary Question: Investor demand for securitization - Management noted that demand for securitization has increased, with expectations for a larger offering in the first half of 2026 [42][44] Question: Capital needs and equity issuance - Management confirmed no intent to issue equity for policy purchases, citing strong organic capital generation [50] Question: Capital deployment and revenue growth - Management explained that capital deployed in Q4 was successful, with a focus on maximizing returns through strategic policy management [55] Question: ABL Tech's value proposition - Management highlighted the value of proprietary mortality data for pension funds and insurance companies, emphasizing the accuracy and speed of their data services [87][88]

Core Viewpoint - KBRA has assigned preliminary ratings to four classes of notes issued by Upstart Securitization Trust 2026-1, a $292.21 million consumer loan ABS securitization backed by unsecured consumer loans and auto secured personal loans [1] Summary by Relevant Categories Company Overview - Upstart Securitization Trust 2026-1 is the 49th ABS securitization collateralized by loans originated through Upstart Network, Inc., a wholly owned subsidiary of Upstart Holdings, Inc. [1] Financial Details - The total amount of the securitization is $292.21 million, with a collateral pool including approximately $365.3 million of loans, where auto secured personal loans comprise about 2.5% of the pool [1] - The preliminary ratings reflect initial credit enhancement levels of 60.65% for Class A-1 and Class A-2 notes, 46.85% for Class B notes, 35.90% for Class C notes, and 20.50% for Class D notes [1] Methodology and Analysis - KBRA applied its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology, and ESG Global Rating Methodology in its analysis [1] - The analysis included operational reviews of Upstart and periodic update calls with the company [1]

Core Insights - Redwood Trust, Inc. has successfully closed its inaugural non-qualified mortgage securitization, SPIRE 2026-1, amounting to $391 million, marking a significant step in diversifying its funding sources and expanding its capital markets platform [1][2][3] Company Overview - Redwood Trust is a specialty finance company focused on providing liquidity to segments of the U.S. housing market that are underserved by government programs, operating through three main platforms: Sequoia, Aspire, and CoreVest [6] - The company aims to deliver customized housing credit investments to a diverse mix of investors, with a commitment to technological innovation and risk-minded scale [6] Aspire Platform Highlights - Aspire has quickly established itself as one of the largest non-QM correspondent platforms since its launch in early 2025, locking in over $3 billion in production across various programs [2] - The platform is designed to support a broad seller base, offering competitive pricing and a comprehensive suite of non-QM solutions tailored to the needs of borrowers and investors [1][2] Transaction Details - The SPIRE 2026-1 transaction involved 752 loans with an average borrower credit score of 754 and a weighted average combined loan-to-value ratio of 69.79% [7] - The transaction was rated by S&P Global, Fitch Ratings, and Kroll Bond Rating Agency, indicating a robust assessment of its credit quality [7] Future Outlook - The company plans to continue expanding Aspire's capabilities and distribution channels while strengthening relationships with originators nationwide, aiming to enhance liquidity in the non-agency market [3]

Core Viewpoint - KBRA has assigned preliminary ratings to four classes of notes issued by OneMain Direct Auto Receivables Trust 2026-1, totaling $500 million, marking the first auto loan ABS securitization by OneMain Finance Corporation in 2026 [1] Group 1: Transaction Details - The transaction will issue four classes of notes with credit enhancement levels ranging from 32.05% for Class A notes to 2.71% for Class D notes [1] - OneMain Finance Corporation has issued a total of 39 auto loan and 31 consumer loan securitizations since 2013 [1] - ODART 2026-1 includes a three-year revolving period for collections to purchase new collateral that meets eligibility criteria [1] Group 2: Company Background - OneMain Holdings, Inc. is a consumer finance company offering loan products through a nationwide network and online platform [1] - The company completed its acquisition of OneMain Financial Holdings, LLC for $4.49 billion in cash on November 15, 2015 [1] - OneMain Holdings, Inc. is listed on the NYSE under the ticker symbol "OMF" [1] Group 3: Rating Methodology - KBRA applied its Auto Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology, and ESG Global Rating Methodology in analyzing the transaction [1] - The analysis included a review of the underlying collateral pool and capital structure using stressed cash flow assumptions [1] - KBRA's operational review of OneMain and periodic update calls were considered in the rating process [1]

Core Insights - The Hawaii Supreme Court's decision to deny insurers' motion to intervene in the class settlement process is seen as a significant step towards final court approval of the Maui wildfire tort settlements [1][6] - Hawaiian Electric Industries (HEI) reported a full-year 2025 net income of $123.1 million, a substantial recovery from a net loss of approximately $1.4 billion in 2024 [5][7] - The company is advancing its wildfire safety improvements and settlement processes while planning for increased capital expenditures in the coming years [2][4] Financial Performance - HEI's core net income for 2025 was $149.3 million, compared to $124.3 million in 2024, indicating a positive trend in operational performance [8] - Utility core net income was $177.5 million in 2025, slightly down from $180.7 million in 2024, attributed to higher operational costs [9] - The holding company's core net loss improved to $28.2 million from $56.4 million in 2024, driven by lower interest expenses [10] Settlement and Capital Expenditure Plans - The first $479 million settlement payment is expected in the second half of 2026, contingent on resolving outstanding appeals [6][14] - HEI plans to fund settlement payments through a mix of debt and potentially convertible debt, depending on market conditions [13][14] - The company anticipates utility capital expenditures of $550 million to $700 million in 2026, increasing to $600 million to $850 million by 2028 [4][15] Regulatory and Legislative Developments - HEI is pursuing a performance-based regulation (PBR) framework and plans to submit a joint rebasing proposal by March 6 [16][17] - The company is working on wildfire legislation and has achieved many operational objectives in its three-year wildfire safety strategy ahead of schedule [21][19] - HEI is exploring low-cost financing options for safety and resilience investments, including securitization [22] Renewable Energy and Customer Support - The utility achieved a 37% renewable portfolio standard (RPS) in 2025 and is on track to meet the 40% requirement by 2030 [23] - Customer bills remained stable in 2025, and the utility provided over $1 million in payment assistance to working families [23] Leadership Transition - An executive transition is set to occur with Scott DeGatto resigning as CFO effective April 2, 2026, and Paul Ito taking over the role [24]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.14 per share and adjusted distributable earnings (ADE) of $0.47 per share, exceeding dividends of $0.39 per share [5][13] - The economic return for Q4 was 4.6% annualized, with book value per share at $13.16 [21][29] - The weighted average borrowing rate on recourse borrowings decreased by 32 basis points to 5.67% [18] Business Line Data and Key Metrics Changes - The credit portfolio saw net interest income increase sequentially, with contributions from non-QM retained tranches and forward MSR-related investments [14] - The Longbridge segment reported strong origination profits driven by higher origination volumes and margins, alongside positive contributions from servicing [15] - The adjusted long credit portfolio increased by 15% to $4.1 billion quarter-over-quarter [16] Market Data and Key Metrics Changes - The agency-eligible loan strategy added approximately $250 million in loans during the second half of 2025, reflecting a shift towards sectors where GSEs are reducing their footprint [10] - The total long agency RMBS portfolio slightly decreased to $218 million, while the Longbridge portfolio decreased by 18% to $617 million due to securitizations [17] Company Strategy and Development Direction - The company aims to optimize its capital structure and enhance resilience by increasing the proportion of long-term, non-mark-to-market borrowings [11][20] - The focus is on expanding loan origination market share while maintaining strong credit performance, supported by a robust securitization platform [38] - The acquisition of a small residential mortgage servicer is expected to enhance in-house servicing capabilities, particularly for delinquent assets [37] Management's Comments on Operating Environment and Future Outlook - Management noted that the housing market shows broader signs of weakness, with more borrowers struggling to stay current, but they maintain significant credit hedges [28] - The company is optimistic about the long-term opportunities in the agency-eligible sector, especially as policymakers are more receptive to private capital [10] - The economic environment remains uncertain, with potential changes in government policies impacting prepayment speeds and the attractiveness of private label versus GSE execution [25][64] Other Important Information - The company completed 25 securitizations in 2025, a significant increase from seven in 2024, and issued $400 million in unsecured notes [29] - Unencumbered assets grew by 45% to $1.77 billion, representing about 95% of total equity [20] Q&A Session Summary Question: Can you discuss the decision to buy the servicer and its implications? - Management highlighted the consolidation in the servicing industry and the need for best-in-class protocols to handle borrowers facing challenges, emphasizing the importance of in-house servicing capabilities [42][44] Question: Will the servicer be used for third-party clients or just the Ellington portfolio? - The servicer will be owned within EFC and initially focused on optimizing the existing portfolio, with potential future opportunities for third-party clients [47][49] Question: How are current repo conditions for retained tranches? - Management noted that the repo market functioned well, but they prefer to operate conservatively regarding leverage on retained tranches due to inherent price volatility [53][54] Question: What are the implications of potential changes to bank capital standards? - Management expressed uncertainty about the impact of capital regulations on bank activity in the mortgage market, noting that significant bank buying was underwhelming in 2025 [77] Question: What are the top priorities for 2026? - Key priorities include integrating the mortgage servicer, increasing long-term financing, and monitoring the preferred market for potential refinancing opportunities [81][84]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.14 per share and adjusted distributable earnings (ADE) of $0.47 per share, exceeding dividends of $0.39 per share [4][12] - The economic return for the fourth quarter was 4.6% annualized, with book value per share at $13.16 [19][40] - The weighted average borrowing rate on recourse borrowings decreased by 32 basis points to 5.67% [16] Business Line Data and Key Metrics Changes - The credit portfolio saw net interest income increase sequentially, with contributions from non-QM retained tranches and forward MSR-related investments [12][13] - The Longbridge segment reported strong origination profits driven by higher origination volumes and margins, alongside positive contributions from servicing [13][14] - The adjusted long credit portfolio increased by 15% to $4.1 billion quarter-over-quarter, with growth in non-QM loans, agency-eligible loans, and commercial mortgage bridge loans [14][15] Market Data and Key Metrics Changes - The agency-eligible loan strategy added approximately $250 million in loans during the second half of 2025, reflecting a shift towards sectors where GSEs are reducing their footprint [8][9] - The company completed seven securitizations in Q4 2025, expanding its securitization platform to include various loan types [20][21] - The total long agency RMBS portfolio decreased slightly to $218 million, while the Longbridge portfolio decreased by 18% to $617 million due to securitizations [15] Company Strategy and Development Direction - The company aims to optimize its capital structure and enhance balance sheet resilience by increasing the proportion of long-term, non-mark-to-market borrowings [10][18] - The focus is on growing loan origination market share while maintaining strong credit performance, supported by a robust securitization platform [38] - The company is in contract to acquire a small residential mortgage servicer to enhance in-house servicing capabilities, particularly for delinquent assets [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the housing market shows broader signs of weakness, with more borrowers struggling to stay current, but they maintain significant credit hedges [27] - The company is optimistic about the long-term opportunities in the agency-eligible sector, especially as policymakers are more receptive to private capital [9] - The economic environment remains uncertain, with potential government policy changes impacting the mortgage market [24][66] Other Important Information - The company completed 25 securitizations in 2025, significantly up from seven in 2024, indicating a strong focus on enhancing its funding profile [29] - The company has maintained low realized credit losses, reflecting strong underwriting discipline and asset management capabilities [30] Q&A Session Summary Question: Discussion on the decision to buy the servicer - Management highlighted the consolidation in the servicing industry and the need for best-in-class protocols to handle borrowers facing challenges, emphasizing the importance of in-house capabilities [42][43] Question: Conditions for applying repo to retained tranches - Management noted that the repo market functioned well, with low financing spreads, but they prefer to operate conservatively and avoid adding more leverage to retained tranches due to inherent price volatility [53][55] Question: Approach to the agency-eligible market amid potential changes - Management indicated that while there are risks associated with potential changes in LLPAs and g-fees, current execution remains favorable for private label markets, and they are monitoring these developments closely [62][66] Question: Current competition and margins in origination activity - Management described the competitive landscape as challenging but not cutthroat, with margins remaining attractive due to favorable pricing structures [71][73]