S&P to remove Arbor Realty from small-cap index before Oct. 28 trading
Key Facts
Arbor Realty Trust, which trades under the ticker ABR, will be removed from the S&P SmallCap 600 before trading opens on Wednesday, Oct. 28, 2026, according to an announcement by S&P Dow Jones Indices published through S&P Global. The company said Arbor "no longer represents the small-cap market segment," the reason given by the index operator. The change involving the company takes effect one day after MSG Rangers is added to the index before trading opens on Tuesday, Oct. 27. That sequence means MSG Rangers’ inclusion precedes Arbor’s removal, although the announcement linked both companies to the same adjustment. The announcement did not describe the decision as a periodic review, nor did it cite liquidity criteria or an expected price impact.
MSG Rangers, which trades under the ticker MSGR, will join the index before trading opens on Oct. 27, replacing Arbor Realty Trust, according to the announcement. Its inclusion coincides with its expected separation from Madison Square Garden Sports, whose name S&P said will change to MSG Knickerbockers while it remains in the index. The operator expected the separation to be completed on Oct. 27, the same date MSG Rangers is scheduled to be added. The move places two companies linked to the transaction in one adjustment: MSG Rangers joins, while the parent company remains in the index under its new name. The list of changes classified MSG Rangers in the communication services sector and Arbor Realty in the financials sector.
S&P’s announcement also covered another change scheduled before trading opens on Nov. 2, when Huron Consulting Group will replace Supernus Pharmaceuticals in the index. The operator said Indivior is acquiring Supernus and that the transaction is expected to close soon, subject to satisfaction of final conditions. The change sets a later date in a series of adjustments S&P announced in October, following the addition of MSG Rangers and the removal of Arbor Realty. The announcement gave different reasons for the two cases: S&P linked Arbor’s removal to its no longer representing the small-cap market, while it cited Indivior’s acquisition of Supernus in connection with the next change. The announcement provided no further details on the timing of the Supernus transaction’s completion beyond saying it was expected soon and remained subject to final conditions.
ABR closed at $2.89 on Oct. 26, according to EL7 data. The stock also closed at $2.89 on Oct. 20, $2.90 on Oct. 21, $2.96 on Oct. 22 and $2.92 on Oct. 23, before returning to $2.89 on Oct. 26. These levels show the closing-price path over the available days before the removal takes effect, without S&P’s announcement establishing a causal link between them and the change. The announcement did not mention fund flows, selling pressure or an expected effect on trading. The company will report third-quarter results before the market opens on Oct. 30, two days after its removal from the index. It also scheduled a call to review the results for 10:00 a.m. Eastern time that day.
The index and earnings dates come as the company’s latest figures in the cited materials were for the second quarter of 2026. Arbor reported a net loss attributable to common shareholders of $37.3 million, compared with net income of $24.0 million in the second quarter of 2025. Distributable earnings were $0.10 per diluted share, compared with $0.25 in the year-earlier period. In the first quarter of 2026, the company reported net income of $0.6 million, or $0.00 per diluted share, while distributable earnings were $0.07 per share, compared with $0.28 in the first quarter of 2025. The principal balance of its loan and structured finance investment portfolio was $12.11 billion on June 30, compared with $12.00 billion on March 31. The Oct. 30 results will provide the next update on the company’s performance after these figures and its change in index membership.