Arbor Realty, Icahn Enterprises and Herzfeld: 3 Unconventional High Yield Bets
Income investors chasing double-digit yields keep bumping into the same wall: Eye-popping payouts sit inside unusual structures with idiosyncratic risks.

Icahn Enterprises L.P. (IEP) is a diverse holding company that operates through its various subsidiaries across numerous industries, serving both the United ...
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$2.00 per share
Est. EPS $0.09 · Revenue $2.33B · 1 analysts
Est. EPS $0.10 · Revenue $1.98B · 1 analysts
Est. EPS $-0.40 · Revenue $8.67B · 1 analysts
$2.00 per share
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $9.4B | -7.5% | +41.8% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $-293.0M | +32.8% | +21.1% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +8.9% | -3.6% | +128.5% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | -0.0% | -102.1% | +61.1% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | -3.1% | +27.4% | +44.4% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $-654.0M | -218.5% | -87.3% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | -6.9% | -228.0% | -91.0% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 242.5% | -9.8% | +31.8% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 4.62x | +35.4% | -48.7% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $14.2B | -12.7% | -0.3% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | -0.52 vs -0.35 | -48.6% | -0.52 vs 0.11 | -572.7% |
| Revenue Surprise | $9.4B vs $9.4B | -0.1% | $3.1B vs $2.0B | +50.7% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Flint Robert | director, officer: Chief Financial Officer | Deferred Depositary Units | A | 6,648 | — |
| Aug 14, 2026 | Papapostolou Ted | director, officer: President and CEO | Deferred Depositary Units | A | 33,242 | — |
| Aug 6, 2026 | Asuncion-Gumabong Ma Rowella Medez | officer | — | — | 0 | — |
| Jun 25, 2026 | ICAHN CARL C | director, 10 percent owner, other: CHAIRMAN OF THE BOARD | Depositary Units | A | 36,456,030 | $7.30 |
| May 6, 2026 | Flint Robert | director, officer: Chief Financial Officer | Deferred Depositary Units | D | 20,486 | — |
Operator: Good morning, and welcome to the Icahn Enterprises L.P. First Quarter 2026 Earnings Call with Andrew Tino, President and CEO; Ted Papapostolou, Chief Financial Officer; Robert Flint, Chief Accounting Officer; and Joseph Passeri, Director of SEC Reporting. I would now like to hand the call over to Joseph Passeri, who will read the opening statement. Joseph Passeri: Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words of similar meaning and include, but are not limited to, statements about expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. This presentation also includes certain non-GAAP financial measures, including adjusted EBITDA. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation. We also present indicative net asset value. Indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries, which are not included in our GAAP earnings. All net income and EBITDA amounts we will discuss are attributable to Icahn Enterprises unless otherwise specified. I'll now turn it over to Andrew Teno. Andrew Teno: Thank you, Joe, and good morning, everyone. I wanted to say thank you to everyone, who I've worked with over the past few years, both before becoming CEO and after. It is an honor and privilege to work with and learn from the living legend of activism in our Chairman, Carl Icahn. Over the past few years, we have worked hard to high-grade the Investment Fund portfolio and to get our controlled operations moving in the right direction. I leave the company knowing that it's in good hands with a significant war chest to take advantage of opportunities as they arise. It's been a pleasure and honor. And with that, I will hand it over to Ted, our new CEO. Congratulations, Ted. Ted Papapostolou: Thank you, Andrew. Before turning to the work ahead, I want to begin by thanking Andrew for his leadership and service to Icahn Enterprises and wish him continued success in his next chapter. I am honored to take on …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Ted Papapostolou | President, CEO, Director & Secretary | USD 2,377,630 | Male | 1981 | Active |
Angel Montalvo | Investor Relations Contact | — | Male | — | Active |
Jesse A. Lynn | General Counsel | — | Male | 1971 | Active |
Robert E. Flint | CFO, Chief Accounting Officer, Principal Accounting Officer & Director | — | Male | 1978 | Active |
Income investors chasing double-digit yields keep bumping into the same wall: Eye-popping payouts sit inside unusual structures with idiosyncratic risks.

WHITE PLAINS, N.Y. & SUNNY ISLES BEACH, Fla.--(BUSINESS WIRE)--Mavis Tire Express Services Corp. (“Mavis” or the “Company”), one of the largest independent tire and service providers in North America, and Icahn Enterprises L.P. (NASDAQ: IEP) (“IEP”) today announced the completion of Mavis's previously announced acquisition of The Pep Boys-Manny, Moe & Jack Holding Corp. (“Pep Boys”) from Icahn Automotive Group LLC, a subsidiary of IEP, for approximately $700 million in cash. Pep Boys will r.

Icahn Enterprises NASDAQ: IEP reported a second-quarter 2026 net loss attributable to the company of $355 million, or $0.52 per depositary unit, compared with a $165 million loss, or $0.30 per unit, a year earlier. Adjusted EBITDA attributable to IEP was a loss of $134 million, compared with adjusted EBITDA of $40 million in the prior-year quarter.

Icahn Enterprises L.P. (IEP) Q2 2026 Earnings Call Prepared Remarks Transcript

SUNNY ISLES BEACH, Fla., Aug. 5, 2026 /PRNewswire/ -- Q2 2026 Adjusted EBITDA loss attributable to IEP was $134 million, compared to Adjusted EBITDA attributable to IEP of $40 million in Q2 2025 Q2 2026 net loss attributable to IEP was $355 million, compared to a net loss of $165 million in Q2 2025 Indicative Net Asset Value was approximately $2.6 billion as of June 30, 2026, a decrease of $765 million compared to March 31, 2026.
