BRMK - Broadmark Realty Q1 earnings miss on lower fee income higher expenses
Broadmark Realty Capital (NYSE:BRMK) Q1 earnings fell short of the average analyst estimates as interest income fell and expenses grew faster than revenues. Shares of BRMK are off 2.1% in Monday afterhours trading. Q1 adjusted EPS of $0.17 missed the consensus of $0.19 and fell from $0.19 in the year-ago period. Likewise, revenues of $29.9M at March 31 missed the estimate of $32.11M but ticked up from $29.5M in Q1 a year ago. The mortgage REITs' expenses of over $10M gained from $6.4M in Q1 2021. Fee income of $5.8M at the end of March drifted down from $7.5M in the year-ago quarter. Interest income of $24.11M in Q1 increased from $22.02M in Q1 of last year. Furthermore, "we are pursuing prudent, high-yield investments in the smaller- to middle-market space that we expect will generate strong returns for our shareholders as we move ahead," said CEO Brian Ward. Conference call at 5:00 p.m. ET.
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Broadmark Realty Q1 earnings miss on lower fee income, higher expenses