2023-07-28 09:10:07 ET
Arbor Realty Trust ( NYSE: ABR ) shares gapped up 3.7% in Friday premarket trading after delivering Q2 earnings that exceeded the average analyst estimate as the mortgage REIT's loan originations increased during the quarter, although net interest income was virtually flat.
Q2 distributable EPS of $0.57, surpassing the $0.45 consensus, climbed from $0.46 in the prior quarter and from $0.52 in the year-earlier period.
Agency loan originations totaled $1.42B for the quarter ended June 30, 2023, up from $1.09B for the quarter ended March 31, 2023.
Net interest income slipped to $108.5M from $108.6M in Q1 and rose from $94.3M a year before.
Total other revenue (consisting of gain on sales, mortgage servicing rights, net servicing revenue, property operating income, among a couple other line items) came in at $65.2M, down from $73.1M in Q1 and up from $50.4M in Q2 of last year.
Total other expenses, which includes costs like employee comp and benefits and provision for credit losses, fell to $79.2M from $85.7M in Q1 and rose from $57.8M in Q2 2022.
The company's fee-based servicing portfolio totaled $29.45B at June 30, 2023, compared with $28.91B at March 31, 2023.
Conference call at 10:00 a.m. ET.
Also on Friday, Arbor Realty ( ABR ) raised its quarterly dividend by 2.4% to $0.43 a share .
More on Arbor Realty Trust:
- Archives of Arbor Realty's financial statements
- Arbor Realty Trust Q2 Non-GAAP EPS of $0.57 beats by $0.12, net interest income of $108.54M beats by $9.72M
- Arbor Realty: Why The Bears Got This One Wrong
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Arbor Realty Q2 earnings top consensus as loan originations climb