Arbor Realty Trust ( NYSE: ABR ) stock climbed 7.8% in Friday morning trading after the mortgage REIT raised its quarterly dividend after its Q3 earnings beat the Wall Street consensus, helped by rising net interest income.
Q3 distributable EPS of $0.56, exceeding the company's current dividend and topping the $0.36 consensus, rose from $0.43 in Q2 and $0.47 in Q3 2021. The company boosted its quarterly dividend by a penny to $0.40 per share.
Q3 net interest income of $99.3M increased from $94.3M in the prior quarter and from $69.9M in the year-ago quarter.
Q3 Structured Business loan originations of $774.7M declined from $2.05B in Q2. The average balance of Arbor's ( ABR ) loan and investment portfolio, excluding loan loss reserves, was $15.01B with a weighted average yield of 6.57%, up from $14.63B and 5.26% in Q2. The increase in average yield was primarily due to increases in the benchmark index rates in Q3 2022.
Agency segment loan originations of $1.11B, down from $1.27B in Q2. The business generated revenue of $43.1M vs. $68.8M in Q2. Gain on sales, including fee-based services, net on the GSE/Agency business was $13.4M for Q3, or a margin of 1.30%, compared with $16.2M, or 1.59%, in the prior quarter.
Fee-based servicing portfolio totaled $27.07B at Sept. 30, excluding $127.1M of private label loans originated that weren't yet securitized, grew from $26.8B at June 30.
Q3 noninterest expenses of $57.2M slipped from $57.8M in Q2 and increased from $48.6M in Q3 2021.
Conference call at 10:00 AM ET.
Earlier, Arbor Realty Trust ( ABR ) non-GAAP EPS of $0.56 beats by $0.12, revenue of $99.32M beats by $12.07M
For further details see:
Arbor Realty Trust stock jumps after Q3 earnings beat, dividend increase