Broadmark Realty Capital Inc. (BRMK) Misses Q1 EPS by 3c

Broadmark Realty Capital Inc. (NYSE: BRMK) reported Q1 EPS of $0.21, $0.03 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $31.8 million versus the consensus estimate of $36.86 million.

“Our first quarter results demonstrate the strength of our operational model and balance sheet. Our originations were in excess of $100 million. We also launched our private REIT, which is actively raising capital to fund participations in our loan originations,” said Jeff Pyatt, President and Chief Executive Officer of Broadmark.

“Furthermore, we ended the quarter with substantial cash on hand and no debt outstanding, enabling us to serve our borrowers’ near-term funding needs while also positioning us to take advantage of opportunities to grow our market share as other credit-dependent lenders pull back. Certainly, there will be disruptions resulting from COVID-19, including slowing construction activity. We are committed to working with our borrowers as we navigate these challenging times while delivering the service that has made us a lender of choice for so many builders. We continue to originate new loans, and we are confident in the long-term prospects for construction lending and the need for additional housing as we emerge from this crisis.”

For earnings history and earnings-related data on Broadmark Realty Capital Inc. (BRMK) click here.

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