Arbor Realty Trust, a Uniondale-based real estate investment trust, reported higher net income for the quarter ended March 31.
The company, which primarily makes short-term loans for commercial properties, reported net income attributable to common shareholders of $26.2 million for the first quarter, up from $15.6 million during the year earlier period.
Arbor also announced that it increased its quarterly dividend by 19 percent to 25 cents per share.
Funds from operations, a measure of real estate investment trust earnings that excludes gains or losses from property sales, rose to $35.5 million for the quarter from $23.6 million during the same quarter last year.
Real estate investment trusts, or REITs, must return most of their profits to investors. Some REITs, like Arbor Realty, are publicly traded. The company reported earnings before the market opened on Friday.
Shares of Arbor Realty rose 38 cents to close at $9.16 Friday on the New York Stock Exchange.