and to Steve full call. our welcome earnings you, year Thank fourth quarter XXXX and
on overview Broadmark company went summary discuss since we our key Broadmark growth view begin November. brief a metrics, certain This a in ahead. then as provide conditions call of public earnings first Our for and look strategy. of operating I outline our I'll with market and will afternoon
questions. When additional balance to our over call performance, results is up for we'll on the detail open sheet. finished, loan your call financial portfolio, the turn David to and I'll provide and David And
Broadmark The acknowledging a news said impact fortress of let remains the to they've turbulence in for its and at zero thank throughout we lives. our transition debt Let our years. daily that support That the and markets shareholders. is is and by backdrop, have me it our working our our to our committed seeing great pipeline many new in serving that unfortunate have these the team level begin customers are challenges. focused we with having tremendous the investors given us and built the and so balance past of With our me sheet XX loans highest we throughout welcome that through
capital. grown as and an XXXX, platform platform Since be we have we considerably, believe to ever that are we as public a Broadmark exceptional stewards years. founded And in of our value in our to the positioned coming even grow we committed ourselves we've shareholder than better drive company
in financing. construction And structural started for demand construction crisis meaningfully the that these community loans certain banks Broadmark number prohibitive to the had banks nearly made historically lending over consolidation. in the ago activities. in when significant unmet short-term We in it opportunity for had we from market. engage existed lending of changes resulted that wake XX past due recognized years This the second, the provided to regulatory decade financial the environment most decreased One,
the U.S. today. growth providing to the the in of capital building this support see flexible massive active we builders, filled of these housing we're attractive Broadmark to residential meet void, undersupply
commercial land of our are million more commercial $XX properties. November residential residential Now, short-term acquisition, Broadmark in renovation financing focused construction, XXXX, loans. internally or with who housing the REIT local estate-backed senior our private primarily on fund the of in and loans mortgage size to short-term managed and is completion from typical this capital $XXX,XXX only These preparation, use range builders real formation transactions borrowers to lot or
first problem, liens. are underwritten by means to always if XX% by our originated are are it to we borrowers which a with that a the that Therefore, of loan-to-value personal ratios, conservative This strong for have loans below The All fixed each risk and or guarantees. at origination, are of are secured our at helps short-term they backed and time fix in their first. has This equity incentive further is there meaningful reduce losses. loans. rate
days One than unlevered is of to faster application we from provide funds and besides wiring out banks of as approve advantages with the to Broadmark's can bank significantly that compared a takes that internal to structure it a typically fund unique as management funding days XXX XX our borrowers completely competitive and sheet few balance five the to receipt loan.
execution Further, we can around borrowers command flexibility premium which our provide we pricing. for and of timing certainty means
competitive of $X.X size losses, and we geographic billion our result scope since minimal XXXX of monthly over the distributions originated significantly loans these a to our and As advantages, attractive paid have grown investors, lending platform. with both of
residential presentation, the Furthermore, in three slide of is our as concentrated portfolio you loans see earnings can of sector. our on
certainly say future new are We that as for whom base customers. growth markets. two-thirds see within existing plenty Approximately opportunities be of are to to we of of borrowers repeat in excited our well able growth as
four, District these for Mountain two primarily to slide Pacific in the currently we Columbia. reasons. XX plus Turning Northwest, West, chose of Southeast and mid-Atlantic the and operate regions states states We
affordability, steady leads demographic with This favorable taxes. by driven net and demand our and loans. greater activity, growth for construction demand better to growth, more lower for First, they job trends population have housing,
a process. we with non-judicial on if then quicker can foreclose laws. operate we foreclosure in that primarily we Second, sell legal so This property, a means and need to states do through
to Looking rates all basis With regions over more expanded. in ahead, extremely with relative where we have double-digit our regions to low had performance, a recently on capture the loan southeast more the default of our growth see Mid-Atlantic and regard we've growth in years. opportunities we
million exclude those than loans had million the principal have minimizing $X.X capital more originated, defaults $X.X the of earned billion men loans. These Of we've a life history on only losses. losses strong during of Additionally, we loans $X resolving remarkably and of the losses. of we've the
Our result and underwriting minimal of the is loss our local history leadership. diligent market
loan their by committee and a approval. borrowers their they know Directors for review every reviewed and markets regional and loan central is their Our underwrite teams
After requested work a approval, to the the servicing At ensure an to completed manner. our are loan the minimizes draws borrower milestones. to determined which each with we project procedures tie been risk. together which construction third-party a satisfactory inspectors milestone, budget Prior has specific funds a work we in-person of in-house inspection to conduct specific approved, We is and site. being in timeline that hire for put construction
are any keeps able lien know collect We paying on request the two are make county completed borrowers the our and releases that sure this we our all which borrowers their projects so do subcontractors. we do necessary draw of business we then city and from to of usually within disburse inspections days the funds are we moving or current time Only along.
our main resulted our repeat is the than faster We in nine over standards an borrowers. weeks funding construction one minimal of reason Other and underwriting to underserved year history. plus this significantly take and Again process competitive lenders have several draws. so do our have we advantages competitors many typically that losses that with so we provide market, to
understanding are key important the outline of me most that metrics some to performance let business. our Now,
the loans. is First income interest earned on our
our holding for interest the fixed intention as rate rates between XX interest are kind risk on to exposed current so originate on percent. of rate we and same XX them to These interest loans, are with emphasizing short-term are the that are held it's All of worth investment The in maturity. rates loans of floating debt. who generally other loans the and our environment, rate not are underwritten lenders
satisfy Second, an own annualized is committed of generally are extended will basis. similar loans. continue to amount cases the our annualized underwriting we collect default continues criteria, on and is origination X% we fees and not If These the with yield. also X% loan extension in where our on in a loan the fees between loan to
of Finally, additional metric is credit portfolio. an quality our performance the
originated As we minimal earlier, on over billion our described losses year our of X.XX% approximately and exceptional have platform going our on had will the believe support standards performance forward. our we've loans $X.X loan nine underwriting I we history,
and on volumes strategy some growth. transactions seasonality quarter origination reflected inherent been formation fourth mid-November, our accelerated XXXX our Certainly, in Since natural our in the focused were we've of completed for preparing our executing business.
spring, While fall we the originate the in is we weather summer, loans favorable more more make and disbursements year round, when construction. for
and merger in also We months. transactions several additional origination ensure connection address any turn, to capital, raise the to most to More us impactful, quarter to us our quarter our fourth required on to related that to we placed originations required volumes however, essentially for transaction. were had our legacy investor formation redemptions of in the liquidity ability restrictions the for with pause were
longer As pipeline than needed a to started when we rebuild took anticipated. we our result, XXXX, which
and While we've $XX new to was $XXX.X potential the February loans we quarter the most impacted, see to with another January to-date included XX spring in as month XXth, volumes of the construction in in close head that totaling news season. lending uptick March, begun an March end. Through into million origination good million the on to is prior
color in was updates week that of typically the this provide in we we the are provide now won't felt important we While March. to future, mid-quarter second given
Broadmark. first launched REIT fees which will in our pay successfully private quarter to Additionally, XXXX, we management the
investment for objectives. additional whom a vehicle are investors their private We fund pleased to suits this better offer to
this believe additional offering source unique income of is an which a Broadmark. unlock We will for
to $XX raising the expect way time ramp up per XXXX of radical to and at million our work that month. capital, a active Now is run target rate over fund throughout we and our pace
on Broadmark. Finally, here we've comment I'd created like to briefly culture at the
governance From that perspective, metric a by aligns governance know a managed newly we environmental, will we which fully public internally are management company, ESG with or investors. our measured. be and initiatives being social, a As
Directors. also shareholder-friendly a adopted have have and Board of We many diverse measures
housing we very core access construction business over the therefore and which for has us believe drive years, past our economic in XX nature helped to to our markets. markets many increased of healthier of access lending has Additionally, results underserved the
employees' contribute supporting of we employees a charities to match their Internally, in volunteer and strong we diverse their have which time. culture our and passions, we volunteerism donations our monetary charity, employee
will important move ahead. continue We we to these initiatives progress to communicate ways measure as for on our and look
more me turn to over to our in review call let financial Now, David results detail. the
