posed tailwinds we remained we the emerge quarter Then we and over given discussing are to how an provide then drive welcome for second results should you are financial hope well originations. to and and sheet our XXXX of and balance on as the discuss and operating why David call quarter growth, on business. with detail we'll I'll believe I'll your all crisis, sheet. second Steve, this turn our additional When strength afternoon, that the begin in from finished, healthy. provide and I'll questions. and secular performed safe through call. you, our is help challenges the have balance earnings longer-term for COVID-XX. of call Broadmark portfolio our Thank we that positioned by performance, to This how David update your the families by Starting loan up open our We
For million quarter, $XXX the to new bringing million. originations second approximately we originated $XX of year-to-date loans,
We in of loan loan completed our transformation amendments generating the fee a portfolio vertical of $XX million during land quarter, investment additional while income by to also construction. derisking
amid early volume in uncertainty and demand. permitting call, origination emphasize the in our closures capital markets. We and to As of time, and early our stages the were of restrictions, activity slower the due the in office we lack May. last on deployment, quarter, disciplined state most originations discussed At April inspection were and in not economic was our modest given pandemic lower all this we contributed that to the uncertainty of construction
deliberately In after credit. from slow made the of the partners our until their received COVID losing inbound fact, had developers to financing many in lines better visibility. of days whose back decision had we early We we the originations inquiries crisis pulled
of the standards. pace slowly underwriting move our we maintaining our we originations while stringent quarter, As built through
with working in the XX% a cash, were in on vary last of then resume of to We June This our lenders respectively. entirely, construction of our originations X the So the historical while our able can presentation, COVID level, is detail lack supplemental occurring originations quarter provides cut were We more to manner. quarters, by some Please of half originations to is originations regard we of a levered were loan closer benefit. during measured of times. cadence. our second to off of which in proceed several month-to-month XXXX, June. originations due merger origination to forced earnings most second see pace additional XXXX, to based All on which historical were of the of disrupted able representative closing pace Slide new
the However, where while are forward. operate trends COVID we related continues to for housing. stimulate as preferences have population a we pressures, in strong experienced backdrop likely near-term for Broadmark consumer and demographic underlying provide demand strong to We markets move a
the that for and has which we work construction in to many policies, single-family desire activity for the in demand the space growing from home persist has states country. low housing Also, significant has affected interest COVID-XX eliminated respect rate operate. the amid across shortage While it explosive timing, the with and resulted of by more historically not in housing distancing combination social
finance demand We more continue At developers Broadmark limit, lenders that competition. leaving has at to see work least that same respond we to for unmet to with construction near time, and need. loans, to served the COVID-XX further to the of term, universe able less believe the
to contractual our remind default default. than has XX-year over less level, our historical turning Now contractual everyone X% history. I averaged of which
time impact contractual permitting being halted offices and altogether, pushed X some increased or inspection in of lines have COVID, as closed the construction defaults went remote. states, quarters, With past out. over in resulting And the construction
collateral, that liquidity. faced loans have defaults. believe XX-year estimated we clear contractual of have our default than March to approximately, represented delays the is most we trouble loans very and Broadmark It for or a in our who X% lot. part and high our for began had a X% impact and contractual of in had the over default has our the of and of in other some loans return normally million out and XX% as proactively detail In new portfolio not for into any total as these further second lenders' default, portfolio approximately of losses defaults reserves to we At work process not status did history, contractual later to provided COVID, and we resulting quarter. interest properties otherwise foreclose on losses in The David fees. on spent and June been a historically experienced increased call. in new We which incidents contractual the in issue all reiterating our pre-COVID return of contractual watermark positive have only earning minimal, refinancing on previously we've rights. with total of for will of April, defaults we rare result majority X that our contractual with been July but default million, we been because have that continue default. entered contractual We most experienced less foreclosure. of contractual resolved a contractual the defaults go owned completion default these and and result, XX default current quarter, contractual some in total negative resolutions into in the Indeed, contractual defaults. in protect in our contractual of value. mean a worth interest default does outstanding of XX, last a contractual by experienced second have not important default Broadmark. time As resolved our loans our in Broadmark, would claims represented loans June and borrowers We X $X.X status cases, some necessarily mean exercise on X captured any, then, provide value. since default, the And a In with a resolve have REO, incidents And make our the on as collect we earnings Broadmark fees. the on XX, principal each And minimal property, trending outcome loans principal default, contractual $XX it's will portfolio. for believe and our of and is downward against if contractual representing XX we to levels to time. month. loans result Over what our financial years, default. losses or economic and foreclosure new Note common contractual X% limited are on steadily March borrowers discussing be in past only resulted call June had outcome the contractual these
of economically positive relatively an find refinance; foreclosure. work with plan equity, borrowers, to back obligation project payments have small the work help satisfy state receiver we us our with often to large required time; to a working the that putting would to sell with a creating deferring the our and a that options over current to of borrower Remember that These include: we a toolbox to us cure incomplete for options options resolve significant in in deed us; a them As personal basis. issues. in borrowers to and loans tend to our helping them help issues bring be loan incentive provide borrower to their or satisfactory to up place; setting are the getting any also and a in an lieu
forbearance have executed June are other we'll with and an XX defaults. and importantly, our with borrowers to value liquidity ample resolve contractual a penalties, nonperforming cash just we continue process. our XX% defaults, on a trending fund be by significant loans, agreements of loans Most of will capture horizon. with As to interest active have XX, new working believe principal, over our able even forbearance time with these we total in of to through and work position positively, as we million payoffs loans We that contractual to longer $XX.X our
to have resources and need on project do to take execute over a we that. finish we if Lastly, it, the
our quickly that sale with slowdown foreclose Over XX% our to our fire relationships numerous a our be have lead that the that did summarize, project. a means built we've buffer we maximum and COVID-XX event value the sell and Furthermore, loan-to-value an strong we to contractual in liquidity to ratio will forced a default uptick sell means need meaningful access originations not in we and prices. To contractors rate. in at years,
as a trends. of through defaults returned more normal seen in have cadence However, pre-COVID originations levels. July, encouraging progress reversal those monthly resumed we've we contractual at We and signs June and new a to
As demand we single-family the housing for financing as are seeing options today, sit construction. rising, is construction need more for even borrowers here fewer increasing our
positioned well grow confident to pipeline are over are loan we the Our that strong. And our continue to long-term book. is we
resumed all path Of course, recent states increase has of situation. but possibility these activity the counts many across markets, case COVID-XX the the in of our on Construction the depend restriction. of improvements further has in raised
our second significant quarter of Board core Directors dividend aligned of share. earnings $X.XX the our uncertainties, per with Given our
declared our share. Board the dividend of For month $X.XX a per August, of
dividend appropriate dividend basis. rate on our will to continue intent therefore grow our evaluate and set and Of earnings Board is course, our our an monthly to a over and time,
As of have in on the approximately X.X% treasury world close X, August business rates yield X. a are we near currently of where
focus an Finally, let me of brief give on important a for us. update area
Our environmental, and ESG initiatives. governance social or
to I is investors to recently signed shying their diversity; which recent collaboration; members real the workplaces. months favorite as CEOs our a it communities. responsible Stop creating And communities estate than spaces accountability; contributions. core the Hate. Inclusion, is X we more difficult matching socially on Action Koa, on mission difficult charitable with business in developers and more away COO, to One we empower engage our we Our from focused us integrity; especially in Diversity This places become inclusive has this to incumbent time. Pledge as Linda issues and adhere community; our employees' team our leaders feel to social in of them. Furthermore, reliability. joining company pledge in ourselves been rather To strive signed CEO in committing way NAACP our helping have to values: to during been for that end, improve and organizations to by is has rewarding thousands
management from as the in We Broadmark holdings. governance our also over team Stop the part intolerance stock investors detail. Hate now to online. a are I'll advertising Profit results joined uniquely perspective, Facebook a internally with against And David, at of campaign, suspending managed for July has our in who review is financial aligned turn management as will and significant it we more movement
