and Thanks, Jeff, afternoon, good everyone.
detailed Our on X presentation. our of earnings Slide operating results are
reflects loans of second million. and per share. revenue XXXX, $XX.X Adjusting common we per diluted quarter the basis, $X.XX net was or approximately the for our a common the second this GAAP a of million costs quarter $X.XX $XX.X share. were million distributable of On per income $XX.X other income second total and $X.X fee net nonrecurring of and diluted for the impact on income quarter noncash Interest income million. million our $XX.X in earnings items, was share of reported For
side, expense continue the functions in-house. on G&A we bringing On by reduction our to efforts additional corporate execute
vary based volumes, internalization our result Page had we quarter-to-quarter XXXX. million. continues And public rate which million in together timing efforts. below to million origination closings. reduction volume may volumes compensation expenses year-over-year we presentation, quarter, second of from in cash the since our as expense of be highest $X.X million reiterate quarter the $X.X of $X.X presented that $X.X We are This expecting quarter, With on $XXX originations further in and $X totaled amendments the to earnings of cash G&A the For loan million origination million, totaling on expense in million, are the run of and second $X.X going XX of a to XXXX. a regard
our Now sheet. to turning balance
in under event balances, capital As on undrawn existing raise the end by issue cash on available fully credit our by we be we quarter. earnings and million cash and capital in the near is as In we approximately target cash did that presentation, debt the to capacity shares continue of $XXX fully as long-term We facility, our the only revolving the we our for cheapest $XXX deploying reduced to $XXX we we facility, In of our our excess ATM additional we've XXth. Slide no the detailed of Broadmark million in shareholders. are shareholders We million our that view aligned form with us. to expect it second existing remain had second reduce any focus June to future, our from of not run we rate the quarter credit the quarter, interest the when with XX believe balance we and continued cash outstanding $XX the million of which on capital as added third given of cash. and interest our
will overall assessing multiple environment. not in we added we attractively Subsequent make support interest sources more announced facility, amount in as fortress retirement even capital a future the including of of of believe change. our quarter low said our today's us capital continue REIT. and to private we a modest been always this approach our As priced we when of which help our sheet But Maintaining lower this part and marketplace. year it a the long-term balance DNA to credit to growth competitive will we has of cost plan end, will last is very debt, potentially rate
by and impact our the a the the therefore, is private million. the third The quarter, for to will have equal value not Broadmark earnings. carrying is repurchase price $XX loan expected approximately REIT held loan's repurchase participation During significant on to
currently offer that are private evaluating opportunity that loan existing type new is business. We would and a investment finance to to the vehicle to adjacent look Broadmark's complementary the
management. portfolio to Turning
XX value. representing default, June million contractual in of portfolio XXth, or total XX.X% the by total we of had commitments loans $XXX As in
$XX with properties five Additionally, in foreclosed million we total have commitment.
on no second quarter, for a one new in $XX total and million and default defaults. two cured of loan foreclosed the we loans During had
on As a have continue nonaccrual earnings. to reminder, drag status in a loans
For drag the the $X.XX was approximately second quarter, share. earnings per
As had year over insight we for loans certain into provide a status default management our additional wanted now, we process. in default have to
which buckets, shareholder believe often takes to is management call is process and defaults, the defaults, by and our capital two between start defaults into I line that Let two our helpful me time. although, it resolution differ the highlighting we preserving with as those goal primary that standard touch can categories. time high categorize
for our to defaults, with about to remaining working of our standard construction pool, In as quickly project like have cases, the do we seen in account for or as and is current nonaccrual and focus some For construction see shortages. complete completion sale thirds recent which and any work the two we material borrower from not would raw delays refinancing. the borrowers labor to resulting position
However, most to over we of outcome be slightly and as line. time that interest expect standard we will continue defaults economic these fees result capture for a our longer common a Broadmark positive the
project due comprising value, to For reduced third based high about delays. borrower one touch or been on has equity cost overruns defaults, often
the interest to of to sometimes on resolution default, aligned maximizing interest diverge of proceeds are themselves. and While borrowers upon quick borrower's our Broadmark such typically counter goal as a focus entering origination, at runs its
we legal in down defaults moratoria although default optimal, to resolved is Time through to we For some foreclosure delays additional within and prolongs work us these rates. level to often not two necessary quarters while including for defaults, continuing court losses, And avoid it as have result historical our back have of system time certain types will principal take expect it states. our bring the channels, been resolution a of to line. which COVID-related lines
once, progress of are the shareholders. Ultimately, is take. to us meaningful left for it outcomes to be maximizing continue management history But our continue all the in we'll clearing of put that is to effort come interest a not we in done the and to will strategic lot and of right through While at to approach time in achieve defaults. value best have work a there
Finally, continued two through update on four I in provide the defaults. for one, that we outlined an capital deployed principles like to of resolution growth quarters. the our would currently the on maximize Number past earnings
to defaults reduced loan now maximum production $XX large the reduced with we commercial Number had of million on of capital defaults. and in balance of of deployment capital million credit million retirement by second We resolution $XXX the significant progress run million. defaults $XX to QX. our with expect by associated sufficient We made balance existing two, During operating quarter, and cash with at deploy QX loan sheet by no multiple approximately million new through Number REIT be plan place. of towards the cash sources. end and of total private facility various available rate $XX ensure the on $XXX for deployment three, the sheet
new capital accretive evaluating earnings We focus a of to cost sources currently available growth. and shareholders. four, available average power the on the with our Number are weighted for lowest identify most of capital the and opportunities for company
into are evaluating of to earnings our and new construction loans long are states complementary enable term the We significant growth. existing expanding that that process products in will
turn will I for call Jeff a comments. the few to Now back closing
