good and Jeff, afternoon, everyone. Thanks,
earnings our of operating are detailed X Slide on Our results presentation.
noncash net were quarter Interest For million. income reported in the income diluted was million of Adjusting $X.XX total or share. income for quarter we of loans $XX.X investments diluted income and common quarter $XX.X items, of million, net million per per $XX.X this fourth GAAP basis, On other per prior fourth $XX.X was $X.X our earnings impact a costs share. our realized share and XXXX, of the to million. approximately reflects fee revenue nonrecurring loss the for of distributable the common on a $X.XX on fourth and
GAAP a and net basis, of income net per total $XXX.X $X.XX million. diluted full share. we the million XXXX, the $XX.X For common produced year revenue reflects of On of share per this income
Our $XX.X common on $X.XX distributable realized full for earnings per year the million were share. prior or loss investments diluted to
growth. with continue On modest the balance we efforts G&A side, expense to anticipated our reduction expansion headcount support to
the to our had XXXX, by the facility expense from issuance the expense revolving compensation in a slowdown with expense a million million. have $X.X expense fourth finished in on result the With and bond With $XXX in million we and about For achieved and million regard of was million $X.X associated This presentation, of the full and cash typical we for the credit issuance $X.X the compensation and interest originations origination benefit G&A G&A of $X.X Page of reduction with and amendments. cash year fourth of offset seasonal XXXX. which given partially volumes, debt million experienced quarter, year $XX.X which X quarter, are we improvement we presented strong costs is earnings This employee of XXXX. past.
from vary timing naturally As volumes closings. based a loan quarter-to-quarter origination on of reminder, the
We continue size average fourth scale, originations amendments we from loan any to while percentage and executed with grow to to low. very our and loan which of exposure our XX $X.X million. individual size keeping risk-reducing size us has the average benefit enabled In an on our loan increasing quarter,
are system, we loans, to typically borrower Further, a credit ability reaching our in set increased pricing we while perspective, opportunity have expense to collateral. today's previously offer experienced greater lending market we we with discussed, borrowers of competitive are metrics. more through credit cohort an and our risk-based and underwrite our pool dynamic larger pricing better from allows which expanding achieved As that efficiency superior typically that has a us as reach
was over the And As stabilize of range December XX.X% a coming quarters, yield the the our XX, from to portfolio in ago. yield to XX.X%, XX%. portfolio of expect year XX% down we
our Slide As XX, a these yields to lower than underwriting provides paramount, borrowers maximum Still, we are with can volumes margins. origination our of with peers. And a our amount seen conservative over asset yields believe maintain significant offset we on reduced impact capturing, in which to we and particularly the tandem of increased remain perform. the leverage, equity that loan-to-value, remain our incentive XX% standards time higher
remain rate allows with loans to our our interest of as at term and fluctuations. average origination capital markets. property a quarter. types and the XX of the exposure term evolves short-term environment pivot also months shift us The short weighted our to reduces across fourth to nimble Additionally, be our It nature loans for quickly
X the we commensurate Slide balance in cash earnings few our higher-than-usual to December. competitors. reflects specifically, of from construction lending construction of inaugural had on of November, completion risk bridge prepayments cash indicator our typically taking the permanent of We aggressive level turning during something detailed and a bond refinancing the proceeds borrowers the see the not quickly is lenders, and deployed We of presentation. Now and $XXX XX and This issuance December are sheet currently is large weeks last pricing. to that million another XX. on of prior as observing of balance our without as we a More from
For purposes, a continue to cash balance approximately we million $XX flexibility cash management and of $XXX financial target million. to
when We undrawn outstanding, XX, remain fully fourth shares did our on policy, to our the in access is only senior credit not in December X% capital And of we intent million interest shareholders. As $XXX of million had long-term $XXX it a issue our Broadmark under is X-year, believe facility. quarter. of that unsecured coupon and ATM we notes the any we as it
rate with providing borrowers of always optimize prudent risk interest corporate structure part our a with debt, not a rise, capital grow competitive very we remain sheet remains execute portfolio by As environment, fortress rising be to expected rate interest Unlike issuances XXX% rates competitive Maintaining expect our certainty and cost of we balances to leverage achieving this our change our a low as fixed execution. additional has and to been even a debt our DNA, leverage capital. coupons able our balance competitors, as industry and in are standards. at is will of that we
management. portfolio to Turning
million had total in loans we commitments XX, in by XX $XXX.X total of value. December of portfolio contractual or representing XX.X% default, As the
percent, $XX rate reflects from slightly the At year-end, with at losses, resolved carrying contractual XXXX, with year-end, by third our finding primarily to default Overall, owned outcomes originally X the anticipated. we in year. at default, than our of million X.X% was we and loans from for albeit minimal slower foreclosed $XX this during value. a pace we prior down defaults in and properties was commitment positive million quarter down As a
X cures payoffs default, representing total the we loans loans on commitment $XX.X of and During fourth million. X foreclosed a quarter, received in on or
a in loans reminder, drag earnings. a status to on continue have As nonaccrual
approximately share. per was drag earnings $X.XX the quarter, fourth the For
limiting on our over to monthly Directors continue coverage maintains continues Broadmark From environment. likely to factors our the to take perspective, resolve dividend and consider for best diligently these when over issues dividend result shareholders, to to in focus although achieve time this time Board instability. work We setting is the various a time while a of current achievable dividend
it As in to a while positive be disciplined that will that we ahead, nonaccrual to and to we going loans. have continue understand look difficult to approach we view our grow on the given remain long-term we're in earnings, we XXXX underwriting navigate
CEO While invigorated EPS last discussed. building are in experience restart will some have year, our market us time current it we and and under new we conditions growth on realize invested his all of take and strong with the challenges to the
like distinguish to and factors point, that we stockholders. ahead, and itself is that we peers Broadmark will outperform. to positioned a to believe while highlight As Broadmark drive that believe our well we from to To look I providing differentiate would growth dividend stable
refinancing experience whom billion below First, take This advantage conservative amounts and to on our positioned $X.X well servicing carry million in variable their rate debt large of most of to capital rate opportunities of in balance structure. we mortgage a have It's debt. lending debt their sheets, REIT are environment. as just We rising impacts equity competitors, a value of We the X.X%. ratio of XXX%. of very currently believe find and debt-to-equity rare to $XXX a over equates
with Second, internally managed scalability.
we we to incurring our grow expenses. the shareholders, ability significantly while headcount portfolio minimal are size interests and aligned increases with have and believe Our our to
just inception scratching $X Southeast Third, the to loans untouched. marketing with in originations the strategy should increase expansion. marketing. time. remains while our geographic region, still Northeast strategy. our XXXX billion our lending We digital in up but beginning the leads nearly relatively We're Enhancing Fourth, funded over in significantly ramp limited surface, since marketing
geographic expansion. to our our growth. we in time Nevada provides To the construction finally, complementary areas addition, in significant we've date, loans. limited license presence In Arizona have opportunities lending Increasing currently for and our of product And product offering are state California. over and begun recently lending for seeking these
factors, whole, However, interest the completes are prospects loans business to other and as type. as to long-term purpose our Broadmark's us of These borrower various individually in there future. a give prepared remarks. our confidence This look we
the will open up We questions. now for line Operator?
