Broadmark Realty Capital (BRMK)

Nevin Boparai Chief Legal Officer
Jeffrey Pyatt Chief Executive Officer
David Schneider Chief Financial Officer
Stephen Laws Raymond James
Steve Delaney JMP Securities
Tim Hayes BTIG
Matthew Howlett B. Riley
Call transcript
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Greetings and welcome to Broadmark Realty Capital's First Quarter 2021 Earnings Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a remainder this conference is being recorded. I would now like to turn the conference over to Nevin Boparai, Chief Legal Officer. sir. ahead go Please

Nevin Boparai

you quarter us XXXX Thank Realty for Capital's first earnings for afternoon. today joining Broadmark Good conference call.

the package on to filed Section on available addition press at this Investors issued In www.broadmark.com. website afternoon, in a the supplemental results, with our detail our additional which is release we've

made remarks on may reminder conference a call forward-looking include As today's statements.

to uncertainties those Forward-looking statements undertake update materially actual from discussed results light information We cause forward-looking of any are subject or our obligation that to in statements future to may risks not today. and do new differ events.

more of and earnings detailed release For filings. our that a our results, quarter this SEC discussion to may company's affect the for to most factors refer please recent the

Chief certain these most contained Jeff information call measures. comments David During we this SEC non-GAAP afternoon's questions. some Broadmark's measures GAAP release call, financial prepared open and non-GAAP and to the after by measures we conference about and call Management your directly reconciliations make comparable our earnings Schneider. the are up financial discussing More Pyatt, in hosted filings. will This will is will financial Executive be Financial also to which Chief Officer, Officer,

call Jeff. over I'll Now, the turn to

Jeffrey Pyatt

then detail our provide portfolio. loan turn Thank overview to begin and financial with call. the first and our David first you, a our call to additional the welcome I'll Nevin This results and to performance, quarter market earnings over quarter afternoon, I'll on discussion and of

past in be we've has growth stable the combined of it fact construction the strength years. ahead. low under of many our country. continue a of even one for of as Fundamentally, to shortage near of Goldilocks the And activity, We continue strong shortage there alone to to current multi-decade result strong housing lending years navigate of in appreciation We've expectations growth experiencing supportive digits building double experiencing with availability middle foreseeable and up opportunities completed in The in pace in by are years many for will questions. meaningful else these is much are economic the through market expecting All Even conditions implies We're long-term with move Home best enough another exceptional future. that of your is interest to this year with supply. we been rates, call of is with pace are that resolve, particularly This in the the for for keep the of we sustained originations across markets the COVID-XX. are markets. a equal, housing existing demand. Housing markets in the to we the see a lows. activities up our take as quarter migration. highly seen we Broadmark will heightened remain not we and then price open remains housing encouraged environment we is

one was was productive first overtime. which feel fourth can exceptionally volume, quarter. and and amendments. that an on rate But most of represented of a on generated which In first we across quarter the property variety of quarter, is types, million focus residential our of lend predominantly we our construction, originations improve This shy truly quarter quarter this first While we originations. is our maintain $XXX we

fundamentals. relationships, significant and The rate low competitive, Last from environment we deep the and into ability the quarter, our environment our the quarter, market first to remains interest our further of the of given second expand noticed expertise. we strength confident in quarter. into carried accelerated bulk March. occurring in originations course our Importantly, but over the resulting of construction grow with pace our remain share business inflows strong borrower over capital and lending, market extensive activity This

they the We also years demonstrated had But housing of important of can as have rental single in certain to we and to continue going be saw build-to-rent projects. construction not with the a is be rental homes will housing, interest are of operators. high large experience of expect operators we remember has it finance investor we scale. only that part forward. these And many that Broadmark rental market family phase projects, institutional run level a profitably at

with And so over we and incur time. houses maintaining and did those associated expenses operational leasing not the risk

our not operators' homes, we projects of a for either equity source but maybe buyer Broadmark. types In are projects general, we business demand influx that by investor, fund institutional is to to interest our mom-and-pop finance. is validation as investor their further and buying of investor the The helping is of have competing case, of end as hundreds. which intense for up be or capital We In a market our the rental borrowers and the opportunities, good that drive a ensure of a houses model, ultimately is with exit success private owners liquidity. helping this good view might

will However, disciplined our evaluate remain and types. levels also pricing and us competitive it project a our is relative markets to risk across force require and it appropriate to

market market, costs borrower sophisticated process, to they the local respond can even manage to neighborhood estimate to years, understand because of the and try that investors and the base, experience fail even rapidly, change enter lack lending conditions. properly Over and we've appropriate needs construction the seen this the

variety of maximum terms on structure origination We or volumes in years loan strong markets, seen and sacrificing that basis also can certain we business relationships, pressures our in well We our increased which elements us environments. of our interest remain model, confident pricing the have flexible While markets with on competitive rather borrower recent be loan over can XX% has price. served compete service our see without LTV. of structure, across in rate our a and competitive we for pricing validation than market we XX a

aligned interests. With fellow shareholders' with and turn that that, As remind we it always, internally review the I'll to to you David we our over are managed fully

David Schneider

Thanks, Jeff and good afternoon, everyone.

of are Our results on operating presentation. detailed Slide earnings our X

non-recurring income $XX.X XXXX, Interest impact of share of reported the was and of common and total our quarter net we this quarter for loans million. other non-cash $X.XX per items, in first were of the $XX.X million a costs approximately share. income on income Adjusting distributable for basis quarter net revenue $X.X the diluted or earnings share. million, $X.XX of our GAAP million, For million. first $XX.X $XX reflects fee was first diluted per common a On the per income and

progress other corporate functions. previously house our and as side, expense making on the legal in On we've stated, bringing substantial we're

our million of quarter-to-quarter, the to XX amendments cash quarter, see For historical and million had rate timing in $X million a $X.X $XXX the quarter, $X.X $X.X vary line efforts. a origination expense that closing. a Page of presentation, first origination may in on we million, our our based volumes together is of with presented earnings reiterate totaling first origination the And in XXXX. regard of the result these pace. are rate reduction continue and below of in quarters, With as the volumes, run from compensation from G&A This to we per coming to We which on run $X.X totaled million. loan million quarter expect expense

no presentation, detailed of of our March of outstanding and we sheet, had balance our Slide to turning XX $XXX.X million cash on earnings as debt as Now, XX.

in announced, $XXX revolving facility. quarter, we the million closed previously a first As credit on

on enables to remain commitments. a we do balance match our facility, us source not leverage, we of Although carry the unfunded use reduce it fully it of on that balance as undrawn and cash to intend our to sheet to require the

or a quarter, fund we by loans. have we can approximately quarters reduced to which for a the million. we so $XXX over coming cash run by $XX the first another to freed As capital, result, existing reduce in our up cash $XXX million we deploy In rate balances. $XX And now to it million aim new of significant balance million

event on when previously we that clear, capital with at not market a have announced the be in capital sources. toolkit interests we first we did the $XXX enhances aligned liquidity are sheet. ATM the our it's access of and that with Broadmark a balance filed fully need we any In that cash in raise we shares only in We quarter shareholders. future, the long-term that capital the and issue would additional for do the program To for further believe first ample quarter, and million of our in shareholders not our the or interest presently also

the Turning to XX% contractual default, in we XX, $XXX or our total March of had total in XX portfolio portfolio by value. commitments representing loans of million as management,

of representing status, or a COVID labor related have during these overruns quarter. of total enter the of new those construction did cost most in and default on rising in in approximately of loans legacy are While due eight defaults disruptions the $XX were resulting markets. first Most materials part delays from to prices shortages commitments new projects, we million defaults, result

uncommon default, our reminder, and during loans go out industry, and nature delays not loans. short-term it our the even of the is given to have a As of times in of into normal realities construction

on $X.XX status a quarter property. of common on our expect balance a we We earnings achieve And projects positive results result longer status. the for are continue as producing timeline, based non-accrual the significant capture until or in will per Broadmark our approximately an slightly economic as substantial the we of be recover progress construction lender distributable earnings outcome to most and of over of a remain non-income on that drag default continue to defaults share. loans fees a we collateral non-accrual value more loans exiting The will

on During construction the loans of resolved realized in which one residential the we loan, a foreclosed loss defaulted collateral and of we on $X.X three quarter, sale XXXX. related to million

ability very that demand capital we Importantly, which and status, substantial collateralized look complete conclude, nearly us confidence our economic projects construction the pleased by our we for positive properties, address with the are with residential complete are and new position for or construction. outcomes. majority in contractual to to of gives resolve are liquidity To in loans or default as

statement new remain to various our credit capital we and registration existing contractual facility through deployment ensure with capital in four including ahead, deployment maximum power our principles; currently of sources, finally, our opportunities Looking the on resolution operating through shelf growth. capital identify deployed earnings and place; our now for earnings through committed default; continued available loans sufficient for of maximize and the

for to Now the Jeff to few I'd call comments. turn closing like back a

Jeffrey Pyatt

Thanks David.

are pleased very highly business, with fundamentals and supportive the our activity the the housing are of for We our strong we first exceptionally of in quarter. opportunities The of excited market pace remain ahead.

remains a grow as of our we choice, platform lender As execution. to our continue consistent focus on

growth completes flow we cash go years provided borrowers have we in and service than see capitalized of We are over For well better we steady our ever. to XX our prepared investors. plenty execute. And to This to Today reliable continue remarks. to market. prepared our and opportunities out the are

We will now for questions. the Operator? up open line


Laws Instructions] your with [Operator proceed Please line Your the question. you. Thank question of with Raymond James. comes first from Stephen

Stephen Laws

issues But afternoon. with portfolio. all? of is certainly be loans how seeing can having impacting I - at those Hi, builders in chain your about on projects? good on the of some you other with up muting supply the some pipeline they demand follow you it prepared impact for remarks, guess Is material on and comments that's issues new if kind your touched getting talk because may

Jeffrey Pyatt

answer to Nice in short hear Jeff The Hi, a Pyatt. word is from Stephen. no. you.

of optimistic market they're all They're about they cost in. frustrated are Our supply bullish frustrated the by about lumber issues. market about, housing of by just them chain the we borrowers they're read ahead broadly. but that Sure the markets remain the

pipeline And not affecting so - I it's our at all.

Stephen Laws

months. speaking then you a think you of of target? have million cash at more timeline XXX expect reach million repayments, three it the few months? the What's level? Or when next expected and kind and is pipeline XXX in normalized of about the to Is you that to visibility six-to-nine-month the Great maybe achievable

David Schneider

Hey, here. Stephen. question. Schneider for that David Thanks

the you in to continue our think, first kind had much by think million, I and reduced payoffs capital possible. cash as the point - as in we decreased I fourth focus about $XX significant quarter. made on quarter, some progress we recall, So of the We good balance had,

million not is drop in kind high in million make potentially bit we rate at than we XX payoffs had greater expect of which a us. I which million, QX. normal normalized about around kind if million, at for us. If is for about that continue quarter, XXX a are that think we that That of run somewhere XXX record the of to in first XXX progress, quarterly in similar million payoffs, XXX continue quarter we we to had

I quarter think will not months as with driven activities that But to But in can So be one closer months. what the your how question. the kind the target. six we going six QX, It's to to largely is turn that timeframe out. we it's normalized, be to payoffs know are answer probably payoffs similar and if of six-to-nine-month combine probably we probably long closer did good to good a as origination by

Stephen Laws

Thanks a And new I last me, Dave. think Great. was question for state. Illinois

and efforts you to on to geographic Atlantic? it talk in have Illinois a you leapfrogged diversification about there? Mid about then But your geographically of the I southeast Can demand seems talk X%, think that and the slides. I diversify popped specifically, states. other number can up just mean,

Jeffrey Pyatt

in Sure. opportunity us. at Illinois, came as our state. But out seeking Region we from Illinois came Illinois, us Tom the to Mountain looked weren't it. to this loan a West Gunnison that

course, the of at As their especially in all new all things and market. at looked the looked we type, loan a very go just the then foreclosure - neighborhood laws And with things we deal. we any at and history, we And borrower, the that new product sound do a was well we guarantors laws a area, at. the down as into the looked look and that as really it thought whenever usury the the those got to

one And in really particular. what drove so that that's

We we started Remember, and always Idaho. in markets. looking have. out to Oregon new are Washington, We

then the I we continue disciplined we approach. to again, repaid. get so will opportunities, our ability expand. state And And the as at we take for growth continue expect to for said, to And we look opportunities, I look focus we placement we out tackle the We more sure states loan foreclosure loan. we'll at micro of look get regions. cities on and And usury importantly, within at make laws, can a to states, and that pricing. those

southeast. the great his there mentioned a down they're Jordan and Siao, folks. are of SVP You - team group

that compared the they Atlantic up expect good pace there. regions. at same of team I continue size and I grow the for will should we've think got an to at market, Mid a in Again, look region. growing. other great market outsize You and And And be we've to got themselves a the

Stephen Laws

good a Great appreciate comments Have Jeff. evening.

Jeffrey Pyatt

Thank you.

David Schneider

Stephen. Thanks


with JMP line question your with from of comes Delaney next Your the Steve question. Securities. Please proceed

Steve Delaney

Jeff. Sure, thanks. how Hi, David, are you? Hi,

Jeffrey Pyatt

are How Steve, you? good.

David Schneider

thanks Steve. Hey,

Steve Delaney

as I Good. together of trying look I'm you ahead just characterized for year the XXX to and kind tie strong quarter. your million mean, comments. the a Jeff,

and round about something a XXX. they you just let's higher So little it XXX. quarter, that David, were call XXX, but and repayments that were this talking

it, got excess. oversimplifying you've XXX So as just an cash describe would extra really think you but about of million to

to be of deployed, a originate in over So I year, fashion XXX the could oversimplified get would mean, only this balance you you an you're looking a out, be positioned net you to is scenario the in in could if realistic of where that additional capital where laid you're that XXX, fully viable put see is but would only that and originations. XXX acquire XXX I not where you currently? position that and scenario market or close And that - you some for

David Schneider

Steve. originations, great Thanks, XXX good of It's would XXX a quarter. Great quarter. not a say Sure. it's question. I -

that. increase probably can we think I

closer to already we're think QX. I XXX and

I we think that - So

Steve Delaney

Yeah, XXX.

David Schneider

Yeah, originations and XXX with amendments.

about we prepared remarks, our we're competition. seeing talked our We We share. are think that getting still but in

weren't potentially ish payoffs think harder is bit we get expecting We I to certainly in a We'll are project. higher. QX. XXX, XXX be we XXX. So possible. with But The content think can little

at do ability is certainly –we that project to payoffs, of down whether there But the And balance. the some these impact couple bring some to hard matter. timing threw but get think period, response a those will sometimes time. a I yeah, - they of does cash lumpy think months in quarters that's business at still points a six I its in are we - out to originations, question. sometimes So - good of Stephen's

still project. cash get a rate that XXX run it's looking million drop probably and I harder about that of months and get to there a to going take net think have But us our for. to it's we're little through six So bit in

Steve Delaney

the your helpful. at as and of lot and this would And Okay, pipeline that's comments towards you Jeff, weighted you strength a residential pipeline, heavily of, describe housing housing see residential time? the market, were the as

Jeffrey Pyatt

the go think multifamily and be. one residential, commercial single certainly But got bit there's with have percentage family we builders And And the a known know to I commercial. land word that, it like and heavily. on avoid a dearth both of little as ebbs keep inventory. for some see opportunities have to that home forward. a of might building we always family some let's family with and side. try weighted also But We said lots our flows. single been And they I built, having continue We low. we single -

what's going think the and housing, with content stay to residential single the So pretty I backlog market, on of family. focused we're on in

Steve Delaney

Got ears. it, to music my

Or liquidate, cost not challenging slow have sell XX% is getting would plus kind this characterize issue? the to at built or it represents you the don't - supply anything conflicts You labor that is the I defaulted and defaults loans, been commented chain there slow issues to et you at guess of it million, moving that's just year. look finished XXX you product - on cetera your - past like really more that's completed? product in Is labor it in but there been When that's - that - basis?

Jeffrey Pyatt

it's built. would say I it generally, getting Steve,

defaults challenging. we when ready markets construction typically couple we are those forced it would to coming of a I project. quickly. pretty that be in XX% move a I to I say ever construction is not of a label feel have through hotel do default, back. I back, I mean, The little out near actually have are - they're complete think We're as for the going have collateral, we would going though there couple. been rush have able a or we And existing that good to we they're portfolio think come probably not that hotels about are eventually to while. pretty of complete,

the months than So something like And well, it is that now picks months, value attractive greater, more from going up, to nine of it then today. be we as six us feel much like hotels, to for lot exit. is looks kind a value

need the last at then of I think to But get little we'd need a in operate the resources and for on times, where said going quickly it moving and better we and time. ultimately for while to need over happy into And don't being us we've we rates go many a have forced we hotel a projects hotels we occupancy past us. - to for is to if to - if unlevered that. the exit kind it have that values it to like a and up over we done up benefit foreclose, of are get outcome. foreclosure offices take it think we've We're do economic

Steve Delaney

you Got They it. your helpful. comments. both thank Well, were for

Jeffrey Pyatt

question. Thanks with BTIG. comes welcome. from Steve. [Operator your next of with Hayes Instructions] line proceed You're Please Tim Your question

Tim Hayes

your on kind well. you're Can Hey, I of what an doing idea kind And commercial XX% know you're don't that commercial that's in on on question you side follow a of realm like side? you're assets but into capital evening, I comments to the at you're sounds were hotel, lending Hope the good looking of put just it the of My this constructive commercial things, asset up point. first quarter. think on class an this originations guys. here, give if

David Schneider

we've Yeah. a Jeff well. take done and loans needed good had a Sure. I'll as related of let some that if lot stab at We've in storage. to - Tim come

we've done So storage. some

hotels, also little at more a our not of we not We're good did put it. ton bit think this investments to scoff hotel storage comes going but in we're a if to around, looking I quarter.

we're So commercial. not of scared

commercial. a to a borrower, borrower type I residential really a sometimes case-by-case think of out that to really with a different going collateral really piece kind if open outside we're and strategic types and potentially open be there's new before, well a we're good loans of worked of It's basis, to we of haven't us. for collateral worked good

Tim Hayes

taken quarter. up Okay, so seems this yeah, the like the guess have I bulk of Jeff storage - it originations might

Jeffrey Pyatt


David Schneider

Yeah. Jeff. go I was ahead storage would say -

Jeffrey Pyatt

I'm loan reluctant to into level much detail. too get

So we've - we've into you'd has been looked But, ahead yeah, something - get we've looked and like. if opportunities. hotels, Tim, go a - more so we've at got storage David, at we had

I for nice that in him really not We wanted guy repeat have out We one worked or a rather to another space. it's it. one. would a him borrower, another built financed commercial the get asset. But And one for he do into And well.

in we so said, Utah. a yes, And borrower

to So And really keep residential. the on do. it's trying a focus like then sort everything we our case-by-case of It's basis.

Tim Hayes

I good for right. a REIT real then it, Appreciate over Maybe months. that's the to healthier. only think the improved up think after three No, And estate growth. on in seeing six past I are quarter there. private And markets quarter it in the some ticked this getting slightly AUM, has outlook All healthier general, first the Jeff. color

outlook. So be I the also on that would think confidence fund getting get the as as private stronger in would more interest people well

demand going private curious growth little for pace there? So forward? how things side just I'm been Why bit of back the any you and think pull has a may on expectations

David Schneider

Sure. Thanks, Tim. Thanks.

AUM of raised we of we think about XXXX. XX.X XX I quarter million about the in And XX. of March as had first million So

big a pipeline. have We

capital position. more of than important think cash say going as it effort on strides, that. - of much going a situation would think not balance deploy making focus have capital at a initially run REIT We around this we've capital. to significantly the we great made to current capital into ramp rate an it PubCo. lending now, with as in as again, can go raise somewhere to and with a the the that's we amount to grow continue in bring of forward We're platform. not the up pipeline we launched million to conscious we're we're the able We reduce quarters big the when room We've We're that cash, And capital right to to great view XXX a capital. simply limiting I But to think, we're to we And that a million. source We on to really bring I grow interest balance very got node. cash that it continue raise take and to since XXX XX. private then being cash need REIT our can where upcoming I until we in down, going to the there's balance sheet And private again.

Tim Hayes

it. got Okay,

- a a really about issue. more that's, I what capital not It's you allocation So it's guess just demand

David Schneider

correct. That's

Tim Hayes

last Okay. And the credit deployed bit some on a put as should to you to then XX do here just my guys expect remain of expect zero? that million we until of so cash, or might work? at facility you put one you leverage, should little of Or you you equity -

David Schneider

near undrawn. the term. should expectation think in be going to remain I It's No,

kind We've our We we our liquidity. to cash a view think management tool, us. as of kind thinking, as for shifted backstop total continue of about it a a

months as the balance long hand, pretty somewhere plus that on combined about in of think no term. as we we our plans so we've cash capital So around draw on good, to working that feel near in that then got liquidity three

Tim Hayes

again, thanks That's for helpful. Got it. my questions. guys Well, taking

Jeffrey Pyatt

Tim. Thanks welcome. You're

David Schneider

Tim. Thanks


Matthew B. Riley. with question proceed of question. with Please next Your your from comes Howlett line

Matthew Howlett

our for in. Is go Hey, the how certainty with your competition pricing? speeds, you're my again, go of the - it guys, structures, might defending the earlier, How the the and over share? execute, just but this you're I How the question. taking share? relationships, capital thanks missed you're maintaining coming increased market again have defending just

Jeffrey Pyatt

Can I all go the above? with of

Matthew Howlett


Jeffrey Pyatt

goes. There compete it don't is And they competition. always on compete there and newcomers so on price except been have of lot price. and those And to has much comes and a

the new sure. of there ago. I'd take a year a And good is of we had right Well, size to borrowers. be. remember get one We on We lose do rely - the to The probably experienced of our a have to on is experience know ones problems us thing there to with others is flexible what pricing. or you overall compared of and Many asked but our competition for our care But lenders but and going market borrowers on with rely there, get. lenders so who to or borrowers will problems to with our other size some we good the word, heavily execution. they're more be not heavily we other housing and On creative job once it's in working flexible while certainty continue sure. saw

to all And stay we keep - pricing getting we the on our pricing, we can do to try can the be seem - share still we we to stay as and So competitive. best high as

Matthew Howlett

Got is just say you've be I out seen in is the time? you at and through goes, this mean it it this when it this comes some will is point, shaken something something cycles? over - And that

Jeffrey Pyatt

Yeah. Sure.

it hold - it risk around portfolio. to some does I'm news and fashionable I off, themselves selling have is people So that there being housing keeps that loan a before a third back. third the are have I been calls books housing as lot out as don't there troubles that argue me party. to out as loans of say party those writing heard that their interested in lenders then lot their start in And sell with in then and - the as much if some of there of have me to our when may market. turn the and to people as loans on who There a and are notes loan are And they'll them on paid with will it's get hard a money easy Broadmark that who've and who with you of writes it's

do, very And through underwrite which so we defaults, And we manage we we have then carefully. when them.

is And what being tougher, a really the us. back there'll so on happened third I think worked all out. as can really for That's things other will past. in focus do we And newcomers what's it's but it be on at some sounds being just good those get then parties - that do come And trite, little in. and of focus we

Matthew Howlett

we out, makes that complete sense. luck to the you'd - know know look go you just be look how lot where you got I Would else? going big know in look how know now want sort be But a company. warrants to and you that about to work. management got make X you say look debt you to tapping be about about then you at portfolio public to to year public the with where or - could up you think Would get cash going to go. But could when And can growth? or I the of markets, the a do Or that if assets of as And term, it put over get love you and portfolio funding that size? have term, XX longer growth? could at a work efficient. months ATM you could really there? and Just that with know portfolio a preferred trajectory you, it that let's the How topic longer long-term at when think I Got you're goes REIT, you're I size? no, get markets, think on - something billion the you and those could. now you private you to I you future want you think exercised get

David Schneider

And as answer is Yeah. Sure. to think grow want possible. I initial the big as we

as right a But a everyone have that I long-term specific be think about don't now. enough. view. we this number to that's know mind long-term we I thinking want growth investment a definitely in

always good we're we're the for our I to most tools going portfolio, in really growing efficient In the think got of right, terms think capital, where size how position in of a we've look we of multiple think about the I sources toolbox.

use. We thinking to the we've in shareholders the raising REIT, there. whatever's other potential think about it our best whatever's and start of us ATM to gets for it's most could We're capital. whether interest capital there's we that time do sources got when out the private of additional going Now, accretive,

So don't say anything. no we to

in And we'll time. those over time that it to expensive position later sources position access time in harder whatever we when think a at be different in or capital. have sources become change to where this the I best we'll hopefully cheaper is or access, great all gets and we pivot to be source to of as year more adapt a can that and where

Matthew Howlett

long you - I Got you, and could look markets, so term the you consider. loan right am access at not - markets, markets, preferred the your to bankers about term calling all may something that that are but above unsecured long presume talking reaching

David Schneider

lots all that's us now benefit capital all going term. the structure explore being and to different see real of what mean, and the and makes access these we're always explore those for take we're Yes, to most of a sources. sense public our different going of calls And opportunities. them to absolutely capital I long company, calls

Matthew Howlett

lot. a thanks Great,

David Schneider

Matthew. Thanks


Ladies session. reached back question-and-answer remarks. end like the I we to for management call would and of the turn closing the And to have gentlemen,

Jeffrey Pyatt

and continued if quarter our I'm today, Back of we operator. a stay healthy, Thank safe, in you, of not for everyone confidence soon. platform. your behalf our joining to part Broadmark in and you to you for being will in talk company, all call, grateful appreciate Stay and for it. us our On


does conclude conference. today's you. Thank This

Thank your at may you for this You time. all disconnect lines your participation.