Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today. Arbor undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrences of unanticipated events.
I’ll now turn the call over to Arbor’s President and CEO, Ivan Kaufman.
Thank you, Paul, and thanks to everyone for joining us on today’s call. Before Paul takes you through the financial results, I’d like to reflect on some of our recent accomplishments and talk about our business strategy and outlook for the remainder of 2012. We very pleased with this quarter’s progress and certainly our ability to access to capital markets in June for the first time in five years and it’s at the forefront of our recent accomplishments.
As we have mentioned on our last several earnings calls, we have been very active in our core lending business as well as in diversifying our portfolio and revenue sources by investing in residential securities. This has resulted in increased core earnings and the reinstatement of our dividend last quarter and we’re very pleased with the opportunities we are seeing in this market to invest our capital and continue to grow our core earnings base.
Our pipeline is strong and continues to grow through our deep originations network both in the REIT and through our external manager. We’re accessing approximately $18 million of fresh capital was a very important component in order for us to continue to grow our platform and is a crucial step in positioning us favorably going forward.
We’re very confident in our investment strategies and are quite pleased with our ability to deploy this capital quickly through our core lending originations business, residential securities investments, investing in our legacy assets, and through the repurchase of our CDO debt at significant discounts when available. This success has increased our core earnings, and as a result, we’re very pleased to announce today a 33% increase in our dividend to $0.10 per common share for the second quarter, up from $0.0725 for the first quarter.