Barn Swallows hunt over the pond, where they catch flying insects mid-air. To do this efficiently, they fly with their wide beaks open.
This pair found a good amount of food here, and decided to make their nest nearby. They gathered mud from the shore to paste pieces of grasses to a vertical surface in a barn, outbuilding, or nearby structure.
When their eggs hatch, the pond area will be a resource for mosquitoes and other flying insects to feed to their chicks.