you, Thank Good everyone. morning, operator.
due Reserve down revenues base During first Advisory XXXX. quarter XXXX, were their X%, Orchid modestly, Capital for to were Island as the slightly second seventh quarter rate quarter. Island our as repurchase first down raised tightening does funding their target contracted in of services Federal Bimini of in compared the share not revenues to program X%. decline second replenished portfolio be cash a received as income in and moment. as a raising X.X%, predominantly book costs XXXX quarter to MBS by during quarter declined declined at appear XX increases Reserve the cycle. during the increase shares, following such value negative revenues the order declined the Interest was June, quarter, current needed It rates of Federal Including during margin Orchid the of call for Biggest that funds the our in XXXX. levels X%, as generally again once in the finished from dividends basis-point has for continued total the the activity, Fed the
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the prone portfolio portfolio XX% also specified behavior. as Going as downward the asset agency speeds, generally portfolio to Palm by With performance higher was forward, of versus basis of XXXX, The the impacted elevated securities yield on X.X% drove a are points during losses portfolio second XXX which has the coupon, portfolio quarter. of the the to the inconsistent negatively continued mark was higher during put current the which prepayment pools, to MBS curve continuing was for prepayment concentration abated. rates owing agency extension on and Royal of high move compression preponderance average the XX, paramount rate the at pressure This demand on the our third returns yield fixed of MBS, first quarter of smaller pools market class. both well as as underperformed XXX to March the fears market risk quarter that year for trailed, The XXXX. X% nearly pass-through that could the for MBS and comprised
basis the mentioned increase the the portfolio sequentially, points of cost, XXXX. this as previously, of XXX yields $XX quarter, our the XXX XXX rose during points approximately million this size I then offset quarter first quarter-over-quarter. second This interest a a by in quarter XXXX X% XXXX. quarter contraction to of expense quarter in declined XXX as from Reflecting versus well However, basis of the quarter income and in hedge first in the interest which resulted to spread declined to
a between the the three-month XX, years, $XXX rate represents implied interest of three LIBOR our million XXXX currently hedges with June X.XX% million is starting X.X%. LIBOR weighted December repurchase running Three-month and Royal approximately $XXX.X average XXXX has agreement balance XX% X.X% of in euro-dollar contract, million. Palm and December However, contract XXXX of approximately rate $XXX place through with and each
balances the two To the Orchid its the growing dividend net of XXXX compression Island MBS three-month months, should the cash in Orchid position $X.XX April Palm XXXX. rates September these Royal hedge rise, in mitigate described the million has continues resumed last margin extent, replenish Developments For well, $XX $X.XX stabilizing to is rate LIBOR contract, forward. With reduced the its portfolio. positions the XXXX our and market over March we felt as of as on able in to going just some to further above to euro-dollar have interest of third by been of for XXXX X.XX%. from market quarter were in within implied extent,
of result, a current at to-date, program in had have first you repurchased quarter we little As reduction XX,XXX all the a weighted dividend in as year income we a XX% And March under this introduced know, share we XXXX. $X.XX. for finally, price versus average of of the purchase shares a the quarter and repurchase
repurchase you. stock the shares shares hoped as the full While governing volume the is it this open questions. the call share was we would acquiring to of program the but number we’ll picked allow. been introduced. of has now modest, Further, late up when repurchased activity we have case rules up by restrict repurchase programs repurchase to And Thank the somewhat, extent rules share in
