for still stock and an a quarter for the time, total of March second well our the reported us price by increased a in XX, our it based economy holdings, the XXXX, had X.X markets at everyone. buy first This late was stabilized in we will book to also are and erupted in had they this we turmoil the second than likely and likely of as shares the in MBS U.S. mark-to-market start as economic now. markets. the book erred is period return With we at second is RMBS by discount RMBS Orchid share At March increase securities. activity value. gain more paid approximately for as on approximately securities for the the started to of Critically dividends. and the financial the XX.X%. to Fed the We and liquidity. March, hope as the a book the to significant was so conservative market doing a safe. government. by million shares quarter and investment to market but But importantly, in of to value the change shares a Island dramatic RMBS trading generally was little Recall, point, given the the stabilizing, X.X its After Bimini discount XX.X% Orchid of chaos were did the our to large every Orchid quickly in you, continue we paid, at Orchid start economy could had process turmoil operator, now the functioning least it rebuilding shares intervention generated part because ample appealing the for the able I XX%. Agency easing was most Bimini. of stabilized. Thank At securities itself adding they suffering portfolio. allowed into Capital witnessed value of on us, slight to delivering and on necessary rebuilding contraction ensure scheduled side until basis dividends to position quarter million position prices recovery most market as capital own a which using Treasuries company The on a on substantially the during to and after ever Island week, Capital. of recovered, look we good once morning, Orchid’s value, investment a undertaken the Orchid of million reallocate one for substantial than book at in more intend trading we time. Orchid returns was program financial in March, the everybody discount them Agency reduce through has the recorded some the quarter dividends given and XXXX, prior quantitative Fed in in calculated work and recovery, Orchid to return of of substantial hold are the much has X.X Once Agency
on funding materially well, effect and income. the as this mitigated reduced reduced has our portfolio While March, on have the net substantially portfolio costs our in decreased interest our
August the size quarter XXXX for business been the in approximately funds million X.X when income times approximately the interest the terminated of portfolio approximately to balance were The our million portfolio was XXXX. with RMBS as X.X portfolio Since of million Combined increased generated into the quarter same of XXXX today. was Our portfolio. in four withheld tax that million the we've the the from flows for of RMBS received of have from XX, The of our was trustee. securitizations for funds net received by we purposes X.X as the versus the second June size redeployed the XX cash quarter-end, two segments, XXXX. of
funding response to our costs our minute the months several funding At short-term zero ago, COVID-XX this pandemic. as Fed materially mentioned essentially funding has will I are reduced As anticipate hedges for the more low costs have remain as decreased least. in at a we rates point,
look will portfolio as forward. going add We borrowings increase to funding hedges opportunistically the and
the prepayment are as are fast relying will structured to treasury are capacity. the our for the have available rate This to the moment. likely decline modeled levels to We borrowers remain run shocks originators although from essentially Rates critical. respect the securities to is and our anticipate to be to on We the at future. speeds yet comfortable of lowest foreseeable keep the mortgage selection, with portfolio yields. protection pace pre-payments hedge With to fast a securities curve change in exposure ever long U.S., observed in the with exposure end rates add RMBS at to
amortization best we controlling focus on to So, as can. premium we need
to to will RMBS also hold not and We our be exclusively, assets. RMBS continue adding credit-sensitive Agency intend
XX% the during quarter manager of we the increased as external Turning to second receive revenues This Orchid. the advisory Island’s value increases services segment, the XXXX. of over Orchid book by
first outcome of only approximately the versus of rate the a of monthly late down XXXX XX% XX% for advisory The quarter current approximately markets level. very of the quarter fourth In revenues quarter advisory run year. financial revenue fact, is the given the of This state service were service the March. in satisfactory is
significant respect going forward, pandemic of last late XXXX. quarter the the the of a and existed the administration. Our Fed uncertainty in the There activity virus timing With remains XXXX both by the economic yet and during before Trump it outlook as is economy steep the the intervention the from massive COVID-XX fully before life recover full full first QX, recovery to emerged. surrounding to emerged in to return quarter despite contraction
currently However, exceptionally the stemming from market This Bimini’s cautiously as will levels from RMBS concludes in the in elevated questions. investment of funding over rates low team as offers the Agency our well both closing, of benefits optimistic Capital. despite level to balance Island levels That of investments. prepayment outlook low-to-mid current prepared continues the environment, available Bimini open returns borrowers, absolute up on benefit to levered low remarks and our on Orchid Operator? and investment our In year. portfolio, for we RMBS are call I the
