I securities quarter and and ever recovery pace. substantial activity because continuation up safe. chaos government. that has likely the regular in market of doing are everyone turmoil and the both agency a one economy After of contraction was for substantially basis suffering intervention U.S. you, is Fed Critically quarter operator, Fed are easing a prior modest hope dramatic second on the Fed recovery, by that the economic in recovered. more up Thank generally did substantial week mortgage-backed this at through during The third undertaken each of first part the witnessed to the albeit XXXX, until the good large and the morning. is quantitative they the the the us, most they of markets to and functioning treasuries by so buy much which continue as March, financial continued, in financial
above December of shareholders’ the and March the X.XX% was June Capital XX, Island to Island X.X% recovery to Orchid of recover continued as above capital company as the same witnessed third But robust true of during was second XX.X% Orchid’s XX, XX, quarter for below level recover as in third the XX, quarter, as during equity September XXXX. base as the not XXXX, nonetheless. While the as the quarter. of the XXXX, what level we XXXX. level Orchid as is continued The
Given segment. this our will start advisory I segue, with services
to recovery figure external of X% comparable during advisory Advisory recover quarter below the of will quarter. Orchid current value only book of over increased continued XX% period lead the modestly second a as the for the have run manager the nine-month revenues service the we revenues approximately versus and Given we received quarter revenues Orchid third as third Island’s The continued quarter XXXX, in are higher service year-to-date fourth rate if to well. continued, XXXX.
manager Orchid’s shares In for Capital. million change of addition dividends the XX.X%. an using increase Orchid a we third return to third on based price Capital and an generated X.X the being total has Orchid, own stock share external paid Orchid in now was paid Island approximately return and book quarter value. Island calculated for quarter in the X.X% of dividends
million this $X.X Bimini, a and on gain in For Holdings translated our million dividends. mark-to-market into $X.X Orchid
MBS million XXXX, XX% $XX.X portfolio. the as expense Our repurchase June income costs million September increased a net led as XXXX. in portfolio agreement of $XX.X portfolio XX, XX%. resulted on to increase decreased This MBS of funding lower larger combination and of income. to on Interest The in the funding increase in XX, a interest XX% from interest
prepayments fast are RMBS likely quarter. for need yields. at amortization so for future, best in premium This to expense administrative and preferred Anecdotally, borrowers essentially Rates operating were trust decline from is observed net and as interest foreseeable rates the to ever to in treasury pace mortgage the the focus yet increased be available X% Finally, keep can. prepayment expenses levels segments we in originators decreased protection the add on down lowest speeds XX% portfolio, quarter. on general as We the will we revenues security change our with our for XX%, second although critical. capacity. by respect to the over to debt by anticipate U.S., have the remain controlling to selection fast two With
intend also and assets. credit-sensitive be will not exclusively RMBS RMBS adding hold to continue We agency to
short-term mentioned COVID-XX the essentially several At funding ago, response I new as a as remain to in As costs low zero few minutes our rates pandemic. anticipate our decreased this have point, costs the months. hedges will funding issued Fed funding are more we for materially
it recovery levels return market elevated during of on will levels and to and a emerge. prepayments volatility. increase going quarter absolute outlook virus has the full low the economic to add existed a returns With value to by That XXXX mid-teen levered activity fully to despite massive of very opportunistically agency rates from steep We conditions Trump available stemming offer continue as timing borrowers intervention despite as borrowings the recover There economy book surrounding uncertainty both forward. of to the remains before said, to significant the and reduced from investments look the low- administration. and to yet life with the funding portfolio of hedges forward, the going respect contraction Fed the first to being RMBS
for Island, my revenue As We can questions. remarks. to to that up the the prepared applies generally and our favorable. dividend the concludes services same call Operator, income advisory prospects Orchid are now likewise open
