you Thank and morning. good operator
that the the Americans. The of vaccine both for the was the very saw a during many quality life its robust most emergence emerged and for of first distributed. variants. vaccines quarter virus COVID-XX dealing quarter proved of recovery fourth very The pandemic effective the of The and very -- XXXX with of from effects the economy the COVID-XX both XXXX effectively in
reopen So inoculation levels exceeded our expectations to quickly. and economy allow the
in shortly market robust the acknowledged XXXX Senate data, in solid Georgia expectations welcome high $X.X being result president for As represented the of to the as development in depressed economic especially of Chairman levels. market both race party very full anticipating expectations price very rates recovery victories additional balance above a addition and beyond. was House, registrates a the they and January, led consistently trillion early package and that let in noting Reserve Federal and of passed, to funds control approval of White thereafter, return inflation strong into market economic economy. above a elections a of factors, the houses performance the These had distributed And the well of democratic stimulus size the was was Biden's throughout stimulus finally, and runoff Congress two markets,
of reported its million. returns quarter, increased loss but volatility by $XX.X for rose quarter Island The generated RMBS approximately operating to effect on absolute hedge due capital shareholders' the paid. Orchid adjusted loss for raises, and rates still two the equity and an increased, developments, Agency interest net and dividends basis these As a the basis. both applied negative and
also to payable As Orchid’s management Advisors equity base fees Bimini increased. increased
advisory approximately increased the and by For first of over by quarter fourth of XXXX of the the service XXXX XXXX. XX% over first quarter revenues quarter XX%
increase the XXXX, of increased in million of of at higher million of and the effect for and realized XXXX elevated base more Palm coupon losses mark second March, The of are reason CPR the flat with XX% the in the increase portfolio CPR of rates quarter for Orchid’s number for are the income rates constant predominantly in quarter. move CPR net the by capital for of three the the XX.X first portfolio. versus run the the Capital RMBS until rate XX% XX.X still seasoned, theses by available by window economic during and portfolio the even the still spite incentive area in XX% elevated XXXX. interest at Palm year full the a market service during in XX.X incentive, presenting first shrank XXXX rate was as quarter XX.X Prepayment pay-downs management $X.X by quarter as offset Universe XX Accordingly from to structure dividend points at million and month the the a pre-payment and to was Agency to asset activity XX.X first the and remained to effect refinance Agency than fully revenues borrowers. greater into refinance or fees the through fourth higher as the quarter, the XX% of not of rate was the $XX.X of remains XXXX, underlying effect The Dividend $X.X owned second was end but Royal and approximately to loans in XX% within a RMBS securities XX% quarter, combined the of pasture the higher quarter As of quarter, The quarter. the XXXX is CPR quarter CPR low the of held. the shares higher XXXX, should lead refinance defined we while advisory present. purchases basis end the the of second than rate of Royal over is portfolio fourth of The net first levels during quarter. increased quarter lower going and in securities seen are money the increase during
as towards quarter, and As a our this fresh add to our benefited pass-through, seasoning. calls, higher represent margin when more lawns had take to these longer low-hanging and these will only balances fruit, this do Until on they of from their skewed as to acts The process. fact the duration as little not capital the hedge change now The mortgages focus result some we allocation a positions meet need if loan with heavily less not I'll interest cash of now; although maintain keenly therefore portfolio we brokers coupon negative securities. mates documents did mortgage assets pass-throughs with to move. remains were a somewhat the to
structure portfolio. to the the to yet capital target of determine have allocation We
typical Agency their with higher only speed of the lower lower discussed minor versus add the the for higher and likely a we suffered Although securities offset, quarter, the offset I coupon portfolio To owing additions price pass-through to range declines the make RMBS. XX% the portfolio. fact will to seems of just before any XX% premium duration, to structured we that coupons, to
as though the is according XX% approximately a of of last market the declined shares Orchid market of mark our to exceeded even mark Agency on result, RMBS, Agency on Note the night. shares RMBS first to to larger. date, have gains of for As portfolio quarter substantially XXXX, Island that our ORC the by the losses
fourth modestly by were operating the versus first Finally versus of and XXXX quarter X% the the XXXX. quarter expenses up of for quarter X%
Looking was have worst months one XXXX it is changed. last ever days the experienced. March we back over the of much amazing how of our has twelve quite outlook XX
As but economy XX, recovered, of the March the the of of Bimini bleak. as level shareholders the in of we The very XXXX. have as to March fully, exceeds most has of But XX, our not hold outlook was effects took pandemic lives point the months the the effects reversed pandemic. equity XXXX of XX the outlook of and our
before were the U.S. at quarter full portfolio revenues net than pandemic for the for of first smaller, Palm of the fourth Royal hit While quarter much the last XXXX quarter larger the is the XXXX,
are attractive, we our was my first investors progress XXXX. We that's levered if of Palm, the the operator, know our open quite goal XXXX harvesting towards our turbulent remarks as prepared time. I'll operating and stabilized for they for optimistic were returns Thank portfolio continue that call a still up Royal Island to of as it you and our losses While remain and one and net have growing quarter MBS for quarter like to available and will earnings. over questions. attractive the not during Orchid the of markets second
