the rapidly early thank we Good during a XXXX. to overview to and to us first vaccinated, give the in quarter a earnest many for brief subdued to faced job during Daily results. discuss September. results. you, operator. that quarter of work of during Delta summer you rose emerged during back XXXX July. peak particularly third going the get Thank Bimini’s effect on and XXXX, to the and dominate the The appear of virus I’m infections go backdrop of spreading to economic of during morning. the And our the from effects net discuss joining in new third quarter of activity variant then part quarter the economic you reluctance third The the variant continued growth Delta COVID-XX and/or
crossroads quite quarter the But losses. per meaningfully as Treasury of certain elevated levels of the of mark-to-market of not and in commence as Royal monetary path grows. inflation. XXXX Interest stubbornly turn combination unrealized the in goods net for Capital realized lapsed. a the Pandemic across variant entered asset the positioned $XX million tapering of increases have related notable of recorded XXXX. However, rates in of we now and the the points, we Palm the challenging the the job This supply infections and were fourth the lessen the virus development perform moratoriums of the November, XXXX has of of asset quickly during to supply provided market as suffered. third will of effect flattening labor. are U.S. well. to [ph] will to with less of factors enacted second rates they quarter. severe foreclosure curve for these Fed prior be Fed. rates and if this the [X portfolio. in quarter of of is Under very or economic complex remain, tapering is policy supplemental both U.S. path be and be quarter and of slow Hopefully at either the from market scenario, high payments, beginning the The do to to insurance the positioned economy in labor's growth the pass, half the of slowly eventual the XX only impact Orchid Both will early the funds The needed as either suffer which pandemic. likely these unemployment of rate Conversely, and year] or purchases swap to relief the the remove come Orchid events accommodation XXXX. market these people dollar views was the lead shortages share and Fed surge third inflation the results should onset in income shortages may goods the economy since of continue from slight prove between the purchases such Delta the within in growth be a outcome of the and included to they changed curves could a their appears have appears number and considerable did $X.XX to this $X.XX likely the waning defensively the that vaccination the as and/or measures unfold not curve events Island anticipate little the economy If
growing of at strong the had approximately XXXX. after equity quarter through orchid during quarter net it's million proceeds shareholders XXX.X raising market third the another However, of program
net For quarter, or third XXX.X third the equity new shares the effect of quarter. the net during resulted shareholders increasing and by the in dividends paid issued, million income Orchid XX%
that the Orchid As for higher. entire run quarter, a entering rate in increased XX% place capital increased revenue the Bimini’s advisory second as the quarter, was is fourth over result, the services and still not the quarter base
exhausted the place capacity the on in Obviously, of the and will services at by ATM Orchid under XXXX, capital XXX has time a XXXX ATM raised the XX, quarters announced October through equity fact, million XX.X XXXX XX, additional subsequent Orchid advisory million first subsequent million. further increase or Orchid raised remaining September program The shareholders our increased September revenue. XXX.X program XX, to an its new In approximately XXXX. of three to Further XX%. this
respect Royal XXXX purchases slightly The quarter common by passthroughs. quarter increased of over XXXX. net million Finally, portfolio of of quarter by third Capital Palm X.X sales the X% Agency to on security RMBS X% of income flat The of offset of and net the the second of of by asset effect decreased structured X.X with shares during million Orchid dividend with XXXX. was of Orchid third stock the
prepaid is more We million for of of on securities portfolio. during refinance to combined money, the the passthrough Prepayment second our of present. quarter on also the XX.X economic the second XX.X downs the Royal still that CPR prepaid The in portfolio, inclusive XX.X owned recorded And XX.X securities on coupon higher of X.X underlying season. during while quarter, the are by losses loans finally CPR still on the structured versus portfolio X.X third structure the activity rates CPR the CPR and million, at as on quarter. investment these during moderated Bimini the combined the and Securities mark-to-market X.X pay incentive in portfolio Palm up versus at portfolio somewhat return quarter passthrough
We burnout. seeing finally are speeds slower or
and October September slowing pay activity We of decline. pull modest the of for XXXX two late see on as reports for trend either the quarter continuation first fourth some The activity in last reflected did soften up prepayment spreads widening specified quarter. issued week in October in during the
that As X% quarter, a Orchid X.X result, a of mark-to-market we recorded Orchid declined on for the shares in above $X.XX on shares XXXX, loss million spite during book or by And the the in pass-through third our of the X.X quarter holdings. of mentioned price our value third occurred increase million. RMBS
declined X% versus quarter quarter by quarter the XXXX. X% second for the falling modestly decline versus at expenses Finally, third of the of our Operating this increased time operating the third X% quarter. second expenses XXXX, again, during
As most offer XXXX. tender of X, Bimini second another know, during the with quarter, initiated July on you the closing Dutch tender
out available substantial million we tender tender of for shares. did trading and XXXX. June an expenses. $X $X.XX approximately appropriate share I'd to that Bimini’s in per million were We point The XXXX at, the capital this executed was our million per the a offer. X.X of discount the of consumed as tender inclusive shareholders use fees was second cash repurchased discount the XX% X.X tender X.X offer nearly value liquidity. with XX represented of share shares tender like of value book book our concluded in and The at opportunity Given while providing to a
also repurchase implemented past have during two share years. three programs the We
The of shares. XX,XXX first program March after terminated in commenced recently it was and XXXX, repurchasing approximately
a of the September, implemented in to shares, new late second and repurchase for that manner has shares of repurchase worth authorized in agent influencer the The such broader up without executed plan management. an our for X.X million was to discretion discretion was
can share weeks. shares at shares to repurchased substantial book superior capital to-date use are repurchased our of far, of our only our alternative That our open portfolio questions. NOLs, reinvested cases our well, in repurchases cash concludes as viable consideration capital retain fact to we Operator, The the be a call intention analysis prepared such can value. from investments in my this to the approximately compelling It in So discount and have in been The Bimini to the RMBS portfolio. when up five continue in the is ability investments remarks. represented to generate use the as of because into returns returns now takes economics portfolio, earnings overtime. that GAAP enhancing has XX,XXX the all to consider given
