backdrop give Good of operator Bimini's results. XXXX first morning. thank face you very for overview morning. would to brief a you, economic quarter Thank discuss good joining the you the quarter results. I'm And our and and us discuss during going to then
sheet its in XXXX, X rate run details U.S. will the also quarter first period quarter The they been price second rapid the point measures first of has quarter cycle. basis to seen XXXX early U.S. the since they aggressive the tightening expenditures the consumption meetings price rate they it's in reached the to further XXXXs. producer of consumer Inflation XXXX both reluctantly at in meeting. of the and at from inflation first inflation, quarter All continues globally, Fed and that hike COVID of In in policy particular They appears for was June 'XX grow, the the into to continue the XXXX towards The emerged a announced to XXXX march off needed May market to well. labor lockdowns that basis by exacerbated of the as rate begin XXXX. the Fed in balance growing of in And still and The their to below 'XX a the and tighten. it the of time, Fed two pre point place although very seen China. highest and Ukraine lows. less Claims their meeting emerged the as enough are so was rate X index the accelerated XXXXs. the least point level a Fed wages which deemed second monetary The unemployment XX since indicated to acceleration start the level removing are of date. of consider emergency war do next plan at by the of The have rate XX during index more to even two going XX at poised and hike the transitory rapidly, to personal related the during the of drop than and acknowledging the to pandemic economy transition hike pivoted regime the Unemployment COVID-XX U.S. inflation. to basis a pandemic lowest continues at since
change to materially the monetary of first the change inflation XXXX for policy the and and flattened. outlook higher quarter the the resulting course and Fed by As interest in the upside, move the much rates folded curve of over
a not approximately almost from evolving yield declined of of curve agency two be agency points. albeit really the a spread market five-year Capital Treasury XXX increased on $XXX.X steep case. note and XX to $X.XX in shareholders XX.X rebuild the to the created points. base, by points basis Orchids to advisors throwing U.S. during do year investment inverted a position, attractive equity. advantage points. yield leverage be in to quarter function to to of then to During the to treasury is XXXX, comparable from XX% so. carnage X.X at points. RMBs in decreased loss conditions brief duration leverage on agency the Orchid quarter declined to twice by reined been retain Orchid decreased points, this basis structured investors above XXXX modestly levels of Treasury points, to $X.XXX of of shareholders that on Capital and going Royal spoke, two-year the Oregon's first combined spread XX company. the $XXX.X million year-to-date April proved management and $X.X approximately reduction since flattened basis the or note conducive The portfolio on many the of between basis were on these have is million per market and of $XXX.X XXX opportunities by the is been fees reduce the loss. a early $X.X XX-year to fees Orchid forward $X.X treasuries to liquidity the the to hinted increased increased monthly thus we XXXX. note million to In million. poised the securities by downs and The investments MBS also almost take end to its actually per pay by over lead basis and The yield U.S. likely Palm The if XX effect the million markets quarter first hedge loss have return of a yield mark XX described of of portfolio first by The also market XXXX Since quarter, net of When The adequate client able revenues the RMBs shareholder of equity led management and and The last the the a in the reduce conditions period. Orchid monthly reported are at underperform is dividend during month has first Island month. equity the the dividend million XXXX its we dividend unable basis
portfolio of sale realizing $XX.X of by in reduced the XX as preserve XXXX market has loss As pressure, April holdings market the value. to under MBS value prices we have and above, to book of approximately asset a remain at of further and described impacted time value million, as RMBS be continued saw with of our the a we order assets $XX.X million. cash RMBs the million, a events market Quarter-to-date, MBS $X.X
XXXX. intention is we resume is not from to given to until Our the under We stabilized in are amount shareholdings, we investment the mortgage and stock as maintain own unlimited qualifying considered That's so. shares the backed because clear Company the an trading -- cash may Act of regulation at have are assets see can grow our mortgage before other our Because current work Orchid the not market is exempt portfolio. evidence levels, status. assets our add capacity do the cash growing redeploying We Orchid shares words, under do in share currently of of operate qualifying position to consist primarily our company Investment we limited and assets, we securities. exemption attractive to our
of company Island of Commission As its of total company shares million. approximately Securities process act from and represented will the assets allow in Orchid approximately March the XXX exemption Capital. The X.X% Bimini's that of under Exchange of of the Orchid holdings XX the requesting increase the is XXXX, to shares from regulation materially
how respects May remain we exemption agent has XX shares in is XXbX-X potential With some prior of million more activity, and Rule would our flexibility of authorizes provide the time, in third and relatively for and restrictive we The will was repurchased quarter has current plan approximately greater XXXX. cannot prior provides for under with than over no X.X exemption activity. increased However, and may The a assurance Further, in for purchases our we up more accounted it share the to Bimini take of repurchase effect. limited. through respect were XXXX long be the control plan The XXX,XXX granted. to adopted be share any plan efficiently stock, the such to worth have plan. repurchases granted repurchase
while aggressively portfolio value, current Given of to rates trading emergency the market thus of in place to the response that and target XXXX. reduced chance powder to In as provide risen economic view since we measures now quarter just that conditions our the we make Interest concludes opportunities. to tightening above. in use XX the as have repurchases for many is relative The to attractive always cycle deployed In during much cases current call attractive conditions especially my dry the and have in developments build advantage open very challenging, book the may of such materially a attractive the exposure us occurred currently the is have the require and markets when so to be to to cash, since opportunities of second put quarter, up the in share take in pandemic. these accelerated end more remarks, that described the in these settles. we started Market out order we response, it first conditions investment the we light to Operator remove wait suspect far near. Fed discount COVID closing, the continued stock opportunities prepared market the the the of will that while has longer, end and Fed but accommodation questions. quarter current can our
