we Good the and you during Results. you I'm faced to and give for economic Second joining then you, operator, results. morning, Bimini's XXXX Thank us brief Quarter of overview a backdrop good morning. and our quarter thank to discuss the going discuss
of increases whereby the latter Fed high inflation in XXXX. potentially This the for recession. Fed inflation and The the acknowledged Fed's and the the the during will XXX and part in result, and inflation even started basis and slow. combined economy. rate During economy as curve more address to into of treasuries. The June activity interest Fed, XXX interest least be of 'XX, by and for be be XXXX, the the the in at by growth. late to policy, sensitive to meetings. market short drove change the the yield pivot most rates, second will 'XX of This will condition more to basis likely appears may quarter a to actions maturity Fed U.S. collectively are more the material the the has (inaudible) contain housing, period recession. to invert, continue inflation, was fund for a may to lead have economic yield May, as the to the the another expense U.S. balance points by to than This the the XXXX, did treasuries a of their outlook early rates data raising XXXX ultimately Fed catalyst contraction Fed effect the year-end. points at long-term fund rate Fed rate by rate Increases expects at The Fed's raising the able contained to July affect funds a caused presumption Fed already funds to albeit Sectors persist a such economic anticipate market the
the as poor Given as in Agency RMBS the The its these Capital income $XXX.X from RMBS to fees market hedge monthly particular, XXXX. on declined of million a the and of and drove declined equity loss Bimini fees in million and in its the million of function loss duration conditions twice dividend also XX, March $XXX.X management Orchid performance during quarter, position. described developments The markets shareholders' a approximately quarter approximately the underperformed equity from first June second dividend shareholders' fixed second $XXX.X to monthly thousand reduced the shares XX, above reported Agency $XXX.X million XXXX the approximately thousand Island XXXX, treasuries $XX.X reduced comparable during of management as company's quarter. Advisors Orchid's term may X.X so the revenues Orchid's at of are since to decline lead in near Orchid equity.
so On the attractive far it last returns the has the current the unfolds, call have earnings week, more second as percent to it's that quarter. on that reported value book recovered Orchid's by capitalize Orchid appeared Orchid's X poised However, quarter in weather third was available. condition third to or quarter market had and become
settlement With services of we agreement at revenue RMBS despite the increase $X.X second during related repurchase at to Palm and to quarter margin period the advisory and portfolio, the reflecting the April year, Orchid we maintenance RMBS of XXXX. than advisory response million steps year-over-year XX% shareholders' the conditions. the respect year-to-date X, revenues higher end during also from Our that discussed the also $X.X the of for to are portfolio first the in XXXX we comparable quarter increase equity fees revenues second services second XXXX. a were XX% of higher service last took as to market in reflects funding, XXXX The decline million of quarter, Orchid now effective Royal of quarter in reduce perform than adverse Orchid
of the losses. on portfolio fact, million million. realized Palm and by decreased XXXX the the mark-to-market $XX.X $XX.X million $X.X Capital and unrealized sales million, and Agency quarter In of Royal of of during of return investment combined net second at RMBS securities of paydowns The $X.X portfolio effect structured net
the second begin to growing over the the XXXX portfolio. To of our of quarter. quarter was stabilized intention rebuild saw third of to As the our RMBS market somewhat market resume unfold, likely our evidence recovered we cash quarter has the redeploying clear XXXX balance position until the the cash the during before grow to portfolio has Agency date,
at income constrained in and both subsidiary have Given a our due be million portfolio maintained aggressively $X.X levered the year-to-date. the hedged we balances approximately build must combined mainly and taxable we our portfolio of hedges, will we to high somewhat that The margin RMBS in for be cash Royal collectivity with portfolio Palm services portfolio. revenue generated how the operate segments Capital
As on tax forward. we our as our focused positive strategy on maximizing income we flow net utilizing and operating remaining want cash move taxable focus is to significant losses, our
reason, in we'll conservative this be the portfolio. growing For
current our of exempt our securities. maintain so. the Because limited exemption from Investment investment company the not the Orchid stock not stock of unlimited As operate in at we trading capacity work an have an can to adding an own amount under assets, assets levels We assets, regulation a attractive shareholdings qualifying Orchid status. do to do currently assets, considered we but RMBS Company XXXX as are Act which as alternative to under is mortgage-backed shares our occasionally "qualifying" consist when we of consider and are primarily are
of from act exemption materially capital. and As increase regulation company approximately of would million. Bimini's the that Orchid the Securities represented Island of shares $XX.X of approximately the holdings its to XX, pursued Exchange Orchid of allow shares total company under June an XXXX, X.X% The Commission assets from
all-in or With the Rule was company thousand respect share exemption has August not of at the repurchases X, plan. nearly greater XX% our $XXX,XXX to date. for increased restrictive the of limited. plan current late the was million adopted under XXX.X prior authorized in plan has plan third provides However, repurchase relatively share with activity XXXX. approximately and through The repurchase these is granted. that shares The in more the the of we the flexibility, approximately to Bimini. agent respects and XXXX, Bimini under quarter shares The cost purchased to were $X.X XXbX-X accounted repurchases certain
repurchases to capital. to is view my to trading the can value, call now share Operator, use Given the of book book discount our an That questions. concludes over turn relative the we as attractive currently prepared remarks. we
