backdrop Good of and you faced Results. you I'm results. we to and give for the Third joining and you operator our morning, Bimini's XXXX Thank us very Quarter overview brief a economic good morning. quarter discuss the thank to discuss during going then
Earlier likely they Chairman the press X.XX% the this month, not are that tone at Chairman's to of released for and the target added positive and time. the to conclusion rates. rates during Fed when that of conference and conference remain throughout the done quite raising that press the before federal November high raised the meeting, financial the X.X% the rate followed, reserve moves federal markets are for hawkish the some the The conclusion funds was reverse range stressed statement at to the occurred Chairman caused conference The meeting to that their started. press initially
anticipated happen early loosen of transitory, COVID-XX, raising clearly the case towards the since the Fed’s pivot policy of was start pretty August be has will third that As the the X%. markets target been rates COVID-XX inflation Fed cause the of back onset this perceived shortly Fed by monetary while and dampen decrease long able and would not pandemic, to of thereafter. to and the XXXX would demand much market turbulent. inflation financial early XXXX extremely by term Through of to Further, XXXX the that quarter the during the markets were
the period at points was the consistently economic mean The September the stated conference Supporting persistently meetings of demand, this and case. data, has would basis this press not the March. this Chairman that targeted Fed case, data the to consecutive XX incoming now range terminal than a Fed's basis that Fed The comments their basis was meeting. this that rate be since referenced public XXX the higher month, be over the through this points increase by Fed stressed the at has point Fed going the during raised would for strong. expected Fed and funds end Funds With by XX four likely
rates also With a the negatively federal term have reserve Agency MBS. and rate both increased volatility, corresponding performance aggressively, increase dramatically in impacted raising so interest which funding rates the of of
comparable Palm or Orchid to Island, securities For U.S. investors Agency in trade and and spread relative market led to swaps. leveraged interest a like MBS Royal rates MBS widening increases that in the Treasuries volatility duration
ultimately by raise The by Funds X X.XX% treasury yield XX, approximately more Fed futures over even the XXXX. just the Short driven September rose ten implies October quarter the on rose maturity will to XXXX Fund the year that to from X.XX% under rates of XX. the second on to on X.XX% market rate Fed X% Feds August and
spreads the exceeded negative XXXX. lower were swaps. end than of of those for Returns to third market March XXXX X.X% have Agency As were in and levels by far so the observed for increased benchmark XXXX comparable and X.X% XXXX these returns of rates of just to Agency quarter the relative duration mentioned, quarter the I the interest MBS in levels third MBS fourth of quarter
sold XX-year and in those favor securities securities, originators. by The worst large Fed, held during eventually by performed quarter. of that are the higher the third MBS currently relative Fed, especially amounts was in be Lower universe the the in across Agency by performance production the coupon, skewed which coupon may
This of from economy basis while in important may the that to by of lack counter-cyclical owing sector’s further credit the a sector performance a exposure manner, well the sector the the relatively of to with well Agency prevent is strong. Fed and enter contract on relative poorly note consistent could is the hiking is well do economy economy the doing near when recession, when does MBS. in performing performing the history aggressive and It the term, if soft is
unrealized impacted Bimini’s predominantly the developments of The MBS these mark-to-market recorded in and net Agency at results unrealized significantly for the portfolios by realized quarter mortgage Orchid losses. were losses, market. Bimini
XXXX Orchid losses the XX. price to decline Royal The XXXX. portfolio, resulted share unrealized loss November of dividend coupled an last XX, decrease recovered of $X.XX prices at million. Note, share Orchid at $XX.XX The share Orchids our $X.XX in XX, a from of XX% in to with $X.XX were $XX.XX losses in as Friday, monthly September million. approximately the shareholdings Orchid price drover For since June net unrealized Palm related to Orchids
The combined portfolio and recorded million. Royal our of Bimini net of $X.XX of revenues in quarterly $X.XX before shares and totaled a provision. resulted of $X.XX million expenses and million otherwise mark-to-market loss million $X.XX losses Palms Orchid our tax
equity and Island reported quarter. shareholders the Turning $XXX.X Treasuries to and of loss from Orchid’s million for described to duration advisory the third as underperformed above positions. million quarter, the our conditions hedge services a now the market segment declined comparable agency MBS $XXX.X drove during loss $XX.X The million its Orchid
equity. fees shareholders’ The near-term, to a management equity the are Bimini since Advisors lead decline in of management fees the reduced in may at function Orchid’s
$X.XX Advisory Service second for the third of million million the $X.XX the and million XXXX. third versus quarter of For XXXX, revenues XXXX quarter $X.XX for were of quarter
dividend declined million thousand second on its during quarter. third so [ph] company’s XXX,XXX revenues $XXX.X the the $XXX.X monthly dividend reduced quarter, monthly versus Orchid approximately shares to approximately the approximately from
Agency until for we second rebuild redeploying purchasing had position by during discussed the cash cash fact and saw the stabilize at quarter, approximately portfolio, market market we our initial MBS before of XXXX, $XX.X in did our million The and grow evidence portfolio Agency to resume Palms portfolio. pass-through RMBS to was August the the MBS. clear of Royal early As July steps of our we took end growing intention as to stabilized the
a of mark-to-market the As approximately $X.X million of and increased $X.X pay-downs declines portfolio million, approximately result million. of only pass-through approximately by $X.X
structured the essentially quarter. The was unchanged portfolio during
building. the willing quarter are developments position Given the over our quarter, fourth cash that to balance of into we occurred the and resume again the let
this we rolling Before nearing its over and growing need rate be current clear see evidence to we cycles to portfolio, The primary evidence the resume will volatility, to declining. rate conclusion.
RMBS returns extremely are objective. potential timing attractive. critical. dry for the churn had Keeping will is possible Given our much of how as of until late, poorly be sector then powder The Agency the performed as
activity Bimini third at Share spoke. quarter for off we tapered last since repurchase the
For earnings the now quarter quarter $X are call million, repurchases repurchased Total the XX% our we approximately we our and have million $X.X second August shares, capacity. of utilized X, so approximately just is planned XXXX. XXX,XXX only X,XXX on although since over authorization
and for prior that our current the plan in Recall plan increased repurchase used were activity. has certain accounted limited. greater repurchase with repurchases the we provides respects flexibility that relatively was agent restrictive and share The more
currently value, as share is capital. stock we trading use of repurchases attractive our an to view the discount a relative Given to book
call That questions to up concludes prepared and operator. remarks we my can now the open
