joining you, Thank for and morning. good today. operator, you Thank us
highlight during I into a beyond, the second for outlook and quarter XXXX get our discussion and for that developments Before results. the would I the quarter of to like quarter the of our key third shaped results
of First services and foremost, continuing labor the strong a and on economic market. core backdrop particularly consisted inflation, tight readings inflation
The between over Biden first an administration as controlled occurred debt and impasse May ceiling limit. the the the key developed House development during Republican of Representatives
resolve As not was impasse the RMBS markets approached, spared. Agency the suffered to the deadline and market risk
the on RMBS returns at month levels widest cycle, reached benchmark the June. for was Spread the of impasse date. XX-year levels posted solid current-coupon the of recovered and resolved, to the least the RMBS Once market Agency
the have attention rein inflation, With the averted, Fed. the were including battle, Federal fighting incoming seem across the market's Central to crisis turned globe all the back same none Reserve or yet economic been the able data. to to bankers the in
policy inflation central of XX, monetary maintain evidence skipping Fed and June clear meeting. the the The poised Fed incoming banks with inflation headed raised additional again data the rate firming. rates appear to XX the basis target presents points XXXX, X%, and on Unless on May back other possibility Xrd, tight July of XXXX, economic towards the is
better FDIC was stemming far are pass-through approximately auctions for that the market RMBS auctions the liquidation regional gone March. of the and XX% At second critical failed they was the development the their than has of through point, feared. in banks The way execution auctions this Agency from key the ongoing
from to Island of $X.X the of Further, the Orchid equity quarter million its million $XXX.X second quarter service XXXX Capital or approximately Orchid's X.X% Orchid increased results. Orchard second net $XX.X to income during and of $XXX.X increase million equity $XX.X million, Now was our additional revenues million reported XXXX. quarter advisory a raised the increased quarter. for the of XXXX, quarter over capital Bimini's comparable equity. reflecting approximately during shareholders'
Advisory over X% from at at the increasing services market the during portfolio quarter $XX.X XXXX, March XXXX. million by respect million of revenue XXXX, approximately added the June XXXX. the we $XX.X to value the Palm, of XXst, first quarter With to portfolio MBS increased Royal XXth, second at to
With portfolio, interest combination the and from Orchid our portfolio increased capital dividend shares XX% the of of of quarter XXXX. increased over income comparable the Island
same rise, second quarter continues quarter the agreement of The from the $XXX,XXX dividend for of on was of to an for that $XX,XXX net interest XXXX obligations increased from for our income the quarter However, and interest and was down repurchase net interest second to XXXX. XXXX. revenue of expense quarter $XXX,XXX for $XXX,XXX, expense the increase the
pass-through both increased the additions The mix coupon XXXX, portfolio slightly at portfolio. the coupon weighted increased the CPR X.X X.XX% across prepayment to during to to CPR X.XX% X combined average from portfolio, June for the a higher structured XXXX. portfolio to into the speeds first from the quarter CPR With X.X XXth, pass-through March at have CPR X.X XXst, from and
high discount our benefit to Pumps With the net is income. prepayment par, portfolio average a dollar weighted interest at price speeds Royal on
and on seasonal mortgage $XXX,XXX. patterns our Mark-to-market near combination over of for and position are rates of Orchid gains the slowing loss shares However, higher Island term. while mark-to-market also speeds fairly week and netted slow hedge to likely the a of released this were speeds losses July suggest prevailing to MBS last portfolio, high,
for income of our of quarter, XXXX. second for $X.X be but million to Market to loss been quarter a conditions position the far able continue we Palm. the $XXX,XXX was volatile have cash at quarter build Net third so Royal versus in the continue to
As treasuries interest the but has in third in quarter the a outlook to yields occurred steepening US. longer the unfolds, short evolve as little we has seeing The The treasury are the movement rates. have curve shift of increased. continues on maturity in maturity steepened, rates slope with
in be coupled be rate the expected short terminal rates, to overnight concession Fed levels the X% borrowing mortgage above and the Fed US part that the has after higher may slow rates interest of i.e., further. appears reason increased longer in with driven for funds even previously the originations The rates than mortgage back increase the in maturity fixed-rate future normalizes Treasury. The funding XX-year
much Agency [indiscernible] June. performance during has sector also solid reversed of the MBS
portfolio we has until patient current Palm intend Royal to sense although Fortunately, the and should be an be position, get its continue to ample build we able movements that run we to course. cash the
Palm has at we expand challenging have able summary, in MBS been build slowly to In market to been its base, advisory capital conditions. revenue. in of Royal in spite Further, our increases service resulting able portfolio our Orchid Island
by when undertaken anticipate policy sufficiently. inflation monetary at the Fed effects We taking slow to of the rates point funding the normalize finally some considerable
historically currently We benefit also also duration wide RMBS trading at will anticipate comparable to treasuries, development. spreads securities such from Agency
we remarks, to Operator? Operator, that concludes my call questions. can prepared up open the and
