doing X.XX%. Thank to and rate, that range us raising for With The tightening Fed finished for quite. not Funds rates relief March today. the either or began X% raised Last conclusion very nearing has that you, operator, is and you Reserve target Thank this has major Wednesday XX close a to to points should of basis the another it's unprecedented to good morning. a and possibility Fed so. market, magnitude that the been joining last the pace Federal cycle height, the signaled its be
to it hardly fact, seems In matter.
volatility XXXX at fixed the great market volatility, since extreme levels. measure period dominating of move XXXX income began little early been has crisis. It XXXX A elevated followed the longest abating. is index shows financial The of the and XXXX, continued widely that into very market markets for has sign
securities. Morgan. of the case market's approximately the and the or their placed of First failures assets be $XXX of to a liquidating requiring hastily to significantly These Adding prolonged the to led to the commence for several volatility Republic, failure takeover has banks large been of institutions banks, the receivership JP process by regional into billion in FDIC arranged FDIC
was added does of options, agency to considerable the significant on began spread unit effect affected before options allocations XX, which be the have agency actually although MBS contain index. widened Royal supply. Both sold priced the to these in the there liquidation market, portfolio MBS MBS Orchid’s the commenced the adversely a as April curve The market Palm sectors the as and
options have and the the say, of to Royal to portfolio. affect performance the Needless potential Orchid’s Palm
liquidation While there they the are the significant over market, uncertainties have need these more. balance and sales time them. have well surrounding the impact materially widened complete not To-date to options on of gone fairly mortgages the of
stock extent also the ability which prices would well, options raise REIT the management to affected could additional the to impact fees are as affect Orchid’s level of To paid capital,
between of Bimini Silicon stock Valley by Orchids the Orchid’s of Advisors. XX%, done with and prices X.X%. REIT failure approximately down the the X% Bank, Since peer group mortgage and are
RMBS from On these balance, to for very that MBS Reserve, funding and returns developments the Palm long-time levels, positive in agency resulting eve or side, potential for on as is very at this returns a Orchid. and a the of year offset the Royal both view potentially attractive these therefore of offering securities assets risks, lowered we liquidations costs currently acquire XXXX. long-term opportunity horizon, the attractive but by performance offer near-term very by pivot attractive the a recent poor Federal and the On over later
quarter first first of with XXXX. of we MBS add quarter at MBS Palm, Turning portfolio XXXX, Royal sell financial the the not during our to to or on securities respect now performance the do
offset decrease of these quarter of in net a mark-to-market The $X.X approximately first unrealized gains, downs million were reported the portfolio. During the we of million. MBS million which pay $X.X was by $X.XX
advantage available are long-term market. on attractive we return in taking the focused of the Going forward, opportunities
we use grow and and a We would may idle sizable year to liquidated, have proceeds that the accumulated past the be therefore portfolio. cash have position
$XX.XX, to Increases equity million, increased in at $XXX.X unchanged net management XXXX the Advisors for share Orchid’s XX, lead was million quarter a the shareholdings. Orchid’s the and price income March $XX.XX the quarter. to in during shareholder’s additional As of on increased since dividend to million million our fees fees for the of the in XXXX, Advisory its Bimini XX, may at a from of are reported at Services segment, equity. quarter $XXX.X Orchid’s resulting XXXX. first management from near-term, $X.X December shareholders’ $X.X during equity function gain Orchid
$X.X of Finally, quarter related the the quarter Bimini Advisors to XXXX Advisory Services revenue million compared fourth Island first of XXXX. for of management were $X.X Orchid the for to million
my Operator, can open up questions. the and remarks, we that prepared concludes call to
