The and still interest XXXX rate and quarter may appeared in to you, operator, fourth point current Thank be to the so. be prep good morning. of the turning cycle
pointed only to began even Federal consistently quarter in incoming on sign readings to going rates remaining October, forward. fourth economic federal increased especially labor deficits materially, higher borrowing the and progressively every treasuries Reserve and higher higher As interest for and cope did supply data policy the monetary expectations, of related longer. of exceed increased rates Not the was market with but the as market an forced projected government needs fears inflation fueling
reason November. This changed dramatically primary as inflation into we The data. was moved the
While for Fed's inflation the stated annualized toward and the forecast, headed X-month they Governor X- Fed inflation core and were Fed falling rates economist nonetheless appeared still likely that the were lower headline dropped below if would and and X% inflation X% trend still Waller the data target. both readings above continued, rates soon.
the end of of the and focus point post-meeting these strongly years hinted X, monetary case to rates Conference Fed the News pricing XX that restrictive by The declined discussions by the basis maturities at or developments by reflected XXX X market its to over market points Interest the done the XXXX. was FOMC in reaction approximately December raising basis was of dramatic. at Finally, more cuts policy. had and removing of rates Chairman meeting, Fed turned the
Risk rallied assets strongly.
now at again the has most way, XXXX, to expect enter we market has cuts led year. And data, X half before the these X. although in the today's up second I market of the to is wrote the with the the payroll Fed, to reversed script cuts any once we're midyear in of number pricing and XXXX As along the nonfarm
in XXXX million shareholders Orchid slightly fourth the September MBS of XX, instruments. Island the quarter of its above hedge months report derivative market net conditions $XXX.X and last of million mark-to-market to Orchid income $XXX $XXX.X XXXX. at its mark-to-market gains quarter of million led described equity from on December to $XX.X The fourth reported XXXX exceeding increased losses $XXX.X on X million Capital assets million XX, at
pay from pro quarter to XXXX. the Advisory management to agreement. reimburse or Bimini's and $X.X comparable paid a Orchid Services on us for overhead expenses defined rata of its revenue X% million, behalf is decrease of share also the approximately direct the obligated was for its as quarter us in
December XX, X% With for quarter million with the the quality coupons to increase the MBS X% leading value described response the lower size, the $XX.X repositioned XX, conditions by portfolio thus redeploying during the the the proceeds million pools Palm, MBS market XXXX. at above, into selling during we quality spec quarter. to evolving and spec we pass-through market In fourth September with XXXX, added in larger pools at respect portfolio albeit the similar of from in the coupons, Royal quarter portfolio XXXX, increasing $XX.X portfolio to at to to
fourth to on XXXX, continue 'XX. fourth $XXX,XXX interest combination 'XX the repurchase quarter over during the of While income the the our our of portfolio and the increased million rise of interest for quarter from comparable significantly the quarter, for portfolio shares dividend from and XX% obligations has Orchid increased of of and to increased expense by quarter $X.XXX
a for income result, resulting $X.XX netted down a to and gains quarter losses valuation quarter of increased $X.X gain quarter of interest a We Orchid last of $XXX,XXX, $XXX,XXX a loss from the net and on of tax a and same quarter million. loss $X.X and shares for of recorded and year. was million As of fourth provision income of in the the of quarter our we fourth of for 'XX million the the net $XXX,XXX report XXXX. asset net and hedge slightly net versus for updated Mark-to-market our deferred taxes $XXX,XXX utilization projected dividend of portfolio, of instruments tax the of MBS net our allowance,
such income For the $XX.XX the to Bimini to deferred and mentioned, versus million XXXX. driven Such and in by million reported net loss assets $X.XX I $XX.XX of XXXX. for our allowance tax losses and of for 'XX RMBS of versus Island improvements after-tax loss $X.XX of loss Bimini loss as have pretax our reported a unrealized results instruments. Due for primarily losses gains versus a gains net the netted hedge asset million $X.XX million Orchid for revisions $XXX,XXX and of year, XXXX items derivative an before unrealized of our taxes for after-tax I post-tax on other income The shares and XXXX. was on million
accompanied Reserve rates were increasing volatility. Federal the by and levels years, raising was funding of actively interest overnight rates elevated generally both In
improvements of our the quarter results above, XXXX. described occurred predominantly during As fourth in the
our trust from actually million funding $X.XX materially million $XX.XX XXXX. increased revenues to XXXX increased declined agreement to from $XX.XX million XX% by $XX.XX debt and XXXX. XXXX Total repurchase to in $XX.XX million from million in $X.XX interest in but preferred XXXX, in XXXX million to related revenues in Net in expense
XXXX in of increase and most quarter costs. volatile than Services matter. far experienced are and the Expenses in by X% the Market benefits a compensation systems-related driven so XXXX Advisory XXXX X%, year first increased a increase we conditions for direct XX% generally cost predominantly of related that for and what in through less
various Fed near rate on comments the not in data economic diligence the need Fed incoming However, consistently to point term. will continued from and suspect we and inflation for the cuts front, remains officials solid the see public from we interest
absent such of RMBS cash our rates, our our over continuation to desirable conditions interest in Palm. slowly and If do deterioration it as spread Federal accumulate Reserve at we to is RMBS allows NOLs an portfolio the only a done grow not funding time. Royal Even current us continue further our portfolio net outcome, to anticipate raising on is market
funding Until by our The should specifically revenue risk is to be and/or revenues. grows. enhancing able Service driven portfolio they increasing in benefit be rates our persist, decrease, able portfolio conditions the be Orchids extent to long-term the asset capital Advisory operations would in base. upward would to Alternatively, turn, as outcome do and Advisory margins prices. the base/portfolio be on able this rates increased rates resulting if further our Orchid's chance to willing grow capital and, will from grow these we its with net grow their potentially revenues would interest funding MBS in pressure to movements Orchid Services activities as income our
that's to up We now open for can Operator, the remarks. questions. the call it prepared
