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pay behalf to Orchid payments us $X.X to on direct pro for overhead reimburse share management is million obligated defined its in as expenses included and of $X.X figure. paid million Overhead in of reimbursement the revenue are the Orchid's rata us agreement.
distributions, a stockholder Orchid to by we Orchid, stockholders. if to its any, also share As of continue its paid
the same XXXX, the XXXX. $X.X during as of the million first quarter dividends We fourth received quarter of of
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of the to [indiscernible] million. expense $X.X increased X.XX% of fourth agreement incurred XXXX. income in investment resulting quarter first and our million quarter slightly revenue from in million, for interest of $X.X on borrowings The we net of of X.XX% portfolio the interest The the generated portfolio interest repurchase XXXX for $X.X
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$X.X of gains mark-to-market of unrealized on generated $X.X unrealized million MBS positions losses million. versus hedge assets our Our
portfolio the We to the the quarter, although do we so do first quarter. expect MBS current during add not during to
policy incoming steps not near the monetary any forward, term. the economic Looking data does in the Fed appear justify losen to to taking
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have positions MBS to absent spreads should a interest material and and again, spreads. Orchid While its widening material of portfolio for stable dividend, a MBS of of to our absent narrow, environment our portfolio spread is continue do likely net is on widening performed favorable our also a This Island MBS type hedge MBS well lead so. to
deterioration an expansion more of The a Bimini leads to margins. disinverts, Orchid curve overnight likely that curve. Fed interest rates rates net rates beneficial lower outlook to would of the to than be and our it increase the in is scenario would the The economic likely as that both bare maturity both as risk to a causes the short-term longer to steepening lead
be widen. Operator, concludes such my elevated however, prepared episode, would an rates of questions. aftermath MBS we'll volatility be much The spreads and remarks, slow and that likely prepayment levels on expanded any MBS lead scenario interest benign take of This accompanied would net more and by generally. spreads with to
