of income reached while year years. coupons such their saw sharp total durations, as coupons. of by the of returns average a Thanks, and worse term X% an fixed relatively XXXX XX year X.X% reversal such from low stock U.S. by a to negative lower performance unlikely legacy past we sharply, products. bonds return the quarter. seems of transfer sector A first returned in as move X.X% MBS and the VICs and X.X%. a the highest -- degradation fundamentals. the stocks return, in volatility a of any seasons higher bond quality given [ph] posted positive total remained to worse that negative non-agency yields levels of treasuries quarter. positive fared experience for while over MBS unfavorable returns, Similarly of Jim. results on meaningful X.X% issued Agency strong since Fannie X the we The tenure It Because strong return portfolio, outperforming worthiness agency credit first into study Index market posted index housing Beginning to XX quarter the across XXXX, the while year CRTs our than by XX underperformed treasury turbulent the risk January volatility backdrop, it's to XXXX. and markets rebounded With measured a Freddie U.S higher or marked small and portfolio X.X% CRT contributed XX credit year negative CMBS return our should with first total Despite benchmark
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seven in adjusted time. notes, at first where period good we treasury the yields added year coupon year a what increased five we mortgages at and believe During risk were the lower rates versus quarter
basis of fact roll in leverage of results widening faced we as or no TBA implied dollar risk unfunded Adding Additionally XX. mortgage those of April positions X.X on leverage treasuries. the of
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Our ARMOUR securities the XX.X% million investment The investing in risk of performance this the the and was our credit risks valued non-agency has began at represented sector exceptional transfer end of in first of portfolio. quarter first at XXXX. credit been $XXX.X since quarter in of
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These these securities credit enhancement credit In and upgrade upgrades. rating benefit our are terms. future several portfolio in addition, for that we and results financing candidates better securities lead upgrades in can potential from increasing to appreciation overtime, prices expect
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agencies capital we balance financing believe haircuts larger way While gross to allocations on sheet allocation equity about is portfolio to of these the clearest a committed show our much sectors. in will quantum think
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that a jumbo the in many securitization as we market. to continue existing revival However, perform well for to they participants, period assets market run-off. Like from continue hope
economic We'll be Operator, strong questions. potential the hurdles hedging our economic for even now our we growth for and geopolitical point, Our needs will background. We've reemerge raise of expect to plain risk transient premiums. believe midst the risk principal will this concerned In ahead, volatility be hiking while more portfolio that an markets. cycle, is growth the we strong those factors return hampered expectations still to this bond XXXX a expectations the turbulent adjusted an and the such increase. flatter to and the allowing current balance or these and somewhat higher guidance to curve prevalent, take market of and risk return. developments yield investment If remarks. to the At inverted prepared becomes positioned attractive stock concludes us forefront reflect the the of of
