third call. earnings quarter to Good morning, IVR's welcome and
President Collins, COO Credit. and the Residential on Head CFO; and our Kevin me call Commercial Joining and of CIO; Credit; Brian this Head are our Phegley, our of morning Lyle, Dave our Lee Norris,
our share, $X.XX per of exceeded to dividend. again I announce am pleased earnings once $X.XX core which
of six-tenths The in XX.X%. relatively percent our a and to our combination of return produced a X.X% share. increase $XX.XX Our book to for the value bringing remains despite return year-to-date value economic quarter, our volatile economic dividend an of per book backdrop, stable increasing
the basis a XX-year saw to Our quarter tumultuous Fed point funding across most in team point we to in despite performance this increase trade which band, asset had and XX that achieved the volatility disrupted the classes, another fairly intervene. markets
IVR were rates million the able put we quickly turmoil, levels had significant proceeds quarter. the accretive in just to as interest was market a bottomed. as August the the at invest was when to raise widening Despite capital able of work another That during late to capital event agency experienced $XXX
the value a a portfolio level Brian, turning high IVR's I a repeatable to producing minutes constructed how has to call over earnings stability want way while spend stream. core in few at explaining we've book in that Before resulted a
the exposure ones our being These main allocating Over overall impact Agency on RMBS a or past risk, is we and RMBS that are exposure credit agency, thus do reduced, Agency is have hedge, the that they and course the we from CMBS. of several way At by prepayment that core time, exposed activity. been guaranteed that owe be rate in refinancing the year prepayment minimize strategies to backed period, to protection. to we to benefit one in our government Agency have prepayments attributes, a favorable in have increased been to have notable increased and steadily investments or less has another fixed easy exposure same is Over the they as collateral what so our detrimental earnings. capital deliberate an
them to They finance. relative to limited spread also attractive makes assets, volatility non-guaranteed exhibited which have credit very
portfolio. candidates All for inclusion of makes our this in them ideal
difficult often RMBS where, These be Agency avoided generally forecast. as returns recently, we've have persistent volatility We TBA the to and of periods could volatile. be seen can market quite
sense of to behaved. it the so portfolio. IO avoided dependent well on that rest We attractive, look it much on often avoiding down spend risk are but largely also We have prepayments in double MSR makes where time convexity our can we remaining market and market extremely the don't in returns when think
We've book the on as environment duration also of the been very the have active hedge during equity we adjusted the our as rate capital year of has course changed We've hedging profile, raises. through our side portfolio. and added our
quite end interest to thus applies I goal curve. our doing rates, is out Our rate this also and we keep value, well against have that. to interest the and and long changes will of portfolio, hedged book the point in short in been both successful
short match index risk ultimately a our Again, rate net three-month to the basis of objective is stable our generally earnings the This a book more between stream of of rate constructing avoid one keeping swaps end, and to the create core effective Regarding interest stable. while repeatable the to repo index LIBOR. portfolio we've our produce margin. looked with value helps
fourth produced the is see we investments, We positioned. as forward, we fallen that in has signaled The Looking this borrowers. credit importantly, earnings. positive rates has factors that prepayments tailwinds on which assets. and report seen of supportive strong, the our supportive of supports recent hold, and very supportive quarter, peaked perhaps higher believe yield mortgaged residential Volatility they several seasonal of October which a have future impact in we've ROEs. the Fundamentals as course and remains we is continue of with commercial well to are fees core are and trends credit should curve, likely we've have and of both entered the Fed be that most steepening
overall, a So, very coming outlook for see quarters. positive we the
in fee QX. Finally, that I simplified out calculations, our point want to management we starting have
our Going equity, Details in Q. of forward, further management. our recently filed using bring and shareholders fee this can alignment which will between will found be our shareholders' calculate we
over turn I'll call the With Brian. that, to
