slide morning. We’ll Welcome I on off has of deck website hope or had begin our a you, Operator. I download deck Thank chance looking slide electronically. at was the everybody this X everybody to either Page our which of the up and open slide table to what to obviously our of is then today contents give I the just call I at say of of we’ll kind the for end an questions. outline deck like
fourth extreme start a in our seen far synopsis I’d early the volatility the of and the in to so talk time go during more. was see operating October, quarter a ended are we’ve like month done, what's we've of fair spend a the results a we usual happened to portfolio in the developments us then about characteristics and in going then to quarter And quarter the amount occurred I’m financial the But the for about kind and the talking positioning back how XX, we and market off QX of little given so come I think important. forward. XXXX. September it’s backdrop I’ll and forth very I’ll world to our go then going quick with that our highlights of financial that development what give into I’ll As environment
income comprised gains inclusive quarter. gains rate a MBS $X.XX value unrealized losses are and instruments loss the to share or XX of for highlights derivatives Earnings MBS $X.XX net monthly totaling $X.XX value which interest generated net per $X.XX. on interest unrealized and negative per $X.XX same $X.XX interest composed This in and $X.XX on per We $X.XX, rate share income. paid derivatives Book Slide our and and of of swaps. losses X, decrease three $X.XX loss the and financial Now net We of were share and realized annualized. turning of economic generated our and dividends the from a was GAAP an unrealized at excluding these return for the per or X.X% per share September negative X.X% on share was quarter swap of
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continues modest move to So and QX move in curve higher dramatic flatter. but the
rates is treasury look more a the Slide XX-year at very important about for maybe mortgage focused to X, the investors. XX-year this swap Turning note, XX-year
few was triggered quarter, by moving the higher. rates of course the were late move started sideways to August. over see until developments. somewhat in particular can In a August you As rate This
Canada. the to the Administration principle reached quarter Mexico Trump an agreement and developments probably a by with one first with new in of The The with was respect NAFTA. the end
spokes new the progress be fruition looks and this as as come hopefully like be definitely to NAFTA selloff. to will made and U.S. known it's the it to going MCA So
September had had of a hike characterize throughout Fed also on end very hike. about meeting the We to that hawkish strong data would XX, a have the the and at we and we that say more quarter the quarter as I later. very
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the XX-year see mortgages ratio. various XX-year a hedge - the of versus of fixed-rate right mortgage the On side this is we hand performance – Page,
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in So, developments that's run through of kind market of a happened results. the what and our quick financial
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on in it was That really date some got about what So, data we run happened, the or of quick morning. started the all to just of through has kind Xrd. October
thing the was Employment ISM report. ADP Non-Manufacturing And second the was first Report. the The
sell extremely off the to So, rates the week expectations. that above those Fed so and to combined and chairman in numbers cause meaningful comments strong in the were Fed and Those had fact with seemed a both raised on the outlook two be in before economy, his hawkish rates. very the far conjunction the
treasury credibility we wasn't money We real with market. of moved involvement, a the move. below rates. We levels and was lot Word broke from the also money just there key higher therefore a was just to And momentum. significantly in to lot those were perhaps technical Street it lend the through of
high week began highs. that. price curve over the place the leg a which that to hit reacting second to multi-year a of In more then was so. was fact in in end And a of and course market the markets That the levels, was first kind front and or there equity leg, took about
tariffs rally today had and if year-to-date data, back Most we've quality effect the sell-off in to point treasuries causing And that's course wiped gains of a especially as in obviously guidance and rates what and eventually in impetus then rates, you the course So initial a meaningful in we effect result have go had lot equities range back on about of to the surprise season, is moving that that the of tariffs. the prices broken higher import earnings equities. which out going previously are now kind international in higher given rates market, There's are out. energy everybody great. their sell-off will they trade, Further back effective was fall corresponding on of that's the of of been of. talk the of where and both we're no cost, the been in the what's The from other stock been Company the hasn't as higher there. involved of
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of signs, of I been hand, shows other as just the other taint. have On components mentioned, accelerating. inflation some of They the
those so result increases So we're in starting prices. of and tariffs forth to see a as
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today. then sit summarize we to Just where
changes the extension asset billion hedge repo the much we've out can now in hedge about the plus at are as the we again two funding but the to made on side, weeks instrument. we're As meaningful other Eurodollar repo and on swaps and side and taken we mentioned portfolio I not as side, these X.XX X.XX billion last
frankly. again with in curve we increase exposure we slight risk respect to With the end interval funding a short certainly is other our of the economy mentioned will in our long own continue would our portfolio TBA as much again much to all if call be I what net I much had in the less pretty and - money hedge state for as IO words our long or outlook the extension tail So mentioned risk a right as exposure, extension hedge I in our portfolio. the curve less even in swaptions in and the along our securities, mentioned we
subject third the the of I I We that quarter. end So say effect obviously of net the auditors $X.XX. concerned we people - our the the with at as an value many it's our mentioned time not that market earlier estimated suspect is are by as quarter that $X.XX wrap. our to the will the was calls, at of I and examination current Wednesday's estimate of - our not move about review the end book concludes of kind is
number have So until the operator presumably but I that, it reporting of book at the portfolio changes we days. over chance been and With won't turn couple more rough another more get in to be about Thank questions point together to a Hunter of little estimate able last year-end value to will Operator? the will for is we that a that details. talk you. that a in put
