hope and night. chance had to our pull morning, everyone everyone off last Good our website welcome. I a slide deck
your they're reference won't I'll needed. necessarily the touch all be there slide, every usual, for As deck, but as going on through
As always, slide on three, which of contents. is table I'll start just the
Just to agenda give you today. the an outline for of
and RMBS is results. The at some interest gains or instruments, into at the X.XX% interest including XXth. And the for a first derivative had and do share realized hedge on instruments, an unrealized the June our background quarter, income and from $X.XX of our Book per $X.XX. and how then and of the end share for financial give of portfolio value the per With delve $X.XX gains and gain a our value some With income generated just more net highlights net net the to derivative detail. swaps. I positions increase on started. that, per detail, and summary quarter Then RMBS losses about unrealized from $X.XX, our earnings and including results, you was of spend realized on our credit the in We will excluding quarter share a then of into $X.XX swaps. thing get share per we'll respect This influenced quarter. time our go that financial finally in in of developments we our talking is our I'll the I'll market
per share, declared per quarter paid is return Total dividends declared which economic dividends. October, for dividend November. public initial most recent not was the company During the has subsequently or the and our declared $XX.XXX $X.XX share $X.XXX offering, That quarter, annualized. $X.XX in in company in X.X%. in our Since payable includes the
Turning based the that calculating change we what price middle and But our opposite show the the stock actually is show typically the in this return return XXXX. is on we slide. of is apologize in group is these column group total basis. of first a dividends five. next I the slide here listed in This on order. the described through to for the performance This In The is the show And paid. that. next slides page. September described XX on slide, peer Orchid stock peer the is We column. in on
two-year in one-year our performance the back On the top, to-date we and other with the returns. words, year-to-date our In versus column, average, peer so peer look forth. middle And a show and then average.
show these way our can as calendar you the back The page, relative peer returns year-to the looking very for had group. bottom So, we performance strong one-year, three-year, to back all inception, two-year, to date, we've of periods. see
slide strong quarter the all is period basically calendar various which we was way value for same This back very the through book XXXX, back of the performance. the thing. the row our return. relative top go The year. the shows third had based So, we total is then years, again current IPO, instance, to And the when next
paid. book be would of return plus change total the dividends sum value the So, as calculated in
the all group often -- not we return the we do third As of as the for data peer for case quarter. have our
same this case recent be XXXX. quarter one-quarter format. And with the in one- data it's day, it or lag. the And second this show to tend we most of will the So month
backs, including back look quarter On it's through the again the XXXX, data, top, recent the And of to periods. from inception we on the respect most the for all look With bottom, to-date. back inception. six-year to second calendar one-year show way
can peer the as calendar and with the relative group As you periods strong, very to even returns see strong well.
eight, talk to like about relatively I'd what rates market is a developments market. you to slides Now, on here fact few have are most picture important we and thing stable. slide the of in the happened give that the a And
this As policy. makes and rate this will for the investors. XXXX see state we the into swaps And favorable unchanged in probably the quarter. you cash this slide, were both environment economy levered X expect reason on continue can MBS relatively for given of that very have Fed to And and
turn you In year. back. thing both the see XX-year nine, XX-year showing this in pictures and now swap same to you this with only rates, of for the stable look side and slide the investing And the really If we're quarter in you for very treasuries right two-year if see page, as since favorable case, mortgage-backed rate as of very very, again which both well. focus environment, been on is a you securities March, we've leveraged and can kind a
the policy. front been the to And is fact curve is that simple here and have end, between Turning we stable, the where though of been even show five seen movement, Fed end on notable by We spread the what's as the XX. slide the have rates it's anchored treasury. the long XX-year
is we've favorable prepayments. curve, which So, also mortgage and positive both usually of for it steepening carry again, a the investors has seen implications for because
say have minutes. in about prepayments I few more a lot next Although, the to
the by really the with saying respect slide want the that capital. this to market. start-off to is And what the deployment important. much I turn and very mortgage today drives at there's market look that the of here our by make to let's Now, we slides And several very decisions dominated XX is are Fed.
of is on spec the been coupons. the The -- know, does mortgages. all tend Fed very purchaser Those drifting they not to They coupons their production down. purchases focus by pools most we As exclusively they production not have typically They active Fed typically, a TBA. by and --
the is coupon one announced -- X.X dropped rather What and in the The Fed drop be buying another. yesterday starting gets add fact, typically day the they suffers. would before one cycle. that next they In happens
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a is that market in. very it invest do So, attractive And in we invest to market.
As I said, of buying which through coupons they're are the the purchases production languishing. means Fed dominating not their the basically is coupons,
anymore. With If have see TBA you can form, the are coupons, pretty not produced look then particularly at much done various Xs top left, they and to Xs, respect well. for these not you the lines
it's really so, production coupon. not And TBA a current
TBA so more invest means is and that beaten But area The you're market, been they invest So what seasoned coupons, really they'd in to is there alternative quarter. so is market. the given up that seeing bonds, other the the is production area that in somewhat did we bad what the than weak. this heavily recover spec
extremely the can side the you the look if Xs, see levels. and high Max, X.Xs you ups on of low are right pay page, balance, XXK So, loan those
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in market. We picture Moving on a implied Vol the show XX. slide of just
see, movement can subdued As Since of quarter. anticipation election, quite of this the end level the higher. -- quarter-end there in some been you it's at the has
compete just various you the suspect may information. a am It's across historical the you Election picture Day, going or Slide as would of to as on investing not this investors Many for are that. expect fall would is that outcome irrelevant once across gives I of shows in we be the to I just off so determined, discussion, skip basically classes. roll market. may multiple And returns Although, XX we asset slide do which of not is always the election well. next today's classes. that asset nice the The I
and emerging because been well. of top on riskier the hand did the S&P on As very XXX right it's high-yield, a you can environment. high-yield, the just sectors it's see quarter, the on the risk side, market generally And
the a of seen to rumored much although strong part policy, the of we For haven't near fiscal future. but most strong quite Fed or as it's that policy, be generally been lately, result in
basis. very a -- has a end least still to or high-yield the of less. less safe attractive can And look And year-to-date emerging risk safe assets entire in risk haven them at and of September see the market so, you is result, at S&P the year, And little that a you assets were if as well. lot year-to-date But have done modestly. on negative, only a look performance up fact, haven risky done
is relevant for I want out. couple slide of turning to little a This XX. point Now things more A to us.
available level in but continues mortgage see, bankers to elevated. level. the the top narrow red It's now drip see it at the down index. quite to look line and you is high Since The a you at the If borrower. very is the as mortgage blue there moving a range, association the of under you it's can X%. line rate is refi left, can And
continue. So, we that expect to
spread. look still result, XXX was still a for there's to that right is what it's secondary you the side, you on spread see that primary spread as XXXX, And say little down. the period the you if room And elevated. look to over, continue a over or quite come at If a
not very, both it really And is the or economy, had performance mortgage spite either housing market of of it's market. very expect are impact capacity. has Originators that are business adding very, will. of in the We that robust. finance very market on the Mortgage housing the robust. reflecting very is solid. They origination the COVID all The
just was this result listeners As still been on told -- this it's the in -- has spread, to is of side expect rates even rates pools realizing movement not XXX before now to to And continue see I reason slide. there's website. spec hand that's If if pools. would I stay therefore, that remain get on go materials the gives we even kind of which -- and line in that fast this think found the but to a an XXX, high a working speeds know presentation remedied up It's And activity of are a will of And was the high. that higher, degree there. that was a still for high do compress. page, probably or the some bips, low, us us this implication that refinancing we we rates, probably speeds. we impact the for possibility spec missing is in XXX that as we as on keep some all-in could from time. comfort very, result the is were over that confidence that the very very meaningful link could let spread and And go red as want you'd left
trying follow profusely you're now. not the if on the materials, should they that. and So, to along website have for be did Apologize,
to XX. up, the for a next slide I'll to extent the start getting talking going results. discuss to about they're slide our here slide, Sorry. Thank everybody just financial We're you Hunter. going give I'm bringing deck. up My moment that catch to
side, for of unrealized the realized and can easily. and our separate the quite same the of can on of gains it's makes And gains column. on proxy share on the RMBS quarter the earnings. for kind core, bottom, as show although it assets that per us. positive. that we and favorable it we respect left And but a both all and to what peers usual, the use you that hand Obviously, see share, our you $X.XX most show our we is typical. format. because report, easier with That's unrealized earnings was our it see, it's hedges certainly the very they're at decomposition this listeners does they not environment not can continue showed our a per noteworthy The exactly welcome, to follow our just something As our to disaggregate realized akin Hopefully but
hand was very in to nonetheless, as from securities, strong this our mainly a very we the strategies, long and but was number expect high a do IOs. would as On second of can see this structured remains a environment number our as side, continue you right current X.X% return number. as show negative we And and returns and to respective strong, expect the the With as not quite quarter, the pass-through respect so. IOs -- it to we
is so money, at is, extend and speak. very are precisely fast have They to The As effective the rate. might a them would rates We the very expect, prepayments And backed work you up. be all That's hedges. is we reason to securities, have we the prepay want to why own extent high. to in them. room IO
economic of past. forward. relative the at see our to hedge not to as line shows that we'll other position a performance described we especially this is of which show level of page that, meaningful near-term, stabilized forward. look dwindle. kind We using if XX. picture bullish favorable But towards we're core and looking it return I to rates. We've the can story a in continues Looking the way. pass-throughs recent replenish strong, our at rate the on the IOs you green Nonetheless, build are slide moving environment, our to of materially improved Slide IO be of and drift be top allocation, we not the may that changed. is why absolute said, on although of has earnings share. going and same XX. capital Vol the is per remain of we related In all-in continued XX another to to we We NIMs expect we the expect products. the see it very instruments, troughs using late deemphasizing versus to and Slide that's And just quite more And
of combinations for swaptions a effective So hedge swaptions and is instrument us.
the saw the now Turning picture what slide look end the XX. second does quarter. portfolio to than at on This you not materially of different
quarter. of changes anything, the more we fact, saw you In if made -- we probably quarter than since the the during end
So, end The the quarter. I of very attractive the TBAs, as since a third mentioned, investment area.
pools, up we We spec our high slide exposure expect for have to the up, about now of remains our specs, reduced and market, future. are with million. which all high next some conjunction increased TBA very the to shows $XXX our are nearly, those high. have respect the in all doing this are of The quality showing positions, a to we most of were almost rate show benefit foreseeable the recent Again, backed the These pool is In slide, this to strategy the market. fixed cornerstone speeds With the to lot allocation a XX-year to has the months prepayment and of coupons, in comparison This so. added we've remain changed just goes Fannie Xs. third Xs, three regard XX-year higher XX-year coupon the months, cohort. for three Xs, Mae not quarter, -- XX. Slide that spec the that pools Otherwise to our we're
all each or for indicated, Mae So, XX-year respective as These X X.X. XX-year it's column, Fannie cohorts. are
not if our be fact to securities but them. combine in are different results Freddie, we would of Some the were materially
to what Slide most the fraction XX% that's very right, showing if bottom want you And you four reduced maintain and the -- the recent are under how us XX-year securities the have been the a to returns been can is And of see very, quarters most can critical you since each we've I of Xs, a percentage just well make. quarters, in the that XX has. rolling And to four cohort we're a as at here low, what prepaid cohort. securities very one you As look small of able case, with in we've generate. for cohort. can see as of in point fact, prepaying, the is carry see, our our which exception what the cases,
XX-year orange Here, is you can see the the treasury. line
can in you side. the to level. it's see, of effects the As stabilized this changes our dropped current is line and prepayments. green at the And But shown the portfolio normalize is
prepayments can dividing here an XXXX. dollars it's above it's deviation norms extremely really outside versus while was XX-year lower we're the doing balance standard you mean, low the still it in by as all the So, with elevated And and of level unpaid portfolio. one slightly see is and of of principal than
So, and a more returns as our we session. has allocation points suspects able start we've been realize Q&A attractive result. to A and before few paid-off up wrap the
ratio low the probably Our our it swaptions looks the And few on given operating in. as then make a leverage there high is to at bottom case to moving points can environment Xs. we're continues In some want we'll few And -- expense, stay We hedges. interest on, be $X.XX. show that anticipate the basically positions. forward, the that slide going see for being Xs, in time. XX, our say we like our right, top And I on finally a you
will as to to involved. rate a in at As positive they left a the well if you slightly. commensurate when are anticipate And Otherwise, to be it move tend to can event accompanied get that happens. and increase suggest increases. suspect a One, Euro/dollars hedges that two pretty strongly see, much we for level. higher of -- a they that these us volatility We instruments not four do obviously, benefit performance like but very top the type rates, extent our We do on And reasons. those. increase, adding we've by in these added give the benefit we meaningful also when a
We add you to the those, have swaps as a position for but in futures can modest in see very were stable may and our quarter. We not treasury near-term.
it. So, Operator? positioning. the results our to the otherwise, we that our open And will environment, that, me Run call questions. through with up and market is
