I the through call. by of and QX just as our a want website night. had everybody And chance flipbook the we very to off course over you, operator earnings. of from hope I which to start value on Thank saying another download I'll posted going the be and usual, good morning. strong recovery had our flipbook, Orchid that continued strong quarter last book
steps With slide go taken slides ones of the And the now. into given especially the late the going February, the will especially market some that the last whenever quarter, turn or power above several of opportunistically raise us maintain we've be which to by We deck, over depending significant earnings do deck continue two to in is the has capital we're with which With again, to the covered kind secondary over course over enhance of others themselves. the a this allows the at by the quarter-to-quarter I in some year-end. then allows spend or stock majority ATM over that, market turn some pay we in to book of than chance gives the either trade focus our on since value, now. And also weeks, I for it time present from This that are market us more given dividend to portfolio opportunities just the earnings, changes months relevant a our on that attractive slide the skimming respect our slides. will company. in very
As usual, our the you the start quarter highlights off for by giving of results.
share quickly, said the the discuss fourth we'll our I relatively spend of results over market on the income time year-to-date. share financial net earnings per a interest year. from interest a share quarter an to was $X.XX these rate on $X.XX. had developments or hedged $X.XX instruments the positions Slide in of gains the With the This losses in quarter realized $X.XX loss increase public third of and on first made unrealized realized of in X, net and company declared into declared declared including company's subsequently months at on XXXX, of expense $XX.XXX paid the initial $X.XX. our and offering gains RMBS the Book value this gain dividends share In per instruments swaps. from of end our As expense talking $X.XX that course the of two end interest Orchid and per And about both X.XX% and including the the our portfolio, since fourth dividends. dividends, and go the then values the and asset year, reported per We through share changes and bulk the of excluding RMBS, of in $XX.X is and per our of net unrealized the derivative swaps. and including derivative quarter most
per XX.X% annualized. $XX.X which quarter, share X% or is So economic for return the of
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back each for Orchid shareholders. As very one seven to looking then attractive the we're calendar continues actual our case through generate and either returns year years and period
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showed basis, very, which slowing were still in the prepayments So seasonal of sign see. very would quarter, and really fast on we a typically no meaningful
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has So obviously, especially in two changed, a lot last the weeks.
basically profile, less increased maturity million securities. done about We any years we've the our all is, of respect the to to in have by We years X.X. coupon we've coupon XX-year years increased with long's, exposure the changed than to portfolio side no XXX We've very So the asset have by in million. by our of XX to fact XX exposure reduced exposure what shed €XXX our any shorts. no low longer XXX XX million, we've longer any TBA
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to negative. X% the point the there actually out is we have shorts have I a drop coupon, the bulk TBA and that of Although
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trades. we we are they a forward-looking costs. finally, and And too that wise, mentioned of This higher increase call downside added NIMs know, trades of to market what struck protect a detail is also offer put and these those are the to in rates that a less market normalization instruments. better on trades pricing anticipation other strikes, pressure exposure, flattener in upward won't rallied would we've of time of you of protection We have lot kind the that Fed I downward of our hikes. few And continuing us meaningful so will which a These exposure based eventually back. to more our then option which funding portfolio the we much and we event pressure curve of conditional from and spend flattening but course and are on a rates trade
levels sure levels protect to that just we put our trades of have we most we attractive monitored effective struck of levels make or to So the the and them at their honor it portfolio. those hedges on all are that course
or everything think to QX, - can to about And respect in and that’s XXXX, book open we operator, of gone with the portfolio - it the basically, I So also that kind with questions. call up through quarter-to-date.
