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Mar 31, 2025
Dynex Capital Q1 2025 Earnings Report
Dynex Capital exceeded revenue expectations but missed on EPS in Q1 2025.
Key Takeaways
Dynex Capital delivered a strong revenue beat in Q1 2025, driven by higher interest income from its MBS portfolio, but missed earnings expectations due to derivative losses and elevated operating expenses.
Revenue reached $17.13M, beating estimates by over 50%
Non-GAAP EPS came in at $0.21 vs. $0.37 expected (−43%)
Reported GAAP net loss of $4.99M due to derivative losses
Liquidity remained strong at $790M with significant capital raised
Forward Guidance
Dynex expects to remain agile and liquid amid continued macro volatility, with a focus on capital preservation and portfolio flexibility.
Positive Outlook
- Strong liquidity of $790M supports stability
- Raised $240M in equity to strengthen capital base
- Expanded Agency RMBS and TBA positions significantly
- Effective interest income improved quarter over quarter
- Balance sheet remains resilient and well-managed
Challenges Ahead
- Derivative losses significantly impacted earnings
- EPS missed consensus by over 43%
- Book value per share declined to $12.56
- Operating expenses increased substantially
- Market volatility continues to challenge portfolio performance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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