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Jun 30, 2022
Dynex Capital Q2 2022 Earnings Report
Announced second quarter 2022 results.
Key Takeaways
Dynex Capital, Inc. reported a comprehensive loss of $(0.85) per common share and net income of $0.70 per common share for the second quarter of 2022. The company's earnings available for distribution (EAD) to common shareholders was $0.40 per common share.
Comprehensive loss of $(0.85) per common share and net income of $0.70 per common share
Negative total economic return ("TER") of $(1.06) per common share, or (5.8)% of beginning book value
Earnings available for distribution ("EAD") to common shareholders, a non-GAAP measure, of $0.40 per common share
Net interest spread of 1.50% and adjusted net interest spread, a non-GAAP measure, of 1.84%
Forward Guidance
The company is in a strong position entering the second half of the year, which they believe will enable them to take advantage of the attractive opportunities they are currently seeing in the mortgage market.
Positive Outlook
- Focus on capital preservation
- Strong position entering the second half of the year
- Ample liquidity
- Well-protected book value
- Experienced management team
Challenges Ahead
- Volatility and disruption in national and international financial markets
- Adverse effects of the ongoing novel coronavirus (COVID-19) pandemic and any governmental or societal responses thereto, or other unusual and infrequently occurring events
- Changes in economic conditions, including an increased rate of 9 9 9 inflation
- Changes in interest rates and interest rate spreads, including the repricing of interest-earning assets and interest-bearing liabilities
Historical Earnings Impact
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Avg. Return Before/After Earnings
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