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Jun 30, 2025
Dynex Capital Q2 2025 Earnings Report
Dynex Capital reported a net loss and lower book value in Q2 2025 but raised significant equity capital and expanded its MBS portfolio.
Key Takeaways
Dynex Capital posted a net loss of $16.3 million for Q2 2025, with a GAAP EPS of -$0.14. However, the company generated $25.3 million in earnings available for distribution (EAD), raised $282 million in equity capital, and significantly increased its Agency RMBS and TBA investments.
Net loss of $16.3 million with GAAP EPS of -$0.14
EAD to common shareholders reached $25.3 million ($0.22 per share)
Raised $282 million in equity capital via ATM stock issuance
Expanded Agency RMBS and TBA investments by $2.9 billion combined
Forward Guidance
Management expressed confidence in generating strong shareholder returns through strategic investments in liquid MBS markets, despite short-term losses.
Positive Outlook
- Strategic capital deployment in liquid and transparent securities
- Raised $282 million in equity capital to support growth
- Expanded Agency RMBS and TBA investments significantly
- Maintains high liquidity of $891 million
- Strong positioning to manage risk across interest rate cycles
Challenges Ahead
- Net loss and declining book value per share
- Comprehensive loss of $12.2 million to common shareholders
- High leverage of 8.3x could increase risk in volatile markets
- Significant losses on interest rate derivatives
Historical Earnings Impact
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Avg. Return Before/After Earnings
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