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Sep 30, 2020
Dynex Capital Q3 2020 Earnings Report
Reported solid total economic return driven by strategic investment and hedging.
Key Takeaways
Dynex Capital reported a strong third quarter with an 11.7% total economic return driven by increased book value per common share. The company benefited from improved asset valuations and a favorable funding environment.
Comprehensive income of $1.92 per common share and net income of $1.62 per common share.
Quarterly total economic return to common shareholders of 11.7%.
Core net operating income, a non-GAAP measure, of $0.61 per common share.
Book value per common share of $18.25 as of September 30, 2020 compared to $16.69 as of June 30, 2020.
Forward Guidance
The company's outlook for the balance of 2020 looks favorable given the funding environment and central bank support of the economy and risk assets, notwithstanding the uncertainty of the trajectory of fiscal policy and the medium term economic outlook.
Positive Outlook
- Favorable funding environment
- Central bank support of the economy
- Central bank support of risk assets
Challenges Ahead
- Uncertainty of the trajectory of fiscal policy
- Medium term economic outlook uncertainty
Historical Earnings Impact
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Avg. Return Before/After Earnings
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