Dynex Capital, Inc. ("Dynex" or the "Company") (NYSE: DX) has reported its financial results for the first quarter of 2025, revealing several key changes from the previous period.
The company reported a total economic return of $0.33 per common share, or 2.6% of beginning book value, comprising of dividends declared of $0.47 per common share offset by a decline in book value of $(0.14) per common share. The book value per common share stood at $12.56 as of March 31, 2025.
Dynex raised equity capital of $240 million, net of issuance costs, through at-the-market ("ATM") common stock issuances and purchased $895 million in agency RMBS and $55 million in agency CMBS, while increasing TBA investments by $430 million.
The company's liquidity as of March 31, 2025, was $790 million, and its leverage, including TBA securities at cost, was 7.4 times shareholders' equity.
The comprehensive income was reported at $0.16 per common share, while the net loss stood at $(0.06) per common share.
In terms of the consolidated balance sheets, the total assets of the company stood at $9,044,836, representing an increase from December 31, 2024. The shareholders' equity also saw an increase to $1,395,915 from $1,184,936.
The interest income for the first quarter of 2025 was $95,059, reflecting an increase from the previous quarter's $88,496. The net interest income also saw a significant increase to $17,133 from $6,887.
Additionally, the company's non-GAAP financial measures showed significant changes. The earnings available for distribution ("EAD") to common shareholders increased to $18,728 from $8,103, and the economic net interest income surged to $27,984 from $18,813. Furthermore, the EAD to common shareholders also increased to $18,728 from $8,103.
Following these announcements, the company's shares moved -2.9%, and are now trading at a price of $11.33. Check out the company's full 8-K submission here.
