Dynex Capital, – (NYSE: DX ) Financial Results Summary

# Dynex Capital, Inc. (NYSE: DX) Reports Second Quarter 2025 Results

Dynex Capital, Inc. (“Dynex”) announced its second quarter 2025 financial results on July 21, 2025. Below is a summary of the key metrics and financial highlights from the report.

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## Financial Performance Summary

– **Total Economic Loss**:
– $(0.10) per common share
– represents (0.8)% decrease in beginning book value
– attributable to a decline in book value of $(0.61) per share, offset by dividends declared of $0.51 per share

– **Book Value per Common Share**:
– $11.95 as of June 30, 2025
– decreased from $12.56 in the prior quarter

– **Comprehensive Loss**:
– $(0.11) per common share
– **Net Loss**: $(0.14) per common share

– **Capital Raised**:
– $282 million raised through at-the-market common stock issuances (net of issuance costs)

– **Purchases**:
– $1.9 billion in Agency Residential Mortgage-Backed Securities (RMBS)
– $364 million in Agency Commercial Mortgage-Backed Securities (CMBS)
– Increased TBA (To-Be-Announced) investments by $953 million

– **Liquidity**:
– $891 million as of June 30, 2025

– **Leverage**:
– 8.3 times shareholders’ equity (including TBA securities at cost)

## Operating Highlights

– **Interest Income**:
– $111,746 (an increase from $95,059 in the previous quarter)

– **Interest Expense**:
– $88,618 (up from $77,926 in the prior quarter)

– **Net Interest Income**:
– $23,128 (up from $17,133 in the prior quarter)

– **Unrealized Gain on Investments, Net**:
– $33,652 (down from $109,997 previous quarter)

– **Loss on Derivatives, Net**:
– $(58,093) (less than the $(118,088) loss in the prior quarter)

– **Total Operating Expenses**:
– $12,293 (rise from $12,118 in previous quarter)

– **Net Loss to Common Shareholders**:
– $(16,286) compared to $(4,999) in the prior quarter

– **Comprehensive (Loss) Income to Common Shareholders**:
– $(12,222) compared to $14,391 in the previous quarter

## Dividend and Stock Activity

– **Dividends Declared**:
– $0.51 per common share, up from $0.47 in the prior quarter

– **Share Count**:
– Common shares outstanding increased to 125,358,375 from 102,226,355

## Balance Sheet Snapshot

– **Total Assets**:
– $11,311,265 as of June 30, 2025 (up from $9,044,836 in the prior quarter)

– **Total Liabilities**:
– $9,701,272 (rising from $7,648,921 in the prior quarter)

– **Total Shareholders’ Equity**:
– $1,609,993 an increase from $1,395,915 the previous quarter

– **Preferred Stock Aggregate Liquidation Preference**:
– $111,500 unchanged from the previous quarter

## Investment Portfolio

– **Mortgage-Backed Securities Value**:
– $14,192,869 as of June 30, 2025 (up from $11,130,177 the previous quarter)

– **Repurchase Agreement Financing**:
– $8,600,143 (up from $7,234,723 in the previous quarter)

## Conclusion

Dynex Capital, Inc. reported a challenging quarter in Q2 2025, marked by a notable comprehensive loss and a decrease in book value per share. Despite these challenges, the company maintained a robust liquidity position and successfully raised equity capital. The increase in dividends declared and purchases of securities reflects ongoing strategic investments and risk management efforts.

For further details, the management of Dynex will hold an earnings conference call following the release.

Based on the provided press release, here are the extracted tables in Markdown format:

### Consolidated Balance Sheets (unaudited)
($s in thousands except per share data)

### Consolidated Comprehensive Statements of Income (Loss) (unaudited)

($s in thousands except per share data)