Dynex Capital, Inc. announced its first quarter 2025 financial results, reporting a net loss to common shareholders of $(4.999) million, or $(0.06) per basic common share. Despite the net loss, the company's net interest income for the quarter increased to $17.133 million. The company's book value per common share was $12.56 as of March 31, 2025.
The total economic return for the first quarter was 2.6%, and the leverage ratio stood at 7.4 times. Dynex Capital's average earning assets expanded to $10.3 billion, with the investment portfolio's fair value reaching $11.1 billion as of March 31, 2025. The portfolio continues to be primarily composed of 98% Agency RMBS.
During the quarter, Dynex significantly strengthened its capital base by raising $240.487 million in net proceeds from common stock issuances through its ATM program. The company also reported substantial net deferred tax hedge gains of $719.038 million as of March 31, 2025, with $100.144 million projected for recognition in fiscal year 2025.
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