Dynex Capital, Inc. announced its second quarter 2025 financial results, reporting a net loss to common shareholders of $(16.286) million, or $(0.14) per basic common share. The company's net interest income for the quarter increased to $23.128 million, demonstrating growth in its core earnings. However, the book value per common share declined to $11.95 as of June 30, 2025.
The company's leverage ratio increased to 8.3 times as of June 30, 2025, reflecting management's confidence in the improving risk environment. Average earning assets for the period were $8,959,507 thousand, and the investment portfolio's fair value expanded to $14,192,825 thousand. The portfolio continues to be heavily weighted towards Agency RMBS.
Dynex continued its capital raising efforts, securing $285.593 million in net proceeds from common stock issuances through its ATM program during the quarter. The company maintained substantial net deferred tax hedge gains of $719.038 million as of June 30, 2025, with $100.144 million projected for recognition in fiscal year 2025.
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