Core Viewpoint - Dynex Capital operates as a mortgage REIT focusing on Agency RMBS and CMBS, offering a high dividend yield of 14.3%, but faces challenges in sustaining this dividend due to high payout ratios and leverage concerns [2][3][4]. Financial Performance - For fiscal 2025, Dynex reported a net income of $319.1 million with an implied payout ratio of 81%, indicating that the dividend is technically covered by earnings [3]. - However, operating cash flow in 2024 was only $14.4 million while dividends paid amounted to $117.8 million, resulting in a payout ratio of 820% [4]. - In the first three quarters of 2025, Dynex paid $167.8 million in dividends against $106.5 million in operating cash flow, leading to a payout ratio of 157% [4][9]. Leverage and Liquidity - As of December 31, 2025, Dynex had $13.9 billion in short-term debt and $2.5 billion in shareholder equity, resulting in a debt-to-equity ratio of 5.65x, with debt constituting 80.3% of the capital structure [6]. - The current ratio of 0.07x indicates severe liquidity constraints, with only $930 million in cash available against $13.9 billion in short-term debt, necessitating continuous refinancing [7][9]. Management Perspective - CEO Smriti Popenoe highlighted a strong year for Dynex in 2025, with a total shareholder return of 29.4% and a decade-long total return of 67%, attributing success to disciplined execution and risk management [8]. - The company raised $1.2 billion in equity capital during 2025, indicating proactive balance sheet management [8].

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RT 唐华斑竹🦅🔶BNB (@uniswap12)从107亿美元交易量到BTC急跌：起底IBIT背后可能的“强平链”没有黑天鹅事件，比特币突然暴跌，市场都在找原因。盘面显示，BTC和SOL几乎是同步下去的，但链上和中心化交易所的清算量其实没那么夸张。这就有意思了，说明抛压可能不是来自常见的加密资本玩家。刚好看到DeFi Dev Corp的Parker White发了个分析，我觉得挺有启发性。他说昨天贝莱德IBIT这只现货ETF的交易量冲到了107亿美元，几乎是之前最高纪录的两倍，同时期权溢价也飙到9亿美元，都是历史新高。数据不会骗人，这种异常活动通常对应着某种大级别的仓位变动。他推测，这次波动可能源自一两个在IBIT上持仓极高的对冲基金，而且地点可能在中国香港。这些基金有的甚至把IBIT作为单一资产来持仓，目的就是为了隔离保证金风险。问题出在杠杆上。这两天不是白银也大跌，日元套利交易也在加速平仓么？宏观环境的压力传导过来，让这些基金的杠杆仓位首当其冲。为了挽回损失或者博取收益，它们可能又去做了高杠杆的期权交易，结果市场没按剧本走，比特币这一跌，很可能就直接击穿了它们的仓位底线。这事儿的后坐力我觉得有两层。第一 ...

Core Insights - Boyd Gaming reported record revenues and EBITDA for 2025, with approximately $1.4 billion in EBITDA and property-level margins of 40% [3][6] - The company unlocked significant value from its FanDuel ownership interest, generating nearly $1.8 billion in cash proceeds, which helped reduce leverage to 1.7x [2][6] - Management expects traditional leverage to approach 2.5x in 2026 due to a $340 million tax payment and ongoing capital investments [1][6] Financial Performance - For Q4 2025, Boyd reported company-wide revenue of $1.1 billion and EBITDA of $337 million, driven by strong core customer play [7] - Year-over-year EBITDA comparisons were impacted by approximately $40 million due to changes in the Online segment and severe winter weather [8] - The Las Vegas locals segment showed strong performance, with nearly 2.5% EBITDAR growth excluding The Orleans, which faced a decline in cash hotel revenue [10] Capital Returns and Shareholder Value - Boyd returned $836 million to shareholders in 2025, including $778 million in share repurchases and $58 million in dividends [5][19] - The company plans to continue repurchasing approximately $150 million in shares per quarter, supplemented by a quarterly dividend [5][19] Capital Expenditures and Development - Boyd guided for capital expenditures of approximately $650 million to $700 million in 2026, including significant projects like the $750 million Norfolk resort [5][16][17] - The company is also working on a $160 million new gaming facility at Par-A-Dice, with construction expected to begin in 2027 [17] Online and Managed Businesses - The Online segment generated full-year EBITDAR of $63 million, with projections for 2026 EBITDAR of $30 million to $35 million due to changes in revenue share agreements [14] - Managed businesses, including Sky River Casino, are expected to contribute EBITDAR of $110 million to $114 million in 2026 [15]

Core Insights - The Hecht Commodity Report is recognized as one of the most comprehensive commodities reports available, covering market movements of over 20 different commodities [1][2] - The report provides various market calls including bullish, bearish, and neutral, along with directional trading recommendations and actionable ideas for traders [1][2] Group 1 - The report is authored by Andrew Hecht, a veteran with 35 years of experience on Wall Street, specializing in commodities and precious metals [2] - The Hecht Commodity Report employs a portfolio approach to deliver insights and recommendations for traders [1][2] Group 2 - The report includes a variety of trading strategies and insights aimed at helping traders navigate the commodities market effectively [1][2]

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Financial Data and Key Metrics Changes - For the full year 2025, the company reported FFO per share of $2.00, which is about 3% above initial expectations [3] - Same-store cash NOI increased by 0.5% compared to 2024 [18] - Fourth quarter FFO per share was $0.47, a decrease of approximately $0.02 compared to Q3 2025 [18] Business Line Data and Key Metrics Changes - Office segment same-store NOI increased by 2.3% for the year, driven by higher base rent and improved expense recoveries [19] - Retail segment same-store NOI increased by 1.2% for the year, reflecting strong growth in the first half of 2025 [19] - Multifamily segment declined by 3.2% for the year due to flat to modestly lower rents and elevated concessions [20] - Mixed-use segment declined by 6.7% in 2025, impacted by softer hotel demand in Waikiki [20] Market Data and Key Metrics Changes - The office portfolio ended the quarter 83% leased, with same-store office portfolio at 86% leased, up about 150 basis points from Q3 [6] - Retail segment ended the year at 98% leased, with positive cash and GAAP leasing spreads [10] - Multifamily ended the year 95.5% leased, with approximately 1% net effective rent growth year over year [11] Company Strategy and Development Direction - The company aims to drive office leasing by converting prospect activity into signed leases and commenced revenue [16] - Retail momentum will be maintained by keeping centers full and managing expirations [16] - The company plans to manage through the multifamily supply cycle with disciplined revenue management and cost control [16] - The focus will be on prudent hotel operations while responding to market demand [16] Management's Comments on Operating Environment and Future Outlook - Management believes that coastal infill locations and high-quality real estate position the company to capture demand as it materializes [5] - The company views 2026 as an opportunity to build upon the progress made in 2025, with a focus on operational execution and long-term value creation [15][16] - Management expressed frustration with the current share price, indicating that it does not reflect the intrinsic value of the company's assets [14] Other Important Information - The company declared a quarterly dividend of $0.34 per share for the first quarter, with expectations to maintain the dividend at current levels [15] - Liquidity at the end of the fourth quarter was approximately $529 million, with a leverage ratio of 6.9x on a trailing twelve-month basis [22][23] Q&A Session Summary Question: Regarding elevated TIs for office renewals - Management acknowledged that higher capital burdens for office leasing are expected to moderate over time as occupancy improves [35][36] Question: Timeline to achieve target leverage of 5.5x - Management indicated that leasing up La Jolla Commons 3 and One Beach will help achieve the target leverage [40] Question: Steps to reinvigorate stock price - Management is open to strategic asset sales if they reflect long-term value but will not sell at a discount [42][43] Question: Guidance assumptions for office segment lease rates - Management reported that 68,000 sq ft has been signed year-to-date, with a significant pipeline of leasing activity [49] Question: Credit reserves in guidance - Management clarified that credit reserves are a conservative measure and not indicative of specific tenant concerns [84]