After years of suffering from a tumultuous interest rate environment, macro forces have finally aligned in favor of agency mortgage REITs. Dynex Capital (DX) and AGNC Investment (AGNC) each reported huge gains in 2025 with massive comprehensive income and book value growth. Additional macro developments, which we will detail later, portend a similarly strong 2026. Despite this strength, I would caution investors that the sharp gains are one-time in nature and that both AGNC and DX are slightly overvalued ev ...