Dynex Capital(US:DX)2025-07-21 14:00Financial Performance - The company's portfolio fair value is $142 billion[13], with a stock return of 4656% since IPO (dividends reinvested)[14] - The company's market capitalization is $15 billion[14] - The annualized dividend yield is 167%[14] - Average earning assets were $114 billion in Q2 2025, compared to $103 billion in Q1 2025[24] - Book value per common share decreased from $1256 in Q1 2025 to $1195 in Q2 2025[24] - Leverage increased from 74x in Q1 2025 to 83x in Q2 2025[24] - Comprehensive loss per common share was $(011) in Q2 2025, compared to a comprehensive income of $016 in Q1 2025[24] Portfolio Composition - Approximately 96% of the company's portfolio is in Agency RMBS[13] - As of June 30, 2025, Agency RMBS pools constitute 701% of the total portfolio, while Agency RMBS TBA constitute 259%[83] - Agency CMBS and CMBS IO constitute 40% of the total portfolio[85] Macroeconomic Themes and Strategy - The company employs a global, top-down macroeconomic approach to inform risk management and protect investor value[10] - Key macroeconomic themes include global power shifts, government policy, fiscal policy, Fed policy, system liquidity, and demographics & tech[33, 34, 35, 36, 37, 38] - The company is positioned to generate income and drive value through opportunistic investing and diversification[73]