<p>Dynex Capital（DX）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 30% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Dynex Capital 最近的财报电话会议在短期痛苦与谨慎乐观的前景之间取得了平衡。管理层承认经济回报和账面价值下降的负面影响，但强调强劲的流动性、扩大的规模和改善的净利息收入是未来收益的基础。他们将近期市场波动视为机会，而非结构性挫折。</p>
<h2>扩大资本基础</h2>
<p>Dynex 强调其总资本基础在过去 15 个月中增长了 18%，使公司成为最大的以机构为重点的抵押贷款房地产投资信托之一。管理层认为，规模的扩大应改善融资渠道、交易效率，以及在波动市场中更有效地竞争投资者资本的能力。</p>
<h2>流动性作为战略优势</h2>
<p>公司在季度末的现金和无负担证券约为 13 亿美元，占总股本的 46% 以上。高管们强调，这种流动性不仅能在压力市场中缓冲下行风险，还使 Dynex 能够在机构抵押贷款支持证券以有吸引力的折扣交易时迅速行动。</p>
<h2>投资组合扩展与机会性部署</h2>
<p>Dynex 在本季度将其投资组合扩大了约 60 亿美元，部分原因是筹集并部署了 4.42 亿美元的新资本。管理层将此视为有纪律的机会主义，利用更宽的抵押贷款利差锁定他们认为在市场正常化后将会非常有吸引力的回报。</p>
<h2>账面价值受损与早期反弹</h2>
<p>账面价值在季度末为每股 12.60 美元，反映出由于市场波动造成的每股 0.85 美元的下降。然而，管理层估计账面价值已经反弹至每股约 13.31 美元，尽管考虑到普通股息，这仍是 5.6% 的恢复。</p>
<h2>净利息收入上升</h2>
<p>每股净利息收入从 0.28 美元增加到 0.40 美元，环比增长约 42.9%。这一改善主要得益于融资成本的降低，表明 Dynex 现在开始更有意义地受益于美联储最近的降息。</p>
<h2>更低的融资成本和有利的回购利差</h2>
<p>公司的融资成本下降了约 33 个基点，而 MBS 回购利差与 SOFR 保持在 13-17 个基点的有利范围内。管理层指出，这些回购利差比去年的平均水平好 3-5 个基点，支持现有投资组合的更高收益能力，而不增加风险。</p>
<h2>降低可赎回风险敞口</h2>
<p>Dynex 大幅削减了其在 TBA 市场中对最可赎回的机构 MBS 的敞口，从超过 16% 降至约 7%。这一转变降低了再融资和赎回风险，帮助在利率和提前还款预期波动时稳定收益和账面价值。</p>
<h2>回报前景与利差正常化潜力</h2>
<p>管理层预计，在当前利率水平下，利率互换对冲的当前票息抵押贷款的股本回报将保持在中高十几的水平。他们认为，机构 MBS 的利差可能从近期高点收窄至约 120 个基点，并在长期内接近 100 个基点，如果这一观点得到验证，将为未来的回报创造重要的顺风。</p>
<h2>负经济回报影响季度表现</h2>
<p>尽管有这些积极因素，Dynex 报告本季度的负经济回报为 2.5%。这一数字结合了每股 0.51 美元的普通股息支付与每股 0.85 美元的账面价值下降，说明了三月份的波动和利差扩大对股东造成的打击。</p>
<h2>市场动荡导致账面价值压力</h2>
<p>季度末的账面价值为每股 12.60 美元，概括了更宽利差和市场压力对投资组合标记的影响。管理层将其视为主要是市场标记而非信用驱动，认为基础资产依然稳固，且大部分压力已经开始逆转。</p>
<h2>更高的杠杆提高风险水平</h2>
<p>杠杆率上升至 8.6 倍股本，主要由于投资组合的快速增长，增加了回报潜力和对进一步利差冲击的脆弱性。Dynex 强调其风险控制，但承认更高的杠杆放大了市场波动的影响，尤其是在压力情境下。</p>
<h2>波动性与 MBS 像风险资产一样交易</h2>
<p>由于地缘政治发展的部分影响，一段短暂而剧烈的波动使机构 MBS 利差从高 120 基点飙升至近 170 基点。在此期间，机构抵押贷款短暂地像信用或风险资产一样交易，而非传统的利率产品，给估值带来了压力，随后利差部分回落。</p>
<h2>G&amp;A 费用的暂时上升</h2>
<p>一般和行政费用环比增加，主要由于一次性项目而非结构性支出增长。管理层预计这些费用将在第二季度正常化，全年费用比率预计与去年持平或略有下降。</p>
<h2>政策依赖与 GSE 支持风险</h2>
<p>Dynex 强调，机构抵押贷款的回报仍然受到政策选择和政府赞助企业采购行为的重大影响。虽然 GSE 活动可以为市场提供重要的支持，但依赖于此增加了政策风险和时间不确定性，投资者必须将其纳入预期中。</p>
<h2>选择性 GSE 购买与估值敏感性</h2>
<p>管理层指出，政府支持企业（GSEs）活跃，但它们越来越倾向于价值驱动和对价格敏感的抵押贷款买家和持有者。三月份的利差扩大事件表明，官方支持并不是自动或基于日历的，而是取决于估值达到吸引这些买家重返市场的水平。</p>
<h2>收益和风险的指导与展望</h2>
<p>展望未来，Dynex 计划将 60% 至 80% 的对冲保持在利率互换中，截至季度末，约 70% 的利率风险已经通过这种方式覆盖。公司预计一般和行政费用将正常化，TBA 敞口将保持减少，资本部署将仅在边际收益超过资本成本时继续，目标是在利差如管理层预期那样表现时维持中高十几的股本回报率（ROE）。</p>
<p>Dynex 的财报电话会议呈现出一个复杂的局面：一个因负经济收益和高杠杆而受损的季度，但却由强劲的流动性、扩展的资产和改善的净利息收入支撑。对于投资者而言，故事现在取决于利差是否收窄以及政策支持是否持续，将今天因波动性驱动的挫折转变为明天的收益机会。</p>

<p>Dynex Capital 举行了第一季度财报电话会议，强调在短期挑战下的谨慎展望。公司报告其资本基础增长了 18%，流动性强，现金达到 13 亿美元，投资组合扩展至 60 亿美元。尽管每股账面价值下降至 12.60 美元，管理层指出每股回升至 13.31 美元。净利息收入增长 42.9%，达到每股 0.40 美元，得益于融资成本降低。然而，报告显示经济回报为负 2.5%，反映出市场波动的影响。杠杆率增加至 8.6 倍股本，提升了风险暴露</p>

<p>Dynex Capital ((DX)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Dynex Capital（DX）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 30% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 30% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Dynex Capital’s latest earnings call balanced short-term pain with a cautiously optimistic outlook. Management acknowledged a negative economic return and book value decline but underscored strong liquidity, expanding scale, and improving net interest income as foundations for future gains. They framed recent market volatility as an opportunity rather than a structural setback.</p>
<div class="lb-trans"><p>Dynex Capital 最近的财报电话会议在短期痛苦与谨慎乐观的前景之间取得了平衡。管理层承认经济回报和账面价值下降的负面影响，但强调强劲的流动性、扩大的规模和改善的净利息收入是未来收益的基础。他们将近期市场波动视为机会，而非结构性挫折。</p>
</div><h2>Scaling Up the Capital Base</h2>
<div class="lb-trans"><h2>扩大资本基础</h2>
</div><p>Dynex highlighted an 18% increase in its total capital base over the last 15 months, positioning the firm as one of the largest agency-focused mortgage REITs. Management argued that greater scale should improve funding access, trading efficiency, and the ability to navigate volatile markets while competing more effectively for investor capital.</p>
<div class="lb-trans"><p>Dynex 强调其总资本基础在过去 15 个月中增长了 18%，使公司成为最大的以机构为重点的抵押贷款房地产投资信托之一。管理层认为，规模的扩大应改善融资渠道、交易效率，以及在波动市场中更有效地竞争投资者资本的能力。</p>
</div><h2>Liquidity as a Strategic Advantage</h2>
<div class="lb-trans"><h2>流动性作为战略优势</h2>
</div><p>The company closed the quarter with roughly $1.3 billion in cash and unencumbered securities, representing more than 46% of total equity. Executives stressed that this liquidity not only cushions downside risk in stressed markets but also enables Dynex to move quickly when agency mortgage-backed securities trade at attractive discounts.</p>
<div class="lb-trans"><p>公司在季度末的现金和无负担证券约为 13 亿美元，占总股本的 46% 以上。高管们强调，这种流动性不仅能在压力市场中缓冲下行风险，还使 Dynex 能够在机构抵押贷款支持证券以有吸引力的折扣交易时迅速行动。</p>
</div><h2>Portfolio Expansion and Opportunistic Deployment</h2>
<div class="lb-trans"><h2>投资组合扩展与机会性部署</h2>
</div><p>Dynex expanded its investment portfolio by about $6 billion during the quarter, fueled in part by raising and deploying $442 million of new capital. Management framed this as disciplined opportunism, taking advantage of wider mortgage spreads to lock in returns they believe will be compelling once markets normalize.</p>
<div class="lb-trans"><p>Dynex 在本季度将其投资组合扩大了约 60 亿美元，部分原因是筹集并部署了 4.42 亿美元的新资本。管理层将此视为有纪律的机会主义，利用更宽的抵押贷款利差锁定他们认为在市场正常化后将会非常有吸引力的回报。</p>
</div><h2>Book Value Hit and Early Rebound</h2>
<div class="lb-trans"><h2>账面价值受损与早期反弹</h2>
</div><p>Book value finished the quarter at $12.60 per share, reflecting a $0.85 drop driven by mark-to-market pressure during a bout of volatility. However, management estimates that book value has already rebounded to about $13.31 per share quarter-to-date, a 5.6% recovery even after accounting for the common dividend.</p>
<div class="lb-trans"><p>账面价值在季度末为每股 12.60 美元，反映出由于市场波动造成的每股 0.85 美元的下降。然而，管理层估计账面价值已经反弹至每股约 13.31 美元，尽管考虑到普通股息，这仍是 5.6% 的恢复。</p>
</div><h2>Net Interest Income on the Upswing</h2>
<div class="lb-trans"><h2>净利息收入上升</h2>
</div><p>Net interest income per share increased from $0.28 to $0.40 quarter-over-quarter, a roughly 42.9% jump. This improvement was primarily driven by lower financing costs, signaling that Dynex is now beginning to benefit more meaningfully from the Federal Reserve’s recent rate cuts.</p>
<div class="lb-trans"><p>每股净利息收入从 0.28 美元增加到 0.40 美元，环比增长约 42.9%。这一改善主要得益于融资成本的降低，表明 Dynex 现在开始更有意义地受益于美联储最近的降息。</p>
</div><h2>Cheaper Funding and Favorable Repo Spreads</h2>
<div class="lb-trans"><h2>更低的融资成本和有利的回购利差</h2>
</div><p>The company’s financing costs fell by around 33 basis points, while MBS repo spreads to SOFR held in a favorable 13–17 basis point range. Management noted these repo spreads are 3–5 basis points better than last year’s averages, supporting higher earnings power on the existing portfolio without adding risk.</p>
<div class="lb-trans"><p>公司的融资成本下降了约 33 个基点，而 MBS 回购利差与 SOFR 保持在 13-17 个基点的有利范围内。管理层指出，这些回购利差比去年的平均水平好 3-5 个基点，支持现有投资组合的更高收益能力，而不增加风险。</p>
</div><h2>Reducing Risk in Callable Exposures</h2>
<div class="lb-trans"><h2>降低可赎回风险敞口</h2>
</div><p>Dynex meaningfully trimmed its exposure to the most callable agency MBS in the TBA market, cutting it from more than 16% of the portfolio to about 7%. This shift reduces refinance and call risk, helping stabilize earnings and book value as interest rates and prepayment expectations move around.</p>
<div class="lb-trans"><p>Dynex 大幅削减了其在 TBA 市场中对最可赎回的机构 MBS 的敞口，从超过 16% 降至约 7%。这一转变降低了再融资和赎回风险，帮助在利率和提前还款预期波动时稳定收益和账面价值。</p>
</div><h2>Return Outlook and Spread Normalization Potential</h2>
<div class="lb-trans"><h2>回报前景与利差正常化潜力</h2>
</div><p>Management sees static returns on equity in the mid- to high-teens for current coupon mortgages hedged with interest rate swaps at today’s levels. They believe agency MBS spreads could tighten from recent highs toward roughly 120 basis points near term and closer to 100 over the long run, creating meaningful tailwinds for future returns if that view proves correct.</p>
<div class="lb-trans"><p>管理层预计，在当前利率水平下，利率互换对冲的当前票息抵押贷款的股本回报将保持在中高十几的水平。他们认为，机构 MBS 的利差可能从近期高点收窄至约 120 个基点，并在长期内接近 100 个基点，如果这一观点得到验证，将为未来的回报创造重要的顺风。</p>
</div><h2>Negative Economic Return Clouds the Quarter</h2>
<div class="lb-trans"><h2>负经济回报影响季度表现</h2>
</div><p>Despite these positives, Dynex reported a negative economic return of 2.5% for the quarter. This figure combines a $0.51 per share common dividend payment with the $0.85 per share decline in book value, illustrating the hit that March’s volatility and spread widening dealt to shareholders.</p>
<div class="lb-trans"><p>尽管有这些积极因素，Dynex 报告本季度的负经济回报为 2.5%。这一数字结合了每股 0.51 美元的普通股息支付与每股 0.85 美元的账面价值下降，说明了三月份的波动和利差扩大对股东造成的打击。</p>
</div><h2>Book Value Pressure from Market Turbulence</h2>
<div class="lb-trans"><h2>市场动荡导致账面价值压力</h2>
</div><p>The quarter-end book value of $12.60 per share encapsulates the impact of wider spreads and market stress on the portfolio’s marks. Management framed this as largely mark-to-market rather than credit-driven, arguing that the underlying assets remain solid and that much of the pressure has already begun to reverse.</p>
<div class="lb-trans"><p>季度末的账面价值为每股 12.60 美元，概括了更宽利差和市场压力对投资组合标记的影响。管理层将其视为主要是市场标记而非信用驱动，认为基础资产依然稳固，且大部分压力已经开始逆转。</p>
</div><h2>Higher Leverage Raises Risk Profile</h2>
<div class="lb-trans"><h2>更高的杠杆提高风险水平</h2>
</div><p>Leverage climbed to 8.6 times equity, mainly due to rapid portfolio growth, increasing both return potential and vulnerability to further spread shocks. Dynex emphasized its risk controls but acknowledged that higher leverage magnifies the impact of market moves, especially in stressed scenarios.</p>
<div class="lb-trans"><p>杠杆率上升至 8.6 倍股本，主要由于投资组合的快速增长，增加了回报潜力和对进一步利差冲击的脆弱性。Dynex 强调其风险控制，但承认更高的杠杆放大了市场波动的影响，尤其是在压力情境下。</p>
</div><h2>Volatility and MBS Trading Like Risk Assets</h2>
<div class="lb-trans"><h2>波动性与 MBS 像风险资产一样交易</h2>
</div><p>A short but sharp burst of volatility, partly tied to geopolitical developments, pushed agency MBS spreads from the high 120s to nearly 170 basis points in March. During this window, agency mortgages briefly traded more like credit or risk assets than traditional rate products, pressuring valuations before spreads partially retraced.</p>
<div class="lb-trans"><p>由于地缘政治发展的部分影响，一段短暂而剧烈的波动使机构 MBS 利差从高 120 基点飙升至近 170 基点。在此期间，机构抵押贷款短暂地像信用或风险资产一样交易，而非传统的利率产品，给估值带来了压力，随后利差部分回落。</p>
</div><h2>Temporary Lift in G&amp;A Expenses</h2>
<div class="lb-trans"><h2>G&amp;A 费用的暂时上升</h2>
</div><p>General and administrative costs increased quarter-over-quarter, mainly due to one-time items rather than structural spending growth. Management expects these expenses to normalize in the second quarter, with the full-year expense ratio projected to be flat to modestly lower compared with the prior year.</p>
<div class="lb-trans"><p>一般和行政费用环比增加，主要由于一次性项目而非结构性支出增长。管理层预计这些费用将在第二季度正常化，全年费用比率预计与去年持平或略有下降。</p>
</div><h2>Policy Dependence and GSE Backstop Risk</h2>
<div class="lb-trans"><h2>政策依赖与 GSE 支持风险</h2>
</div><p>Dynex underscored that returns in agency mortgages remain heavily influenced by policy choices and government-sponsored enterprise purchasing behavior. While GSE activity can provide an important backstop to the market, relying on it adds policy risk and timing uncertainty that investors must factor into their expectations.</p>
<div class="lb-trans"><p>Dynex 强调，机构抵押贷款的回报仍然受到政策选择和政府赞助企业采购行为的重大影响。虽然 GSE 活动可以为市场提供重要的支持，但依赖于此增加了政策风险和时间不确定性，投资者必须将其纳入预期中。</p>
</div><h2>Selective GSE Buying and Valuation Sensitivity</h2>
<div class="lb-trans"><h2>选择性 GSE 购买与估值敏感性</h2>
</div><p>Management noted that GSEs have been active, but they are increasingly value-driven and price-sensitive buyers and retainers of mortgages. The March widening episode showed that official support is not automatic or calendar-based, but rather depends on valuations reaching levels that entice these buyers back into the market.</p>
<div class="lb-trans"><p>管理层指出，政府支持企业（GSEs）活跃，但它们越来越倾向于价值驱动和对价格敏感的抵押贷款买家和持有者。三月份的利差扩大事件表明，官方支持并不是自动或基于日历的，而是取决于估值达到吸引这些买家重返市场的水平。</p>
</div><h2>Guidance and Outlook for Returns and Risk</h2>
<div class="lb-trans"><h2>收益和风险的指导与展望</h2>
</div><p>Looking ahead, Dynex plans to keep 60–80% of its hedges in interest rate swaps, with about 70% of interest rate risk already covered this way at quarter end. The company expects G&amp;A to normalize, TBA exposure to remain reduced, and capital deployment to continue only when marginal returns exceed the cost of capital, aiming to sustain mid- to high-teen ROEs if spreads behave as management anticipates.</p>
<div class="lb-trans"><p>展望未来，Dynex 计划将 60% 至 80% 的对冲保持在利率互换中，截至季度末，约 70% 的利率风险已经通过这种方式覆盖。公司预计一般和行政费用将正常化，TBA 敞口将保持减少，资本部署将仅在边际收益超过资本成本时继续，目标是在利差如管理层预期那样表现时维持中高十几的股本回报率（ROE）。</p>
</div><p>Dynex’s earnings call presented a nuanced picture: a quarter marred by negative economic returns and elevated leverage, yet underpinned by strong liquidity, scaling assets, and improving net interest income. For investors, the story now hinges on whether spreads tighten and policy support holds, turning today’s volatility-driven setbacks into tomorrow’s return opportunity.</p>
<div class="lb-trans"><p>Dynex 的财报电话会议呈现出一个复杂的局面：一个因负经济收益和高杠杆而受损的季度，但却由强劲的流动性、扩展的资产和改善的净利息收入支撑。对于投资者而言，故事现在取决于利差是否收窄以及政策支持是否持续，将今天因波动性驱动的挫折转变为明天的收益机会。</p>
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Dynex Capital 财报电话会议：规模、波动性与上行潜力