<p>Dynex Capital（DX）已舉行其第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
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<p>Dynex Capital 最近的財報電話會議在短期痛苦與謹慎樂觀的前景之間取得了平衡。管理層承認經濟回報和賬面價值下降的負面影響，但強調強勁的流動性、擴大的規模和改善的淨利息收入是未來收益的基礎。他們將近期市場波動視為機會，而非結構性挫折。</p>
<h2>擴大資本基礎</h2>
<p>Dynex 強調其總資本基礎在過去 15 個月中增長了 18%，使公司成為最大的以機構為重點的抵押貸款房地產投資信託之一。管理層認為，規模的擴大應改善融資渠道、交易效率，以及在波動市場中更有效地競爭投資者資本的能力。</p>
<h2>流動性作為戰略優勢</h2>
<p>公司在季度末的現金和無負擔證券約為 13 億美元，佔總股本的 46% 以上。高管們強調，這種流動性不僅能在壓力市場中緩衝下行風險，還使 Dynex 能夠在機構抵押貸款支持證券以有吸引力的折扣交易時迅速行動。</p>
<h2>投資組合擴展與機會性部署</h2>
<p>Dynex 在本季度將其投資組合擴大了約 60 億美元，部分原因是籌集並部署了 4.42 億美元的新資本。管理層將此視為有紀律的機會主義，利用更寬的抵押貸款利差鎖定他們認為在市場正常化後將會非常有吸引力的回報。</p>
<h2>賬面價值受損與早期反彈</h2>
<p>賬面價值在季度末為每股 12.60 美元，反映出由於市場波動造成的每股 0.85 美元的下降。然而，管理層估計賬面價值已經反彈至每股約 13.31 美元，儘管考慮到普通股息，這仍是 5.6% 的恢復。</p>
<h2>淨利息收入上升</h2>
<p>每股淨利息收入從 0.28 美元增加到 0.40 美元，環比增長約 42.9%。這一改善主要得益於融資成本的降低，表明 Dynex 現在開始更有意義地受益於美聯儲最近的降息。</p>
<h2>更低的融資成本和有利的回購利差</h2>
<p>公司的融資成本下降了約 33 個基點，而 MBS 回購利差與 SOFR 保持在 13-17 個基點的有利範圍內。管理層指出，這些回購利差比去年的平均水平好 3-5 個基點，支持現有投資組合的更高收益能力，而不增加風險。</p>
<h2>降低可贖回風險敞口</h2>
<p>Dynex 大幅削減了其在 TBA 市場中對最可贖回的機構 MBS 的敞口，從超過 16% 降至約 7%。這一轉變降低了再融資和贖回風險，幫助在利率和提前還款預期波動時穩定收益和賬面價值。</p>
<h2>回報前景與利差正常化潛力</h2>
<p>管理層預計，在當前利率水平下，利率互換對沖的當前票息抵押貸款的股本回報將保持在中高十幾的水平。他們認為，機構 MBS 的利差可能從近期高點收窄至約 120 個基點，並在長期內接近 100 個基點，如果這一觀點得到驗證，將為未來的回報創造重要的順風。</p>
<h2>負經濟回報影響季度表現</h2>
<p>儘管有這些積極因素，Dynex 報告本季度的負經濟回報為 2.5%。這一數字結合了每股 0.51 美元的普通股息支付與每股 0.85 美元的賬面價值下降，説明了三月份的波動和利差擴大對股東造成的打擊。</p>
<h2>市場動盪導致賬面價值壓力</h2>
<p>季度末的賬面價值為每股 12.60 美元，概括了更寬利差和市場壓力對投資組合標記的影響。管理層將其視為主要是市場標記而非信用驅動，認為基礎資產依然穩固，且大部分壓力已經開始逆轉。</p>
<h2>更高的槓桿提高風險水平</h2>
<p>槓桿率上升至 8.6 倍股本，主要由於投資組合的快速增長，增加了回報潛力和對進一步利差衝擊的脆弱性。Dynex 強調其風險控制，但承認更高的槓桿放大了市場波動的影響，尤其是在壓力情境下。</p>
<h2>波動性與 MBS 像風險資產一樣交易</h2>
<p>由於地緣政治發展的部分影響，一段短暫而劇烈的波動使機構 MBS 利差從高 120 基點飆升至近 170 基點。在此期間，機構抵押貸款短暫地像信用或風險資產一樣交易，而非傳統的利率產品，給估值帶來了壓力，隨後利差部分回落。</p>
<h2>G&amp;A 費用的暫時上升</h2>
<p>一般和行政費用環比增加，主要由於一次性項目而非結構性支出增長。管理層預計這些費用將在第二季度正常化，全年費用比率預計與去年持平或略有下降。</p>
<h2>政策依賴與 GSE 支持風險</h2>
<p>Dynex 強調，機構抵押貸款的回報仍然受到政策選擇和政府贊助企業採購行為的重大影響。雖然 GSE 活動可以為市場提供重要的支持，但依賴於此增加了政策風險和時間不確定性，投資者必須將其納入預期中。</p>
<h2>選擇性 GSE 購買與估值敏感性</h2>
<p>管理層指出，政府支持企業（GSEs）活躍，但它們越來越傾向於價值驅動和對價格敏感的抵押貸款買家和持有者。三月份的利差擴大事件表明，官方支持並不是自動或基於日曆的，而是取決於估值達到吸引這些買家重返市場的水平。</p>
<h2>收益和風險的指導與展望</h2>
<p>展望未來，Dynex 計劃將 60% 至 80% 的對沖保持在利率互換中，截至季度末，約 70% 的利率風險已經通過這種方式覆蓋。公司預計一般和行政費用將正常化，TBA 敞口將保持減少，資本部署將僅在邊際收益超過資本成本時繼續，目標是在利差如管理層預期那樣表現時維持中高十幾的股本回報率（ROE）。</p>
<p>Dynex 的財報電話會議呈現出一個複雜的局面：一個因負經濟收益和高槓杆而受損的季度，但卻由強勁的流動性、擴展的資產和改善的淨利息收入支撐。對於投資者而言，故事現在取決於利差是否收窄以及政策支持是否持續，將今天因波動性驅動的挫折轉變為明天的收益機會。</p>

<p>Dynex Capital 舉行了第一季度財報電話會議，強調在短期挑戰下的謹慎展望。公司報告其資本基礎增長了 18%，流動性強，現金達到 13 億美元，投資組合擴展至 60 億美元。儘管每股賬面價值下降至 12.60 美元，管理層指出每股回升至 13.31 美元。淨利息收入增長 42.9%，達到每股 0.40 美元，得益於融資成本降低。然而，報告顯示經濟回報為負 2.5%，反映出市場波動的影響。槓桿率增加至 8.6 倍股本，提升了風險暴露</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）已舉行其第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<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>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</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 最近的財報電話會議在短期痛苦與謹慎樂觀的前景之間取得了平衡。管理層承認經濟回報和賬面價值下降的負面影響，但強調強勁的流動性、擴大的規模和改善的淨利息收入是未來收益的基礎。他們將近期市場波動視為機會，而非結構性挫折。</p>
</div><h2>Scaling Up the Capital Base</h2>
<div class="lb-trans"><h2>擴大資本基礎</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 強調其總資本基礎在過去 15 個月中增長了 18%，使公司成為最大的以機構為重點的抵押貸款房地產投資信託之一。管理層認為，規模的擴大應改善融資渠道、交易效率，以及在波動市場中更有效地競爭投資者資本的能力。</p>
</div><h2>Liquidity as a Strategic Advantage</h2>
<div class="lb-trans"><h2>流動性作為戰略優勢</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>公司在季度末的現金和無負擔證券約為 13 億美元，佔總股本的 46% 以上。高管們強調，這種流動性不僅能在壓力市場中緩衝下行風險，還使 Dynex 能夠在機構抵押貸款支持證券以有吸引力的折扣交易時迅速行動。</p>
</div><h2>Portfolio Expansion and Opportunistic Deployment</h2>
<div class="lb-trans"><h2>投資組合擴展與機會性部署</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 在本季度將其投資組合擴大了約 60 億美元，部分原因是籌集並部署了 4.42 億美元的新資本。管理層將此視為有紀律的機會主義，利用更寬的抵押貸款利差鎖定他們認為在市場正常化後將會非常有吸引力的回報。</p>
</div><h2>Book Value Hit and Early Rebound</h2>
<div class="lb-trans"><h2>賬面價值受損與早期反彈</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>賬面價值在季度末為每股 12.60 美元，反映出由於市場波動造成的每股 0.85 美元的下降。然而，管理層估計賬面價值已經反彈至每股約 13.31 美元，儘管考慮到普通股息，這仍是 5.6% 的恢復。</p>
</div><h2>Net Interest Income on the Upswing</h2>
<div class="lb-trans"><h2>淨利息收入上升</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>每股淨利息收入從 0.28 美元增加到 0.40 美元，環比增長約 42.9%。這一改善主要得益於融資成本的降低，表明 Dynex 現在開始更有意義地受益於美聯儲最近的降息。</p>
</div><h2>Cheaper Funding and Favorable Repo Spreads</h2>
<div class="lb-trans"><h2>更低的融資成本和有利的回購利差</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>公司的融資成本下降了約 33 個基點，而 MBS 回購利差與 SOFR 保持在 13-17 個基點的有利範圍內。管理層指出，這些回購利差比去年的平均水平好 3-5 個基點，支持現有投資組合的更高收益能力，而不增加風險。</p>
</div><h2>Reducing Risk in Callable Exposures</h2>
<div class="lb-trans"><h2>降低可贖回風險敞口</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 大幅削減了其在 TBA 市場中對最可贖回的機構 MBS 的敞口，從超過 16% 降至約 7%。這一轉變降低了再融資和贖回風險，幫助在利率和提前還款預期波動時穩定收益和賬面價值。</p>
</div><h2>Return Outlook and Spread Normalization Potential</h2>
<div class="lb-trans"><h2>回報前景與利差正常化潛力</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>管理層預計，在當前利率水平下，利率互換對沖的當前票息抵押貸款的股本回報將保持在中高十幾的水平。他們認為，機構 MBS 的利差可能從近期高點收窄至約 120 個基點，並在長期內接近 100 個基點，如果這一觀點得到驗證，將為未來的回報創造重要的順風。</p>
</div><h2>Negative Economic Return Clouds the Quarter</h2>
<div class="lb-trans"><h2>負經濟回報影響季度表現</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>儘管有這些積極因素，Dynex 報告本季度的負經濟回報為 2.5%。這一數字結合了每股 0.51 美元的普通股息支付與每股 0.85 美元的賬面價值下降，説明了三月份的波動和利差擴大對股東造成的打擊。</p>
</div><h2>Book Value Pressure from Market Turbulence</h2>
<div class="lb-trans"><h2>市場動盪導致賬面價值壓力</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>季度末的賬面價值為每股 12.60 美元，概括了更寬利差和市場壓力對投資組合標記的影響。管理層將其視為主要是市場標記而非信用驅動，認為基礎資產依然穩固，且大部分壓力已經開始逆轉。</p>
</div><h2>Higher Leverage Raises Risk Profile</h2>
<div class="lb-trans"><h2>更高的槓桿提高風險水平</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>槓桿率上升至 8.6 倍股本，主要由於投資組合的快速增長，增加了回報潛力和對進一步利差衝擊的脆弱性。Dynex 強調其風險控制，但承認更高的槓桿放大了市場波動的影響，尤其是在壓力情境下。</p>
</div><h2>Volatility and MBS Trading Like Risk Assets</h2>
<div class="lb-trans"><h2>波動性與 MBS 像風險資產一樣交易</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>由於地緣政治發展的部分影響，一段短暫而劇烈的波動使機構 MBS 利差從高 120 基點飆升至近 170 基點。在此期間，機構抵押貸款短暫地像信用或風險資產一樣交易，而非傳統的利率產品，給估值帶來了壓力，隨後利差部分回落。</p>
</div><h2>Temporary Lift in G&amp;A Expenses</h2>
<div class="lb-trans"><h2>G&amp;A 費用的暫時上升</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>一般和行政費用環比增加，主要由於一次性項目而非結構性支出增長。管理層預計這些費用將在第二季度正常化，全年費用比率預計與去年持平或略有下降。</p>
</div><h2>Policy Dependence and GSE Backstop Risk</h2>
<div class="lb-trans"><h2>政策依賴與 GSE 支持風險</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 強調，機構抵押貸款的回報仍然受到政策選擇和政府贊助企業採購行為的重大影響。雖然 GSE 活動可以為市場提供重要的支持，但依賴於此增加了政策風險和時間不確定性，投資者必須將其納入預期中。</p>
</div><h2>Selective GSE Buying and Valuation Sensitivity</h2>
<div class="lb-trans"><h2>選擇性 GSE 購買與估值敏感性</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>管理層指出，政府支持企業（GSEs）活躍，但它們越來越傾向於價值驅動和對價格敏感的抵押貸款買家和持有者。三月份的利差擴大事件表明，官方支持並不是自動或基於日曆的，而是取決於估值達到吸引這些買家重返市場的水平。</p>
</div><h2>Guidance and Outlook for Returns and Risk</h2>
<div class="lb-trans"><h2>收益和風險的指導與展望</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>展望未來，Dynex 計劃將 60% 至 80% 的對沖保持在利率互換中，截至季度末，約 70% 的利率風險已經通過這種方式覆蓋。公司預計一般和行政費用將正常化，TBA 敞口將保持減少，資本部署將僅在邊際收益超過資本成本時繼續，目標是在利差如管理層預期那樣表現時維持中高十幾的股本回報率（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 的財報電話會議呈現出一個複雜的局面：一個因負經濟收益和高槓杆而受損的季度，但卻由強勁的流動性、擴展的資產和改善的淨利息收入支撐。對於投資者而言，故事現在取決於利差是否收窄以及政策支持是否持續，將今天因波動性驅動的挫折轉變為明天的收益機會。</p>
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Dynex Capital 財報電話會議：規模、波動性與上行潛力