Dynex Capital (DX) Q3 FY26 earnings call

Dynex Capital navigated a volatile Q3 FY26 marked by significant market repricing, with its portfolio operating as designed due to a strong liquidity position and active hedging. Despite a decline in book value, the company preserved earnings power by not delevering and opportunistically raised accretive capital. Management expresses high confidence in the portfolio's ability to generate attractive forward returns, driven by compelling real yields and improved mortgage convexity.