Dynex Capital (NYSE: DX) reported Q1 EPS of $0.46, in-line with the analyst estimate of $0.46.

First Quarter 2021 Financial Performance Highlights

• Total economic return to common shareholders of 7.2% comprised of $0.39 in dividends declared and an increase of $0.99 in book value per common share to $20.07 as of March 31, 2021
• Comprehensive income of $1.76 per common share and net income of $4.20 per common share
• Core net operating income, a non-GAAP measure, of $0.46 per common share
• Leverage including TBA dollar roll positions increased to 6.9x times shareholders' equity as of March 31, 2021 compared to 6.3x as of December 31, 2020

Management Remarks

“I am extremely pleased with our first quarter results, as we continued to demonstrate the power of our investment strategy and the exceptional skills and experience of our team,” stated Byron L. Boston, Chief Executive Officer. “We generated a total economic return of 7.2% for our common shareholders for the first quarter of 2021 and 34.8% over the last four quarters, averaging 8.0% per quarter during periods of high volatility. We also continued to position the company for long-term success by raising a total of $128 million in common equity through two public offerings during the first quarter while growing our book value.”

Mr. Boston continued, “We anticipate continued volatility in the macroeconomic environment, which will demand ongoing active management of mortgage portfolios. We believe Dynex’s track record demonstrates that we can thrive and deliver returns across wide-ranging investment environments. With our leverage ratio remaining under 7.0x, we believe we have positioned our balance sheet to take advantage of accretive capital deployment opportunities. As always, our disciplined investment process remains focused on delivering long-term value to our shareholders.”

For earnings history and earnings-related data on Dynex Capital (DX) click here.