
Dynex Capital's Fat Yield Still Doesn't Make Sense
Dynex Capital delivered a 28.6% total return since September, outperforming expectations but not altering my overall cautious stance. DX's Q4 saw improved net interest income, lower financing costs, and significant unrealized gains, driving a recovery in book value per share. Despite positive momentum, DX continues to pay out more in dividends than it generates in distributable earnings, raising sustainability concerns.


















