This company is exceptionally interesting because management refuses to blow smoke. The macroeconomic environment is poor for mortgage REITs, but most investors and analysts wouldn’t know it from other earnings calls or presentations. A careful reading through the its presentation shows management sending clear signals regarding the high values on many assets. The movement to 30-year fixed-rate RMBS is based on the liquidity of the assets, not expectations for excellent returns.
Dynex Capital (DX) and the Honesty: For better or worse, Byron Boston is an honest man. This makes the earnings calls for Dynex Capital exceptionally interesting. While other executives want to sound overwhelmingly bullish, Byron’s words can be parsed for a deeper understanding of the sector. Their presentations are also exceptionally interesting because management provides some great slides that few other mREITs will include.
Source: Seeking Alpha
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