We report and discuss significant results on the magnetic losses and their frequency dependence in soft magnetic composites. Two types of bonded Fe-based materials have been characterized at different inductions from dc to 10 kHz and analyzed by extending the concept of loss separation and the related statistical theory to the case of heterogeneous materials. Starting from the experimental evidence of eddy current confinement inside the individual particles, the classical loss component is calculated for given particle size distribution. Taking then into account the contribution of the experimentally determined quasi-static (hysteresis) loss, the excess loss component is obtained and quantitatively assessed. Its behavior shows that the dynamic homogenization of the magnetization process with frequency, a landmark feature of magnetic laminations, is restrained in these materials. This results into a partial offset of the loss advantage offered by the eddy current confinement.