Dynex Capital, Inc. DX
Dynex Capital, Inc. operates as a mortgage real estate investment trust (mREIT), primarily engaging in the leveraged acquisition of various mortgage-backed securities (MBS) within the United States. Its investment portfolio includes both agency and non-agency MBS. Agency MBS are distinguished by a principal payment guarantee from a U.S. government entity or a government-sponsored enterprise (GSE), such as Fannie Mae or Freddie Mac. In contrast, non-agency MBS do not possess this governmental backing. Dynex's holdings specifically encompass residential MBS, commercial MBS (CMBS), and certain CMBS interest-only instruments. For federal income tax purposes, the company holds the designation of a real estate investment trust. This status typically exempts Dynex Capital from federal corporate income tax liabilities, provided it distributes a minimum of 90% of its taxable earnings to its shareholders. Established in 1987, the firm maintains its corporate headquarters in Glen Allen, Virginia.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-25 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / EAD / leverage are from the Q1 2026 earnings release (filed 2026-04-20) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
$10,000 invested
Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.
Model DX yourself — any amount, shares, per-payment & a multi-year DRIP projection →
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $533.52M | $319.07M | $2.10M | $740.33M | $120.82M |
| 2024 | $318.03M | $113.90M | $1.87M | $429.42M | $14.39M |
| 2023 | $132.60M | $-6.13M | $2.31M | $211.63M | $62.20M |
| 2022 | $-2.37M | $143.16M | $2.35M | $189.13M | $126.35M |
| 2021 | $66.76M | $102.26M | $2.31M | $110.24M | $146.97M |
| 2020 | $232.26M | $177.53M | $1.99M | $212.13M | $173.95M |
Dividends
Recent regular dividends per share (special distributions excluded), oldest → newest.
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-07-23 | 2026-07-23 | 2026-08-03 | 2026-07-13 | $0.17 | Monthly |
| 2026-06-22 | 2026-06-22 | 2026-07-01 | 2026-06-11 | $0.17 | Monthly |
| 2026-05-21 | 2026-05-21 | 2026-06-01 | 2026-05-11 | $0.17 | Monthly |
| 2026-04-23 | 2026-04-23 | 2026-05-01 | 2026-04-13 | $0.17 | Monthly |
| 2026-03-23 | 2026-03-23 | 2026-04-01 | 2026-03-11 | $0.17 | Monthly |
| 2026-02-23 | 2026-02-23 | 2026-03-02 | 2026-02-11 | $0.17 | Monthly |
| 2026-01-21 | 2026-01-21 | 2026-02-02 | 2026-01-12 | $0.17 | Irregular |
| 2026-01-02 | 2026-01-02 | 2026-01-09 | 2025-12-11 | $0.17 | Monthly |
| 2025-11-21 | 2025-11-21 | 2025-12-01 | 2025-11-10 | $0.17 | Monthly |
| 2025-10-23 | 2025-10-23 | 2025-11-03 | 2025-10-13 | $0.17 | Monthly |
| 2025-09-22 | 2025-09-22 | 2025-10-01 | 2025-09-11 | $0.17 | Monthly |
| 2025-08-22 | 2025-08-22 | 2025-09-02 | 2025-08-11 | $0.17 | Monthly |
| 2025-07-23 | 2025-07-23 | 2025-08-01 | 2025-07-11 | $0.17 | Monthly |
| 2025-06-23 | 2025-06-23 | 2025-07-01 | 2025-06-11 | $0.17 | Monthly |
| 2025-05-23 | 2025-05-23 | 2025-06-02 | 2025-05-13 | $0.17 | Monthly |
| 2025-04-23 | 2025-04-23 | 2025-05-01 | 2025-04-11 | $0.17 | Monthly |
| 2025-03-24 | 2025-03-24 | 2025-04-01 | 2025-02-20 | $0.17 | Monthly |
| 2025-02-24 | 2025-02-24 | 2025-03-03 | 2025-02-12 | $0.15 | Monthly |
| 2025-01-23 | 2025-01-23 | 2025-02-03 | 2025-01-13 | $0.15 | Irregular |
| 2025-01-02 | 2025-01-02 | 2025-01-07 | 2024-12-11 | $0.15 | Monthly |
| 2024-11-22 | 2024-11-22 | 2024-12-02 | 2024-10-21 | $0.15 | Monthly |
| 2024-10-25 | 2024-10-25 | 2024-11-01 | 2024-10-14 | $0.13 | Monthly |
| 2024-09-23 | 2024-09-23 | 2024-10-01 | 2024-09-12 | $0.13 | Monthly |
| 2024-08-23 | 2024-08-23 | 2024-09-03 | 2024-08-12 | $0.13 | Monthly |
Coverage (payout of operating cash flow): 211.17%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
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Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.