DYNEX CAPITAL INC DX

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Dynex Capital, Inc. is a real estate investment trust ("REIT") structured to deliver dividends to shareholders supported by long term returns from investments in mortgage assets backed by U.S. housing and commercial real estate. Our common and preferred stocks trade on the New York Stock Exchange ("NYSE") under the ticker symbols "DX" and "DXPRC", respectively.

We are internally managed and invest primarily in residential and commercial mortgage-backed securities ("RMBS" and "CMBS", respectively), which are backed by residential and commercial mortgage loans, and which are Agency securities guaranteed by U.S. government-sponsored enterprises ("GSEs"). We may invest opportunistically in other mortgage-related assets consistent with our objectives. We actively manage interest rate, prepayment, spread, liquidity, and counterparty risks. The Dynex approach emphasizes risk management and disciplined capital allocation designed to preserve book value and support dividends across market cycles.

Last close 10.92 2026-10-23
Market cap $2.70B 2026-06-30 share count
52-week range 10.31 - 14.93

Valuation FY2025 figures against the last close

P/S—
P/E4.4x
P/FCF22.4x
EV/EBITDA—
Dividend yield9.1%
Diluted EPS2.47

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total operating expenses $53.0M$36.5M$32.9M$33.8M$25.4M$22.1M————
Interest expense $114.4M$5.9M$7.9M$43.1M$5.7M$32.6M$114.1M$59.6M$36.2M$25.2M
Net income $319.1K$113.9M-$6.1M$143.2M$102.3M$177.5M-$152.7M$7.0M$33.9M$43.1M
EPS, basic 2.491.50-0.253.192.796.93-7.01———
EPS, diluted 2.471.49-0.253.172.786.93-7.01-0.251.370.69
Shares, diluted (wtd. avg.) 125.1M71.3M54.8M42.7M32.8M23.1M23.6M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $531.0M$377.1M$237.9M$449.9M$421.3M$309.7M$136.2M$92.4M$87.2M$98.9M
Total assets $17.34B$8.18B$6.37B$3.61B$3.64B$3.09B$5.37B$3.89B$3.31B$3.40B
Long-term debt —————————$6.4M
Total liabilities $14.88B$7.00B$5.50B$2.70B$2.87B$2.46B$4.79B$3.36B$2.75B$2.93B
Retained earnings -$441.9M-$493.7M-$483.6M-$383.2M-$451.5M-$491.1M-$612.2M-$399.0M-$352.0M-$338.1M
Total equity $2.46B$1.18B$870.7M$901.3M$771.3M$633.5M$583.0M$527.2M$557.1M$467.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $120.8M$14.4M$62.2M$126.4M$147.0M$174.0M$175.3M$180.6M$204.4M$210.5M
Stock-based compensation $12.6M$7.2M$4.8M$4.4M$2.5M$1.8M$1.2M$1.2M$2.0M$2.7M
Investing cash flow -$8.07B-$1.03B-$2.96B-$65.4M-$555.4M$2.35B-$1.61B-$869.3M$87.4M$68.0M
Financing cash flow $8.26B$1.40B$2.69B-$32.3M$520.0M-$2.35B$1.47B$690.3M-$303.6M-$264.7M
Dividends paid $246.6M$117.8M$93.0M$72.4M$58.9M$52.4M$68.0M$52.8M$47.5M$51.9M
Buybacks ———$0$0$372.0K$25.0M$0$0$310.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040189.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M -100M 0 100M 200M Net income, FY2016: 43.1M Net income, FY2017: 33.9M Net income, FY2018: 7M Net income, FY2019: -152.7M Net income, FY2020: 177.5M Net income, FY2021: 102.3M Net income, FY2022: 143.2M Net income, FY2023: -6.1M Net income, FY2024: 113.9M Net income, FY2025: 319.1K FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — — — — —
Gross profit — — — — — — — — — —
Net income $43.1M $33.9M $7.0M -$152.7M $177.5M $102.3M $143.2M -$6.1M $113.9M $319.1K

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed Item 1.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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