DYNEX CAPITAL (DX) Company Report

DX reported net income to common shareholders of $147,561 thousand, or $1.09 per common share, for Q3 2025, a significant improvement from a net loss of ($16,286) thousand, or ($0.14) per common share, in Q2 2025. This was driven by interest income of $149,679 thousand and net unrealized gains on investments of $142,469 thousand in Q3 2025.
As of September 30, 2025, the company maintained a strong liquidity position with $1.1 billion in cash and unencumbered assets, representing 55% of equity.
The portfolio primarily consists of Agency RMBS, totaling $14,957,405 thousand in par value as of September 30, 2025, with a weighted average market yield of 5.03%. Management noted that mortgage spreads remain historically wide, offering opportunities for significant hedged carry, and anticipates a Fed bias to cut rates at least once in 4Q25.

Oct 20, 2025, 2:00 PM

Dynex Capital Inc. Reports Q3 2025 Results and Strategic Updates

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Dynex Capital Inc. delivered 20% year-to-date shareholder returns and a 10.3% total economic return for Q3 2025.
The company raised $254 million in new common equity capital in Q3 2025, bringing the year-to-date total to $776 million, and expanded its portfolio by 10% since Q2 2025.
Net interest income continues to trend upward, with over $130 million in portfolio gains during Q3 2025, and quarter-end liquidity stood at over $1 billion.
Estimated book value per share was $12.71 as of last Friday's close, with ROEs in agency RMBS remaining in the high teens net of hedging costs.

Oct 20, 2025, 2:00 PM

Dynex Capital Reports Strong Q3 2025 Performance and Growth

Earnings

New Projects/Investments

Dividends

Dynex Capital reported strong financial performance, with year-to-date shareholder returns of 20% and a total economic return of 10.3% for Q3 2025 and 11.5% year-to-date.
The company's common equity market cap has grown to above $1.8 billion, supported by $254 million in new common equity capital raised in Q3 2025, contributing to a $776 million year-to-date total.
The portfolio has grown over 50% since the beginning of the year, with net interest income trending upward and over $130 million of gains on the portfolio in Q3 2025.
Liquidity at quarter end stood at over $1 billion, representing over 50% of total equity, and the estimated book value quarter-to-date is $1,271 net of the dividend accrual.
The company continues to see attractive opportunities in Agency RMBS, with ROEs remaining in the high teens net of hedging costs, and is opening a new office in New York City.

Oct 20, 2025, 2:00 PM

Dynex Capital, Inc. Announces Third Quarter 2025 Results

Earnings

Dividends

New Projects/Investments

Dynex Capital, Inc. reported a total economic return of $1.23 per common share, or 10.3% of beginning book value, for the third quarter of 2025.
The company's book value per common share was $12.67 as of September 30, 2025.
For the third quarter of 2025, Dynex Capital achieved net income of $1.09 per common share and comprehensive income of $1.20 per common share.
Dynex Capital raised $254 million in equity capital, net of issuance costs, through at-the-market (ATM) common stock issuances.
The company purchased $2.4 billion in Agency RMBS and $464 million in Agency CMBS during the quarter, maintaining liquidity of over $1 billion as of September 30, 2025.

Oct 20, 2025, 12:00 PM

Dynex Capital Declares Common and Preferred Stock Dividends

Dividends

Dynex Capital, Inc. declared a cash dividend of $0.17 per share on its Common Stock (NYSE: DX) for September 2025, payable on October 1, 2025, to shareholders of record as of September 22, 2025.
The company also declared a quarterly cash dividend of $0.62752 per share on its Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (NYSE: DXPRC) for the third quarter of 2025, payable on October 15, 2025, to shareholders of record as of October 1, 2025.
The dividend rate for the Series C Preferred shares for the dividend period ending October 14, 2025, is 10.04038%.
Dynex Capital operates as a real estate investment trust (REIT), generating dividend income and long-term total returns through the financing of real estate assets.