Dynex Capital
Internally managed mortgage REIT investing in Agency residential and commercial mortgage-backed securities.
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Profile
Invests mainly in Agency residential mortgage-backed securities and a smaller Agency commercial mortgage allocation, earning interest and TBA dollar-roll income. Short-term repurchase agreements fund the portfolio, while derivatives hedge part of its rate exposure; REIT rules and financing markets shape capital deployment.
Invests primarily in U.S. Agency mortgage-backed securities, earning interest from residential specified pools and commercial mortgage bonds alongside dollar-roll income from to-be-announced residential positions. Agency RMBS dominate the portfolio; Agency CMBS and interest-only securities form the smaller commercial allocation.
Finances holdings chiefly with short-term repurchase agreements and uses interest-rate swaps, swaptions, and Treasury futures to manage funding and duration exposure. The internal team pairs a top-down macroeconomic framework with active management of rate, prepayment, spread, liquidity, and counterparty risks.
Operates as a single-segment mortgage REIT focused on U.S. housing and commercial real estate. Agency guarantees reduce borrower-credit exposure across nearly all holdings, but earnings and book value remain tied to financing availability, interest rates, mortgage spreads, and prepayments. REIT qualification requires taxable-income distributions and constrains assets, income, ownership, and investment activities.
Company facts
Categories
Key statistics
Year to date −8.5% · Average volume (30d) 5.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jun 17, 2026 | BTIG | Target | $16 | $14.50 | |
| Apr 24, 2026 | UBS | Reiterate | Neutral | $13.25 | $14.50 |
| Jan 9, 2026 | Capital One Financial | Target | $20 | ||
| Jan 9, 2026 | BTIG | Target | $16 | ||
| Oct 8, 2025 | UBS | Target | $13 | $13.25 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 20, 2026Q2 FY26 | $0.36 | $0.36 | −1.3% | $103.6M | $93.8M | −9.5% | −0.76% |
| Apr 20, 2026Q1 FY26 | $0.31 | $0.31 | −1.0% | $89.2M | $79.3M | −11.1% | +0.29% |
| Jan 26, 2026Q4 FY25 | $0.38 | $0.22 | −42.0% | $62.1M | $43.5M | −30.0% | +0.96% |
| Oct 20, 2025Q3 FY25 | $0.44 | $0.25 | −43.2% | $28.4M | $139.0M | +390.1% | −1.04% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $95.1M | $111.7M | $149.7M | $177.0M | $257.4M | $302.8M | |
| Gross profit | $95.1M | $111.7M | $149.7M | $177.0M | $257.4M | $93.8M | |
| Operating income | $74.9M | $75.0M | $269.5M | $318.9M | $236.9M | $77.6M | |
| Net income | −$3.1M | −$13.6M | $150.4M | $185.4M | −$80.4M | $180.8M | |
| Diluted EPS | −$0.06 | −$0.14 | $1.08 | $1.16 | −$0.41 | $0.80 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 31.0% | |
| Operating margin | 78.7% | 67.1% | 180.0% | 180.1% | 92.0% | 25.6% |
Fiscal years (4-quarter sums)FY21 $66.8M · FY22 $147.3M · FY23 $132.6M · FY24 $318.0M · FY25 $533.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $607.6M · Total debt $22.64B · Total assets $26.42B · Shareholders' equity $3.18B
Dividends
Raised for 5 straight years — most recently to $0.17 from $0.15 in Mar 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 21, 2026 | Aug 21 | Sep 1 | $0.17 | |
| Jul 23, 2026 | Jul 23 | Aug 3 | $0.17 | |
| Jun 22, 2026 | Jun 22 | Jul 1 | $0.17 | |
| May 21, 2026 | May 21 | Jun 1 | $0.17 | |
| Apr 23, 2026 | Apr 23 | May 1 | $0.17 | |
| Mar 23, 2026 | Mar 23 | Apr 1 | $0.17 | |
| Feb 23, 2026 | Feb 23 | Mar 2 | $0.17 | |
| Jan 21, 2026 | Jan 21 | Feb 2 | $0.17 |
Ownership
Shares outstanding 247.43M · Float 246.18M · 99.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 18.44M | 7.45% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 9.15M | 3.70% | 13F | Aug 13, 2026 |
| Millennium Management LLC | 7.02M | 2.84% | 13F | Aug 14, 2026 |
| Marshall Wace, LLP | 6.41M | 2.59% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 5.57M | 2.25% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 27, 2026 | Smriti Laxman Popenoe | director, officer: Co-CEO and President | +2,000 | $12.19 |
| Sep 26, 2025 | Robert S. Colligan | officer: CFO and COO | +4,200 | $12.12 |
| Sep 26, 2025 | Smriti Laxman Popenoe | director, officer: Co-CEO and President | +4,260 | $12.16 |
Peers
- AGNC
Largest internally managed Agency RMBS REIT, ~$94.7B leveraged portfolio
- Annaly Capital Management
Largest residential mREIT; Agency MBS, residential credit, and MSR platform
- ARMOUR Residential REIT
Externally managed Agency RMBS REIT paying $0.24/share monthly dividend
- TWO
MSR-focused Agency REIT pairing mortgage servicing rights with Agency RMBS
- Orchid Island Capital
Pure-play Agency RMBS mREIT externally managed by Bimini Advisors
- Chimera Investment
Hybrid Agency/non-Agency mREIT with mortgage origination and advisory platform
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Dynex Capital | $12.95 | +0.47% | $3.19B | 4.9 | 8.2 | 3.6 | — |
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| ARMOUR Residential REIT | $16.33 | +0.11% | $1.90B | 4.4 | 5.6 | 1.9 | −41.6% |
| TWO | $12.18 | +1.08% | $1.28B | — | 10.9 | 1.5 | — |
| Orchid Island Capital | $6.75 | +0.90% | $1.16B | 4.5 | 6.2 | 2.2 | −28.9% |
| Chimera Investment | $11.50 | −0.04% | $961.9M | — | 5.9 | 1.4 | −64.4% |
| Median | 5.0 | 6.7 | 2.0 | −45.8% |