NYSE: DX
DYNEX CAPITAL INCCIK 0000826675 · SIC 6798 · Real Estate Investment Trusts
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Dynex Capital expands ATM equity program by 80M shares to 301.3M total authorized
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Dynex Capital prices 99.3M-share offering at $12.64/share, raising $1.26B for investments
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DX: net income $180.8M. DX portfolio surges 42%; book value +/share on spread tightening; raised
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Dynex Capital reports 6.4% Q2 return, raises $391M equity, grows portfolio 11% to $27.6B
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Dynex Capital expands board to seven members with appointment of independent director
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Dynex Capital doubles authorized shares to 720M following shareholder approval
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Dynex Capital adds Goldman Sachs, Morgan Stanley to equity sales program
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net income -$80.4M. Dynex scales portfolio 27% to but spread widening drives loss, book value down
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Dynex Capital authorizes $350M share buyback program through April 2028
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Dynex Capital posts 2.5% loss, raises $442M equity amid portfolio expansion
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Dynex Capital launches at-the-market offering of up to 67.35 million shares
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Latest financial statements
From 10-Q filed Jul 27, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
($s in thousands except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| INTEREST INCOME | ||||
| Interest income | 302,751 | 111,746 | 560,141 | 206,805 |
| Interest expense | (208,968) | (88,618) | (387,104) | (166,545) |
| Net interest income | 93,783 | 23,128 | 173,037 | 40,260 |
| GAINS (LOSSES) | ||||
| Realized gain on sales of investments, net | — | — | 8,721 | — |
| Unrealized (loss) gain on investments, net | (25,622) | 33,652 | (277,433) | 143,649 |
| Gain (loss) on derivative instruments, net | 128,845 | (58,093) | 233,572 | (176,181) |
| Total gains (losses), net | 103,223 | (24,441) | (35,140) | (32,532) |
| EXPENSES | ||||
| Compensation and benefits | (9,608) | (8,013) | (24,917) | (15,931) |
| Other general and administrative | (5,598) | (3,900) | (10,768) | (7,745) |
| Other operating expenses | (1,007) | (380) | (1,783) | (734) |
| Total operating expenses | (16,213) | (12,293) | (37,468) | (24,410) |
| Net income (loss) | 180,793 | (13,606) | 100,429 | (16,682) |
| Preferred stock dividends | (2,650) | (2,680) | (5,307) | (4,603) |
| Net income (loss) to common shareholders | 178,143 | (16,286) | 95,122 | (21,285) |
| Other comprehensive income: | ||||
| Unrealized (loss) gain on available-for-sale investments | (865) | 4,064 | (1,013) | 23,454 |
| Total other comprehensive (loss) income | (865) | 4,064 | (1,013) | 23,454 |
| Comprehensive income (loss) to common shareholders | 177,278 | (12,222) | 94,109 | 2,169 |
| Weighted average common shares-basic | 222,220,145 | 113,177,331 | 211,213,396 | 101,897,495 |
| Weighted average common shares-diluted | 223,603,596 | 113,177,331 | 212,479,097 | 101,897,495 |
| Net income (loss) per common share-basic | 0.80 | (0.14) | 0.45 | (0.21) |
| Net income (loss) per common share-diluted | 0.80 | (0.14) | 0.45 | (0.21) |
Consolidated Balance Sheets
($s in thousands except per share data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| Cash and cash equivalents | 607,562 | 531,043 |
| Cash collateral posted to counterparties | 570,020 | 399,344 |
| Mortgage-backed securities (including pledged of $23,669,753 and $14,593,470, respectively), at fair value | 25,066,198 | 16,306,988 |
| Due from counterparties | 53,446 | 17,425 |
| Derivative assets | 8,441 | 10,498 |
| Accrued interest receivable | 104,272 | 67,940 |
| Other assets | 9,663 | 8,940 |
| Total assets | 26,419,602 | 17,342,178 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Liabilities: | ||
| Repurchase agreements | 22,644,742 | 13,904,231 |
| Due to counterparties | 380,947 | 811,656 |
| Derivative liabilities | 9,117 | 4,830 |
| Cash collateral posted by counterparties | 15,500 | 8,373 |
| Accrued interest payable | 135,194 | 95,196 |
| Dividends payable | 46,943 | 37,171 |
| Other liabilities | 12,092 | 18,577 |
| Total liabilities | 23,244,535 | 14,880,034 |
| Shareholders’ equity: | ||
| Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; 4,460,000 and 4,460,000 shares issued and outstanding, respectively ($111,500 and $111,500 aggregate liquidation preference, respectively) | 107,843 | 107,843 |
| Common stock, par value $0.01 per share, 720,000,000 and 360,000,000 shares authorized, respectively; 237,414,259 and 174,814,912 shares issued and outstanding, respectively | 2,374 | 1,748 |
| Additional paid-in capital | 3,760,123 | 2,921,551 |
| Accumulated other comprehensive loss | (128,074) | (127,061) |
| Accumulated deficit | (567,199) | (441,937) |
| Total shareholders’ equity | 3,175,067 | 2,462,144 |
| Total liabilities and shareholders’ equity | 26,419,602 | 17,342,178 |
Consolidated Statements of Cash Flows (Unaudited)
($s in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating activities: | ||
| Net income (loss) | 100,429 | (16,682) |
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||
| Realized gain on sales of investments, net | (8,721) | — |
| Unrealized loss (gain) on investments, net | 277,433 | (143,649) |
| (Gain) loss on derivative instruments, net | (233,572) | 176,181 |
| Amortization of investment premiums, net | 10,538 | 14,362 |
| Other amortization and depreciation | 1,147 | 1,012 |
| Share-based compensation expense | 10,493 | 5,515 |
| Increase in accrued interest receivable | (36,332) | (10,468) |
| Increase in accrued interest payable | 39,998 | 16,183 |
| Change in other assets and liabilities, net | (7,416) | (4,212) |
| Net cash provided by operating activities | 153,997 | 38,242 |
| Investing activities: | ||
| Purchases of investments | (11,208,638) | (2,629,521) |
| Principal payments received on trading securities | 1,067,688 | 307,342 |
| Principal payments received on available-for-sale investments | 37,422 | 80,416 |
| Proceeds from sales of trading securities | 633,301 | — |
| Principal payments received on mortgage loans held for investment | 25 | 124 |
| Net receipts (payments) on derivative instruments | 202,939 | (201,106) |
| Increase in cash collateral posted by counterparties | 7,127 | 29,323 |
| Net cash used in investing activities | (9,260,136) | (2,413,422) |
| Financing activities: | ||
| Borrowings under repurchase agreements | 110,509,461 | 57,143,834 |
| Repayments of repurchase agreement borrowings | (101,768,950) | (55,106,811) |
| Proceeds from issuance of common stock | 833,006 | 521,807 |
| Cash paid for stock issuance costs | (120) | — |
| Payments related to tax withholding for share-based compensation | (4,144) | (1,181) |
| Dividends paid | (215,919) | (98,171) |
| Net cash provided by financing activities | 9,353,334 | 2,459,478 |
| Net increase in cash, including cash posted to counterparties | 247,195 | 84,298 |
| Cash including cash collateral posted to counterparties at beginning of period | 930,387 | 621,539 |
| Cash including cash collateral posted to counterparties at end of period | 1,177,582 | 705,837 |
| Supplemental Disclosure of Cash Activity: | ||
| Cash paid for interest on repurchase agreements | 347,106 | 150,362 |
| Noncash Investing Activities: | ||
| Payable for investments pending settlement | 379,447 | 937,216 |
Amounts as printed on the EDGAR/iXBRL face — ($s in thousands except per share data); ($s in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗