Dynex Capital

DX

Market cap $2.75B

GLEN ALLEN, Va.--(BUSINESS WIRE)--Dynex Capital, Inc. (the "Company") (NYSE: DX), a REIT with a long track record of generating dividends from high-quality mortgage assets, today announced that Michael Sartori, Head of Capital Markets and Financial Planning and Analysis (FP&A), has been appointed Chief Financial Officer effective immediately. Mr. Sartori succeeds Robert Colligan, who is leaving the CFO role by mutual agreement. “We are pleased to have an executive of Mike's caliber step int.

Minimal Credit Risk: Agency MBS are guaranteed by GSEs. Historically, MBS prices rise during economic downturns, leading to higher book values and sustainable payouts for mREITs. Despite a recent rally, Agency MBS spreads remain attractive compared to the 40-year historical average.

GLEN ALLEN, Va.--(BUSINESS WIRE)--Dynex Capital, Inc. (NYSE: DX), a REIT with a long track record of generating dividends from high-quality mortgage assets, announced today the Company's Board of Directors declared a cash dividend of $0.17 per common share on its Common Stock for February 2026. The dividend is payable on March 2, 2026, to shareholders of record on February 23, 2026. About Dynex Capital Dynex Capital, Inc. (NYSE: DX) is a leading internally managed REIT with a long track record.

Dynex Capital (NYSE:DX) operates as an internally managed mortgage REIT specializing in Agency RMBS and CMBS.

Ann Berry is joined by Dynex Capital Co-CEO Smriti Popenoe, who explains how mortgage REITs operate and how Dynex invests in agency mortgage-backed securities. Popenoe walks through the mechanics of leverage, interest-rate sensitivity and how those factors affect returns and dividends.

Dynex Capital and AGNC Investment posted substantial 2025 book value gains from agency MBS spread tightening. Current low earnings multiples for DX and AGNC are misleading, as recent results are driven by one-time unrealized gains. Common dividends for both mREITs are unsustainably supported by unrealized gains; long-term cuts are likely as recurring earnings lag payouts.

Multiple mortgage REITs fell by over 10% on the day. The stock driving the bus of bad dropped 33% on Friday and is continuing lower today. Preferred shares and baby bonds have consistently outperformed on a risk-adjusted basis, prompting a portfolio shift towards these instruments for better yield and stability.

Dynex Capital delivered a 28.6% total return since September, outperforming expectations but not altering my overall cautious stance. DX's Q4 saw improved net interest income, lower financing costs, and significant unrealized gains, driving a recovery in book value per share. Despite positive momentum, DX continues to pay out more in dividends than it generates in distributable earnings, raising sustainability concerns.

Dynex Capital (DX) Preferred C (DX.PR.C) offers a compelling 9.14% stripped yield but currently trades above an attractive entry point. DX.PR.C's floating rate and high spread are unmatched among similarly low-risk mREIT preferreds, but significant call risk limits upside. Call risk is material: a call could result in immediate downside exceeding $0.60 per share at current prices.

Dynex Capital, Inc. (DX) Q4 2025 Earnings Call Transcript