DYNEX CAPITAL INC

Listed Company

DXCIK 0000826675NYSELarge AcceleratedReal Estate Investment TrustsVirginiaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$319.07M

Total Assets

$17.34B

Equity

$2.46B

Shares Out

215.15M

Op. Cash Flow

$120.82M

Business

Dynex Capital, Inc. is an internally managed mortgage real estate investment trust that invests primarily in mortgage-backed securities and manages a leveraged portfolio focused on capital preservation. It offers investment exposure to agency residential and commercial mortgage-backed securities, to‑be‑announced contracts, interest-only CMBS securities, derivatives for hedging, and financing through repurchase agreements. The company's operations are organized around investment, financing, hedging and risk-management activities governed by an Investment Policy and conducted within REIT and 1940 Act exemption constraints. Dynex distributes investments via broker‑dealers, repurchase‑agreement lenders and institutional U.S. markets.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	534	320	208	87	60
Interest expense	−419	−314	−215	44	—
Net interest income (expense)	114	6	−8	43	54
Unrealized gain (loss) on investments, net	371	−142	143	−213	−15
(Loss) gain on derivative instruments, net	−113	288	−33	436	81
Total other gains, net	258	145	35	134	73
Compensation and benefits	−35	−21	−17	−17	−13
Other general and administrative	−16	−14	−14	−16	−11
Other operating expenses	−2	−2	−2	−1	−1
Total operating expenses	−53	−36	−33	−34	−25
Net income (loss)	319	114	−6	143	102
Preferred stock dividends	—	−8	−8	−8	−8
Net income (loss) to common shareholders	309	106	−14	135	91
Unrealized gain (loss) on available-for-sale investments, net	45	−14	23	−202	−67
Comprehensive income to common shareholders	354	92	9	−53	17
Weighted average common shares-basic (in shares)	124	71	55	42	33
Weighted average common shares-diluted (in shares)	125	71	55	43	33
Net income (loss) per common share-basic (in dollars per share)	2.49	1.5	−0.25	3.19	2.79
Net income (loss) per common share-diluted (in dollars per share)	2.47	1.49	−0.25	3.17	2.78
Realized loss on sales of investments, net	0	−2	−75	−89	7

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	531	377	120	332	366
Cash collateral posted to counterparties	399	244	118	118	55
Mortgage-backed securities (including pledged assets of $14,593,470 and $6,893,629, respectively), at fair value	16,307	7,512	6,039	3,113	3,182
Due from counterparties	17	10	1	10	3
Derivative assets	10	133,000	54	7	8
Accrued interest receivable	68	33	29	15	14
Other assets	9	8	9	10	7
Total assets	17,342	8,185	6,370	3,605	3,640
Repurchase agreements	13,904	6,563	5,381	2,644	2,850
Due to counterparties	812	342	95,000	4	2
Derivative liabilities	5	23	0	23	0
Cash collateral posted by counterparties	8	0	46	435,000	2
Accrued interest payable	95	45	53	17	1
Dividends payable	37	17	10	9	7
Other liabilities	19	11	8	7	6
Total liabilities	14,880	7,000	5,499	2,704	2,868
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)	108	108	108	108	108
Common stock, par value $0.01 per share, 360,000,000 shares authorized; 174,814,912 and 84,491,800 shares issued and outstanding, respectively	2	845,000	570,000	536,000	367,000
Additional paid-in capital	2,922	1,742	1,404	1,358	1,108
Accumulated other comprehensive loss	−127	−172	−159	−181	7
Accumulated deficit	−442	−494	−484	−383	−451
Total shareholders equity	2,462	1,185	871	901	771
Total liabilities and shareholders equity	17,342	8,185	6,370	3,605	3,640

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Realized loss on sales of investments, net	0	2	75	89	−7
Loss (gain) on derivative instruments, net	113	−288	33	−436	−81
Amortization of investment premiums, net	26	48	75	98	118
Other amortization and depreciation	2	2	2	2	2
Share-based compensation expense	13	7	5	4	3
Increase in accrued interest receivable	−35	−3	−13	−1	204,000
Increase (decrease) in accrued interest payable	51	−9	37	15	−45,000
Change in other assets and liabilities, net	3	234,000	−2	−2	−5
Net cash provided by operating activities	121	14	62	126	147
Purchases of investments	−8,882	−1,872	−3,578	−1,553	−1,542
Principal payments received on trading securities	833	440	233	124	37
Principal payments received on available-for-sale investments	120	75	86	226	394
Proceeds from sales of trading securities	0	14	348	589	0
Principal payments received on mortgage loans held for investment	549,000	762,000	889,000	2	2
Net (payments) receipts on derivative instruments	−153	363	−96	454	86
Increase (decrease) in cash collateral posted by counterparties	8	−46	46	−1	−6
Net cash used in investing activities	−8,074	−1,026	−2,960	−65	−555
Borrowings under repurchase agreements	143,888	66,437	23,502	—	—
Repayments of repurchase agreement borrowings	−136,547	−65,255	−20,766	—	—
Proceeds from issuance of common stock	1,169	332	43	247	237
Cash paid for stock issuance costs	−157,000	−231,000	0	0	−329,000
Payments related to tax withholding for share-based compensation	−2	−949,000	−445,000	−1	−853,000
Dividends paid	−247	−118	−93	−72	−59
Net cash provided by financing activities	8,262	1,395	2,686	−32	520
Net increase (decrease) in cash, including cash posted to counterparties	309	384	−212	29	112
Cash paid for interest on repurchase agreements	369	322	179	29	6
Noncash or Part Noncash Acquisition, Investments Acquired	809	335	0	—	—

Filings

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