Tearsheet

Dynex Capital (DX)

Market Price (5/1/2026): $13.585 | Market Cap: $2.7 Bil
Sector: Financials | Industry: Mortgage REITs

Dynex Capital (DX)

Market Price (5/1/2026): $13.585
Market Cap: $2.7 Bil
Sector: Financials
Industry: Mortgage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 6.8%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 181%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 61%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 61%

Low stock price volatility
Vol 12M is 18%

Megatrend and thematic drivers
Megatrends include Capital Markets & Investment. Themes include Fixed Income Investing, Real Estate Debt Markets, and Interest Rate Risk Management.

Trading close to highs
Dist 52W High is -4.0%, Dist 3Y High is -4.0%

Expensive valuation multiples
P/SPrice/Sales ratio is 9.0x

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -754%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 52%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 6.8%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28%
2	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 181%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 61%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 61%
4	Low stock price volatility Vol 12M is 18%
5	Megatrend and thematic drivers Megatrends include Capital Markets & Investment. Themes include Fixed Income Investing, Real Estate Debt Markets, and Interest Rate Risk Management.
6	Trading close to highs Dist 52W High is -4.0%, Dist 3Y High is -4.0%
7	Expensive valuation multiples P/SPrice/Sales ratio is 9.0x
8	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -754%
9	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 52%

Valuation, Metrics & Events

	5/1/26	2025	2024	2023	2022
Share Price CYE	$13.59	$14.01	$12.65	$12.52	$12.72
Market Cap CYE ($ Bil)	2.7	2.2	1.0	0.7	0.6
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.8	0.5	0.4	0.1	0.3
Enterprise Value ($ Bil)	1.9	2.2	1.0	0.7	0.6
Valuation Ratios
P/S TTM	8.9	5.9	6.8	26.5	3.5
P/EBIT TTM	-	-	-	-	-
P/E TTM	11.2	6.9	9.0	-115.8	4.3
P/FCF TTM	14.7	18.1	71.3	11.4	4.9
Sector Ratios
P/S TTM (Sector)	3.2	3.1	3.1	2.4	2.7
P/EBIT TTM (Sector)	6.8	7.9	7.8	6.6	6.6
P/E TTM (Sector)	11.7	11.2	11.2	8.4	9.1
P/FCF TTM (Sector)	8.9	8.5	8.7	6.4	6.2

	5/1/26	2025	2024
Share Price CYE	$13.59	$14.01	$12.65
Market Cap CYE ($ Bil)	2.7	2.2	1.0
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.8	0.5	0.4
Enterprise Value ($ Bil)	1.9	2.2	1.0
Valuation Ratios
P/S TTM	8.9	5.9	6.8
P/EBIT TTM	-	-	-
P/E TTM	11.2	6.9	9.0
P/FCF TTM	14.7	18.1	71.3
Sector Ratios
P/S TTM (Sector)	3.2	3.1	3.1
P/EBIT TTM (Sector)	6.8	7.9	7.8
P/E TTM (Sector)	11.7	11.2	11.2
P/FCF TTM (Sector)	8.9	8.5	8.7

	DX	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.3
Rev Chg Q	-753.7%	8.0%
Rev Chg LTM	181.4%	6.9%
Rev Chg 3Y Avg	228.6%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.2
CFO/Rev LTM	60.6%	20.8%
Net Inc Mgn	79.5%	12.8%
VALUATION	MODERATE
P/S	8.9	3.3
P/CFO	14.7	15.4
P/FCF	14.7	19.5
P/E	11.2	24.2

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Metric	Value	Date	Source
Total Economic Return	10.3%	9302025	Link
Book Value per Common Share	$12.67	9302025	Link
Leverage	7.5x shareholders' equity	9302025	Link
Portfolio Fair Value	$15.8B	9302025	Link
Portfolio Composition in Agency RMBS	93%	9302025	Link
Number of Employees	19	10202025	Link
Total Shareholder Return (Year-to-Date)	20%	10232025	Link
Liquidity	over $1 billion	9302025	Link

Recent
4/20/2026	Earnings Release	Rev: $79 Mil (A) vs. $89 Mil (E) EPS: 0.31 (A) vs. $0.31 (E)
4/23/2026	Dividend	Amount: $0.17 Payment On: 5/01/2026
Upcoming
7/20/2026	Earnings Release	Rev: $96 Mil (E) EPS: $0.34 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Dynex Capital (DX) stock has remained largely at the same level since 1/31/2026 because of the following key factors:

1. Mixed Q1 2026 Earnings and Book Value Decline. Dynex Capital reported a significant earnings per share (EPS) miss of -$0.41 against a forecasted $0.31 for the first quarter of 2026, leading to an initial stock drop of 3.45% in pre-market trading. This was further impacted by a decrease in book value per common share from $13.45 to $12.60 by March 31, 2026. However, these negative factors were partially offset by the company reporting a revenue beat, reaching $79.25 million against a forecast of $72.47 million, and a substantial increase in net interest income to $79.3 million, contributing to a balanced, largely flat movement in the stock price.

2. Impact of Widening Mortgage Spreads. A primary macroeconomic factor contributing to the stable stock movement was the significant impact of widening mortgage spreads late in the first quarter of 2026. This led to a net loss of $(140) million on the company's investment portfolio and $251.8 million in unrealized losses on investments, which directly drove the decrease in book value. This market volatility created headwinds that counteracted any positive operational performance, preventing significant upward momentum.

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Stock Movement Drivers

Fundamental Drivers

The 2.0% change in DX stock from 1/31/2026 to 4/30/2026 was primarily driven by a 31.9% change in the company's Total Revenues ($ Mil).

(LTM values as of)	1312026	4302026	Change
Stock Price ($)	13.36	13.62	2.0%
Change Contribution By:
Total Revenues ($ Mil)	230	304	31.9%
Net Income Margin (%)	80.2%	79.5%	-0.8%
P/E Multiple	9.8	11.3	14.7%
Shares Outstanding (Mil)	136	200	-32.1%
Cumulative Contribution			2.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 4/30/2026

	Return	Correlation
DX	2.0%
Market (SPY)	3.6%	57.9%
Sector (XLF)	-1.9%	35.4%

Fundamental Drivers

The 10.9% change in DX stock from 10/31/2025 to 4/30/2026 was primarily driven by a 31.9% change in the company's Total Revenues ($ Mil).

(LTM values as of)	10312025	4302026	Change
Stock Price ($)	12.28	13.62	10.9%
Change Contribution By:
Total Revenues ($ Mil)	230	304	31.9%
Net Income Margin (%)	80.2%	79.5%	-0.8%
P/E Multiple	9.0	11.3	24.7%
Shares Outstanding (Mil)	136	200	-32.1%
Cumulative Contribution			10.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 4/30/2026

	Return	Correlation
DX	10.9%
Market (SPY)	5.5%	45.0%
Sector (XLF)	0.4%	29.8%

Fundamental Drivers

The 29.3% change in DX stock from 4/30/2025 to 4/30/2026 was primarily driven by a 181.4% change in the company's Total Revenues ($ Mil).

(LTM values as of)	4302025	4302026	Change
Stock Price ($)	10.53	13.62	29.3%
Change Contribution By:
Total Revenues ($ Mil)	108	304	181.4%
Net Income Margin (%)	65.5%	79.5%	21.5%
P/E Multiple	13.5	11.3	-16.4%
Shares Outstanding (Mil)	90	200	-54.8%
Cumulative Contribution			29.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 4/30/2026

	Return	Correlation
DX	29.3%
Market (SPY)	30.4%	40.3%
Sector (XLF)	8.6%	32.0%

Fundamental Drivers

The 75.5% change in DX stock from 4/30/2023 to 4/30/2026 was primarily driven by a 1548.7% change in the company's Total Revenues ($ Mil).

(LTM values as of)	4302023	4302026	Change
Stock Price ($)	7.76	13.62	75.5%
Change Contribution By:
Total Revenues ($ Mil)	18	304	1548.7%
P/S Multiple	22.7	9.0	-60.4%
Shares Outstanding (Mil)	54	200	-73.1%
Cumulative Contribution			75.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 4/30/2026

	Return	Correlation
DX	75.5%
Market (SPY)	78.7%	47.9%
Sector (XLF)	65.0%	46.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
DX Return	2%	-15%	12%	14%	29%	3%	46%
Peers Return	9%	-20%	0%	3%	-1%	1%	-11%
S&P 500 Return	27%	-19%	24%	23%	16%	4%	90%
Monthly Win Rates [3]
DX Win Rate	58%	50%	50%	67%	58%	75%
Peers Win Rate	57%	48%	43%	55%	57%	55%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
DX Max Drawdown	-4%	-29%	-16%	-6%	-8%	-9%
Peers Max Drawdown	-7%	-36%	-24%	-12%	-22%	-13%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: TWO, IVR, RC, LOAN, NLY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/30/2026 (YTD)

Event	DX	S&P 500
2025 US Tariff Shock
% Loss	-17.5%	-18.8%
% Gain to Breakeven	21.3%	23.1%
Time to Breakeven	110 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-25.5%	-9.5%
% Gain to Breakeven	34.2%	10.5%
Time to Breakeven	48 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-21.6%	-6.7%
% Gain to Breakeven	27.5%	7.1%
Time to Breakeven	61 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-29.9%	-24.5%
% Gain to Breakeven	42.6%	32.4%
Time to Breakeven	672 days	427 days
2020 COVID-19 Crash
% Loss	-56.1%	-33.7%
% Gain to Breakeven	128.0%	50.9%
Time to Breakeven	259 days	140 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-15.4%	-12.2%
% Gain to Breakeven	18.1%	13.9%
Time to Breakeven	42 days	62 days

Compare to TWO, IVR, RC, LOAN, NLY

In The Past

Dynex Capital's stock fell -17.5% during the 2025 US Tariff Shock. Such a loss loss requires a 21.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	DX	S&P 500
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-25.5%	-9.5%
% Gain to Breakeven	34.2%	10.5%
Time to Breakeven	48 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-21.6%	-6.7%
% Gain to Breakeven	27.5%	7.1%
Time to Breakeven	61 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-29.9%	-24.5%
% Gain to Breakeven	42.6%	32.4%
Time to Breakeven	672 days	427 days
2020 COVID-19 Crash
% Loss	-56.1%	-33.7%
% Gain to Breakeven	128.0%	50.9%
Time to Breakeven	259 days	140 days
2014-2016 Oil Price Collapse
% Loss	-23.6%	-6.8%
% Gain to Breakeven	30.9%	7.3%
Time to Breakeven	151 days	15 days
2013 Taper Tantrum
% Loss	-24.4%	-0.2%
% Gain to Breakeven	32.3%	0.2%
Time to Breakeven	506 days	1 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-20.5%	-17.9%
% Gain to Breakeven	25.7%	21.8%
Time to Breakeven	74 days	123 days
2008-2009 Global Financial Crisis
% Loss	-29.1%	-53.4%
% Gain to Breakeven	41.1%	114.4%
Time to Breakeven	180 days	1085 days

Compare to TWO, IVR, RC, LOAN, NLY

In The Past

Dynex Capital's stock fell -17.5% during the 2025 US Tariff Shock. Such a loss loss requires a 21.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Dynex Capital (DX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Dynex Capital, Inc., a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non-agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest-only securities. Agency MBS have a guaranty of principal payment by an agency of the U.S. government or a U.S. government-sponsored entity, such as Fannie Mae and Freddie Mac. Non-Agency MBS have no such guaranty of payment. The company has qualified as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 1987 and is headquartered in Glen Allen, Virginia.

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Here are 1-3 brief analogies for Dynex Capital (DX):

It's like a specialized Simon Property Group, but instead of owning physical malls and collecting rent, it owns bundles of mortgage debt and collects interest.
It's like a highly focused bond fund from Vanguard or BlackRock, but exclusively investing in mortgage-backed securities (MBS).
It's like Ally Financial, but instead of auto loans, it specializes in investing in bundles of residential and commercial mortgages.

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Agency Mortgage-Backed Securities (MBS): These are investments in residential and commercial mortgage-backed securities that are guaranteed by a U.S. government agency or government-sponsored entity.
Non-Agency Mortgage-Backed Securities (MBS): These are investments in residential and commercial mortgage-backed securities that do not carry a guaranty of principal payment from a U.S. government entity.
Commercial Mortgage-Backed Securities (CMBS) Interest-Only Securities: These are investments specifically in the interest-only payment streams of commercial mortgage-backed securities.

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Dynex Capital (DX) operates as a mortgage real estate investment trust (REIT). Its core business model involves investing in mortgage-backed securities (MBS) on a leveraged basis to generate income for its shareholders. The company acquires various types of MBS (agency and non-agency) and finances its investments primarily through repurchase agreements.

As an investment vehicle, Dynex Capital does not sell products or services to external "customers" in the traditional business-to-business (B2B) or business-to-consumer (B2C) sense. Therefore, it does not have major customers that purchase goods or services from it.

Instead, Dynex Capital's financial relationships primarily involve:

Shareholders: Who invest in the company and receive distributions (dividends) from its taxable income.
Financial Institutions: Who serve as counterparties for repurchase agreements (providing financing) or from whom Dynex Capital acquires MBS (sellers of assets). These entities are considered funding partners or asset suppliers, not customers.

The company's revenue is primarily derived from the net interest income generated by its portfolio of MBS assets.

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Byron L. Boston Chairman of the Board and Co-Chief Executive Officer

Byron L. Boston serves as Chairman of the Board and Co-Chief Executive Officer, a role he was appointed to in December 2023. He joined the board in 2012 and has served as CEO or Co-CEO and Co-Chief Investment Officer since January 2014. Previously, he was President of the company from March 2012 to December 2020 and Chief Investment Officer since April 2008. Mr. Boston has an extensive background in U.S. real estate finance, asset management/investment banking, and fixed-income capital markets. His career includes building two successful public companies. He started in corporate banking with a focus on direct corporate loans and bond issuances, gaining experience with mortgage-backed securities and bond trading at Credit Suisse First Boston and Lehman Brothers. Recruited by Freddie Mac, he developed and led the initial investment plan to grow their retained portfolio. Following these successes, Mr. Boston launched Sunset Financial Resources, a mortgage Real Estate Investment Trust (REIT) specializing in high-quality residential and commercial loans and securities, and led its initial public offering in March 2004. Sunset Financial Resources was sold in 2006. He consulted with Redwood Trust Inc. before joining Dynex Capital in 2008.

Smriti L. Popenoe Co-Chief Executive Officer and President

Smriti L. Popenoe joined the Board in September 2023 and is the Co-CEO and President of Dynex Capital. She previously served as Chief Investment Officer from 2014 through 2024. Ms. Popenoe has almost three decades of career success in finance and capital markets, bringing expertise in risk management, investment leadership, and portfolio optimization. She is accountable for raising, deploying, and managing the Company's capital. Prior to joining Dynex Capital, she served as Chief Risk Officer at PHH Corporation, a leading provider of mortgage banking and fleet management outsourcing services.

Michael Sartori Chief Financial Officer

Michael Sartori was appointed Chief Financial Officer of Dynex Capital, Inc. in February 2026. He has served as Dynex Capital's Head of Capital Markets and Financial Planning and Analysis (FP&A) since 2019, and joined the Company in 2013 as Assistant Controller. Mr. Sartori has advised on the Company's capital strategy and has been a key contributor to Dynex's strategic direction. In his role, he has overseen the identification and monitoring of performance drivers, developed financial models for transaction analysis, reviewed capital structure alternatives, and overseen forecasting and analysis. Before joining Dynex Capital, Mr. Sartori spent several years at Genworth, where he held various accounting management roles with a focus on derivatives accounting. He began his early career at Deloitte and Grant Thornton LLP.

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The addressable markets for Dynex Capital's main products and services, which include investments in mortgage-backed securities (MBS), are as follows:

U.S. Mortgage-Backed Securities (MBS) Market: The U.S. MBS market, which encompasses residential and commercial MBS, had over $11 trillion in outstanding securities as of mid-2023. The market size is estimated to reach USD 15.55 trillion in 2025. This market primarily consists of agency and non-agency MBS, with the bulk of MBS being backed by residential mortgages.
U.S. Commercial Mortgage-Backed Securities (CMBS) Market: The U.S. CMBS market had a market capitalization of approximately $1.8 trillion as of December 31, 2025.

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Dynex Capital (DX) expects several key factors to drive its future revenue growth over the next two to three years:

Expansion of the Mortgage-Backed Securities (MBS) Portfolio: The company has been actively growing its portfolio of mortgage-backed securities. For instance, the portfolio of TBAs and mortgages expanded significantly through 2025 and into early 2026, with current holdings at approximately $22 billion. This continuous deployment of capital into MBS is expected to increase interest-earning assets and, consequently, revenue.
Optimized Leverage to Enhance Returns: Management is targeting leverage in the low-eights, anticipating mid-to-high teens return on equity (ROE). This strategic use of leverage aims to amplify returns from their investments, which can then be reinvested to further grow their asset base and revenue.
Strategic Positioning for a Tighter Spread Regime: Dynex Capital is positioning itself for a return to a tighter spread environment, similar to that seen before the financial crisis. Management believes this environment will enhance the risk-return profile of their assets and provide attractive opportunities for ongoing capital deployment, leading to more profitable investments.
Consistent Capital Raising: The company has a track record of raising substantial equity capital, with over $1.5 billion raised in the 13 months leading up to early 2026. This expanded capital base provides the necessary funding to increase the scale of its investment activities and grow its interest-earning assets.
Benefiting from GSE Balance Sheet Activity and Increased Bank Demand: Dynex Capital anticipates positive impacts from the active participation of Government-Sponsored Entities (GSEs) in the market, which is expected to limit spread widening and enhance the risk-return profile of assets. Additionally, they project significant bank demand for mortgage-backed securities in 2026, which should create a favorable environment for their investment strategy.

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Share Repurchases

Dynex Capital authorized a share repurchase program of up to $100 million on April 22, 2024, which is valid until April 30, 2026.

Share Issuance

On June 5, 2024, Dynex Capital priced an underwritten public offering of 10,500,000 shares of common stock, expecting gross proceeds of approximately $126 million.
The company amended its at-the-market (ATM) equity distribution agreement on January 27, 2026, increasing authorized common shares for potential sale by 60,000,000, with 67,354,187 shares remaining available for issuance under its current shelf registration.
Net proceeds from common stock issuances during the year ended December 31, 2025, included approximately $1.2 billion from ATM issuances.

Inbound Investments

EMG Holdings L.P. acquired a new stake in Dynex Capital, Inc. during the third quarter of a recent period (reported March 15, 2026), purchasing 695,711 shares valued at approximately $8,550,000.
Vanguard Group Inc. increased its holdings in Dynex Capital by 21.3% during the third quarter (reported March 6, 2026), holding 7,513,849 shares worth approximately $92,345,000.
In September 2025, Co-CEO and President Smriti Laxman Popenoe acquired 4,260 shares of Dynex Capital stock, and CFO and COO Robert Colligan purchased 4,200 shares.

Outbound Investments

Dynex Capital's primary business involves investing in mortgage-backed securities (MBS), including agency and non-agency MBS.
The company utilizes proceeds from share issuances to acquire additional investments, consistent with its investment policy.
As of December 31, 2025, the fair value of Dynex Capital's portfolio was $19.4 billion.

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Interactive Breakdown

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Better Bets vs. Dynex Capital (DX)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	How Low Can Dynex Capital Stock Really Go?	10/17/2025
2	Dynex Capital (DX) Operating Cash Flow Comparison	08/08/2025
3	Dynex Capital (DX) Debt Comparison	08/08/2025
4	Dynex Capital (DX) Operating Income Comparison	08/08/2025
5	Dynex Capital (DX) EBITDA Comparison	08/08/2025
6	Dynex Capital (DX) Net Income Comparison	08/08/2025
7	Dynex Capital (DX) Tax Expense Comparison	08/08/2025
8	Dynex Capital (DX) Revenue Comparison	08/08/2025
9	Why Dynex Capital Stock Moved: DX Stock Has Gained 63% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
10	Dynex Capital (DX) Valuation Ratios Comparison	08/08/2025

	Title
0	ARTICLES

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BAND	Bandwidth	1.1	52.1%	138.3%
NVCR	NovoCure	1.7	27.5%	17.6%
GTX	Garrett Motion	4.9	25.0%	47.5%
GKOS	Glaukos	8.3	22.8%	27.2%
VISN	Vistance Networks	2.8	22.2%	-30.6%
PI	Impinj	4.4	20.7%	-16.7%
UAMY	United States Antimony	1.7	20.3%	139.2%
MYRG	MYR	6.3	19.9%	85.3%
QURE	uniQure	1.2	19.2%	-16.6%
USAR	USA Rare Earth	2.7	17.9%	118.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OPCH	Option Care Health	3.2	-24.3%	-36.2%
USLM	United States Lime & Minerals	3.1	-16.0%	-10.0%
IDCC	InterDigital	7.6	-15.9%	-6.4%
CHH	Choice Hotels International	4.6	-15.6%	4.6%
WAY	Waystar	4.1	-15.4%	-34.7%
CLB	Core Laboratories	0.7	-15.3%	-8.6%
MAX	MediaAlpha	0.5	-14.9%	-34.3%
DSGN	Design Therapeutics	0.8	-13.9%	45.0%
W	Wayfair	8.2	-12.7%	-36.3%
FLS	Flowserve	9.4	-12.6%	6.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
MXL	MaxLinear	6.2	106.6%	305.9%
BAND	Bandwidth	1.1	60.4%	138.3%
OGN	Organon	3.4	54.1%	85.3%
MANE	Veradermics	2.0	43.0%	162.3%
INTC	Intel	458.0	41.5%	156.0%
KFRC	Kforce	0.8	41.1%	48.3%
KALV	KalVista Pharmaceuticals	1.4	39.7%	65.1%
COCO	Vita Coco	3.8	39.2%	24.5%
QCOM	Qualcomm	192.2	34.1%	5.7%
INDI	Indie Semiconductor	0.9	31.5%	27.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CMPX	Compass Therapeutics	0.3	-66.0%	-67.0%
ERAS	Erasca	3.0	-52.6%	186.3%
POET	POET Technologies	0.6	-39.2%	12.5%
VISN	Vistance Networks	2.8	-32.9%	-30.6%
LBRDA	Liberty Broadband	5.5	-31.9%	-20.4%
LBRDK	Liberty Broadband	5.5	-31.8%	-20.8%
CHTR	Charter Communications	21.0	-31.7%	-20.9%
OPCH	Option Care Health	3.2	-28.8%	-36.2%
CAR	Avis Budget	6.4	-21.2%	40.8%
CABO	Cable One	0.5	-20.3%	-18.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MXL	MaxLinear	6.2	306.8%	305.9%
AEHR	Aehr Test Systems	2.7	144.2%	348.5%
OGN	Organon	3.4	121.2%	85.3%
INTC	Intel	458.0	114.1%	156.0%
BE	Bloom Energy	74.8	109.1%	226.1%
BAND	Bandwidth	1.1	106.6%	138.3%
AOSL	Alpha & Omega Semiconductor	1.3	96.0%	119.2%
LWLG	Lightwave Logic	1.9	95.2%	323.5%
AAOI	Applied Optoelectronics	11.6	94.3%	371.5%
INBX	Inhibrx Biosciences	2.0	92.2%	63.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CMPX	Compass Therapeutics	0.3	-66.5%	-67.0%
REPL	Replimune	0.2	-66.4%	-73.6%
ERAS	Erasca	3.0	-34.2%	186.3%
LCID	Lucid	2.1	-33.2%	-39.7%
VRDN	Viridian Therapeutics	1.3	-31.1%	-56.7%
GEVO	Gevo	0.5	-30.0%	-4.5%
VISN	Vistance Networks	2.8	-29.7%	-30.6%
TBN	Tamboran Resources	0.7	-27.8%	32.6%
ESPR	Esperion Therapeutics	0.5	-27.0%	-45.9%
QDEL	QuidelOrtho	0.8	-25.1%	-56.9%

Peer Comparisons

Peers to compare with:

Financials

	DX	TWO	IVR	RC	LOAN	NLY	Median
Name	Dynex Ca.	Two Harb.	Invesco .	Ready Ca.	Manhatta.	Annaly C.
Mkt Price	13.62	11.57	8.13	1.89	4.33	22.90	9.85
Mkt Cap	2.7	1.2	0.6	0.3	0.0	16.5	0.9
Rev LTM	304	232	120	-24	7	2,390	176
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	184	-70	157	432	5	-1,581	81
FCF 3Y Avg	88	92	193	253	5	1,115	142
CFO LTM	184	34	157	432	5	-552	95
CFO 3Y Avg	88	230	193	253	5	1,996	211

Growth & Margins

	DX	TWO	IVR	RC	LOAN	NLY	Median
Name	Dynex Ca.	Two Harb.	Invesco .	Ready Ca.	Manhatta.	Annaly C.
Rev Chg LTM	181.4%	7.5%	50.6%	-148.0%	-6.9%	173.2%	29.1%
Rev Chg 3Y Avg	228.6%	166.1%	649.8%	-77.0%	0.6%	290.4%	197.3%
Rev Chg Q	-753.7%	372.1%	557.7%	-83.9%	-6.7%	85.4%	39.3%
QoQ Delta Rev Chg LTM	-18.3%	102.0%	65.7%	-154.4%	-1.8%	6.8%	2.5%
Op Inc Chg LTM	-	-	-	-	-	-	-
Op Inc Chg 3Y Avg	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	60.6%	14.5%	131.1%	-	73.6%	-23.1%	60.6%
CFO/Rev 3Y Avg	44.2%	79.2%	2,011.2%	-	70.6%	-	74.9%
FCF/Rev LTM	60.6%	-30.1%	131.1%	-	73.6%	-66.2%	60.6%
FCF/Rev 3Y Avg	44.2%	35.3%	2,011.2%	-	70.6%	-	57.4%

Valuation

	DX	TWO	IVR	RC	LOAN	NLY	Median
Name	Dynex Ca.	Two Harb.	Invesco .	Ready Ca.	Manhatta.	Annaly C.
Mkt Cap	2.7	1.2	0.6	0.3	0.0	16.5	0.9
P/S	9.0	5.2	4.8	-	7.3	6.9	6.9
P/Op Inc	-	-	-	-	-	-	-
P/EBIT	-	-	-	-	-	-	-
P/E	11.3	-3.5	5.7	-1.3	9.9	7.6	6.6
P/CFO	14.8	36.1	3.7	0.7	9.9	-30.0	6.8
Total Yield	8.9%	-15.1%	17.5%	-37.8%	20.8%	13.2%	11.0%
Dividend Yield	0.0%	13.2%	0.0%	37.1%	10.6%	0.0%	5.3%
FCF Yield 3Y Avg	5.4%	6.4%	39.7%	49.8%	8.7%	12.8%	10.8%
D/E	0.0	0.9	0.0	11.5	0.4	2.1	0.6
Net D/E	-0.3	0.5	-0.1	10.9	0.4	2.1	0.4

Returns

	DX	TWO	IVR	RC	LOAN	NLY	Median
Name	Dynex Ca.	Two Harb.	Invesco .	Ready Ca.	Manhatta.	Annaly C.
1M Rtn	8.1%	1.3%	2.1%	16.7%	-0.4%	8.3%	5.1%
3M Rtn	-2.9%	-10.2%	-4.5%	-13.9%	-1.7%	-1.3%	-3.7%
6M Rtn	11.9%	30.8%	25.3%	-34.6%	-7.1%	17.8%	14.8%
12M Rtn	29.3%	11.4%	33.9%	-54.4%	-7.6%	33.7%	20.3%
3Y Rtn	81.6%	27.1%	36.1%	-74.8%	10.4%	77.3%	31.6%
1M Excs Rtn	-2.4%	-9.1%	-8.3%	6.2%	-10.8%	-2.1%	-5.3%
3M Excs Rtn	-6.3%	-13.7%	-8.0%	-17.4%	-5.2%	-4.8%	-7.1%
6M Excs Rtn	4.3%	20.9%	17.3%	-44.5%	-14.5%	11.3%	7.8%
12M Excs Rtn	-1.7%	-23.2%	1.7%	-84.2%	-38.1%	4.0%	-12.4%
3Y Excs Rtn	1.1%	-47.7%	-41.1%	-151.1%	-65.4%	3.4%	-44.4%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	4/27/2026	2/25/2026	2/28/2025	2/26/2024	2/27/2023	2/28/2022	3/1/2021
Key Financials
Total Revenue	304	372	150	27	177	128	200
Net Income	242	319	114	-6	143	102	178
EPS	1.71	2.49	1.50	-0.25	3.19	2.79	6.93
Growth Rates
Total Revenue Growth	181.4%	147.4%	462.2%	-84.9%	38.6%	-36.0%	246.1%
Net Income Growth	242.0%	180.1%	1958.0%	-104.3%	40.0%	-42.4%	216.3%
Margins
Net Income Margin	79.5%	85.7%	75.7%	-22.9%	80.9%	80.1%	88.9%
Cash & Debt
Total Cash	773	531	377	120	332	366	296
Total Debt	0	0	0	0	0	0	0
Net Debt / (Cash)	-773	-531	-377	-120	-332	-366	-295
Cash Flows
Net Cash from Operations	184	121	14	62	126	147	174
Free Cash from Operations	184	121	14	62	126	147	174
Returns to Shareholders
Dividends	308	247	118	93	72	59	52
Share Repurchases	-0	-0	-0	-0	-0	70	100

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	4/27/2026	2/25/2026	10/27/2025	7/28/2025	4/30/2025	2/28/2025	10/28/2024	7/26/2024	4/26/2024	2/26/2024	11/6/2023	7/28/2023
Key Financials Quarterly
Total Revenue	-59	202	162	-1	9	60	40	-1	51	33	-34	62
Net Income	-80	185	150	-14	-3	51	31	-8	40	24	-43	54
EPS	-0.41	1.17	1.09	-0.14	-0.06	0.61	0.38	-0.15	0.65	0.39	-0.82	0.97
Key Financials TTM
Total Revenue TTM	304	372	230	108	108	150	123	49	112	27	45	44
Net Income TTM	242	319	185	65	71	114	87	13	76	-6	13	9
Growth Rates Quarterly
Total Revenue Growth	-753.7%	234.8%	309.0%	-23.8%	-82.4%	82.2%	215.4%	-101.7%	251.6%	-35.9%	4.7%	68.2%
Net Income Growth	-2512.5%	262.8%	385.2%	-63.8%	-107.7%	110.2%	172.0%	-115.3%	196.2%	-43.9%	7.8%	85.2%
Margins Quarterly
Net Income Margin	-	91.8%	92.6%	-	-34.0%	84.7%	78.1%	-	78.0%	73.4%	-	87.7%
Cash & Debt
Total Cash	773	531	491	388	327	377	268	286	296	120	271	300
Total Debt	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt / (Cash)	-773	-531	-491	-388	-327	-377	-268	-286	-296	-120	-271	-300
Cash Flows Quarterly
FCF from Operations	70	14	68	32	6	15	-2	19	-17	17	10	31
Cash Flows TTM
FCF from Operations TTM	184	121	122	51	38	14	16	28	41	62	76	91
Returns to Shareholders Quarterly
Dividends	103	79	70	57	42	35	31	27	25	24	23	23
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-12.5%	31.2%	29.9%	-3.0%	-0.8%	15.7%	9.0%	-2.6%	14.2%	7.9%	-16.9%	21.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	9.4%	13.4%	9.2%	3.6%	4.4%	8.8%	6.3%	1.0%	6.7%	-0.5%	1.3%	0.9%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Investing in Mortgage-backed securities (MBS) and funding these investments with repurchase	150	27	177	128	200
Total	150	27	177	128	200

Price Behavior

Price Behavior

Market Price	$13.62
Market Cap ($ Bil)	2.7
First Trading Date	06/30/1989
Distance from 52W High	-4.0%
	50 Days	200 Days
DMA Price	$13.09	$12.49
DMA Trend	up	down
Distance from DMA	4.1%	9.1%
	3M	1YR
Volatility	22.9%	17.5%
Downside Capture	0.47	0.25
Upside Capture	50.09	62.06
Correlation (SPY)	53.4%	40.4%

DX Betas & Captures as of 4/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.97	1.08	0.81	0.65	0.57	0.68
Up Beta	1.20	1.19	1.13	0.71	0.61	0.56
Down Beta	-0.34	1.95	1.20	0.71	0.59	0.66
Up Capture	77%	71%	47%	66%	50%	56%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	14	22	32	65	133	402
Down Capture	-55%	91%	70%	55%	52%	91%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	8	21	30	57	112	334

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DX
DX	28.1%	17.5%	1.25	-
Sector ETF (XLF)	8.8%	14.7%	0.36	31.9%
Equity (SPY)	30.6%	12.5%	1.88	40.3%
Gold (GLD)	38.6%	27.2%	1.18	22.4%
Commodities (DBC)	48.6%	18.0%	2.07	-8.9%
Real Estate (VNQ)	13.9%	13.5%	0.71	47.1%
Bitcoin (BTCUSD)	-19.3%	42.1%	-0.39	10.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DX
DX	5.5%	23.9%	0.20	-
Sector ETF (XLF)	10.0%	18.7%	0.41	47.9%
Equity (SPY)	12.9%	17.1%	0.59	50.5%
Gold (GLD)	20.6%	17.9%	0.94	15.6%
Commodities (DBC)	14.4%	19.1%	0.62	12.3%
Real Estate (VNQ)	3.6%	18.8%	0.09	58.1%
Bitcoin (BTCUSD)	8.3%	56.2%	0.36	18.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DX
DX	8.3%	29.9%	0.32	-
Sector ETF (XLF)	12.7%	22.2%	0.53	43.1%
Equity (SPY)	14.9%	17.9%	0.71	42.7%
Gold (GLD)	13.5%	15.9%	0.70	8.7%
Commodities (DBC)	9.7%	17.7%	0.46	15.7%
Real Estate (VNQ)	5.9%	20.7%	0.25	50.0%
Bitcoin (BTCUSD)	67.1%	66.9%	1.06	14.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	4152026
Short Interest: Shares Quantity	10.9 Mil
Short Interest: % Change Since 3312026	-13.7%
Average Daily Volume	4.6 Mil
Days-to-Cover Short Interest	2.4 days
Basic Shares Quantity	200.1 Mil
Short % of Basic Shares	5.5%

Returns Analyses

	Title
0	How Low Can Dynex Capital Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
4/20/2026	0.8%	2.4%
1/26/2026	-0.1%	-5.1%	-3.4%
10/20/2025	0.4%	1.4%	2.2%
7/21/2025	0.1%	3.1%	0.9%
4/21/2025	-1.8%	6.3%	8.6%
1/27/2025	1.2%	5.1%	11.1%
10/21/2024	-0.6%	-0.7%	-0.1%
7/22/2024	1.0%	0.1%	1.5%
...
SUMMARY STATS
# Positive	15	15	14
# Negative	10	10	10
Median Positive	1.2%	3.1%	6.5%
Median Negative	-2.5%	-2.6%	-2.8%
Max Positive	9.6%	14.6%	12.2%
Max Negative	-5.6%	-8.9%	-10.8%

	Forward Returns
4/20/2026	0.8%	2.4%
1/26/2026	-0.1%	-5.1%	-3.4%
10/20/2025	0.4%	1.4%	2.2%
7/21/2025	0.1%	3.1%	0.9%
4/21/2025	-1.8%	6.3%	8.6%
1/27/2025	1.2%	5.1%	11.1%
10/21/2024	-0.6%	-0.7%	-0.1%
7/22/2024	1.0%	0.1%	1.5%
4/22/2024	-1.0%	2.9%	8.3%
1/29/2024	1.2%	-2.8%	-2.9%
10/23/2023	-3.5%	-8.9%	8.2%
7/24/2023	4.3%	5.6%	-2.4%
4/24/2023	-0.4%	0.5%	-5.9%
1/30/2023	-5.6%	-2.4%	-10.8%
10/11/2022	6.2%	4.2%	6.6%
7/25/2022	-3.2%	1.9%	-5.1%
4/27/2022	9.6%	14.6%	12.2%
2/3/2022	0.8%	3.8%	-2.7%
10/27/2021	0.2%	-1.1%	-1.8%
7/28/2021	1.0%	-0.5%	2.1%
4/28/2021	1.8%	2.4%	-0.2%
1/28/2021	-3.7%	-4.0%	2.2%
10/28/2020	3.4%	4.1%	11.9%
7/29/2020	3.0%	-2.0%	5.1%
5/6/2020	-5.0%	-8.9%	6.3%
SUMMARY STATS
# Positive	15	15	14
# Negative	10	10	10
Median Positive	1.2%	3.1%	6.5%
Median Negative	-2.5%	-2.6%	-2.8%
Max Positive	9.6%	14.6%	12.2%
Max Negative	-5.6%	-8.9%	-10.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	04/27/2026	10-Q
12/31/2025	02/25/2026	10-K
09/30/2025	10/27/2025	10-Q
06/30/2025	07/28/2025	10-Q
03/31/2025	04/30/2025	10-Q
12/31/2024	02/28/2025	10-K
09/30/2024	10/28/2024	10-Q
06/30/2024	07/26/2024	10-Q
03/31/2024	04/26/2024	10-Q
12/31/2023	02/26/2024	10-K
09/30/2023	11/06/2023	10-Q
06/30/2023	07/28/2023	10-Q
03/31/2023	04/28/2023	10-Q
12/31/2022	02/27/2023	10-K
09/30/2022	10/31/2022	10-Q
06/30/2022	08/01/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 4/20/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Tax Hedge Gains Amortization		95.23 Mil		-0.8%		Lowered	Guidance: 95.97 Mil for 2026
2027 Tax Hedge Gains Amortization		90.41 Mil		-1.1%		Lowered	Guidance: 91.38 Mil for 2027
2028 Tax Hedge Gains Amortization		84.37 Mil		-1.1%		Lowered	Guidance: 85.35 Mil for 2028
2029 Tax Hedge Gains Amortization		276.03 Mil		-3.3%		Lowered	Guidance: 285.53 Mil for 2029

Prior: Q4 2025 Earnings Reported 1/26/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Projected Amortization of Tax Hedge Gains		95.97 Mil		-2.0%		Lowered	Guidance: 97.92 Mil for 2026
2027 Projected Amortization of Tax Hedge Gains		91.38 Mil		-2.1%		Lowered	Guidance: 93.33 Mil for 2027
2028 Projected Amortization of Tax Hedge Gains		85.35 Mil

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Popenoe, Smriti Laxman	Co-CEO and President	Direct	Buy	3302026	12.19	2,000	24,380	6,712,131	Form
2	Popenoe, Smriti Laxman	Co-CEO and President	Direct	Buy	9292025	12.16	4,260	51,784	4,951,555	Form
3	Colligan, Robert S	CFO and COO	Direct	Buy	9292025	12.12	4,200	50,904	1,464,787	Form

DX Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Diversification Alternatives

How Is The Market Pricing DX?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What DX Makes & Who Pays

TTM figures based on

DX Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Dynex Capital (DX)

Market Price (5/1/2026): $13.585 | Market Cap: $2.7 BilSector: Financials | Industry: Mortgage REITs

Dynex Capital (DX)

Market Price (5/1/2026): $13.585Market Cap: $2.7 BilSector: FinancialsIndustry: Mortgage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Dynex Capital (DX)

Interactive Breakdown

Better Bets vs. Dynex Capital (DX)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

DX Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Market Price (5/1/2026): $13.585 | Market Cap: $2.7 Bil
Sector: Financials | Industry: Mortgage REITs

Market Price (5/1/2026): $13.585
Market Cap: $2.7 Bil
Sector: Financials
Industry: Mortgage REITs