Tearsheet

Dynex Capital (DX)

Market Price (12/29/2025): $13.91 | Market Cap: $1.9 Bil
Sector: Financials | Industry: Mortgage REITs

Dynex Capital (DX)

Market Price (12/29/2025): $13.91
Market Cap: $1.9 Bil
Sector: Financials
Industry: Mortgage REITs

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

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6%, FCF Yield is 6.4%	Trading close to highs Dist 52W High is -1.1%, Dist 3Y High is -1.1%	Key risks DX key risks include [1] its high leverage ratio of 7.5 times shareholders' equity and [2] a potentially unsustainable dividend due to a payout ratio that has frequently exceeded 100% of earnings.
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 -26%	Weak multi-year price returns 2Y Excs Rtn is -1.6%, 3Y Excs Rtn is -21%
2	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 87%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 53%
4	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36%
5	Low stock price volatility Vol 12M is 19%
6	Megatrend and thematic drivers Megatrends include Capital Markets & Investment. Themes include Fixed Income Investing, Real Estate Debt Markets, and Interest Rate Risk Management.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6%, FCF Yield is 6.4%
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 -26%
2	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 87%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 53%
4	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36%
5	Low stock price volatility Vol 12M is 19%
6	Megatrend and thematic drivers Megatrends include Capital Markets & Investment. Themes include Fixed Income Investing, Real Estate Debt Markets, and Interest Rate Risk Management.
7	Trading close to highs Dist 52W High is -1.1%, Dist 3Y High is -1.1%
8	Weak multi-year price returns 2Y Excs Rtn is -1.6%, 3Y Excs Rtn is -21%
9	Key risks DX key risks include [1] its high leverage ratio of 7.5 times shareholders' equity and [2] a potentially unsustainable dividend due to a payout ratio that has frequently exceeded 100% of earnings.

Valuation, Metrics & Events

	12/29/25	2024	2023	2022	2021
Share Price CYE	$13.91	$10.82	$9.52	$8.51	$10.06
Market Cap CYE ($ Bil)	1.9	0.9	0.5	0.4	0.4
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.5	0.4	0.1	0.3	0.4
Enterprise Value ($ Bil)	1.4	0.9	0.5	0.4	0.4
Valuation Ratios
P/S TTM	8.2	6.0	25.7	3.1	4.3
P/EBIT TTM	-	-	-	-	-
P/E TTM	10.2	7.9	-111.9	3.8	5.3
P/FCF TTM	15.5	62.2	11.0	4.3	3.7
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	8.0	8.3	7.3	7.6	7.2
P/E TTM (Sector)	12.0	11.6	10.1	9.4	10.1
P/FCF TTM (Sector)	8.7	8.8	7.8	6.5	7.4

	12/29/25	2024	2023
Share Price CYE	$13.91	$10.82	$9.52
Market Cap CYE ($ Bil)	1.9	0.9	0.5
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.5	0.4	0.1
Enterprise Value ($ Bil)	1.4	0.9	0.5
Valuation Ratios
P/S TTM	8.2	6.0	25.7
P/EBIT TTM	-	-	-
P/E TTM	10.2	7.9	-111.9
P/FCF TTM	15.5	62.2	11.0
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8
P/EBIT TTM (Sector)	8.0	8.3	7.3
P/E TTM (Sector)	12.0	11.6	10.1
P/FCF TTM (Sector)	8.7	8.8	7.8

	DX	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.2
Rev Chg Q	309.0%	7.3%
Rev Chg LTM	87.1%	6.1%
Rev Chg 3Y Avg	63.4%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.2
CFO/Rev LTM	52.8%	20.4%
Net Inc Mgn	80.2%	13.1%
VALUATION	MODERATE
P/S	8.2	3.3
P/CFO	15.5	15.8
P/FCF	15.5	20.7
P/E	10.2	23.7

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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

Upcoming
1/02/2026	Dividend	Amount: $0.17 Payment On: 1/09/2026
1/26/2026	Earnings Release	Rev: $59 Mil (E) EPS: $0.48 (E)
4/20/2026	Earnings Release	Rev: - EPS: -

DX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points explaining Dynex Capital's (DX) stock movement of 14.4% between August 31, 2025, and December 29, 2025:

1. Consistent Monthly Dividends Maintained a High Yield. Dynex Capital consistently declared a monthly cash dividend of $0.17 per common share throughout the period, with announcements made for August, September, October, November, and December 2025. This steady payout indicated a robust dividend yield, noted around 14.70% by late December 2025, making the stock attractive to income-focused investors.

2. Strong Economic Return and Book Value Growth in Q3 2025. Despite missing analyst estimates for EPS and revenue in its Q3 2025 earnings report on October 20, 2025, Dynex Capital reported a total economic return of $1.23 per common share, representing 10.3% of its beginning book value. The company also increased its book value per common share to $12.67 as of September 30, 2025. These metrics highlighted underlying financial health and effective management strategies, contributing to investor confidence.

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Stock Movement Drivers

Fundamental Drivers

The 17.7% change in DX stock from 9/28/2025 to 12/28/2025 was primarily driven by a 113.8% change in the company's Total Revenues ($ Mil).

	9282025	12282025	Change
Stock Price ($)	11.79	13.88	17.68%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	107.77	230.45	113.84%
Net Income Margin (%)	60.69%	80.19%	32.13%
P/E Multiple	20.41	10.21	-49.97%
Shares Outstanding (Mil)	113.18	135.95	-20.12%
Cumulative Contribution			12.92%

LTM = Last Twelve Months as of date shown

Market Drivers

9/28/2025 to 12/28/2025

	Return	Correlation
DX	17.7%
Market (SPY)	4.3%	32.8%
Sector (XLF)	3.3%	32.4%

Fundamental Drivers

The 22.4% change in DX stock from 6/29/2025 to 12/28/2025 was primarily driven by a 113.3% change in the company's Total Revenues ($ Mil).

	6292025	12282025	Change
Stock Price ($)	11.34	13.88	22.43%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	108.02	230.45	113.34%
Net Income Margin (%)	65.46%	80.19%	22.51%
P/E Multiple	14.51	10.21	-29.63%
Shares Outstanding (Mil)	90.49	135.95	-50.24%
Cumulative Contribution			-8.47%

LTM = Last Twelve Months as of date shown

Market Drivers

6/29/2025 to 12/28/2025

	Return	Correlation
DX	22.4%
Market (SPY)	12.6%	28.5%
Sector (XLF)	7.4%	30.1%

Fundamental Drivers

The 29.1% change in DX stock from 12/28/2024 to 12/28/2025 was primarily driven by a 87.1% change in the company's Total Revenues ($ Mil).

	12282024	12282025	Change
Stock Price ($)	10.75	13.88	29.09%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	123.17	230.45	87.09%
Net Income Margin (%)	70.73%	80.19%	13.38%
P/E Multiple	9.35	10.21	9.16%
Shares Outstanding (Mil)	75.79	135.95	-79.37%
Cumulative Contribution			-52.24%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2024 to 12/28/2025

	Return	Correlation
DX	29.1%
Market (SPY)	17.0%	52.6%
Sector (XLF)	15.3%	51.7%

Fundamental Drivers

The 60.0% change in DX stock from 12/29/2022 to 12/28/2025 was primarily driven by a 195.7% change in the company's P/E Multiple.

	12292022	12282025	Change
Stock Price ($)	8.68	13.88	60.00%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	146.10	230.45	57.73%
Net Income Margin (%)	77.98%	80.19%	2.84%
P/E Multiple	3.45	10.21	195.73%
Shares Outstanding (Mil)	45.35	135.95	-199.80%
Cumulative Contribution			-578.70%

LTM = Last Twelve Months as of date shown

Market Drivers

12/29/2023 to 12/28/2025

	Return	Correlation
DX	45.8%
Market (SPY)	48.4%	47.4%
Sector (XLF)	51.8%	46.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
DX Return	17%	2%	-15%	12%	14%	29%	66%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
DX Win Rate	67%	58%	50%	50%	67%	58%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
DX Max Drawdown	-48%	-4%	-29%	-16%	-6%	-8%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[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] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	DX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-52.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	112.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-57.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	136.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	402 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	31.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	160 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-40.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	67.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	619 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Dynex Capital's stock fell -52.9% during the 2022 Inflation Shock from a high on 6/9/2021. A -52.9% loss requires a 112.3% gain to breakeven.

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Asset Allocation

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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 to describe Dynex Capital (DX):

Goldman Sachs, but focused on mortgage-backed securities. (This highlights its role as a sophisticated financial investor and trader in a specific debt market.)
An apartment REIT (like Equity Residential), but for mortgage loans instead of physical buildings. (This explains its Real Estate Investment Trust (REIT) structure, but clarifies that it profits from mortgage debt rather than owning physical property.)

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Mortgage-Backed Securities (MBS) Investments: Acquisition and management of a diversified portfolio primarily consisting of agency residential and commercial mortgage-backed securities.
Financing and Leverage: Utilizing repurchase agreements to finance their portfolio investments and enhance returns.
Interest Rate Risk Management: Employing interest rate hedges, such as swaps and swaptions, to mitigate the impact of interest rate volatility on their portfolio.

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Dynex Capital (DX) - Major Customers

Dynex Capital (symbol: DX) is a mortgage Real Estate Investment Trust (mREIT). Unlike a traditional company that sells physical products or services to customers, Dynex Capital operates primarily as an investor in financial assets, specifically agency residential mortgage-backed securities (MBS).

Therefore, Dynex Capital does not have "customers" in the conventional sense who purchase goods or services directly from them. Instead, its business involves engaging in financial transactions with a variety of other financial institutions as counterparties in the capital markets.

While Dynex Capital does not "sell" a product or service to other companies in the traditional sense, its primary business interactions are conducted with these other financial institutions. These interactions include:

Sellers of Mortgage-Backed Securities (MBS): Dynex Capital purchases MBS from various broker-dealers and investment banks in the secondary market. These institutions facilitate the buying and selling of securities.
Repurchase Agreement (Repo) Counterparties: To finance its investments, Dynex Capital enters into repurchase agreements with large commercial banks and investment banks. These institutions provide financing against Dynex Capital's MBS holdings.
Derivative Counterparties: For hedging interest rate risk, Dynex Capital utilizes derivative instruments (such as interest rate swaps) with various financial institutions.

Due to the transactional nature of financial markets and the wide array of financial institutions Dynex Capital transacts with, the company does not typically have identifiable "major customers" or disclose specific names of these counterparties as "customers." The relationships are dynamic and spread across numerous market participants rather than concentrated with a few key buyers of a product or service.

In summary, Dynex Capital's business is centered on financial market activities where its counterparties are primarily other financial institutions (e.g., investment banks, commercial banks, broker-dealers), rather than selling products or services to a defined customer base.

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Byron L. Boston, Chairman and Co-Chief Executive Officer

Byron L. Boston joined Dynex Capital's board in 2012 and has served as CEO or Co-CEO and Co-Chief Investment Officer since January 2014. He was President of the Company from March 2012 to December 2020, and held the position of Chief Investment Officer since April 2008. Boston's career includes building two successful public companies. He launched Sunset Financial Resources, a mortgage Real Estate Investment Trust (REIT) specializing in high-quality residential and commercial loans and securities, which was later sold in 2006. He previously gained experience in mortgage-backed securities and bond trading with Credit Suisse First Boston and Lehman Brothers, and at Freddie Mac, he developed and led the initial investment plan to grow their retained portfolio.

Smriti L. Popenoe, Co-Chief Executive Officer and President

Smriti L. Popenoe joined Dynex Capital's Board in September 2023 and serves as Co-CEO and President of the Company. She previously held the role of Chief Investment Officer from 2014 through 2024. Her career includes serving as Chief Risk Officer at PHH Corporation, a provider of mortgage banking and fleet management outsourcing services. As Senior Vice President with Wells Fargo (Wachovia Bank), she managed a $100+ billion investment portfolio and guided the team through the 2009 financial crisis. Popenoe also served as Senior Vice President, Investments, with Sunset Financial Resources, a startup mortgage REIT, where she contributed to its development. She began her investment career at Freddie Mac, where she managed a portfolio that grew to $500 billion.

Robert S. Colligan, Chief Financial Officer and Chief Operating Officer

Robert S. Colligan is the Chief Financial Officer and Chief Operating Officer of Dynex Capital, Inc. He joined Dynex in August 2022 as Chief Financial Officer and was appointed to the additional role of Chief Operating Officer in July 2024. Prior to joining Dynex, Mr. Colligan served as Chief Financial Officer at Chimera Investment Corporation, a real estate investment trust focused on residential mortgage loans, asset securitization, and mortgage-related securities. He also held the position of Controller at Starwood Capital Group. Earlier in his career, Mr. Colligan worked for Merrill Lynch and Bear Stearns, focusing on financial reporting, strategy, and investor relations, and began his career at PricewaterhouseCoopers.

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The key risks to Dynex Capital (DX) are as follows:

Interest Rate Risk

Dynex Capital's business model, as a mortgage real estate investment trust (mREIT) specializing in Agency mortgage-backed securities (MBS), is highly sensitive to fluctuations in interest rates. Changes in interest rates can negatively impact the market value of its MBS portfolio, leading to mark-to-market losses and potential book value erosion. Rising interest rates specifically increase the company's borrowing costs, particularly for its repurchase agreement financing, which can compress net interest income and overall profitability. Conversely, while hedging strategies are employed to mitigate these risks, they can also eat into profits.
Leverage and Funding Risk

Dynex Capital employs a highly leveraged investment strategy, primarily financing its MBS portfolio through short-term repurchase agreements. While leverage can amplify returns, it also significantly increases the risk of volatility in results. This reliance on short-term debt exposes the company to refinancing challenges and liquidity constraints, especially in a rising rate environment or during periods of market stress. Margin calls, where lenders demand additional collateral due to declining asset values, could force Dynex Capital to sell assets at unfavorable prices, further eroding shareholder value. As of September 30, 2025, Dynex reported a leverage ratio including To-Be-Announced (TBA) securities, of 7.5 times shareholders' equity.
Dividend Sustainability Risk

Dynex Capital is known for offering a high dividend yield; however, its dividend payout ratio has frequently exceeded 100% of earnings, indicating that the company is paying out more in dividends than it earns. This suggests that the company may be funding its dividends from sources beyond net income, such as capital or debt, which poses a significant risk to the long-term sustainability of the dividend. Wall Street analysts have expressed caution regarding this high payout ratio, suggesting it is a major concern for the dividend's future viability. As a REIT, Dynex is legally obligated to distribute 90% of its taxable income, adding to the pressure to maintain payouts.

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Dynex Capital (DX) operates as a mortgage Real Estate Investment Trust (mREIT) primarily focused on investing in mortgage-backed securities (MBS). The company's main products are investments in Agency and, to a lesser extent, non-Agency MBS, from which it generates income through net interest spread. Dynex Capital principally serves the U.S. residential mortgage market.

The addressable market for Dynex Capital's main products is the U.S. mortgage-backed securities market. This market is substantial, with over $11 trillion in outstanding securities. As of 2025, the U.S. Mortgaged Backed Securities Market size is estimated at $15.55 trillion and is projected to grow to $22.43 trillion by 2030. The North American region currently holds the largest share of this market. Specifically, Agency MBS, which constitute the majority of Dynex Capital's portfolio, make up a significant portion of the U.S. securitized market, reported as $14 trillion as of December 31, 2024.

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Dynex Capital (symbol: DX) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

Strategic Capital Raising and Deployment: Dynex Capital has consistently demonstrated its ability to raise new equity capital, which is then strategically deployed into its investment portfolio. For instance, in the third quarter of 2025, the company raised $254 million in new common equity capital, contributing to a year-to-date total of $776 million. In 2024, they raised $332.0 million. This expanded capital base allows for further investment in income-generating assets.
Growth and Active Management of Investment Portfolio: The company actively grows and manages its portfolio, primarily consisting of Agency Residential Mortgage-Backed Securities (RMBS) and Agency Commercial Mortgage-Backed Securities (CMBS). The portfolio expanded by 10% in Q3 2025 compared to the prior quarter, and over 50% since the beginning of the year. In the third quarter of 2025 alone, Dynex purchased $2.4 billion in Agency RMBS and $464 million in Agency CMBS, adding higher-yielding assets that contribute to increased net interest income.
Favorable Interest Rate Environment and Net Interest Margin Expansion: Dynex Capital anticipates benefits from potential Federal Open Market Committee (FOMC) rate cuts, which are expected to positively impact its net interest margin in the upcoming quarters. A decline in interest rates can lead to asset appreciation and tightening of mortgage spreads, enhancing the profitability of its leveraged portfolio.
Opportunistic Positioning in Agency RMBS and CMBS: The company focuses on opportunistic positioning and disciplined risk management to capitalize on attractive returns offered by Agency RMBS spreads and seize opportunities in Agency CMBS. This involves actively managing the portfolio to adapt to market conditions and generate strong returns from these high-quality, liquid fixed-income products.
Expansion of Operational Capabilities: The opening of a new office in New York City is a strategic move designed to enhance trading and portfolio management capabilities. This expansion aims to attract top talent and strengthen relationships with business partners, which is expected to lead to more efficient investment strategies and ultimately contribute to revenue growth.

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Share Repurchases

Dynex Capital announced an Equity Buyback for $100 million worth of its shares in April 2024.

Share Issuance

The company issued $521.8 million worth of stock in the first half of 2025.
In the third quarter of 2025, Dynex Capital raised $254 million, net of issuance costs, through at-the-market common stock issuances.
Shareholders approved an amendment in May 2025 to increase the number of authorized common shares from 180,000,000 to 360,000,000.

Outbound Investments

In the third quarter of 2025, Dynex Capital purchased $2.4 billion in Agency Residential Mortgage-Backed Securities (RMBS) and $464 million in Agency Commercial Mortgage-Backed Securities (CMBS).
During the second quarter of 2025, the company invested $1.9 billion in Agency RMBS, $364 million in Agency CMBS, and increased To-Be-Announced (TBA) investments by $953 million.
Dynex Capital's investment portfolio, primarily composed of Agency MBS, grew to $11.3 billion in total assets by the second quarter of 2025, up from $9.0 billion in the first quarter of 2025.

	Best Bets In Financials Sector
What You Pay
P/E	10.2	13.2	9.2	9.1	26.4	19.2	8.4	11.3	14.0	36.5	12.6
P/EBIT	�	10.5	5.8	6.9	19.8	15.0	6.2	9.0	10.8	24.7	8.1
What You Get
Rev Chg Q	309.0%	-35.5%	17.8%	-0.7%	-3.0%	19.0%	7.6%	6.0%	16.3%	13.3%	11.9%
Rev Chg LTM	87.1%	24.0%	-4.9%	2.2%	5.8%	18.1%	8.9%	10.2%	21.1%	22.2%	3.9%
Rev Chg 3Y Avg	63.4%	429.4%	22.0%	1.2%	8.9%	32.4%	10.3%	7.6%	23.5%	19.7%	2.1%
FCF/Rev 3Y Avg	77.6%	847.0%	120.8%	62.2%	61.9%	60.8%	58.4%	55.6%	54.7%	49.8%	49.6%

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can Dynex Capital Stock Really Go?	Return
2	Dynex Capital (DX) Operating Cash Flow Comparison	Financials
3	Dynex Capital (DX) Debt Comparison	Financials
4	Dynex Capital (DX) Operating Income Comparison	Financials
5	Dynex Capital (DX) EBITDA Comparison	Financials
6	Dynex Capital (DX) Net Income Comparison	Financials
7	Dynex Capital (DX) Tax Expense Comparison	Financials
8	Dynex Capital (DX) Revenue Comparison	Financials
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)
10	Dynex Capital (DX) Valuation Ratios Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to DX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.5%	14.5%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.5%	-1.5%	-1.5%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.5%	-4.5%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	7.6%	7.6%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-11.1%	-11.1%	-12.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Dynex Capital

Peers to compare with:

Financials

	DX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dynex Ca.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	13.88	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	1.9	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	230	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	-	3,624	1,644	11,544	12,991	130,214	11,544
FCF LTM	122	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	71	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	122	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	71	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	DX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dynex Ca.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	87.1%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	63.4%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	309.0%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	113.8%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	-	6.6%	4.8%	17.7%	22.5%	31.9%	17.7%
Op Mgn 3Y Avg	-	7.4%	7.2%	16.4%	24.2%	30.8%	16.4%
QoQ Delta Op Mgn LTM	-	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.1%
CFO/Rev LTM	52.8%	6.7%	8.5%	20.6%	23.8%	26.6%	22.2%
CFO/Rev 3Y Avg	77.6%	6.8%	12.7%	21.4%	26.1%	28.4%	23.8%
FCF/Rev LTM	52.8%	5.1%	1.8%	18.1%	22.1%	23.5%	20.1%
FCF/Rev 3Y Avg	77.6%	5.5%	4.6%	18.6%	24.6%	25.6%	21.6%

Valuation

	DX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dynex Ca.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	1.9	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	8.2	0.4	1.0	4.4	5.4	10.0	4.9
P/EBIT	-	6.8	19.9	25.1	22.5	31.3	22.5
P/E	10.2	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	15.5	5.9	11.2	21.1	22.5	37.5	18.3
Total Yield	9.8%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	6.8%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.0	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	-0.3	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	DX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dynex Ca.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-0.9%	-3.6%	12.7%	-1.1%	1.6%	-2.0%	-1.0%
3M Rtn	17.7%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.5%
6M Rtn	22.4%	-4.0%	34.5%	6.6%	15.2%	36.3%	18.8%
12M Rtn	29.1%	-27.0%	16.2%	40.5%	34.5%	7.5%	22.6%
3Y Rtn	60.0%	-3.7%	67.3%	141.3%	79.6%	114.1%	73.5%
1M Excs Rtn	-1.8%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-2.0%
3M Excs Rtn	13.4%	-16.2%	-1.7%	3.6%	12.7%	2.8%	3.2%
6M Excs Rtn	10.2%	-16.3%	22.3%	-5.7%	3.0%	24.0%	6.6%
12M Excs Rtn	13.9%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	6.6%
3Y Excs Rtn	-21.2%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/27/2025	2/28/2025	2/26/2024	2/27/2023	2/28/2022	3/1/2021	2/25/2020
Key Financials
Total Revenue	230	150	27	177	128	200	-137
Net Income	185	114	-6	143	102	178	-153
EPS	1.50	1.50	-0.25	3.19	2.79	6.93	-7.01
Growth Rates
Total Revenue Growth	87.1%	462.2%	-84.9%	38.6%	-36.0%	246.1%	-676.9%
Net Income Growth	112.1%	1958.0%	-104.3%	40.0%	-42.4%	216.3%	-2273.8%
Margins
Net Income Margin	80.2%	75.7%	-22.9%	80.9%	80.1%	88.9%	-
Cash & Debt
Total Cash	491	377	120	332	366	296	63
Total Debt	0	0	0	0	0	0	3
Net Debt / (Cash)	-491	-377	-120	-332	-366	-295	-60
Cash Flows
Net Cash from Operations	122	14	62	126	147	174	175
Free Cash from Operations	122	14	62	126	147	174	175
Returns to Shareholders
Dividends	203	118	93	72	59	52	68
Share Repurchases	-0	-0	-0	-0	70	100	25

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	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	3/31/2023	12/31/2022
Filing Date	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	4/28/2023	2/27/2023
Key Financials Quarterly
Total Revenue	162	-1	9	60	40	-1	51	33	-34	62	-34	52
Net Income	150	-14	-3	51	31	-8	40	24	-43	54	-42	43
EPS	1.09	-0.14	-0.06	0.61	0.38	-0.15	0.65	0.39	-0.82	0.97	-0.81	0.85
Key Financials TTM
Total Revenue TTM	230	108	108	150	123	49	112	27	45	44	18	177
Net Income TTM	185	65	71	114	87	13	76	-6	13	9	-16	143
Growth Rates Quarterly
Total Revenue Growth	309.0%	-23.8%	-82.4%	82.2%	215.4%	-101.7%	251.6%	-35.9%	4.7%	68.2%	-127.2%	149.0%
Net Income Growth	385.2%	-63.8%	-107.7%	110.2%	172.0%	-115.3%	196.2%	-43.9%	7.8%	85.2%	-135.6%	207.9%
Margins Quarterly
Net Income Margin	92.6%	-	-34.0%	84.7%	78.1%	-	78.0%	73.4%	-	87.7%	-	83.9%
Cash & Debt
Total Cash	491	388	327	377	268	286	296	120	271	300	279	332
Total Debt	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt / (Cash)	-491	-388	-327	-377	-268	-286	-296	-120	-271	-300	-279	-332
Cash Flows Quarterly
FCF from Operations	68	32	6	15	-2	19	-17	17	10	31	4	30
Cash Flows TTM
FCF from Operations TTM	122	51	38	14	16	28	41	62	76	91	96	126
Returns to Shareholders Quarterly
Dividends	70	57	42	35	31	27	25	24	23	23	23	20
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	29.9%	-3.0%	-0.8%	15.7%	9.0%	-2.6%	14.2%	7.9%	-16.9%	21.8%	-16.3%	18.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	9.2%	3.6%	4.4%	8.8%	6.3%	1.0%	6.7%	-0.5%	1.3%	0.9%	-1.5%	15.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Investing in Mortgage-backed securities (MBS) and funding these investments with repurchase	27	177	128	200	-137
Total	27	177	128	200	-137

Price Behavior

Price Behavior

Market Price	$13.88
Market Cap ($ Bil)	1.9
First Trading Date	06/30/1989
Distance from 52W High	-1.1%
	50 Days	200 Days
DMA Price	$13.51	$12.12
DMA Trend	up	up
Distance from DMA	2.7%	14.6%
	3M	1YR
Volatility	14.5%	19.1%
Downside Capture	17.06	44.14
Upside Capture	91.84	62.37
Correlation (SPY)	33.1%	52.6%

DX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.33	0.38	0.31	0.44	0.52	0.71
Up Beta	-0.24	0.31	0.53	0.61	0.41	0.58
Down Beta	0.63	0.27	0.27	0.17	0.68	0.68
Up Capture	106%	102%	61%	68%	50%	57%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	26	34	68	131	400
Down Capture	6%	3%	-4%	29%	53%	94%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	15	28	54	111	331

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

Based On 1-Year Data

		Comparison of DX With Other Asset Classes (Last 1Y)
	DX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	29.1%	16.3%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	19.0%	19.0%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	1.22	0.67	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		51.8%	52.5%	-2.2%	14.6%	57.8%	17.2%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of DX With Other Asset Classes (Last 5Y)
	DX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.9%	16.1%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	23.7%	18.9%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.26	0.71	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		48.2%	50.1%	12.5%	13.2%	57.8%	18.8%

Based On 10-Year Data

		Comparison of DX With Other Asset Classes (Last 10Y)
	DX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.6%	13.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	30.1%	22.3%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.34	0.55	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		43.8%	43.2%	6.6%	17.8%	50.5%	13.3%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	9,160,092
Short Interest: % Change Since 11302025	-2.7%
Average Daily Volume	3,773,994
Days-to-Cover Short Interest	2.43
Basic Shares Quantity	135,952,339
Short % of Basic Shares	6.7%

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
10/20/2025	0.4%	1.4%	3.5%
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%
...
SUMMARY STATS
# Positive	16	16	15
# Negative	9	9	10
Median Positive	1.5%	4.0%	6.6%
Median Negative	-3.2%	-2.4%	-2.6%
Max Positive	9.6%	14.6%	12.2%
Max Negative	-5.6%	-8.9%	-10.9%

	Forward Returns
10/20/2025	0.4%	1.4%	3.5%
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%	-10.9%
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%
2/6/2020	4.2%	5.3%	-1.7%
10/31/2019	4.5%	4.7%	10.2%
SUMMARY STATS
# Positive	16	16	15
# Negative	9	9	10
Median Positive	1.5%	4.0%	6.6%
Median Negative	-3.2%	-2.4%	-2.6%
Max Positive	9.6%	14.6%	12.2%
Max Negative	-5.6%	-8.9%	-10.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10272025	10-Q 9/30/2025
6302025	7282025	10-Q 6/30/2025
3312025	4302025	10-Q 3/31/2025
12312024	2282025	10-K 12/31/2024
9302024	10282024	10-Q 9/30/2024
6302024	7262024	10-Q 6/30/2024
3312024	4262024	10-Q 3/31/2024
12312023	2262024	10-K 12/31/2023
9302023	11062023	10-Q 9/30/2023
6302023	7282023	10-Q 6/30/2023
3312023	4282023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	10312022	10-Q 9/30/2022
6302022	8012022	10-Q 6/30/2022
3312022	5022022	10-Q 3/31/2022
12312021	2282022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Popenoe Smriti Laxman	Co-CEO and President	9292025	Buy	12.16	4,200	51,057	4,951,034	Form
1	COLLIGAN ROBERT S	CFO and COO	9292025	Buy	12.12	4,200	50,904	1,464,787	Form

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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

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Dynex Capital (DX)

Market Price (12/29/2025): $13.91 | Market Cap: $1.9 BilSector: Financials | Industry: Mortgage REITs

Dynex Capital (DX)

Market Price (12/29/2025): $13.91Market Cap: $1.9 BilSector: FinancialsIndustry: Mortgage REITs

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

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Market Price (12/29/2025): $13.91 | Market Cap: $1.9 Bil
Sector: Financials | Industry: Mortgage REITs

Market Price (12/29/2025): $13.91
Market Cap: $1.9 Bil
Sector: Financials
Industry: Mortgage REITs