DX on NYSE

DYNEX CAPITAL INC

DYNEX CAPITAL INC is a real estate investment trust.2 It is headquartered in Glen Allen, United States.2 Its shares trade on NYSE under the symbol DX.2

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Last updated Oct 21, 2026.

Overview

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  • TickerDX on NYSE2
  • IndustryReal Estate Investment Trusts2
  • HeadquartersGlen Allen, United States2
  • Incorporated inVA3
  • Business address140 Eastshore Drive, Ste 100, Glen Allen, Va 230593
  • Filer categoryLarge accelerated filer3
  • Legal formStock Corporation2
  • LEI5CIJ4S9HAEBWILA19B652
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O SETH A. WINTER, 23219-3944 Richmond, United States2
  • Registered withState Corporation Commission, 031405062

Dynex Capital, Inc. is a real estate investment trust (“REIT”) structured to deliver dividends to shareholders supported by long term returns from investments in mortgage assets backed by U.S. housing and commercial real estate. Our common and preferred stocks trade on the New York Stock Exchange (“NYSE”) under the ticker symbols “DX” and “DXPRC”, respectively.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income56789$319.1M in 2025
-$200.0M0$200.0M$400.0M2019: -$152.7M-$152.7M20192020: $177.5M$177.5M20202021: $102.3M$102.3M2021−42%2022: $143.2M$143.2M2022+40%2023: -$6.1M-$6.1M20232024: $113.9M$113.9M20242025: $319.1M$319.1M2025+180%
Fiscal year20192020202120222023202420252026
Operating expenses$25.4M7$33.8M8$32.9M9$36.5M9$53.0M9
Interest$114.1M5$32.6M6$5.7M7$43.6M7$215.4M7
Net income-$152.7M5$177.5M6$102.3M7$143.2M8-$6.1M9$113.9M9$319.1M9
Earnings per share-$7.015$6.936$2.797$3.198-$0.259$1.509$2.499
Earnings per share (diluted)-$7.015$6.936$2.787$3.178-$0.259$1.499$2.479
Shares (weighted, basic)32.6M shares742.5M shares854.8M shares970.8M shares9124.1M shares9
Shares (weighted, diluted)32.8M shares742.7M shares854.8M shares971.3M shares9125.1M shares9

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Corporate structure

DYNEX CAPITAL INC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of DYNEX CAPITAL INC

  • BlackRock Filed SCHEDULE 13G/A on DYNEX CAPITAL INC, latest Apr 27, 2026 (7 filings since Feb 1, 2022)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on DYNEX CAPITAL INC, latest Mar 26, 2026 (4 filings since Feb 13, 2024)
  • DYNEX CAPITAL INC Glen Allen, Virginia, United States
    • ISSUED HOLDINGS CAPITAL CORPORATION Subsidiary · Glen Allen, Virginia, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What DYNEX CAPITAL INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$531.0M9 Dec 31, 2025$377.1M9 Dec 31, 2024+40.8%
Debt securities available for sale$734.4M9 Dec 31, 2025$836.5M9 Dec 31, 2024−12.2%

Properties, in its own words

The Company does not own or lease any physical properties that are material to its business, financial condition, or results of operations.

Item 2 of the 10-K filed Feb 25, 2026.4

Leadership

Who has led DYNEX CAPITAL INC, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (23)

Former names

  • RESOURCE MORTGAGE CAPITAL INC/VAJan 28, 1994 to Mar 17, 19973

Timeline

  1. Sep 29, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events47
  2. Sep 25, 20268-K Entered a material agreement; Regulation FD disclosure48
  3. Jul 28, 20268-K Entered a material agreement49
  4. Jul 20, 20268-K Results of operations50
  5. Jun 16, 20268-K Executive or director change51
  6. May 22, 20268-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote52
  7. Apr 28, 20268-K Entered a material agreement53
  8. Apr 21, 20268-K Other events54
  9. Apr 20, 20268-K Results of operations55
  10. Feb 27, 20268-K Executive or director change; Regulation FD disclosure56
  11. Jan 27, 20268-K Entered a material agreement57
  12. Jan 26, 20268-K Results of operations; Executive or director change58
  13. Sep 10, 2024New chief executive Smriti Laxman Popenoe becomes CEO13
  14. Jan 23, 2014New chief executive Byron L. Boston becomes CEO14
  15. Mar 5, 2008New chief executive Thomas B. Akin becomes CEO15
  16. Dec 18, 1987Founded DYNEX CAPITAL INC is founded2

Calendar

When it reported results

  1. Jul 20, 2026Reported quarterly or annual results50
  2. Apr 20, 2026Reported quarterly or annual results55
  3. Jan 26, 2026Reported quarterly or annual results58
  4. Oct 20, 2025Reported quarterly or annual results59
  5. Jul 21, 2025Reported quarterly or annual results60
  6. Apr 21, 2025Reported quarterly or annual results61
  7. Jan 27, 2025Reported quarterly or annual results62
  8. Oct 21, 2024Reported quarterly or annual results63

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

250 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 53 major events, 115 insider forms, 11 large holders, 51 other. The latest 20:

  1. Sep 29, 2026CERT NYSE CERTIFICATION EDGAR
  2. Sep 29, 20268-K EDGAR
  3. Sep 29, 20268-A12B EDGAR
  4. Sep 28, 20264 EDGAR
  5. Sep 25, 20268-K EDGAR
  6. Sep 23, 2026424B5 EDGAR
  7. Sep 22, 2026FWP EDGAR
  8. Sep 22, 2026424B5 EDGAR
  9. Sep 10, 20264 EDGAR
  10. Sep 10, 20264 EDGAR
  11. Jul 28, 20268-K EDGAR
  12. Jul 28, 2026424B5 EDGAR
  13. Jul 27, 202610-Q EDGAR
  14. Jul 20, 20268-K EDGAR
  15. Jun 30, 20264 EDGAR
  16. Jun 30, 20263 EDGAR
  17. Jun 16, 20268-K EDGAR
  18. May 26, 20264 EDGAR
  19. May 26, 20264 EDGAR
  20. May 26, 20264 EDGAR

The 250 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

16 open-market trades by officers, directors and large owners since October 2021: 16 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Connelly Terrence John JRChief Investment OfficerBuy2,500$11.18$27.9KForm 4
Feb 27, 2026Popenoe Smriti LaxmanCo-CEO and PresidentBuy2,000$12.19$24.4KForm 4
Sep 26, 2025Popenoe Smriti LaxmanCo-CEO and PresidentBuy4,260$12.16$51.8KForm 4
Sep 26, 2025COLLIGAN ROBERT SCFO and COOBuy4,200$12.12$50.9KForm 4
Mar 14, 2023COLLIGAN ROBERT SCFO and COOBuy8,000$12.16$97.3KForm 4
Oct 26, 2022BOSTON BYRON LCo-CEO & Chairman of the BoardBuy2,500$11.61$29.0KForm 4
Oct 25, 2022BOSTON BYRON LCo-CEO & Chairman of the BoardBuy12,000$10.92$131.0KForm 4
Sep 2, 2022Popenoe Smriti LaxmanCo-CEO and PresidentBuy2,000$15.50$31.0KForm 4
Sep 1, 2022Popenoe Smriti LaxmanCo-CEO and PresidentBuy325$15.27$5.0KForm 4
Aug 23, 2022COLLIGAN ROBERT SCFO and COOBuy10,000$15.84$158.4KForm 4
Aug 22, 2022BOSTON BYRON LCo-CEO & Chairman of the BoardBuy1,928$15.54$30.0KForm 4
Jun 13, 2022BOSTON BYRON LCo-CEO & Chairman of the BoardBuy6,562$15.25$100.1KForm 4
May 17, 2022BOSTON BYRON LCo-CEO & Chairman of the BoardBuy1,167$16.27$19.0KForm 4
May 13, 2022BOSTON BYRON LCo-CEO & Chairman of the BoardBuy2,000$16.00$32.0KForm 4
Feb 24, 2022Childress Jeffrey LSVP, Chief Accounting OfficerBuy100$24.75$2.5KForm 4
Feb 4, 2022BOSTON BYRON LCo-CEO & Chairman of the BoardBuy12,600$15.98$201.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Byron L. BostonCo-Chief Executive Officer and Chairman of the Board$900.0K$7.8M66
2025Smriti L. PopenoeCo-Chief Executive Officer and President$900.0K$7.7M66
2025Robert S. Colligan Senior Advisor to the Co-CEOs (former Chief Financial Officer)$560.0K$3.7M66
2024Byron L. BostonCo-Chief Executive Officer and Chairman of the Board$900.0K$7.2M66
2024Smriti L. PopenoeCo-Chief Executive Officer and President$844.3K$6.2M66
2024Robert S. Colligan Senior Advisor to the Co-CEOs (former Chief Financial Officer)$526.6K$3.4M66
2023Byron L. BostonCo-Chief Executive Officer and Chairman of the Board$850.0K$6.1M66
2023Smriti L. PopenoeCo-Chief Executive Officer and President$750.0K$5.5M66
2023Robert S. Colligan Senior Advisor to the Co-CEOs (former Chief Financial Officer)$500.0K$2.1M66

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.18,437,985$241.7M0.0%+2,355,906
Vanguard Capital Management LLC9,145,837$119.9M0.0%+632,153
Millennium Management LLC7,016,976$92.0M0.1%+4,262,649
Marshall Wace, Llp6,413,930$84.1M0.1%+6,201,462
Geode Capital Management, LLC5,566,081$73.0M0.0%+824,639
State Street Corp5,113,743$67.9M0.0%+579,022
Ameriprise Financial Inc3,347,364$43.9M0.0%+1,401,864
Two Sigma Investments, LP2,965,239$38.9M0.0%+1,015,561
Northern Trust Corp2,320,658$30.4M0.0%+536,787
Wellington Management Group Llp2,221,800$29.1M0.0%+1,307,100
Royal Bank Of Canada2,153,884$28.2M0.0%+622,781
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.2,132,490$28.0M0.0%+72,105
Victory Capital Management Inc2,125,257$27.9M0.0%−474,341
Vanguard Portfolio Management LLC1,810,563$23.7M0.0%+410,722
Qube Research & Technologies Ltd1,800,280$23.6M0.0%−1,908,113
Charles Schwab Investment Management Inc1,795,250$23.5M0.0%+147,356
Callodine Capital Management, LP1,642,300$21.5M1.4%−28,554
Segall Bryant & Hamill, LLC1,637,513$21.5M0.3%+102,917
Invesco Ltd.1,501,658$19.7M0.0%+209,715
Van Eck Associates Corp1,485,109$19.5M0.0%−31,235
Fmr LLC1,436,183$18.8M0.0%+230,077
Vanguard Fiduciary Trust Co1,426,325$18.7M0.0%+145,827
UBS Group AG1,397,927$18.3M0.0%+317,114
Morgan Stanley1,281,047$16.8M0.0%−34,994
Balyasny Asset Management L.P.1,220,139$16.0M0.0%−1,219,509

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How DYNEX CAPITAL INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDYNEX CAPITAL INC1
  • CIK0000826675
  • Employer ID (EIN)52-15493734
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inVirginia4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address140 Eastshore Drive, Ste 100, Glen Allen, VA 230591
  • Phone80421758001
  • Shares outstanding247,429,551 as of Jul 24, 202611
  • Public float$1.5B as of Jun 30, 20254
  • AuditorErnst & Young, LLP, Richmond, Virginia PCAOB ID 42; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJan 28, 19941
  • Filings1,428 in all: 4 (496), 8-K (279), 10-Q (98), SC 13D/A (42), 424B5 (38), DEF 14A (34), 424B2 (33), DEFA14A (32)1
    All 67 form types

    SC 13G/A (32), 10-K (31), SC 13G (22), 3 (19), SC TO-I/A (17), UPLOAD (17), ARS (16), CORRESP (15), 11-K (13), 4/A (13), S-3 (11), 8-K/A (9), EFFECT (9), PRE 14A (9), S-3/A (9), 10-Q/A (8), NT 10-Q (8), SC 13D (8), 10-K/A (7), 424B3 (7), 8-A12B (7), S-8 (7), SC TO-I (6), 5 (5), SCHEDULE 13G/A (5), 8-A12G (4), FWP (4), NT 10-K (4), SC TO-C (4), 25-NSE (3), POS AM (3), PREM14C (3), PRER14A (3), 10-K405 (2), 11-K/A (2), 144 (2), 15-12G (2), 8-A12G/A (2), CERT (2), CERTNYS (2), DEFS14A (2), NO ACT (2), PRES14A (2), T-3 (2), T-3/A (2), 15-15D (1), 25 (1), 5/A (1), 8-A12B/A (1), CERTAMX (1), CERTNAS (1), DFAN14A (1), NT 11-K (1), PREC14A (1), S-3ASR (1), S-3D (1), S-3MEF (1), S-8 POS (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Jul 27, 2026
    Proxy statement (DEF 14A) Apr 7, 2026
    Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareDXNew York Stock Exchange
6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per shareDXPRCNew York Stock Exchange

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks DYNEX CAPITAL INC names in Item 1A of its 10-K filed Feb 25, 2026: 36 risks under these headings, as written.4

  • RISKS RELATED TO OUR INVESTMENT ACTIVITIES
  • Changes in market spreads may negatively impact the market value and profitability of our investment portfolio.
  • Interest rate fluctuations could negatively impact our financing costs, the market value of our investments, dividends, liquidity, and the market price of our stock.
  • Volatile market conditions for mortgages and mortgage-related assets as well as the broader financial markets can result in a significant contraction in liquidity for mortgages and mortgage-related assets, which may adversely affect the pricing reliability and value of our investments.
  • Changes in the Federal Reserve, government agency, or other government related entity participation in the Agency mortgage market may impact the market value and return on our investments.
  • Changes in prepayment rates on the mortgage loans underlying our investments may subject us to reinvestment risk and adversely affect our interest income, the market value of our investments, and our liquidity.
  • We may be subject to risks associated with inadequate or untimely services from third-party loan servicers, which may negatively impact our results of operations. We also rely on corporate trustees to act on behalf of us and other holders of securities in enforcing our rights.
  • We invest in securities guaranteed by Fannie Mae and Freddie Mac, which are currently under conservatorship by the Federal Housing Finance Agency (“FHFA”). Potential changes to the federal conservatorship of Fannie Mae and Freddie Mac or to the laws and regulations affecting the support that the GSEs receive from the U.S. government may adversely affect the availability, pricing, liquidity, market value, and financing of our assets.
  • It could be uneconomical to roll our TBA contracts or we may be unable to meet margin calls on our TBA contracts, which would have a negative impact on our liquidity.
  • Provisions requiring yield maintenance charges, prepayment penalties, defeasance, or lockouts in CMBS IO securities may not be enforceable.
  • Credit ratings assigned to debt securities by credit rating agencies may not accurately reflect the risks associated with those securities. Changes in credit ratings for securities we own or for similar securities might negatively impact the market value of these securities.
  • RISKS RELATED TO LEVERAGE, FINANCING AND HEDGING ACTIVITIES
The other 26 risks
  • Our use of leverage, primarily through repurchase agreements, to enhance shareholder returns increases the risk of volatility in our results and could lead to material decreases in comprehensive income, shareholders’ equity, dividends, and liquidity.
  • Our repurchase agreements and agreements governing certain derivative instruments may contain financial and nonfinancial covenants. Our inability to meet these covenants could adversely affect our financial condition, results of operations, and cash flows.
  • Our use of hedging strategies to mitigate our interest rate risk may not be effective and may adversely affect our net income, liquidity, and book value per common share.
  • Clearing facilities or exchanges may increase the margin requirements we are required to post when entering into derivative instruments, which may negatively impact our ability to hedge and our liquidity.
  • We may incur significant losses if we, or one or more of our third-party lenders, default on a repurchase agreement or file for bankruptcy.
  • The models we use to make purchases and risk management decisions for our portfolio may be inaccurate or incomplete, which could materially and adversely affect our cash flows.
  • RISKS RELATED TO OUR QUALIFICATION AS A REIT AND TAX-RELATED OR OTHER REGULATORY MATTERS
  • If we fail to conduct our operations properly, we may not qualify for exemption under the 1940 Act, which may reduce our flexibility and limit our ability to pursue certain opportunities.
  • To meet our REIT distribution requirements, we may be forced to increase our dividend distributions which could cause us to liquidate attractive assets or incur debt on unfavorable terms. If we are unable to generate the required cash for a cash dividend distribution, we may be forced to declare a dividend that is payable, at least in part, in the form of stock, in which case shareholders may be required to pay income taxes in excess of the cash dividends received.
  • We have not established a minimum dividend payment level, and we may not have the ability to pay dividends in the future. Furthermore, our monthly dividend strategy could attract shareholders who are especially sensitive to the level and frequency of the dividend. If we were to reduce the dividend or change to a quarterly payment cycle, our share price could materially decline.
  • Qualifying as a REIT involves highly technical and complex provisions of the Tax Code, and a technical or inadvertent violation could jeopardize our REIT qualification. Maintaining our REIT status may reduce our flexibility to manage our operations.
  • We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility, or reduce the market price of our securities.
  • If we do not qualify as a REIT or fail to remain qualified as a REIT, we may be subject to tax as a regular corporation and could face a tax liability, which would reduce the amount of cash available for distribution to our shareholders. We would also violate debt covenants in certain repurchase and derivative agreements which may put us in default on these agreements.
  • Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
  • Uncertainty exists with respect to the treatment of our TBAs for purposes of the REIT asset and income tests.
  • Our ability to qualify as a REIT could be adversely affected if the IRS disagrees with our treatment of repurchase agreement transactions as financing of the investments we pledge as collateral.
  • Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow and our profitability.
  • The stock ownership limit imposed by the Tax Code for REITs and our Restated Articles of Incorporation (“Articles of Incorporation”) may restrict our business combination opportunities. The stock ownership limitation may also result in reduced liquidity of our stock and may result in losses to an acquiring shareholder.
  • The stock ownership limit imposed by the Tax Code for REITs and our Articles of Incorporation may impair the ability of holders to convert shares of our outstanding preferred stock into shares of our common stock upon a change of control.
  • If we experience an ownership change as defined by the Tax Code for REITs, our ability to utilize our capital loss carryforwards to offset future taxable gains may be significantly limited or eliminated entirely, which could reduce cash available to distribute to our shareholders and adversely affect the market price of our common stock.
  • Future issuances of equity securities may dilute your percentage ownership in us and may also negatively affect the market price of our common stock.
  • If we are unable to successfully manage risks associated with the significant growth in our business and operations, our financial condition, results of operation, and reputation could be materially and adversely affected.
  • We rely on a third-party service provider for critical operational and trade functions and on other third parties for information and communication systems, and problems in the use, access, or performance of these systems, including as a result of any cybersecurity incident, could increase our costs and significantly disrupt our ability to operate our business, which may have a significant adverse impact on our financial condition and results of operations.
  • We may change our investment strategy, operating policies, dividend policy, and/or asset allocations without shareholder consent and/or in a manner which shareholders, analysts, and capital markets may not agree with.
  • We may be subject to risks associated with our use of data and technology systems, including our evolving use of AI and machine learning technology.
  • We are subject to human capital risk.
  • Share repurchases of our common stock or Series C Preferred Stock may negatively impact our compliance with covenants in our financing agreements and regulatory requirements (including maintaining exclusions from the requirements of the 1940 Act and qualification as a REIT). Any compliance failures associated with share repurchases could have a material adverse effect on our business, financial condition, and results of operations. Share repurchases also may negatively impact our ability to invest in our target assets in the future.

Legal proceedings

To the Company’s knowledge, there are no pending or threatened legal proceedings, which, in management’s opinion, individually or in total, could have a material adverse effect on the Company’s results of operations or financial condition.

The opening of Item 3, Legal Proceedings.4

Sources

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