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Dynex Capital
Dynex Capital (DX) investor relations material
Dynex Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Jan, 2026
Executive summary
Achieved a 29.4% total shareholder return in 2025, nearly tripling equity market capitalization to $3 billion in 13 months through disciplined risk management, strategic asset selection, and capital raising.
Expanded executive team, separated CFO and COO roles, and added key leadership to support operational growth and a high-performance culture.
Maintained a flexible, liquid portfolio focused on real estate mortgage assets, consistently outperforming industry benchmarks over 1, 3, and 5-year periods.
Emphasized adaptability to evolving market and policy conditions, supporting resilience and strategic flexibility.
Financial highlights
Fourth quarter total economic return was 10.2%, with $0.51 in common dividends and a $0.78 increase in book value per share; book value per share rose to $13.45 at year-end.
Portfolio fair value reached $19.4 billion at year-end, growing from $9.8 billion at the start of 2025 and to $22 billion post year-end.
Comprehensive income for Q4 was $190 million ($1.22 per share), and for the year $354 million ($2.85 per share); net income to common shareholders for Q4 was $182.6 million ($1.17 per share), and $308.9 million ($2.49 per share) for the year.
Annualized dividend yield stood at 14.6% as of year-end, with $2 per common share in dividends declared and paid monthly.
Liquidity at year-end was $1.4 billion, over 55% of total equity.
Outlook and guidance
Entering 2026 with a resilient platform, focused on long-term value creation and shareholder returns, and positioned for a residential mortgage rebound.
Expect continued capital raising and deployment when accretive, with a focus on generating returns above hurdle rates and projected ROEs in the mid- to high teens with leverage between 7x and 8x.
Anticipate policy support for lower mortgage rates, lighter regulation, and GSE portfolio growth, providing a backstop for mortgage spreads.
Dividend yields have normalized, with current yields near 14% compared to 17% a year ago.
How does GSE policy shift tactical asset allocation?
What G&A efficiency gains are expected at scale?
How to mitigate negative convexity from policy?
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Next Dynex Capital earnings date
Q1 202620 Apr, 2026
Dynex Capital
Next Dynex Capital earnings date
Q1 202620 Apr, 2026
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Frequently asked questions
Dynex Capital Inc is a real estate investment trust (REIT) that invests in mortgage-backed securities and other real estate-related assets. The company focuses on leveraged investments in agency and non-agency mortgage assets, aiming to generate income through interest rate and credit spread strategies. The company is headquartered in Glen Allen, Virginia, and its shares are listed on the NYSE.
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