Dynex Capital Inc. (DYT1)
XMUN 
Summary
DYT1 Chart
Income Investors Chasing Dynex Capital's 14.3% Yield Should See These Numbers First
Dynex Capital (NYSE:DX) operates as an internally managed mortgage REIT specializing in Agency RMBS and CMBS.
Dynex Capital's Fat Yield Still Doesn't Make Sense
Dynex Capital delivered a 28.6% total return since September, outperforming expectations but not altering my overall cautious stance. DX's Q4 saw improved net interest income, lower financing costs, and significant unrealized gains, driving a recovery in book value per share. Despite positive momentum, DX continues to pay out more in dividends than it generates in distributable earnings, raising sustainability concerns.
Dynex Capital, Inc. (DX) Q4 2025 Earnings Call Transcript
Dynex Capital, Inc. (DX) Q4 2025 Earnings Call Transcript
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Dynex Capital Inc. Profile
| Mortgage Real Estate Investment Trusts (REITs) Industry | Financials Sector | Mr. Byron L. Boston CEO | XMUN Exchange | US26817Q8868 ISIN |
| US Country | 22 Employees | 2 Mar 2026 Last Dividend | 21 Jun 2019 Last Split | 30 Jun 1989 IPO Date |
Overview
Dynex Capital, Inc. operates as a mortgage real estate investment trust (REIT), focusing on investing in mortgage-backed securities (MBS) on a leveraged basis within the United States. The company's approach hinges on an investment portfolio comprised of agency and non-agency MBS, including both residential and commercial MBS (CMBS), as well as CMBS interest-only securities. Agency MBS feature a principal payment guarantee by an agency of the U.S. government or a government-sponsored entity such as Fannie Mae and Freddie Mac, while non-agency MBS lack such guarantees. Having qualified as a real estate investment trust for federal income tax purposes, Dynex Capital aims to avoid federal income taxes by distributing at least 90% of its taxable income to its stockholders in the form of dividends. Founded in 1987, Dynex Capital is headquartered in Glen Allen, Virginia, and has established itself as a key player in the real estate investment sector through its focused investment strategies and commitment to shareholder value.
Products and Services
- Agency MBS
These are mortgage-backed securities that come with a guaranty of principal payment from a U.S. government agency or a government-sponsored entity like Fannie Mae and Freddie Mac. The agency MBS portfolio allows investors to engage in a relatively lower-risk segment of the mortgage market, leveraging the government-backed guarantee to mitigate the risk of default.
- Non-Agency MBS
In contrast to agency MBS, non-agency MBS are not backed by any government agency guarantee. This category includes securities backed by residential and commercial mortgages without the principal payment guaranty, posing a higher risk but potentially offering higher returns to investors willing to engage with the non-agency segment.
- Residential and Commercial MBS (CMBS)
Dynex Capital invests in both residential MBS and commercial MBS. While residential MBS are backed by mortgage loans on residential properties, CMBS are backed by loans on commercial properties. This diversification allows Dynex to balance its portfolio across different segments of the real estate market, optimizing returns and risk management.
- CMBS Interest-Only Securities
These are a specific type of commercial mortgage-backed securities where the investor receives only the interest payments from a pool of commercial mortgages. This investment product typically offers higher yields and suits investors looking for income-generating investments in the real estate market. However, they do carry a higher risk, particularly with regard to changes in interest rates and the potential impact on the value of the securities.
