Dynex Capital (DX)
Internally managed mortgage REIT investing in Agency residential and commercial mortgage-backed securities.
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Invests mainly in Agency residential mortgage-backed securities and a smaller Agency commercial mortgage allocation, earning interest and TBA dollar-roll income. Short-term repurchase agreements fund the portfolio, while derivatives hedge part of its rate exposure; REIT rules and financing markets shape capital deployment.
Invests primarily in U.S. Agency mortgage-backed securities, earning interest from residential specified pools and commercial mortgage bonds alongside dollar-roll income from to-be-announced residential positions. Agency RMBS dominate the portfolio; Agency CMBS and interest-only securities form the smaller commercial allocation.
Finances holdings chiefly with short-term repurchase agreements and uses interest-rate swaps, swaptions, and Treasury futures to manage funding and duration exposure. The internal team pairs a top-down macroeconomic framework with active management of rate, prepayment, spread, liquidity, and counterparty risks.
Operates as a single-segment mortgage REIT focused on U.S. housing and commercial real estate. Agency guarantees reduce borrower-credit exposure across nearly all holdings, but earnings and book value remain tied to financing availability, interest rates, mortgage spreads, and prepayments. REIT qualification requires taxable-income distributions and constrains assets, income, ownership, and investment activities.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jun 17, 2026 | BTIG | Target | Target: $16 | Target: $14.50 |
| Apr 24, 2026 | UBS | Reiterate | Rating: —Target: $13.25 | Target: $14.50 |
| Jan 9, 2026 | Capital One Financial | Target | Target: — | Target: $20 |
| Jan 9, 2026 | BTIG | Target | Target: — | Target: $16 |
| Oct 8, 2025 | UBS | Target | Target: $13 | Target: $13.25 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $607.6M · Total debt $22.64B · Total assets $26.42B · Shareholders' equity $3.18B
- Revenue
- $302.8M
- Operating income
- $77.6M
- Net income
- $180.8M
HistoryDividendAnnual yield
| Institutions | 45.86% | 113.48M shares | |
|---|---|---|---|
| 299 holders · as of Jun 30, 2026 | |||
| Insiders | 0.76% | 1.88M shares | |
| 12 holders · as of Sep 10, 2026 | |||
| Other | 53.38% | 132.08M shares | |
| remainder | |||
247.43M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 7.45% | 18.44M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.70% | 9.15M | as of Jun 30, 2026 |
Millennium Management LLCInstitution | 2.84% | 7.02M | as of Jun 30, 2026 |
Marshall Wace, LLPInstitution | 2.59% | 6.41M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.25% | 5.57M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 27, 2026 | Smriti Laxman Popenoe | director, officer: Co-CEO and President | +2,000 | $12.19 |
| Sep 26, 2025 | Robert S. Colligan | officer: CFO and COO | +4,200 | $12.12 |
| Sep 26, 2025 | Smriti Laxman Popenoe | director, officer: Co-CEO and President | +4,260 | $12.16 |
- AGNC
Largest internally managed Agency RMBS REIT, ~$94.7B leveraged portfolio
- Annaly Capital Management
Largest residential mREIT; Agency MBS, residential credit, and MSR platform
- ARMOUR Residential REIT
Externally managed Agency RMBS REIT paying $0.24/share monthly dividend
- Orchid Island Capital
Pure-play Agency RMBS mREIT externally managed by Bimini Advisors
- Chimera Investment
Hybrid Agency/non-Agency mREIT with mortgage origination and advisory platform
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Dynex Capital | $12.13 | +0.13% | $2.99B | 4.6 | 7.7 | 3.4 | — |
| AGNC | $10.12 | +0.34% | $11.44B | 5.1 | 6.6 | 3.7 | — |
| Annaly Capital Management | $21.48 | +0.21% | $16.06B | 5.3 | 6.9 | 2.2 | −50.1% |
| ARMOUR Residential REIT | $14.97 | −0.11% | $1.72B | 4.0 | 5.2 | 1.7 | −41.6% |
| Orchid Island Capital | $6.12 | −0.16% | $1.05B | 4.1 | 5.6 | 2.0 | −28.9% |
| Chimera Investment | $11.19 | +0.27% | $921.8M | — | 6.0 | 1.4 | −64.4% |
| Median | 4.6 | 6.0 | 2.0 | −45.8% |