Dynex Capital Inc
dynexcapital.comDynex Capital Inc (NYSE: DX) is a mortgage real estate investment trust (mREIT) that invests in agency mortgage-backed securities and other mortgage-related assets. The company earns income primarily from the net interest spread between the yield on its mortgage asset portfolio and the cost of borrowing used to finance those assets. The 10-K filed 2026-02-25 (accession 000082667526000017) for fiscal year ended 2025 confirms DX's status as a large accelerated filer operating under REIT structure, which requires distribution of the substantial majority of taxable income to shareholders. Because the filing excerpts provided contain only cover-page and administrative SEC form content, specific portfolio size, segment breakdowns, leverage ratios, and competitive positioning figures cannot be confirmed from these excerpts alone and are omitted here.
Products & Services
Agency mortgage-backed securities and mortgage-related investment assets held on a leveraged balance sheet.
Revenue Model
Net interest income from the spread between mortgage asset yields and short-term borrowing costs, supplemented by any realized and unrealized gains or losses on the investment portfolio. REIT structure requires distribution of taxable income as dividends.
Customers & Markets
Residential mortgage market. As a portfolio investor rather than an originator, DX's end market exposure is to U.S. residential mortgage credit and interest rate conditions.
Geographic Exposure
United States, consistent with agency mortgage-backed securities focus. No international exposure is supported by the provided excerpts.
Peers: Advanced Flower Capital Inc Annaly Capital Management Inc Ares Commercial Real Estate Corp ARMOUR Residential REIT Inc Broadmark Realty Capital Inc. Granite Point Mortgage Trust Inc Invesco Mortgage Capital Inc Orchid Island Capital Inc Redwood Trust Inc TPG RE Finance Trust Inc
Source: SEC 10-K, filed 2026-02-25
Financial Snapshot
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