$DX
DYNEX CAPITAL INC

2024 Q4 Form 10-Q Financial Statement

#000082667524000128 Filed on October 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $83.46M
YoY Change 31.91%
Cost Of Revenue $82.56M
YoY Change 25.99%
Gross Profit $894.0K
YoY Change -139.52%
Gross Profit Margin 1.07%
Selling, General & Admin $8.271M
YoY Change 5.48%
% of Gross Profit 925.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $433.0K
YoY Change -20.7%
% of Gross Profit 48.43%
Operating Expenses $8.707M
YoY Change 0.75%
Operating Profit -$7.813M
YoY Change -28.35%
Interest Expense $38.81M
YoY Change -40.78%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $31.00M
YoY Change -172.0%
Income Tax
% Of Pretax Income
Net Earnings $29.07M
YoY Change -167.53%
Net Earnings / Revenue 34.84%
Basic Earnings Per Share $0.38
Diluted Earnings Per Share $0.38
COMMON SHARES
Basic Shares Outstanding 79.30M shares 74.71M shares
Diluted Shares Outstanding 76.37M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $268.3M
YoY Change -1.06%
Cash & Equivalents $268.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $60.74M
Other Receivables $0.00
Total Short-Term Assets $329.0M
YoY Change 10.44%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.328B
YoY Change 31.23%
Other Assets $137.3M
YoY Change -5.49%
Total Long-Term Assets $7.487B
YoY Change 30.37%
TOTAL ASSETS
Total Short-Term Assets $329.0M
Total Long-Term Assets $7.487B
Total Assets $7.816B
YoY Change 29.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $48.57M
YoY Change 12.51%
Deferred Revenue
YoY Change
Short-Term Debt $6.424B
YoY Change 28.42%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.654B
YoY Change 31.62%
LONG-TERM LIABILITIES
Long-Term Debt $7.895M
YoY Change
Other Long-Term Liabilities $11.97M
YoY Change -93.39%
Total Long-Term Liabilities $19.86M
YoY Change -89.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.654B
Total Long-Term Liabilities $19.86M
Total Liabilities $6.674B
YoY Change 27.45%
SHAREHOLDERS EQUITY
Retained Earnings -$507.2M
YoY Change 4.9%
Common Stock $1.677B
YoY Change 20.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.143B
YoY Change
Total Liabilities & Shareholders Equity $7.816B
YoY Change 29.39%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $29.07M
YoY Change -167.53%
Depreciation, Depletion And Amortization $433.0K
YoY Change -20.7%
Cash From Operating Activities -$2.255M
YoY Change -121.68%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$955.2M
YoY Change 14.49%
Cash From Investing Activities -$955.2M
YoY Change 14.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 953.8M
YoY Change 18.1%
NET CHANGE
Cash From Operating Activities -2.255M
Cash From Investing Activities -955.2M
Cash From Financing Activities 953.8M
Net Change In Cash -3.671M
YoY Change -77.5%
FREE CASH FLOW
Cash From Operating Activities -$2.255M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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dei Document Period End Date
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dei Entity Registrant Name
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DYNEX CAPITAL, INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q2 us-gaap Profit Loss
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2023Q3 us-gaap Profit Loss
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CY2023Q3 us-gaap Dividends Preferred Stock Cash
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CY2023Q3 us-gaap Dividends Common Stock Cash
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us-gaap Net Income Loss
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us-gaap Adjustment For Amortization
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Accrued Interest Receivable Net
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us-gaap Increase Decrease In Interest Payable Net
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us-gaap Increase Decrease In Other Operating Capital Net
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3308000 usd
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
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us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
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us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
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us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
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us-gaap Increase Decrease Cash Collateral From Counterparties
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24192000 usd
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Repayments Of Debt
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us-gaap Repayments Of Debt
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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948000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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us-gaap Net Cash Provided By Used In Financing Activities
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1226408000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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167728000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
237864000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
449877000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
405592000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
416436000 usd
us-gaap Interest Paid Net
InterestPaidNet
236672000 usd
us-gaap Interest Paid Net
InterestPaidNet
115266000 usd
us-gaap Nature Of Operations
NatureOfOperations
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Organization</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dynex Capital, Inc. (the “Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company is an internally managed mortgage real estate investment trust, or mortgage REIT, which primarily earns income from investing on a leveraged basis in Agency mortgage-backed securities (“Agency MBS”) and in to-be-announced securities (“TBAs” or “TBA securities”). Agency MBS have a guaranty of principal and interest payments by a U.S. government-sponsored entity (“GSE”) such as Fannie Mae and Freddie Mac, which are in conservatorship and are currently supported by a senior preferred stock purchase agreement from the U.S. Treasury. As of September 30, 2024, the majority of the Company’s Agency MBS are secured by residential real property (“Agency RMBS”). The remainder of the Company’s investments are in Agency commercial MBS (“Agency CMBS”) and in both Agency and non-Agency CMBS interest-only (“CMBS IO”). Non-Agency MBS do not have a GSE guaranty of principal or interest payments.</span></div>
us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div>The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. The most significant estimates used by management include, but are not limited to, amortization of premiums and discounts and fair value measurements of its investments, including TBA securities accounted for as derivative instruments. These items are discussed further below within this note to the consolidated financial statements. The Company believes the estimates and assumptions underlying the consolidated financial statements included herein are reasonable and supportable based on the information available as of September 30, 2024.
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2024Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
405592000 usd
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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29074000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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0.38
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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1913000 usd
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137802000 usd
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900558000 usd
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6432119000 usd
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98269000 usd
CY2024Q3 dx Gross Unrealized Loss Investment Fair Value Option
GrossUnrealizedLossInvestmentFairValueOption
103303000 usd
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1324000 usd
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48461000 usd
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UnrealizedGainLossOnInvestments
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us-gaap Debt Securities Trading Realized Loss
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CY2023Q3 us-gaap Debt Securities Realized Gain Loss
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us-gaap Debt Securities Realized Gain Loss
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us-gaap Debt Securities Realized Gain Loss
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CY2024Q3 dx Number Of Counterparties Borrowings Outstanding
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CY2024Q3 dx Originaltermtomaturity
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CY2023Q4 dx Originaltermtomaturity
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CY2023Q4 us-gaap Interest Payable Current And Noncurrent
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6423890000 usd
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CY2024Q3 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
6423890000 usd
CY2024Q3 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
6423890000 usd
CY2024Q3 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
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CY2024Q3 us-gaap Security Sold Under Agreement To Repurchase After Offset And Deduction Subject To Master Netting Arrangement
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SecuritiesSoldUnderAgreementsToRepurchaseAsset
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CY2023Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
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SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
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CY2023Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
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CY2023Q4 us-gaap Security Sold Under Agreement To Repurchase After Offset And Deduction Subject To Master Netting Arrangement
SecuritySoldUnderAgreementToRepurchaseAfterOffsetAndDeductionSubjectToMasterNettingArrangement
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CY2024Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
146953000 usd
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
11707000 usd
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
195698000 usd
CY2024Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
4138000 usd
CY2023Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
54361000 usd
CY2024Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
3662000 usd
CY2023Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
0 usd
CY2024Q3 us-gaap Margin Deposit Assets
MarginDepositAssets
137300000 usd
CY2023Q4 us-gaap Margin Deposit Assets
MarginDepositAssets
118200000 usd
CY2024Q3 us-gaap Variation Margin Receivable Derivative
VariationMarginReceivableDerivative
26000000.0 usd
CY2023Q4 us-gaap Variation Margin Receivable Derivative
VariationMarginReceivableDerivative
1300000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
4138000 usd
CY2024Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0 usd
CY2024Q3 us-gaap Derivative Assets
DerivativeAssets
4138000 usd
CY2024Q3 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
775000 usd
CY2024Q3 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
3363000 usd
CY2024Q3 us-gaap Derivative Asset Fair Value After Offset And Deduction Subject To Master Netting Arrangement
DerivativeAssetFairValueAfterOffsetAndDeductionSubjectToMasterNettingArrangement
0 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
54361000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0 usd
CY2023Q4 us-gaap Derivative Assets
DerivativeAssets
54361000 usd
CY2023Q4 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
0 usd
CY2023Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
44153000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value After Offset And Deduction Subject To Master Netting Arrangement
DerivativeAssetFairValueAfterOffsetAndDeductionSubjectToMasterNettingArrangement
10208000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
3662000 usd
CY2024Q3 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 usd
CY2024Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
3662000 usd
CY2024Q3 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
775000 usd
CY2024Q3 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 usd
CY2024Q3 us-gaap Derivative Liability Fair Value After Offset And Deduction Subject To Master Netting Arrangement
DerivativeLiabilityFairValueAfterOffsetAndDeductionSubjectToMasterNettingArrangement
2887000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
0 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 usd
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
0 usd
CY2023Q4 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
0 usd
CY2023Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 usd
CY2023Q4 us-gaap Derivative Liability Fair Value After Offset And Deduction Subject To Master Netting Arrangement
DerivativeLiabilityFairValueAfterOffsetAndDeductionSubjectToMasterNettingArrangement
0 usd
CY2024Q3 dx Loans Held For Investment Fair Value Option Measurement Input
LoansHeldForInvestmentFairValueOptionMeasurementInput
0.10
CY2024Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.39
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1000000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6200000 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1500000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
3600000 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
6437000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M24D
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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