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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, capital raising, and strategic asset selection.
Delivered a 67% total return (9% annualized) for shareholders over the decade, outperforming the REM ETF by 8,000 basis points.
Expanded leadership and operational infrastructure, including new offices, key executive hires, and separation of CFO and COO roles.
Maintained a high-performance culture, consistently outperforming industry benchmarks and peers in total shareholder returns over 1, 3, and 5-year periods.
Emphasized flexibility and liquidity, with a portfolio constructed to adapt to evolving market conditions and policy changes.
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 from $12.70 a year earlier, up 3–4% from year-end.
Portfolio fair value reached $19.4 billion as of December 31, 2025, up from $9.8 billion at the start of the year.
Comprehensive income for Q4 was $190 million ($1.22 per share) and $354 million ($2.85 per share) for the year.
Liquidity at year-end was $1.4 billion, representing over 55% of total equity.
Outlook and guidance
Expect a more stable and supportive mortgage market due to policy clarity, GSE portfolio growth, and anticipated policy support for lower mortgage rates.
Anticipate continued strong demand for agency MBS, with net demand expected to outpace supply in 2026.
Projected hedged ROEs in the mid- to high-teens with leverage between 7x and low 8x.
Positioned for a residential mortgage rebound, focusing on high-quality, liquid Agency MBS and readiness to pivot as market pricing evolves.
Ongoing focus on disciplined capital deployment, risk management, and value creation amid evolving policy and market conditions.
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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