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Dynex Capital, Inc., a mortgage real estate investment trust, invests in residential and commercial mortgage-backed securities (MBS) in the United States. Agency MBS have a guaranty of principal payment by an agency of the U.S. government or a U.S. government-sponsored entity, such as Fannie Mae and Freddie Mac. Non-Agency MBS do not have a guaranty of principal or interest payments. The company has qualified as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal income taxes if it distributes at least 90% of its taxable income to its shareholders. The company was incorporated in 1987 and is headquartered in Glen Allen, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $372M | - | $319M | $121M | 13.0% | 147.4% | 180.1% |
| 2024 | $150M | - | $114M | $14M | 9.6% | 462.2% | - |
| 2023 | $27M | - | $-6M | $62M | -0.7% | -84.9% | -104.3% |
| 2022 | $177M | - | $143M | $126M | 15.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 177 | 26.75 | 150.40 | 372.11 |
| Pretax Income | 143.16 | -6.13 | 113.90 | 319.07 |
| Net Income | 143.16 | -6.13 | 113.90 | 319.07 |
| Net Income Common Stockholders | 135.47 | -13.82 | 106.20 | 308.88 |
| Interest Expense | 43.61 | 215.45 | 313.66 | 419.17 |
| Interest Income | 86.69 | 207.52 | 319.53 | 533.52 |
| Selling General And Administration | 32.35 | 30.73 | 34.59 | 51.51 |
| Normalized Income | 143.16 | -6.13 | 113.90 | 319.07 |
| Basic EPS | 3.19 | -0.25 | 1.50 | 2.49 |
| Diluted EPS | 3.17 | -0.25 | 1.49 | 2.47 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0 | 0.21 | 0.21 |
| Net Income From Continuing Operation Net Minority Interest | 143.16 | -6.13 | 113.90 | 319.07 |
| Reconciled Depreciation | 2.35 | 2.31 | 1.87 | 2.10 |
| Net Interest Income | 43.08 | -7.93 | 5.88 | 114.36 |
| Net Income From Continuing And Discontinued Operation | 143.16 | -6.13 | 113.90 | 319.07 |
| Diluted Average Shares | 42.74 | 54.81 | 71.26 | 125.07 |
| Basic Average Shares | 42.49 | 54.81 | 70.77 | 124.13 |
| Diluted NI Availto Com Stockholders | 135.47 | -13.82 | 106.20 | 308.88 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Preferred Stock Dividends | 7.69 | 7.69 | 7.69 | 10.19 |
| Net Income Including Noncontrolling Interests | 143.16 | -6.13 | 113.90 | 319.07 |
| Net Income Continuous Operations | 143.16 | -6.13 | 113.90 | 319.07 |
| Other Non Operating Income Expenses | -1.49 | -2.15 | 0 | 0 |
| Gain On Sale Of Security | 133.92 | 34.68 | 144.52 | 257.76 |
| General And Administrative Expense | 32.35 | 30.73 | 34.59 | 51.51 |
| Other Gand A | 15.54 | 13.80 | 14.09 | 16.38 |
| Salaries And Wages | 16.81 | 16.93 | 20.50 | 35.13 |
| Operating Revenue | 177 | 26.75 | 150.40 | 372.11 |
| Other Non Interest Expense | 1.49 | 2.15 | 1.91 | 1.54 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Dynex Capital, Inc.this co. | DX | $2.9B | 6.37↓ discount | 1.00 | 13.0% | - |
| Hudson Pacific Properties, Inc. | HPP | $4.0B | - | 0.19 | -17.5% | 16.10 |
| Independence Realty Trust, Inc. | IRT | $4.0B | 67.88 | 1.12 | 1.6% | 16.62 |
| COPT Defense Properties | CDP | $3.6B | 22.58 | 2.30 | 9.6% | 15.26 |
| InvenTrust Properties Corp. | IVT | $2.5B |
| 22.77 |
| 1.38 |
| 6.2% |
| 19.24 |
| Arbor Realty Trust, Inc. | ABR | $2.1B | 10.30 | 0.66 | 6.4% | - |
| NETSTREIT Corp. | NTST | $2.0B | 171.42 | 1.32 | 0.5% | 19.60 |
| Douglas Emmett, Inc. | DEI | $1.9B | 110.17 | 0.94 | 0.9% | 10.72 |
| Diversified Healthcare Trust | DHC | $1.8B | - | 1.10 | -17.2% | 18.61 |
| Peer Median | - | 45.32 | 1.11 | 1.2% | 16.62 | |