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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 | 13.6% | 147.4% | 180.1% |
| 2024 | $150M | - | $114M | $14M | 10.6% | 462.2% | -1958.0% |
| 2023 | $27M | - | $-6M | $62M | -0.8% | -84.9% | -104.3% |
| 2022 | $177M | - | $143M | $126M | 18.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 177 | 26.75 | 150.40 | 372.11 |
| Operating Revenue | - | 177 | 26.75 | 150.40 | 372.11 |
| Selling General And Administration | - | 32.35 | 30.73 | 34.59 | 51.51 |
| Interest Income | - | 86.70 | 207.52 | 319.53 | 533.52 |
| Interest Expense | - | 43.61 | 215.45 | 313.66 | 419.16 |
| Net Interest Income | - | 43.08 | -7.93 | 5.88 | 114.36 |
| Other Non Operating Income Expenses | -1.34 | -1.49 | -2.15 | - | - |
| Pretax Income | - | 143.16 | -6.13 | 113.90 | 319.07 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 143.16 | -6.13 | 113.90 | 319.07 |
| Net Income From Continuing And Discontinued Operation | - | 143.16 | -6.13 | 113.90 | 319.07 |
| Net Income From Continuing Operation Net Minority Interest | - | 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 |
| Net Income Including Noncontrolling Interests | - | 143.16 | -6.13 | 113.90 | 319.07 |
| Normalized Income | - | 143.16 | -6.13 | 113.90 | 319.07 |
| Diluted NI Availto Com Stockholders | - | 135.47 | -13.82 | 106.20 | 308.88 |
| Basic Average Shares | - | 42.49 | 54.81 | 70.77 | 124.13 |
| Diluted Average Shares | - | 42.74 | 54.81 | 71.26 | 125.07 |
| Reconciled Depreciation | - | 2.35 | 2.32 | 1.87 | 2.10 |
| Preferred Stock Dividends | - | 7.69 | 7.69 | 7.69 | 10.19 |
| 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 |
| Otherunder Preferred Stock Dividend | 2.99 | - | - | - | - |
| Other Non Interest Expense | - | 1.49 | 2.15 | 1.90 | 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 | $2.8B | 8.77↓ discount | 1.19 | 13.6% | - |
| Newmark Group, Inc. | NMRK | $3.6B | 28.68 | 2.48 | 8.6% | 13.22 |
| National Health Investors, Inc. | NHI | $3.3B | 23.29 | 2.18 | 9.3% | 16.16 |
| InvenTrust Properties Corp. | IVT | $2.6B | 23.04 | 1.43 | 6.2% | 12.22 |
| Douglas Emmett, Inc. | DEI | $2.4B |
| - |
| - |
| - |
| - |
| - |
| 150.56 |
| 1.29 |
| 0.9% |
| 11.72 |
| Sunstone Hotel Investors, Inc. | SHO | $2.1B | 87.20 | 1.29 | 1.5% | 14.19 |
| Diversified Healthcare Trust | DHC | $2.1B | -7.28 | 1.25 | -17.2% | 30.06 |
| Veris Residential, Inc. | VRE | $1.9B | 25.83 | 1.69 | 6.5% | 13.17 |
| Pebblebrook Hotel Trust | PEB | $1.9B | -29.01 | 0.77 | -2.7% | 15.31 |
| Peer Median | - | 24.56 | 1.36 | 3.8% | 13.71 | |