Dynex Capital $(DX)$ reported FY 2025 total economic return of USD 2.75 per common share, representing 21.6% of beginning book value, consisting of a USD 0.75 per share increase in book value and USD 2.00 per share of dividends declared. Common book value per share was USD 13.45 at December 31, 2025, up from USD 12.70 at December 31, 2024. Comprehensive income to common shareholders (GAAP) was USD 354.3 million in FY 2025, while earnings available for distribution (EAD, non-GAAP) were USD 112.0 million, or USD 0.90 per common share, and economic net interest income (non-GAAP) was USD 159.4 million in FY 2025. Net interest income (GAAP) was USD 114.4 million, and net periodic interest earned from interest rate swaps was USD 45.1 million. Dynex Capital said it raised over USD 1.2 billion in FY 2025 through its ATM program, issuing 90.1 million common shares, and deployed the majority of the capital into Agency MBS opportunities. The investment portfolio (including TBAs) increased 98% from December 31, 2024, with additions of USD 8.2 billion of Agency RMBS and USD 1.2 billion of Agency CMBS during FY 2025 (including USD 809 million pending settlement at year-end). Repurchase agreement borrowings rose to USD 14.0 billion at December 31, 2025 from USD 6.6 billion at December 31, 2024, and leverage (total liabilities plus the cost basis of TBA long positions) was 7.3x shareholders’ equity at year-end. Liquidity was approximately USD 1.4 billion at December 31, 2025, including USD 531.0 million of unrestricted cash and USD 901.0 million of unpledged Agency MBS. For 2026, Dynex Capital highlighted an Administration directive in January 2026 for the GSEs to purchase USD 200.0 billion in Agency MBS to support housing affordability.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Dynex Capital Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0000826675-26-000017), on February 25, 2026, and is solely responsible for the information contained therein.
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