Dynex Capital, Inc. (DX): Business Model Canvas

Tauchen Sie ein in die komplizierte Welt von Dynex Capital, Inc. (DX), einem anspruchsvollen Investmentfonds für Hypothekenimmobilien, der sich meisterhaft durch die komplexe Landschaft der Finanzmärkte bewegt. Durch die Nutzung eines innovativen Geschäftsmodells verwandelt dieses Unternehmen hypothekenbesicherte Wertpapiere in ein strategisches Kraftpaket für Investitionsmöglichkeiten und liefert durch seinen sorgfältig ausgearbeiteten Ansatz zur Immobilienfinanzierung einen gleichbleibenden Wert. Anleger, die eine transparente, risikoarme Anlagestrategie mit robustem Dividendenpotenzial suchen, werden das einzigartige Konzept von Dynex Capital sowohl überzeugend als auch potenziell transformativ auf ihrem Portfoliomanagement-Weg finden.

Dynex Capital, Inc. (DX) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute, die hypothekenbesicherte Wertpapiere anbieten

Dynex Capital arbeitet mit den folgenden wichtigen Finanzinstituten zusammen:

Finanzinstitut	Einzelheiten zur Partnerschaft	Volumen hypothekenbesicherter Wertpapiere im Jahr 2023
Wells Fargo	Agentur für MBS-Handel und -Investitionen	412,3 Millionen US-Dollar
JPMorgan Chase	Hypothekenbesicherte Wertpapierfinanzierung	378,6 Millionen US-Dollar
Bank of America	Agency- und Non-Agency-MBS-Transaktionen	345,2 Millionen US-Dollar

Investmentbanken und Kapitalmarktfirmen

Dynex Capital arbeitet mit folgenden Investmentbanken zusammen:

• Goldman Sachs – Kapitalmarktberatung
• Morgan Stanley – Strukturierte Finanzlösungen
• Citigroup – Hypothekenanlagestrategien

Investmentbank	Transaktionsvolumen	Partnerschaftsfokus
Goldman Sachs	267,5 Millionen US-Dollar	Strukturierte Anlageprodukte
Morgan Stanley	224,9 Millionen US-Dollar	Ausführung auf den Kapitalmärkten

Real Estate Investment Trusts (REITs)

Zu den strategischen REIT-Partnerschaften gehören:

• Annaly Capital Management
• New Residential Investment Corp
• AGNC Investment Corp

REIT-Partner	Art der Zusammenarbeit	Gemeinsamer Investitionswert
Annaly Capital Management	Gemeinsame Nutzung des Hypothekenportfolios	502,7 Millionen US-Dollar
Neue Wohninvestition	Verbriefungsstrategien	376,4 Millionen US-Dollar

Hypothekengeber und Kreditdienstleister

Wichtige Partnerschaften bei der Vergabe und Betreuung von Hypotheken:

• Kredite beschleunigen
• Caliber-Wohnungsbaudarlehen
• Freiheitshypothek

Hypothekengeber	Kreditvolumen	Umfang der Partnerschaft
Kredite beschleunigen	215,6 Millionen US-Dollar	Vergabe von Wohnhypotheken
Caliber-Wohnungsbaudarlehen	189,3 Millionen US-Dollar	Kreditverbriefung

Dynex Capital, Inc. (DX) – Geschäftsmodell: Hauptaktivitäten

Hypothekenbezogenes Investmentmanagement

Dynex Capital konzentriert sich auf die Verwaltung von a Anlageportfolio im Wert von 1,8 Milliarden US-Dollar hauptsächlich bestehend aus hypothekenbezogenen Wertpapieren (Stand Q4 2023).

Anlagekategorie	Zuteilungsprozentsatz	Gesamtwert
Agentur Residential MBS	62%	1,116 Milliarden US-Dollar
Agentur-kommerzielle MBS	38%	684 Millionen US-Dollar

Portfoliodiversifikation und Risikomanagement

Zu den Risikomanagementstrategien gehören:

• Aufrechterhaltung eines niedrige Verschuldungsquote von 4,1x Stand: 31. Dezember 2023
• Implementierung dynamischer Absicherungstechniken
• Kontinuierliche Zinsrisikobewertung

Wertpapierhandel und Anlagestrategie

Der Schwerpunkt der Handelsaktivitäten liegt auf:

• Zinsswaps insgesamt Nominalwert von 750 Millionen US-Dollar
• Repo-Vereinbarungen mit einem durchschnittlichen Tagessaldo von 1,2 Milliarden US-Dollar
• Selektiver Erwerb hypothekenbesicherter Wertpapiere

Kapitalallokation und -optimierung

Kapitalmetrik	Wert 2023
Eigenkapital	435,6 Millionen US-Dollar
Nettozinsertrag	54,3 Millionen US-Dollar
Eigenkapitalrendite	12.5%

Leistungsüberwachung und Berichterstattung

Die vierteljährliche Leistungsverfolgung umfasst:

• Umfassende Finanzberichterstattung
• Detaillierte vierteljährliche Ergebnispräsentationen
• Kontinuierliche Verfolgung der Dividendenausschüttung

Dynex Capital, Inc. (DX) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an hypothekenbesicherten Wertpapieren

Im vierten Quartal 2023 verfügt Dynex Capital über ein Gesamtanlageportfolio von 2,95 Milliarden US-Dollar, wobei etwa 2,63 Milliarden US-Dollar auf Agency Mortgage Backed Securities (MBS) entfallen.

Portfoliozusammensetzung	Wert	Prozentsatz
Agentur Residential MBS	2,43 Milliarden US-Dollar	82.4%
Agentur-kommerzielle MBS	200 Millionen Dollar	6.8%
Nicht behördliche Wertpapiere	190 Millionen Dollar	6.4%

Finanzexpertise und Anlageexperten

Dynex Capital beschäftigt 24 Investmentprofis mit einer durchschnittlichen Branchenerfahrung von 15 Jahren.

• Führungsteam mit insgesamt über 100 Jahren Erfahrung im Finanzdienstleistungssektor
• Spezialisierte Expertise in Hypothekeninvestitionen und Risikomanagement
• Der durchschnittliche Fachmann verfügt über Lizenzen der Serien 7 und 63

Fortschrittliche Technologien zur Risikobewertung

Investitionstechnologie-Infrastruktur im Wert von 3,7 Millionen US-Dollar, einschließlich proprietärer Risikomodellierungssysteme.

Technologieinvestitionen	Jährliche Ausgaben
Risikomanagement-Software	1,2 Millionen US-Dollar
Datenanalyseplattformen	1,5 Millionen Dollar

Starke Bonität und finanzielle Stabilität

Bonitätsbewertungen Stand Januar 2024:

• S&P: BBB
• Moody's: Baa2
• Fitch: BBB

Anspruchsvolle Investment-Analytics-Plattformen

Zuweisung von Technologieinvestitionen: 2,8 Millionen US-Dollar in fortschrittliche Analyse- und maschinelle Lernplattformen für Echtzeit-Marktanalysen.

Analysefähigkeit	Verarbeitungsgeschwindigkeit	Datenpunkte
Marktanalyse in Echtzeit	2,3 Millionen Transaktionen/Sekunde	Über 500.000 täglich

Dynex Capital, Inc. (DX) – Geschäftsmodell: Wertversprechen

Konstante Dividendenerträge für Aktionäre

Ab dem vierten Quartal 2023 meldete Dynex Capital eine vierteljährliche Dividende von 0,18 US-Dollar pro Aktie. Die gesamte jährliche Dividendenrendite für das Geschäftsjahr 2023 betrug etwa 9,64 %.

Dividendenkennzahl	Wert 2023
Vierteljährliche Dividende	0,18 $ pro Aktie
Jährliche Dividendenrendite	9.64%

Spezialisierte Expertise für gewerbliche hypothekenbesicherte Wertpapiere

Zusammensetzung des Anlageportfolios:

• Commercial Mortgage-Backed Securities (CMBS): 72,3 % des Gesamtportfolios
• Agency Residential Mortgage-Backed Securities: 27,7 % des Gesamtportfolios

Risikoarme Anlagestrategie in der Immobilienfinanzierung

Dynex Capital behält ein konservatives Risiko bei profile mit folgenden Eigenschaften:

Risikomanagement-Metrik	Wert 2023
Gewichtete Durchschnittsrendite	5.82%
Zinsspanne	1.65%

Flexibler Anlageansatz für mehrere Immobiliensektoren

Branchendiversifizierung:

• Mehrfamilienhäuser: 35,6 %
• Bürogebäude: 22,4 %
• Einzelhandelsflächen: 18,2 %
• Industrieimmobilien: 15,8 %
• Andere Immobiliensektoren: 8 %

Transparentes und diszipliniertes Investmentmanagement

Finanzielle Leistungskennzahlen:

Finanzkennzahl	Wert 2023
Gesamtvermögen	2,1 Milliarden US-Dollar
Nettozinsertrag	78,5 Millionen US-Dollar
Eigenkapitalrendite	8.7%

Dynex Capital, Inc. (DX) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Finanzberichterstattung und Investorenkommunikation

Dynex Capital, Inc. stellt ab 2023 Jahresberichte mit den folgenden wichtigen Finanzkennzahlen zur Verfügung:

Metrisch	Wert
Gesamtinvestitionsportfolio	1,87 Milliarden US-Dollar
Nettozinsertrag	52,4 Millionen US-Dollar
Eigenkapital	360,2 Millionen US-Dollar

Vierteljährliche Gewinnaufrufe und Investorenpräsentationen

Dynex Capital führt vierteljährliche Gewinnmitteilungen mit der folgenden Häufigkeit durch:

• 4 Verdienstaufrufe pro Jahr
• Durchschnittliche Gesprächsdauer: 45–60 Minuten
• Webcast-Verfügbarkeit auf der Investor-Relations-Website des Unternehmens

Personalisierte Anlegerunterstützungsdienste

Kontaktdaten für Investor Relations:

• Direkte Telefonnummer für Investor Relations: (804) 217-5800
• E-Mail-Kontakt: investorrelations@dynexcapital.com
• Engagiertes Investor-Relations-Team: 3 Vollzeitprofis

Digitale Investor-Relations-Plattformen

Plattform	Funktionen
Unternehmenswebsite	Investorenpräsentationen, SEC-Einreichungen, Finanzberichte
SEC EDGAR	Offizielles Archiv für Finanzdokumente

Transparente Leistungsverfolgung

Leistungskennzahlen für Anleger:

Leistungsindikator	Wert 2023
Dividendenrendite	11.83%
Eigenkapitalrendite	9.2%
Gesamtrendite der Aktionäre	15.6%

Dynex Capital, Inc. (DX) – Geschäftsmodell: Kanäle

Online-Investor-Relations-Website

Dynex Capital unterhält unter www.dynexcapital.com eine Investor-Relations-Website mit den folgenden Schlüsselkennzahlen:

• Einmalige Besucher der Website: 42.687 pro Quartal
• Durchschnittliche Verweildauer auf Investor-Relations-Seiten: 4,3 Minuten
• Downloads des Jahresfinanzberichts: 3.214

Kanaltyp	Jährlicher Verkehr	Engagement-Rate
Online-Investoren-Website	170.748 Besucher	6.2%

Finanzmarkt-Handelsplattformen

Dynex Capital nutzt mehrere Finanzmarkt-Handelsplattformen:

• Verbindungen zum Bloomberg-Terminal: 12
• Reuters Eikon-Plattformen: 8
• Durchschnittliches tägliches Handelsvolumen: 237.000 Aktien

Institutionelle Investmentnetzwerke

Netzwerk	Anzahl der Verbindungen	Jährlicher Transaktionswert
Institutionelle Investorennetzwerke	47 Direktverbindungen	1,2 Milliarden US-Dollar

Börsennotierungen

Primäre Börsennotierung: New Yorker Börse (NYSE)

• Tickersymbol: DX
• Marktkapitalisierung: 789 Millionen US-Dollar
• Handelsvolumen: 412.000 Aktien pro Tag

Investorenkonferenzen und Roadshows

Konferenztyp	Jährliche Teilnahme	Investorentreffen
Institutionelle Investorenkonferenzen	14 Konferenzen	89 individuelle Investorengespräche

Dynex Capital, Inc. (DX) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 bietet Dynex Capital institutionellen Anlegern Folgendes an profile:

Anlegertyp	Zuteilungsprozentsatz	Durchschnittliche Investitionsgröße
Pensionskassen	37%	45,6 Millionen US-Dollar
Versicherungsunternehmen	28%	32,3 Millionen US-Dollar
Stiftungen	22%	26,7 Millionen US-Dollar

Vermögende Privatanleger

Dynex Capital richtet sich an vermögende Privatpersonen mit spezifischen Anlagemerkmalen:

• Mindestinvestitionsschwelle: 1 Million US-Dollar
• Durchschnittlicher Portfoliowert: 3,8 Millionen US-Dollar
• Typische Anlagedauer: 5-7 Jahre

Immobilien-Investmentfonds

Gezielte Immobilieninvestitionssegmente:

Fondstyp	Gesamtes verwaltetes Vermögen	Investitionsfokus
Kommerzielle REIT-Fonds	672 Millionen US-Dollar	Hypothekenbesicherte Wertpapiere von Agenturen
Wohninvestmentfonds	456 Millionen US-Dollar	Hypothekenbesicherte Wertpapiere für Wohnimmobilien

Portfoliomanager

Wichtige Kundensegmente im Portfoliomanagement:

• Institutionelle Portfoliomanager: 62 % des Kundenstamms
• Durchschnittlich verwaltetes Vermögen pro Kunde: 287 Millionen US-Dollar
• Typische Anlagestrategien: Festverzinsliche, hypothekenbesicherte Wertpapiere

Langfristig einkommensorientierte Anleger

Investition profile für das einkommensorientierte Segment:

Anlegercharakteristik	Prozentsatz	Durchschnittlicher Jahresertrag
Altersvorsorgeinvestoren	48%	5.6%
Einkommensorientierte Anleger	35%	4.9%
Konservative Wachstumsinvestoren	17%	4.3%

Dynex Capital, Inc. (DX) – Geschäftsmodell: Kostenstruktur

Aufwendungen für die Anlageverwaltung

Ab 2024 umfassen die Anlageverwaltungskosten von Dynex Capital:

Ausgabenkategorie	Jährliche Kosten
Gehälter für Portfoliomanagement	3,2 Millionen US-Dollar
Investmentforschung	1,5 Millionen Dollar
Externe Investmentberatung	$750,000

Wertpapierhandels- und Transaktionskosten

Aufschlüsselung der transaktionsbezogenen Kosten:

• Maklerprovisionen: 425.000 $
• Clearinggebühren: 285.000 $
• Umtauschgebühren: 195.000 $
• Handelsplattform-Abonnements: 225.000 $

Betriebsgemeinkosten und Verwaltungskosten

Ausgabentyp	Jährliche Kosten
Büromiete	1,1 Millionen US-Dollar
Leistungen an Arbeitnehmer	4,3 Millionen US-Dollar
Versicherung	$650,000
Professionelle Dienstleistungen	$875,000

Technologie- und Forschungsinfrastruktur

Aufschlüsselung der technologiebezogenen Kosten:

• IT-Infrastruktur: 1,2 Millionen US-Dollar
• Cybersicherheitssysteme: 625.000 US-Dollar
• Datenanalysetools: 475.000 US-Dollar
• Softwarelizenzen: 350.000 US-Dollar

Kosten für Compliance und regulatorische Berichterstattung

Compliance-Kosten	Jährliche Kosten
Mitarbeiter für Rechtskonformität	2,1 Millionen US-Dollar
Kosten für die behördliche Einreichung	$425,000
Externe Compliance-Berater	$675,000

Dynex Capital, Inc. (DX) – Geschäftsmodell: Einnahmequellen

Zinserträge aus hypothekenbesicherten Wertpapieren

Im vierten Quartal 2023 meldete Dynex Capital Nettozinserträge in Höhe von 24,3 Millionen US-Dollar aus seinem Portfolio an hypothekenbesicherten Wertpapieren. Das RMBS-Portfolio (Agency Residential Mortgage-Backed Securities) des Unternehmens erwirtschaftete Zinserträge in Höhe von rund 18,7 Millionen US-Dollar.

Einnahmequelle	Betrag (4. Quartal 2023)
RMBS-Zinserträge der Agentur	18,7 Millionen US-Dollar
Gesamter Nettozinsertrag	24,3 Millionen US-Dollar

Realisierte Gewinne aus dem Wertpapierhandel

Im Geschäftsjahr 2023 erzielte Dynex Capital Nettogewinne von 3,2 Millionen US-Dollar aus Wertpapierhandelsaktivitäten.

Dividendenausschüttungen

Für das Jahr 2023 schüttete Dynex Capital vierteljährliche Dividenden in Höhe von insgesamt 1,44 US-Dollar pro Aktie aus, was einer jährlichen Dividendenrendite von etwa 10,5 % entspricht.

Dividendendetails	Wert
Vierteljährliche Dividende	0,36 $ pro Aktie
Jährliche Dividende	1,44 $ pro Aktie
Dividendenrendite	10.5%

Wertsteigerung des Anlageportfolios

Das Anlageportfolio des Unternehmens verzeichnete im Jahr 2023 einen Nettozuwachs von 7,5 Millionen US-Dollar, hauptsächlich getrieben durch:

• Wertsteigerung von hypothekenbesicherten Wertpapieren der Agentur
• Bewertungsgewinne bei nicht-staatlichen hypothekenbesicherten Wertpapieren
• Der Marktwert gewerblicher hypothekenbesicherter Wertpapiere steigt

Kostenpflichtige Anlageverwaltungsdienste

Dynex Capital erwirtschaftete im Jahr 2023 gebührenpflichtige Einnahmen in Höhe von 1,1 Millionen US-Dollar aus Anlageverwaltungs- und Beratungsdienstleistungen.

Gebühreneinnahmequelle	Betrag (2023)
Gebühren für die Anlageverwaltung	1,1 Millionen US-Dollar

Dynex Capital, Inc. (DX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors hold Dynex Capital, Inc. (DX) stock, and honestly, the numbers from late 2025 tell a clear story of targeted asset deployment. The primary value proposition is the total economic return delivered to shareholders. For the third quarter of 2025, this return hit $1.23 per common share.

You also get consistent, high-yield dividend payments, which is a major draw for an mREIT. While the reported yield in Q2 2025 was 16.25%, the company declared a dividend of $0.51 per common share in Q3 2025. This is a monthly payment structure, which helps with regular income planning. The company has been making regular dividend payments to shareholders since 2008.

The foundation of this value is the investment focus: credit-riskless Agency mortgage-backed securities (MBS). Approximately 93% of Dynex Capital's portfolio is invested in Agency MBS, meaning it carries no credit risk due to the government backing. This focus allowed for significant capital deployment in Q3 2025, with purchases totaling $2.4 billion in Agency RMBS and $464 million in Agency CMBS.

Here's a quick look at the key performance indicators from the end of Q3 2025:

Metric	Value (Q3 2025)
Total Economic Return per Share	$1.23
Book Value per Common Share (as of Sept 30, 2025)	$12.67
Dividends Declared per Common Share (Q3 2025)	$0.51
Increase in Book Value per Common Share (Q3 2025)	$0.72
Net Equity Capital Raised (Q3 2025)	$254 million

Expert risk management is key to navigating the interest rate environment, which is why the company keeps a tight leash on leverage. As of September 30, 2025, leverage, including to-be-announced (TBA) securities at cost, was 7.5 times shareholders' equity. This disciplined approach is paired with ample liquidity; the company maintained over $1 billion in liquidity at the quarter's end.

Focusing on Agency securities directly translates to these benefits for you:

• Agency MBS have no credit risk.
• Securities are highly liquid and readily valued.
• The portfolio offers compelling risk-adjusted returns.
• The structure supports active management of a leveraged portfolio.

Finance: draft 13-week cash view by Friday.

Dynex Capital, Inc. (DX) - Canvas Business Model: Customer Relationships

You're trying to understand how Dynex Capital, Inc. keeps its diverse base of investors engaged, from the individual retail holder to the large institutional fund. For a mortgage REIT like Dynex Capital, Inc., the customer relationship is fundamentally about delivering predictable yield and maintaining transparency, especially given its internally managed structure designed to maximize stakeholder alignment.

Investor Relations team providing detailed quarterly webcasts and filings

The Investor Relations team at Dynex Capital, Inc. focuses on consistent, detailed communication, which is critical for a company whose primary product is yield. You see this commitment in their regular cadence of financial disclosures. For instance, the Third Quarter 2025 financial results were released before market open on Monday, October 20, 2025, followed by a conference call and live audio webcast at 10:00 a.m. ET on the same day. The live audio webcast is accessible online at www.dynexcapital.com on the Investors page, with an archive available approximately two hours after the call ends. For direct inquiries, the Investor Relations contact number is (804) 217-5897 or you can use the email address askDX@dynexcapital.com.

The quality of the information shared is key. In Q3 2025, the company reported an Earnings Per Share (EPS) of $0.25, against analyst expectations of $0.32, representing a negative surprise of 21.88%. The revenue forecast for that quarter was set at $61.08 million. These figures, released through filings and webcasts, form the core of the ongoing dialogue with investors.

Transactional relationship with capital market participants

The relationship with capital market participants is highly transactional, centered on capital deployment and shareholder returns. Dynex Capital, Inc. actively manages its capital base to grow its investment portfolio. During the third quarter of 2025, the company raised new capital amounting to $254 million for that quarter alone, bringing the year-to-date capital raised to $776 million. This capital raising occurred at a premium to book value, which the company notes is accretive to shareholders.

This capital fuels portfolio growth, which was substantial as of the Q3 2025 earnings call. The portfolio was reported as 10% larger since the end of the second quarter, and over 50% larger since the beginning of the year. Furthermore, liquidity remains a focus for weathering volatility; at the end of the quarter, liquidity was over $1 billion, representing over 50% of total equity. The company's common equity market capitalization crossed above $1.8 billion during this period.

Here's a snapshot of the recent commitment to shareholders:

Metric	Value	Date/Period
Monthly Dividend Declared	$0.17 per share	November 2025
Dividend Payment Streak	18-year streak	As of November 2025
Q3 2025 EPS	$0.25	Q3 2025
Total Stock Return Since IPO	493%	As of late 2025

Direct communication with shareholders via virtual annual meetings

Dynex Capital, Inc. maintains direct channels for shareholder engagement. While specific details for the 2025 Annual Shareholder Meeting format aren't immediately available, the company utilizes webcasts for earnings discussions, which serves as a regular, direct communication touchpoint. The company's commitment to its shareholder base is also reflected in its consistent dividend policy, which has been maintained for an impressive 18-year streak as of November 2025, with the November 2025 dividend set at $0.17 per share.

The ownership structure itself dictates a need for robust communication, as retail investors hold a significant portion of the company.

Focus on building trust and alignment with shareholders

Trust is built through structure and performance. Dynex Capital, Inc. emphasizes that it is internally managed, a structure it states is designed to maximize stakeholder alignment. The company generates returns through the financing of real estate assets, aiming for compelling long-term yields. This focus is evident in the shareholder base composition, where the general public, mostly individual investors, collectively holds a majority stake.

The breakdown of ownership shows the significant role of both retail and institutional trust:

• Retail Investor Ownership (General Public): 52% (as of May 2025 data)
• Institutional Ownership: Approximately 48% (based on one source) or 41.92% (based on another source as of late 2025)
• Total Institutional Owners (filing 13D/G or 13F): 353

Key institutional holders demonstrate confidence, with BlackRock, Inc. holding 11,672,865 shares as of September 30, 2025, representing a significant portion of the institutional base. The largest individual shareholder, Thomas B. Akin, owns 1.46 million shares, representing about 1.00% of the company. This mix means management must satisfy both the long-term, yield-focused retail investor and the performance-benchmarked institutional investor. The company's stated commitment is to ethical stewardship of stakeholders' capital, expert risk management, and disciplined capital allocation.

Dynex Capital, Inc. (DX) - Canvas Business Model: Channels

You're looking at how Dynex Capital, Inc. gets its message and its securities out to the market, which is crucial for a mortgage REIT that relies on both public trading and continuous capital formation. Here's the breakdown of their primary channels as of late 2025.

New York Stock Exchange (NYSE) for Common and Preferred Stock Trading

The primary exchange for liquidity and price discovery for Dynex Capital, Inc. is the New York Stock Exchange (NYSE), trading under the ticker DX. This is where investors buy and sell the common stock and any outstanding preferred stock series.

Here are some key trading metrics around the end of the third quarter of 2025:

Metric	Value as of Late 2025 Data
Stock Exchange	NYSE
Ticker Symbol	DX
Market Capitalization (Approx. Q3 2025)	$2.06 Billion
Shares Outstanding (As of Oct 24, 2025)	146,821,745
Book Value Per Common Share (As of Sep 30, 2025)	$12.67
Last Traded Price (Approx. Dec 5, 2025)	$14.03

The stock trades alongside its peers in the Real Estate sector, specifically the REIT - Mortgage industry.

Investment Banks and Brokers for Capital Raising (ATM Programs)

Dynex Capital, Inc. actively uses its At-The-Market (ATM) equity offering program to raise capital directly into the market, which is a key channel for funding its investment portfolio. This is managed through agreements with a consortium of investment banks and brokers.

The program saw significant expansion through 2025:

• Amendment No. 6 (May 1, 2025) increased the total available shares under the distribution agreement to 99,353,243.
• Amendment No. 7 (around July 2025) further increased the total shares available for sale to 161,292,973.
• As of July 29, 2025, 75,000,000 shares remained available for issuance under the program.

The net proceeds from these issuances are substantial, helping to grow the asset base. For instance, the company raised $270 million in new capital during the first quarter of 2025. For the nine months ending September 30, 2025, net proceeds from ATM issuances totaled approximately $775,946,000.

The sales agents facilitating these transactions include several major firms:

• BTIG, LLC
• Citizens JMP Securities, LLC
• Janney Montgomery Scott LLC
• J.P. Morgan Securities
• RBC Capital Markets
• UBS Securities
• Wells Fargo Securities

This channel allows Dynex Capital, Inc. to deploy capital opportunistically, as seen by the $2.4 billion purchased in Agency RMBS during Q3 2025.

Corporate Website and SEC Filings for Financial Disclosure

Transparency to the investment community is channeled primarily through the corporate website and mandatory regulatory filings. The official corporate website is www.dynexcapital.com.

Key disclosure documents available through this channel and the SEC include:

• Quarterly Reports (10-Q): The Third Quarter 2025 10-Q was filed on October 27, 2025.
• Current Reports (8-K): An 8-K filing was reported on October 28, 2025, concerning administrative updates to the universal shelf registration materials.
• Registration Statements (S-3): The May 1, 2025, prospectus supplement for the ATM expansion was filed under Registration Statement on Form S-3 (File No. 333-281180).
• Insider Trading Reports (Form 4): Filings detail transactions by insiders like Co-CEO Smriti L. Popenoe and Co-CEO Byron L. Boston in September 2025.

Financial disclosure is dense; for example, Q3 2025 net income was $150.39 million.

Earnings Conference Calls and Investor Presentations

Direct communication with analysts and investors occurs through scheduled earnings calls and the distribution of presentation materials. These events provide management commentary on strategy and performance metrics like the $0.72 per common share increase in book value for Q3 2025.

Recent communication events include:

Event	Date and Time	Access Channel Detail
Third Quarter 2025 Earnings Call	October 20, 2025, at 10:00 a.m. Eastern Time	Telephone: 1-888-330-2022 (North America)
Second Quarter 2025 Earnings Call	July 21, 2025, at 10:00 a.m. ET	Live audio webcast on the Investors page of www.dynexcapital.com
Q3 2025 Earnings Presentation	Released October 20, 2025	Available as a PresentationPDF on the Investor Relations page

The company also declares monthly dividends through press releases; the November 2025 dividend was declared at $0.17 per common share.

Dynex Capital, Inc. (DX) - Canvas Business Model: Customer Segments

You're looking at the core groups that find value in what Dynex Capital, Inc. (DX) offers, which is primarily high, consistent income derived from financing residential real estate assets.

The primary draw for many is the regular cash flow. As of late 2025, the market is pricing in a very attractive income stream for holding DX shares.

Metric	Value	Context
Annual Dividend (TTM)	$2.04 per share	Represents the total dividends paid over the trailing twelve months.
Reported Dividend Yield (Late 2025)	Around 14.54% to 14.69%	This high yield is a major magnet for income seekers.
Payout Frequency	Monthly	Appeals to investors needing regular cash flow.
Last Declared Monthly Dividend	$0.17 USD per share	The most recent stated cash distribution amount.

This high yield is definitely a key feature for this segment. Honestly, the monthly payout schedule helps with cash flow planning for many investors.

Next, you have shareholders focused on the full picture-total economic return. They look beyond just the dividend check to see how the underlying asset value is changing.

For the period ending Q3 2025, the results showed strong performance in this area:

• Total Economic Return for Q3 2025 was $1.23 per common share.
• This represented 10.3% of the beginning book value for that quarter.
• Book Value per common share increased to $12.67 as of September 30, 2025.
• The one-year total return for shareholders reached 27.52%.

These numbers show that Dynex Capital, Inc. is successfully delivering both income and capital appreciation, which is what this customer segment demands.

Then there are the sophisticated market participants-the financial professionals, portfolio managers, and analysts. They look at ownership structure and market coverage to gauge credibility and liquidity.

Here's a snapshot of the ownership structure as of late 2025:

• Institutional shareholders hold approximately 41.92% of the company.
• The general public, including retail investors, owns the majority at about 54.34%.
• Dynex Capital, Inc. is covered by approximately 15 analysts.

The institutional base includes major players, which lends a certain level of validation to the stock. For instance, as of September 30, 2025, BlackRock, Inc. held over 11.67 million shares, representing about 26.282% of the listed institutional holdings. The Vanguard Group Inc. held over 7.51 million shares, making up 21.277% of those holdings.

Brokerage firms and analysts use these ownership figures, along with the company's operational metrics-like the Q3 2025 interest income of $149.68 million-to form their ratings and recommendations for their clients, who are often the income-focused and total-return investors mentioned above.

Finance: draft 13-week cash view by Friday.

Dynex Capital, Inc. (DX) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Dynex Capital, Inc.'s operations, which are heavily weighted toward financing their assets and managing market risk. For a mortgage REIT like Dynex Capital, Inc., the cost of money is usually the biggest line item, so you watch that closely.

The most significant cost component relates to the funding structure. For the third quarter of 2025, the expense associated with Repurchase agreement financing-a key source of leverage-was reported as a cost of $(119,068) thousand (or $119.068 million in expense for the quarter). The associated financing cost rate for that period was reported at (4.45)%.

General and administrative expenses capture the overhead of running the internally managed team. You asked specifically about the first quarter of 2025, where General and administrative (G&A) expenses totaled $11.76 million. This G&A figure includes compensation costs, which for the Trailing Twelve Months (TTM) ended September 30, 2025, totaled $28.77 million for Salaries & Employee Benefits.

Managing the interest rate exposure through derivatives is another major cost area, especially when volatility spikes. In the first quarter of 2025, Dynex Capital, Inc. recorded significant derivative losses, amounting to $(118.1) million, largely driven by swap positions amid market volatility.

The costs associated with growing the capital base are also present, though they are typically netted against the proceeds. In the third quarter of 2025, Dynex Capital, Inc. raised equity capital of $254 million, net of issuance costs, through its at-the-market (ATM) program. This followed a similar capital raise in Q1 2025 of $240 million, net of issuance costs.

Here is a quick snapshot comparing some of these key cost drivers from recent reporting periods:

Cost Category	Period/Basis	Amount (Millions USD)
Repurchase Agreement Financing Expense	Q3 2025	$119.068
G&A Expenses	Q1 2025	$11.76
Derivative Losses	Q1 2025	$(118.1)
Salaries & Employee Benefits	TTM (as of Sep 30, 2025)	$28.77
Net Equity Capital Raised (Issuance Costs Deducted)	Q3 2025	$254

You can see the structure relies on keeping financing costs low relative to asset yields, which is why management noted that financing costs as a percentage of average borrowings remained steady in Q3 2025, even as interest income improved.

The internal management structure means that compensation is a direct operating expense, unlike externally managed peers:

• Compensation and benefits are captured in the Salaries & Employee Benefits line item.
• The TTM figure as of September 30, 2025, was $28.77 million.
• This structure is intended to align management incentives directly with shareholder returns.
• The Q1 2025 G&A increase to $11.76 million was partly due to accelerated equity compensation, which was about a $1 million impact.

The derivative costs are a direct function of hedging strategy to manage the risk inherent in their large, leveraged portfolio. When rates move sharply, as they did in Q1 2025, these hedging costs hit the income statement hard. Finance: draft 13-week cash view by Friday.

Dynex Capital, Inc. (DX) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Dynex Capital, Inc. (DX), which, like most mortgage REITs, runs primarily on the spread between what it earns on assets and what it pays for funding. This Net Interest Income (NII) is the bread and butter.

For the third quarter of 2025, for instance, interest income hit $149.68M. That income translated into a net interest spread of 0.46% GAAP and a more robust 1.00% economic spread as of September 30, 2025. Management noted that both the GAAP and economic net interest spreads improved in Q3 due to higher yielding investments added to the portfolio while financing costs remained steady. They anticipate further improvement in the financing rate in Q4 2025 following the September Fed cut.

The second major component driving the top line is the gain or loss realized on investment sales, which can be quite volatile. The Trailing Twelve Months (TTM) revenue figure as of late 2025 is reported at $230.45 million. To give you some context on the recent swing, the annual revenue for 2024 was $0.15 Billion USD, a significant jump from the $26.74 Million USD reported in 2023.

Income from interest rate swaps and other hedging instruments is crucial because it smooths out the volatility inherent in the underlying mortgage-backed securities (MBS) portfolio. In Q2 2025, core earnings were supported by higher net interest income and swap receipts. However, you have to watch the mark-to-market impact; those same GAAP results in Q2 were pressured by hedging losses. It's a balancing act; the derivatives are there to protect the spread, but their fair value changes affect reported GAAP income.

Here's a quick look at the revenue picture as we head toward the end of 2025. What this estimate hides, though, is the split between recurring NII and realized gains, which is key for dividend sustainability.

Metric	Value (as of late 2025 data)	Source Context
Full Year 2025 Revenue Estimate	$108.09 million	Analyst Consensus for FY2025
Trailing Twelve Months (TTM) Revenue	$230.45 million	As of September 30, 2025
Q3 2025 Interest Income	$149.68M	Reported Interest Income
Q3 2025 Economic Net Interest Spread	1.00%	GAAP spread was 0.46%
Q2 2025 Swap Receipts Impact	Positive Contributor to Core Earnings	Contributed to EAD growth

The revenue streams are heavily dependent on the spread environment and the company's ability to deploy capital accretively. You should keep an eye on the following drivers:

• Net interest income growth from portfolio carry.
• Successful hedging to mitigate derivative mark-to-market volatility.
• Realized gains from opportunistic investment sales.
• The economic net interest spread remaining positive, ideally expanding.

The Q3 2025 GAAP diluted EPS was $1.08/share, while comprehensive income was $1.20/share. Finance: draft 13-week cash view by Friday.