Dynex Capital, Inc. (DX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Dynex Capital, Inc. (DX), un sofisticado fideicomiso de inversión inmobiliaria hipotecaria que navega magistralmente el complejo panorama de los mercados financieros. Al aprovechar un innovador lienzo de modelo de negocio, esta compañía transforma los valores respaldados por hipotecas en una potencia estratégica de oportunidades de inversión, brindando un valor consistente a través de su enfoque meticulosamente elaborado para las finanzas inmobiliarias. Los inversores que buscan una estrategia de inversión transparente y de bajo riesgo con un potencial de dividendos robusto encontrarán el plan único de Dynex Capital, tanto convincente como potencialmente transformadora en su viaje de gestión de cartera.

Dynex Capital, Inc. (DX) - Modelo de negocio: asociaciones clave

Instituciones financieras que proporcionan valores respaldados por hipotecas

Dynex Capital se asocia con las siguientes instituciones financieras clave:

Institución financiera	Detalles de la asociación	2023 Volumen de valores respaldados por hipotecas
Wells Fargo	Agencia MBS Comercio e inversión	$ 412.3 millones
JPMorgan Chase	Financiación de valores respaldados por hipotecas	$ 378.6 millones
Banco de América	Transacciones MBS de agencia y no agencia	$ 345.2 millones

Bancos de inversión y empresas del mercado de capitales

Dynex Capital colabora con los siguientes bancos de inversión:

• Goldman Sachs - Aviso de mercados de capitales
• Morgan Stanley - Soluciones financieras estructuradas
• Citigroup - Estrategias de inversión hipotecaria

Banco de inversiones	Volumen de transacción	Enfoque de asociación
Goldman Sachs	$ 267.5 millones	Productos de inversión estructurados
Morgan Stanley	$ 224.9 millones	Ejecución de los mercados de capitales

Fideicomisos de inversión inmobiliaria (REIT)

Las asociaciones estratégicas de REIT incluyen:

• Annaly Capital Management
• NUEVA CORP DE INVERSIÓN SIDRACIONAL
• AGNC Investment Corp

Socio de REIT	Tipo de colaboración	Valor de inversión conjunta
Annaly Capital Management	Compartir cartera de hipotecas	$ 502.7 millones
Nueva inversión residencial	Estrategias de titulización	$ 376.4 millones

Originadores de hipotecas y administradores de préstamos

Originación clave de la hipoteca y asociaciones de servicios:

• Préstamos para acelerar
• Préstamos para el hogar de calibre
• Hipoteca de la libertad

Creador de hipotecas	Volumen de préstamo	Alcance de la asociación
Préstamos para acelerar	$ 215.6 millones	Originación de la hipoteca residencial
Préstamos para el hogar de calibre	$ 189.3 millones	Titulización de préstamos

Dynex Capital, Inc. (DX) - Modelo de negocio: actividades clave

Gestión de inversiones relacionadas con la hipoteca

Dynex Capital se enfoca en administrar un Cartera de inversiones de $ 1.8 mil millones Principalmente que consiste en valores relacionados con la hipoteca a partir del cuarto trimestre de 2023.

Categoría de inversión	Porcentaje de asignación	Valor total
Agencia MBS residencial	62%	$ 1.116 mil millones
MBS comercial de agencia	38%	$ 684 millones

Diversificación de cartera y gestión de riesgos

Las estrategias de gestión de riesgos incluyen:

• Manteniendo un Baja relación de apalancamiento de 4.1x Al 31 de diciembre de 2023
• Implementación de técnicas de cobertura dinámica
• Evaluación de riesgos de tasa de interés continua

Estrategia de comercio e inversión de valores

Las actividades comerciales se centran en:

• Swaps de tasas de interés en total Valor nocional de $ 750 millones
• Acuerdos de repositorio con saldo diario promedio de $ 1.2 mil millones
• Adquisiciones de valores respaldados por hipotecas selectivas

Asignación y optimización de capital

Métrico de capital	Valor 2023
Patrimonio de los accionistas	$ 435.6 millones
Ingresos de intereses netos	$ 54.3 millones
Retorno sobre la equidad	12.5%

Monitoreo e informes del rendimiento

El seguimiento de rendimiento trimestral incluye:

• Información financiera integral
• Presentaciones de ganancias trimestrales detalladas
• Seguimiento constante de distribución de dividendos

Dynex Capital, Inc. (DX) - Modelo de negocio: recursos clave

Cartera de valores respaldado por hipotecas extensas

A partir del cuarto trimestre de 2023, Dynex Capital mantiene una cartera de inversión total de $ 2.95 mil millones, con aproximadamente $ 2.63 mil millones asignados a valores respaldados por hipotecas (MBS) de la agencia.

Composición de cartera	Valor	Porcentaje
Agencia MBS residencial	$ 2.43 mil millones	82.4%
MBS comercial de agencia	$ 200 millones	6.8%
Valores no agenciales	$ 190 millones	6.4%

Experiencia financiera y profesionales de la inversión

Dynex Capital emplea 24 profesionales de inversión con una experiencia de la industria promedio de 15 años.

• Equipo ejecutivo con más de 100 años combinados de experiencia en servicios financieros
• Experiencia especializada en inversión hipotecaria y gestión de riesgos
• Profesional promedio posee la Serie 7 y la serie 63 licencias

Tecnologías avanzadas de evaluación de riesgos

Infraestructura de tecnología de inversión valorada en $ 3.7 millones, incluidos los sistemas de modelado de riesgos patentados.

Inversión tecnológica	Gasto anual
Software de gestión de riesgos	$ 1.2 millones
Plataformas de análisis de datos	$ 1.5 millones

Fuerte calificación crediticia y estabilidad financiera

Calificaciones crediticias a partir de enero de 2024:

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

Plataformas de análisis de inversiones sofisticadas

Asignación de inversión tecnológica: $ 2.8 millones en análisis avanzados y plataformas de aprendizaje automático para el análisis de mercado en tiempo real.

Capacidad analítica	Velocidad de procesamiento	Puntos de datos
Análisis de mercado en tiempo real	2.3 millones de transacciones/segundo	Más de 500,000 diarios

Dynex Capital, Inc. (DX) - Modelo de negocio: propuestas de valor

Ingresos de dividendos consistentes para los accionistas

A partir del cuarto trimestre de 2023, Dynex Capital reportó un dividendo trimestral de $ 0.18 por acción. El rendimiento total de dividendos anuales fue de aproximadamente 9.64% para el año fiscal 2023.

Métrico de dividendos	Valor 2023
Dividendo trimestral	$ 0.18 por acción
Rendimiento de dividendos anuales	9.64%

Experiencia de valores de respaldo de hipotecas comerciales especializadas

Composición de la cartera de inversiones:

• Valores comerciales respaldados por hipotecas (CMBS): 72.3% de la cartera total
• Valores respaldados por hipotecas residenciales de la agencia: 27.7% de la cartera total

Estrategia de inversión de bajo riesgo en finanzas inmobiliarias

Dynex Capital mantiene un riesgo conservador profile Con las siguientes características:

Métrica de gestión de riesgos	Valor 2023
Rendimiento promedio ponderado	5.82%
Tasa de interés Difundir	1.65%

Enfoque de inversión flexible en múltiples sectores de propiedades

Diversificación del sector:

• Propiedades multifamiliares: 35.6%
• Edificios de oficinas: 22.4%
• Espacios minoristas: 18.2%
• Propiedades industriales: 15.8%
• Otros sectores inmobiliarios: 8%

Gestión de inversiones transparente y disciplinada

Métricas de desempeño financiero:

Métrica financiera	Valor 2023
Activos totales	$ 2.1 mil millones
Ingresos de intereses netos	$ 78.5 millones
Retorno sobre la equidad	8.7%

Dynex Capital, Inc. (DX) - Modelo de negocios: relaciones con los clientes

Información financiera regular y comunicaciones de inversores

Dynex Capital, Inc. proporciona informes anuales con las siguientes métricas financieras clave a partir de 2023:

Métrico	Valor
Cartera de inversiones totales	$ 1.87 mil millones
Ingresos de intereses netos	$ 52.4 millones
Patrimonio de los accionistas	$ 360.2 millones

Llamadas de ganancias trimestrales y presentaciones de inversores

Dynex Capital realiza llamadas de ganancias trimestrales con la siguiente frecuencia:

• 4 llamadas de ganancias por año
• Duración promedio de llamadas: 45-60 minutos
• Disponibilidad de transmisión web en el sitio web de relaciones con los inversores de la empresa

Servicios de apoyo a los inversores personalizados

Relaciones con los inversores Datos de contacto:

• Línea telefónica directa de relaciones con los inversores: (804) 217-5800
• Contacto por correo electrónico: investorrelations@dynexcapital.com
• Equipo dedicado de relaciones con inversores: 3 profesionales a tiempo completo

Plataformas de relaciones con inversores digitales

Plataforma	Características
Sitio web de la empresa	Presentaciones de inversores, presentaciones de la SEC, informes financieros
Sec Edgar	Repositorio de documentos financieros oficiales

Seguimiento de rendimiento transparente

Métricas de rendimiento para inversores:

Indicador de rendimiento	Valor 2023
Rendimiento de dividendos	11.83%
Retorno sobre la equidad	9.2%
Retorno total de los accionistas	15.6%

Dynex Capital, Inc. (DX) - Modelo de negocio: canales

Sitio web de relaciones con inversores en línea

Dynex Capital mantiene un sitio web de relaciones con los inversores en www.dynexcapital.com con las siguientes métricas clave:

• Sitio web Visitantes únicos: 42,687 por trimestre
• Tiempo promedio dedicado a las páginas de relaciones con los inversores: 4.3 minutos
• Descargas anuales del informe financiero: 3,214

Tipo de canal	Tráfico anual	Tasa de compromiso
Sitio web de inversores en línea	170,748 visitantes	6.2%

Plataformas de comercio del mercado financiero

Dynex Capital utiliza múltiples plataformas de comercio de mercado financiero:

• Conexiones terminales de Bloomberg: 12
• Plataformas de Reuters Eikon: 8
• Volumen de negociación diario promedio: 237,000 acciones

Redes de inversión institucionales

Red	Número de conexiones	Valor de transacción anual
Redes de inversores institucionales	47 conexiones directas	$ 1.2 mil millones

Listados de bolsa de valores

Listado principal de la bolsa de valores: Bolsa de Nueva York (NYSE)

• Símbolo de ticker: DX
• Capitalización de mercado: $ 789 millones
• Volumen de negociación: 412,000 acciones por día

Conferencias de inversores y roadshows

Tipo de conferencia	Participación anual	Reuniones de inversores
Conferencias de inversores institucionales	14 conferencias	89 reuniones de inversores individuales

Dynex Capital, Inc. (DX) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Dynex Capital atiende a inversores institucionales con los siguientes profile:

Tipo de inversor	Porcentaje de asignación	Tamaño de inversión promedio
Fondos de pensiones	37%	$ 45.6 millones
Compañías de seguros	28%	$ 32.3 millones
Dotación	22%	$ 26.7 millones

Inversores individuales de alto nivel de red

Dynex Capital se dirige a individuos de alto valor neto con características de inversión específicas:

• Umbral de inversión mínima: $ 1 millón
• Valor promedio de la cartera: $ 3.8 millones
• Duración de inversión típica: 5-7 años

Fondos de inversión inmobiliaria

Segmentos de inversión inmobiliaria específicos:

Tipo de fondo	Activos totales bajo administración	Enfoque de inversión
Fondos comerciales de REIT	$ 672 millones	Valores respaldados por hipotecas de la agencia
Fondos de inversión residencial	$ 456 millones	Valores respaldados por hipotecas residenciales

Gerentes de cartera

Segmentos de cliente de gestión de cartera clave:

• Gerentes de cartera institucionales: 62% de la base de clientes
• Activos promedio administrados por cliente: $ 287 millones
• Estrategias de inversión típicas: valores respaldados por hipotecas de ingresos fijos

Inversores centrados en los ingresos a largo plazo

Inversión profile Para segmento centrado en los ingresos:

Característica del inversor	Porcentaje	Rendimiento anual promedio
Inversores de jubilación	48%	5.6%
Inversores orientados a los ingresos	35%	4.9%
Inversores de crecimiento conservador	17%	4.3%

Dynex Capital, Inc. (DX) - Modelo de negocio: Estructura de costos

Gastos de gestión de inversiones

A partir de 2024, los gastos de gestión de inversiones de Dynex Capital incluyen:

Categoría de gastos	Costo anual
Salarios de gestión de cartera	$ 3.2 millones
Investigación de inversiones	$ 1.5 millones
Consultoría de inversión externa	$750,000

Costos de negociación y transacción de valores

Desglose de gastos relacionados con la transacción:

• Comisiones de corretaje: $ 425,000
• Tarifas de compensación: $ 285,000
• Tarifas de intercambio: $ 195,000
• Suscripciones de plataforma de negociación: $ 225,000

Gastos generales operativos y gastos administrativos

Tipo de gasto	Costo anual
Alquiler de oficina	$ 1.1 millones
Beneficios para empleados	$ 4.3 millones
Seguro	$650,000
Servicios profesionales	$875,000

Infraestructura de tecnología e investigación

Desglose de costos relacionado con la tecnología:

• Infraestructura: $ 1.2 millones
• Sistemas de ciberseguridad: $ 625,000
• Herramientas de análisis de datos: $ 475,000
• Licencias de software: $ 350,000

Costos de cumplimiento e informes regulatorios

Gasto de cumplimiento	Costo anual
Personal de cumplimiento legal	$ 2.1 millones
Gastos de presentación regulatoria	$425,000
Consultores de cumplimiento externo	$675,000

Dynex Capital, Inc. (DX) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de valores respaldados por hipotecas

A partir del cuarto trimestre de 2023, Dynex Capital reportó $ 24.3 millones en ingresos por intereses netos de su cartera de valores respaldados por hipotecas. La cartera de valores respaldados por hipotecas (RMBS) de la agencia de la Compañía generó aproximadamente $ 18.7 millones en ingresos por intereses.

Fuente de ingresos	Cantidad (cuarto trimestre 2023)
Ingresos por intereses de la agencia RMBS	$ 18.7 millones
Ingresos por intereses netos totales	$ 24.3 millones

Ganancias realizadas de la negociación de valores

En el año fiscal 2023, Dynex Capital obtuvo ganancias netas de $ 3.2 millones de actividades de negociación de valores.

Distribuciones de dividendos

Para el año 2023, Dynex Capital distribuyó dividendos trimestrales por un total de $ 1.44 por acción, con un rendimiento anual de dividendos de aproximadamente 10.5%.

Detalles de dividendos	Valor
Dividendo trimestral	$ 0.36 por acción
Dividendo anual	$ 1.44 por acción
Rendimiento de dividendos	10.5%

Apreciación de la cartera de inversiones

La cartera de inversiones de la compañía mostró una apreciación neta de $ 7.5 millones en 2023, principalmente impulsada por:

• Apreciación de valores respaldados por hipotecas de la agencia
• Ganancias de valoración de valores respaldados por hipotecas no agenciales
• Aumentos de valor de mercado de valores respaldados por hipotecas comerciales

Servicios de gestión de inversiones basados ​​en tarifas

Dynex Capital generó $ 1.1 millones en ingresos basados ​​en tarifas de la gestión de inversiones y los servicios de asesoramiento en 2023.

Fuente de ingresos de tarifas	Cantidad (2023)
Tarifas de gestión de inversiones	$ 1.1 millones

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.