Dynex Capital, Inc. (DX): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Dynex Capital, Inc. (DX), une fiducie sophistiquée de placement immobilier hypothécaire qui navigue magistralement dans le paysage complexe des marchés financiers. En tirant parti d'une toile de modèle commercial innovante, cette société transforme les titres adossés à des hypothèques en une puissance stratégique d'opportunités d'investissement, offrant une valeur cohérente grâce à son approche méticuleusement conçue du financement immobilier. Les investisseurs à la recherche d'une stratégie d'investissement transparente et à faible risque avec un potentiel de dividende robuste trouveront le plan unique de Dynex Capital à la fois convaincant et potentiellement transformateur dans leur parcours de gestion de portefeuille.

Dynex Capital, Inc. (DX) - Modèle commercial: partenariats clés

Les institutions financières fournissant des titres adossés à des créances hypothécaires

Dynex Capital s'associe aux principales institutions financières suivantes:

Institution financière	Détails du partenariat	2023 Volume de titres adossés à des créances hypothécaires
Wells Fargo	Agence MBS Trading and Investment	412,3 millions de dollars
JPMorgan Chase	Financement de valeurs mobilières adossé à des créances hypothécaires	378,6 millions de dollars
Banque d'Amérique	Transactions MBS d'agence et non-agence	345,2 millions de dollars

Banques d'investissement et sociétés du marché des capitaux

Dynex Capital collabore avec les banques d'investissement suivantes:

• Goldman Sachs - Capital Markets Advisory
• Morgan Stanley - Solutions de financement structurées
• Citigroup - stratégies d'investissement hypothécaire

Banque d'investissement	Volume de transaction	Focus de partenariat
Goldman Sachs	267,5 millions de dollars	Produits d'investissement structurés
Morgan Stanley	224,9 millions de dollars	Exécution des marchés des capitaux

Trusts de placement immobilier (FPI)

Les partenariats stratégiques du RPE comprennent:

• Annaly Capital Management
• Nouveau corp d'investissement résidentiel
• AGNC Investment Corp

Partenaire de FPI	Type de collaboration	Valeur d'investissement conjointe
Annaly Capital Management	Partage du portefeuille hypothécaire	502,7 millions de dollars
Nouvel investissement résidentiel	Stratégies de titrisation	376,4 millions de dollars

Originateurs hypothécaires et agents de prêt

Partenariats principaux de l'origine hypothécaire et de l'entretien:

• Prêts accélérés
• Prêts à la maison de calibre
• Hypothèque de liberté

Initiateur hypothécaire	Volume de prêt	Portée du partenariat
Prêts accélérés	215,6 millions de dollars	Origination hypothécaire résidentielle
Prêts à la maison de calibre	189,3 millions de dollars	Titrisation du prêt

Dynex Capital, Inc. (DX) - Modèle d'entreprise: activités clés

Gestion des investissements liés aux hypothèques

Dynex Capital se concentre sur la gestion d'un Portfolio d'investissement de 1,8 milliard de dollars Composé principalement en titres liés aux hypothèques au T4 2023.

Catégorie d'investissement	Pourcentage d'allocation	Valeur totale
MBS résidentiels d'agence	62%	1,116 milliard de dollars
Agence commerciale MBS	38%	684 millions de dollars

Diversification du portefeuille et gestion des risques

Les stratégies de gestion des risques comprennent:

• Maintenir un Ratio de levier faible de 4,1x Au 31 décembre 2023
• Implémentation de techniques de couverture dynamique
• Évaluation des risques de taux d'intérêt continu

Stratégie de trading et d'investissement en valeurs mobilières

Les activités de trading se concentrent sur:

• Échanges de taux d'intérêt totalisant Valeur théorique de 750 millions de dollars
• Repo d'accords avec un équilibre quotidien moyen 1,2 milliard de dollars
• Acquisitions sélectives de titres adossés à des créances hypothécaires

Allocation et optimisation des capitaux

Métrique capitale	Valeur 2023
Capitaux propres des actionnaires	435,6 millions de dollars
Revenu net d'intérêt	54,3 millions de dollars
Retour des capitaux propres	12.5%

Surveillance et rapport des performances

Le suivi trimestriel des performances comprend:

• Information financière complète
• Présentations de bénéfices trimestriels détaillés
• Suivi de distribution de dividendes cohérent

Dynex Capital, Inc. (DX) - Modèle d'entreprise: Ressources clés

Portefeuille de valeurs mobilières adaptés aux hypothèques

Au quatrième trimestre 2023, Dynex Capital conserve un portefeuille d'investissement total de 2,95 milliards de dollars, avec environ 2,63 milliards de dollars alloués aux titres adossés à des créances hypothécaires (MBS).

Composition de portefeuille	Valeur	Pourcentage
MBS résidentiels d'agence	2,43 milliards de dollars	82.4%
Agence commerciale MBS	200 millions de dollars	6.8%
Titres non agences	190 millions de dollars	6.4%

Expertise financière et professionnels de l'investissement

Dynex Capital emploie 24 professionnels de l'investissement avec une expérience moyenne de l'industrie de 15 ans.

• Équipe de direction avec plus de 100 années combinées d'expérience en services financiers
• Expertise spécialisée sur l'investissement hypothécaire et la gestion des risques
• Les licences moyennes de la série 7 et 63 de la série et de la série 63

Technologies d'évaluation des risques avancés

Infrastructure de technologies d'investissement d'une valeur de 3,7 millions de dollars, y compris des systèmes de modélisation des risques propriétaires.

Investissement technologique	Dépenses annuelles
Logiciel de gestion des risques	1,2 million de dollars
Plateformes d'analyse de données	1,5 million de dollars

Évaluation de crédit et stabilité financière forte

Notes de crédit en janvier 2024:

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

Plateformes d'analyse d'investissement sophistiquées

Attribution des investissements technologiques: 2,8 millions de dollars en plateformes avancées d'analyse et d'apprentissage automatique pour l'analyse du marché en temps réel.

Capacité d'analyse	Vitesse de traitement	Points de données
Analyse du marché en temps réel	2,3 millions de transactions / seconde	Plus de 500 000 jours

Dynex Capital, Inc. (DX) - Modèle d'entreprise: propositions de valeur

Revenu de dividende cohérent pour les actionnaires

Au quatrième trimestre 2023, Dynex Capital a déclaré un dividende trimestriel de 0,18 $ par action. Le rendement total du dividende annuel était d'environ 9,64% pour l'exercice 2023.

Métrique du dividende	Valeur 2023
Dividende trimestriel	0,18 $ par action
Rendement annuel sur le dividende	9.64%

Expertise en valeurs mobilières adossées à des hypothèques commerciales spécialisées

Composition du portefeuille d'investissement:

• Titirités adossées à des créances hypothécaires (CMBS): 72,3% du portefeuille total
• Titres adossés à des créances hypothécaires résidentielles d'agence: 27,7% du portefeuille total

Stratégie d'investissement à faible risque dans le financement immobilier

Dynex Capital maintient un risque conservateur profile avec les caractéristiques suivantes:

Métrique de gestion des risques	Valeur 2023
Rendement moyen pondéré	5.82%
Propagation de taux d'intérêt	1.65%

Approche d'investissement flexible dans plusieurs secteurs immobiliers

Diversification du secteur:

• Propriétés multifamiliales: 35,6%
• Immeubles de bureaux: 22,4%
• Espaces de vente au détail: 18,2%
• Propriétés industrielles: 15,8%
• Autres secteurs immobiliers: 8%

Gestion des investissements transparents et disciplinés

Métriques de performance financière:

Métrique financière	Valeur 2023
Actif total	2,1 milliards de dollars
Revenu net d'intérêt	78,5 millions de dollars
Retour des capitaux propres	8.7%

Dynex Capital, Inc. (DX) - Modèle d'entreprise: relations clients

Rapports financiers réguliers et communications des investisseurs

Dynex Capital, Inc. fournit des rapports annuels avec les principales mesures financières suivantes à partir de 2023:

Métrique	Valeur
Portefeuille d'investissement total	1,87 milliard de dollars
Revenu net d'intérêt	52,4 millions de dollars
Capitaux propres	360,2 millions de dollars

Appels de bénéfices trimestriels et présentations des investisseurs

Dynex Capital effectue des appels de bénéfices trimestriels avec la fréquence suivante:

• 4 appels de revenus par an
• Durée moyenne de l'appel: 45-60 minutes
• Disponibilité des webdits sur le site Web des relations avec les investisseurs d'entreprise

Services de soutien aux investisseurs personnalisés

RELATIONS D'INVECONSEUR DÉTAILLES DE CONTACTES:

• Ligne téléphonique des relations avec les investisseurs directs: (804) 217-5800
• Contact par e-mail: investirrélations@dynexcapital.com
• Équipe de relations avec les investisseurs dédiés: 3 professionnels à temps plein

Plateformes de relations avec les investisseurs numériques

Plate-forme	Caractéristiques
Site Web de l'entreprise	Présentations des investisseurs, dépôts de la SEC, rapports financiers
Sec Edgar	Référentiel de documents financiers officiels

Suivi des performances transparentes

Métriques de performance pour les investisseurs:

Indicateur de performance	Valeur 2023
Rendement des dividendes	11.83%
Retour des capitaux propres	9.2%
Rendement total des actionnaires	15.6%

Dynex Capital, Inc. (DX) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs en ligne

Dynex Capital maintient un site Web de relations avec les investisseurs sur www.dynexcapital.com avec les mesures clés suivantes:

• Site Web Visiteurs uniques: 42 687 par trimestre
• Temps moyen consacré aux pages de relations avec les investisseurs: 4,3 minutes
• Téléchargements annuels du rapport financier: 3 214

Type de canal	Trafic annuel	Taux d'engagement
Site Web d'investisseurs en ligne	170 748 visiteurs	6.2%

Plateformes de trading du marché financier

Dynex Capital utilise plusieurs plateformes de trading de marchés financiers:

• Connexions des terminaux de Bloomberg: 12
• Reuters Eikon Plateformes: 8
• Volume de trading quotidien moyen: 237 000 actions

Réseaux d'investissement institutionnels

Réseau	Nombre de connexions	Valeur de transaction annuelle
Réseaux d'investisseurs institutionnels	47 Connexions directes	1,2 milliard de dollars

Listes de bourses

Inscription de bourses primaire: Bourse de New York (NYSE)

• Symbole de ticker: dx
• Capitalisation boursière: 789 millions de dollars
• Volume de négociation: 412 000 actions par jour

Conférences des investisseurs et tas de routes

Type de conférence	Participation annuelle	Réunions des investisseurs
Conférences d'investisseurs institutionnelles	14 conférences	89 réunions individuelles des investisseurs

Dynex Capital, Inc. (DX) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Dynex Capital dessert les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Pourcentage d'allocation	Taille moyenne de l'investissement
Fonds de pension	37%	45,6 millions de dollars
Compagnies d'assurance	28%	32,3 millions de dollars
Dotation	22%	26,7 millions de dollars

Investisseurs individuels à haute nette

Dynex Capital cible les individus à haute noue avec des caractéristiques d'investissement spécifiques:

• Seuil d'investissement minimum: 1 million de dollars
• Valeur du portefeuille moyen: 3,8 millions de dollars
• Durée d'investissement typique: 5-7 ans

Fonds d'investissement immobilier

Segments d'investissement immobilier ciblé:

Type de fonds	Total des actifs sous gestion	Focus d'investissement
Fonds de FPI commerciaux	672 millions de dollars	Titres adossés à des créances hypothécaires
Fonds d'investissement résidentiel	456 millions de dollars	Titres adossés à des créances hypothécaires résidentielles

Gestionnaires de portefeuille

Segments de clientèle de gestion de portefeuille clés:

• Gestionnaires de portefeuille institutionnels: 62% de la clientèle
• Actifs moyens gérés par client: 287 millions de dollars
• Stratégies d'investissement typiques: titres adossés à des hypothèques à revenu fixe et hypothécaire

Investisseurs axés sur le revenu à long terme

Investissement profile pour le segment axé sur le revenu:

Caractéristique des investisseurs	Pourcentage	Rendement annuel moyen
Investisseurs à la retraite	48%	5.6%
Investisseurs orientés sur le revenu	35%	4.9%
Investisseurs en croissance conservatrice	17%	4.3%

Dynex Capital, Inc. (DX) - Modèle d'entreprise: Structure des coûts

Dépenses de gestion des investissements

En 2024, les dépenses de gestion des investissements de Dynex Capital comprennent:

Catégorie de dépenses	Coût annuel
Salaires de gestion du portefeuille	3,2 millions de dollars
Recherche en investissement	1,5 million de dollars
Conseil d'investissement externe	$750,000

Coûts de négociation et de transaction en valeurs mobilières

Répartition des dépenses liées aux transactions:

• Commissions de courtage: 425 000 $
• Frais de compensation: 285 000 $
• Frais d'échange: 195 000 $
• Abonnements de plate-forme de négociation: 225 000 $

Frais généraux et dépenses administratives opérationnelles

Type de dépenses	Coût annuel
Loyer de bureau	1,1 million de dollars
Avantages sociaux	4,3 millions de dollars
Assurance	$650,000
Services professionnels	$875,000

Infrastructure technologique et de recherche

Répartition des coûts liés à la technologie:

• Infrastructure informatique: 1,2 million de dollars
• Systèmes de cybersécurité: 625 000 $
• Outils d'analyse de données: 475 000 $
• Licences logicielles: 350 000 $

Coût de la conformité et des rapports réglementaires

Dépenses de conformité	Coût annuel
Personnel de conformité juridique	2,1 millions de dollars
Frais de dépôt réglementaire	$425,000
Consultants en conformité externe	$675,000

Dynex Capital, Inc. (DX) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts provenant de titres adossés à des créances hypothécaires

Au quatrième trimestre 2023, Dynex Capital a déclaré 24,3 millions de dollars de revenus d'intérêts nets de son portefeuille de valeurs mobilières adossé à des créances hypothécaires. Le portefeuille de valeurs mobilières en milieu hypothécaire en milieu hypothécaire (RMBS) de la société a généré environ 18,7 millions de dollars de revenus d'intérêts.

Source de revenus	Montant (Q4 2023)
Agence RMBS Intérêt Revenu	18,7 millions de dollars
Revenu total des intérêts nets	24,3 millions de dollars

Réalisé des gains de la négociation des valeurs mobilières

Au cours de l'exercice 2023, Dynex Capital a réalisé des gains nets de 3,2 millions de dollars provenant des activités de négociation de titres.

Distributions de dividendes

Pour l'année 2023, Dynex Capital a distribué des dividendes trimestriels totalisant 1,44 $ par action, avec un rendement de dividende annuel d'environ 10,5%.

Détails de dividende	Valeur
Dividende trimestriel	0,36 $ par action
Dividende annuel	1,44 $ par action
Rendement des dividendes	10.5%

Appréciation du portefeuille d'investissement

Le portefeuille d'investissement de la société a montré une appréciation nette de 7,5 millions de dollars en 2023, principalement tirée par:

• Appréciation des titres adossés à des créances hypothécaires
• Gains d'évaluation des titres adossés à des créances hypothécaires non agences
• La valeur marchande du marché des titres adossé à des hypothèques commerciaux augmente

Services de gestion des investissements basés sur les frais

Dynex Capital a généré 1,1 million de dollars de revenus fondés sur les frais des services de gestion des investissements et de conseil en 2023.

Source des revenus des frais	Montant (2023)
Frais de gestion des investissements	1,1 million de dollars

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.