Dynex Capital, Inc. (DX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Dynex Capital, Inc. (DX), uma sofisticada Trust Investment de Investimentos de Mortagem que navega com maestria no complexo cenário dos mercados financeiros. Ao alavancar uma tela inovadora de modelo de negócios, esta empresa transforma os valores mobiliários apoiados por hipotecas em uma potência estratégica de oportunidade de investimento, oferecendo valor consistente por meio de sua abordagem meticulosamente criada para finanças imobiliárias. Os investidores que buscam uma estratégia de investimento transparente e de baixo risco com potencial de dividendos robustos acharão o projeto único da Dynex Capital, atraente e potencialmente transformador em sua jornada de gerenciamento de portfólio.

Dynex Capital, Inc. (DX) - Modelo de Negócios: Parcerias -chave

Instituições financeiras que fornecem títulos lastreados em hipotecas

A Dynex Capital faz parceria com as seguintes instituições financeiras principais:

Instituição financeira	Detalhes da parceria	2023 Volume de títulos lastreados em hipotecas
Wells Fargo	Agency MBS Trading and Investment	US $ 412,3 milhões
JPMorgan Chase	Financiamento de valores mobiliários lastreados em hipotecas	US $ 378,6 milhões
Bank of America	Transações de agência e não-agência MBS	US $ 345,2 milhões

Bancos de investimento e empresas de mercado de capitais

A Dynex Capital colabora com os seguintes bancos de investimento:

• Goldman Sachs - Capital Markets Advisory
• Morgan Stanley - Soluções Financeiras Estruturadas
• Citigroup - Estratégias de investimento hipotecário

Banco de investimento	Volume de transação	Foco em parceria
Goldman Sachs	US $ 267,5 milhões	Produtos de investimento estruturado
Morgan Stanley	US $ 224,9 milhões	Execução do mercado de capitais

Funcionários de investimento imobiliário (REITs)

As parcerias estratégicas do REIT incluem:

• Annaly Capital Management
• Nova Corp Residencial Investment
• AGNC Investment Corp

REIT Partner	Tipo de colaboração	Valor de investimento conjunto
Annaly Capital Management	Compartilhamento de portfólio de hipotecas	US $ 502,7 milhões
Novo investimento residencial	Estratégias de securitização	US $ 376,4 milhões

Originadores de hipotecas e emprestadores

Principais parcerias de origem e manutenção de hipotecas:

• Quicken empréstimos
• Empréstimos à habitação de calibre
• Freedom Mortgage

Originador de hipoteca	Volume de empréstimo	Escopo da parceria
Quicken empréstimos	US $ 215,6 milhões	Origem da hipoteca residencial
Empréstimos à habitação de calibre	US $ 189,3 milhões	Securitização de empréstimo

Dynex Capital, Inc. (DX) - Modelo de Negócios: Atividades -chave

Gerenciamento de investimentos relacionados a hipotecas

A Dynex Capital se concentra em gerenciar um Portfólio de investimentos de US $ 1,8 bilhão consistindo principalmente em títulos relacionados a hipotecas a partir do quarto trimestre 2023.

Categoria de investimento	Porcentagem de alocação	Valor total
Agência MBS residencial	62%	US $ 1,116 bilhão
AGENÇÃO COMERCIAL MBS	38%	US $ 684 milhões

Diversificação de portfólio e gerenciamento de riscos

As estratégias de gerenciamento de riscos incluem:

• Mantendo um baixa taxa de alavancagem de 4,1x em 31 de dezembro de 2023
• Implementando técnicas dinâmicas de hedge
• Avaliação contínua de risco de taxa de juros

Estratégia de negociação e investimento de valores mobiliários

As atividades de negociação concentram -se em:

• Swaps de taxa de juros totalizando Valor nocional de US $ 750 milhões
• Acordos de repo com saldo médio diário de US $ 1,2 bilhão
• Aquisições de valores mobiliários lastreados em hipotecas seletivas

Alocação de capital e otimização

Métrica de capital	2023 valor
Equidade dos acionistas	US $ 435,6 milhões
Receita de juros líquidos	US $ 54,3 milhões
Retorno sobre o patrimônio	12.5%

Monitoramento e relatório de desempenho

O rastreamento trimestral de desempenho inclui:

• Relatórios financeiros abrangentes
• Apresentações de ganhos trimestrais detalhados
• Rastreamento consistente de distribuição de dividendos

Dynex Capital, Inc. (DX) - Modelo de negócios: Recursos -chave

Extensa portfólio de valores mobiliários lastreados em hipotecas

A partir do quarto trimestre de 2023, a Dynex Capital mantém um portfólio total de investimentos de US $ 2,95 bilhões, com aproximadamente US $ 2,63 bilhões alocados aos valores mobiliários apoiados por hipotecas da agência (MBS).

Composição do portfólio	Valor	Percentagem
Agência MBS residencial	US $ 2,43 bilhões	82.4%
AGENÇÃO COMERCIAL MBS	US $ 200 milhões	6.8%
Valores mobiliários não agência	US $ 190 milhões	6.4%

Especialização financeira e profissionais de investimento

A Dynex Capital emprega 24 profissionais de investimento com uma experiência média do setor de 15 anos.

• Equipe executiva com mais de 100 anos combinados de experiência em serviços financeiros
• Especializado Investimento de Hipotecas e Conhecimento de Gerenciamento de Riscos
• A média profissional detém as licenças da série 7 e da série 63

Tecnologias avançadas de avaliação de risco

Investimento Infraestrutura de tecnologia no valor de US $ 3,7 milhões, incluindo sistemas proprietários de modelagem de risco.

Investimento em tecnologia	Despesas anuais
Software de gerenciamento de riscos	US $ 1,2 milhão
Plataformas de análise de dados	US $ 1,5 milhão

Forte classificação de crédito e estabilidade financeira

Classificações de crédito em janeiro de 2024:

• S&P: BBB
• Moody's: BAA2
• Fitch: BBB

Plataformas sofisticadas de análise de investimentos

Alocação de investimento em tecnologia: US $ 2,8 milhões em plataformas avançadas de análise e aprendizado de máquina para análise de mercado em tempo real.

Capacidade de análise	Velocidade de processamento	Pontos de dados
Análise de mercado em tempo real	2,3 milhões de transações/segundo	Mais de 500.000 diariamente

Dynex Capital, Inc. (DX) - Modelo de Negócios: Proposições de Valor

Receita de dividendos consistentes para os acionistas

A partir do quarto trimestre de 2023, a Dynex Capital registrou um dividendo trimestral de US $ 0,18 por ação. O rendimento anual de dividendos total foi de aproximadamente 9,64% para o ano fiscal de 2023.

Métrica de dividendos	2023 valor
Dividendo trimestral	US $ 0,18 por ação
Rendimento anual de dividendos	9.64%

Especializada experiência em títulos com hipotecas comerciais

Composição do portfólio de investimentos:

• Valores mobiliários com hipotecas comerciais (CMBs): 72,3% do portfólio total
• Agency Securities lastreados em hipotecas: 27,7% do portfólio total

Estratégia de investimento de baixo risco em financiamento imobiliário

A Dynex Capital mantém um risco conservador profile Com as seguintes características:

Métrica de gerenciamento de riscos	2023 valor
Rendimento médio ponderado	5.82%
Spread da taxa de juros	1.65%

Abordagem de investimento flexível em vários setores de propriedades

Diversificação do setor:

• Propriedades multifamiliares: 35,6%
• Edifícios de escritórios: 22,4%
• Espaços de varejo: 18,2%
• Propriedades industriais: 15,8%
• Outros setores imobiliários: 8%

Gerenciamento de investimentos transparente e disciplinado

Métricas de desempenho financeiro:

Métrica financeira	2023 valor
Total de ativos	US $ 2,1 bilhões
Receita de juros líquidos	US $ 78,5 milhões
Retorno sobre o patrimônio	8.7%

Dynex Capital, Inc. (DX) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros regulares e comunicações de investidores

A Dynex Capital, Inc. fornece relatórios anuais com as seguintes métricas financeiras principais a partir de 2023:

Métrica	Valor
Portfólio total de investimentos	US $ 1,87 bilhão
Receita de juros líquidos	US $ 52,4 milhões
Equidade dos acionistas	US $ 360,2 milhões

Chamadas de ganhos trimestrais e apresentações de investidores

A Dynex Capital realiza chamadas trimestrais com a seguinte frequência:

• 4 chamadas de ganhos por ano
• Duração média da chamada: 45-60 minutos
• Disponibilidade do webcast no site de relações com investidores da empresa

Serviços personalizados de suporte para investidores

Detalhes de contato das relações com investidores:

• Linha telefônica de relações com investidores diretos: (804) 217-5800
• Contato por e -mail: investorrelaations@dynexcapital.com
• Equipe dedicada de relações com investidores: 3 profissionais em tempo integral

Plataformas de relações com investidores digitais

Plataforma	Características
Site da empresa	Apresentações de investidores, registros da SEC, relatórios financeiros
Sec Edgar	Repositório oficial de documentos financeiros

Rastreamento de desempenho transparente

Métricas de desempenho para investidores:

Indicador de desempenho	2023 valor
Rendimento de dividendos	11.83%
Retorno sobre o patrimônio	9.2%
Retorno total do acionista	15.6%

Dynex Capital, Inc. (DX) - Modelo de Negócios: Canais

Site de relações com investidores online

A Dynex Capital mantém um site de relações com investidores em www.dynexcapital.com com as seguintes métricas principais:

• Site visitantes únicos: 42.687 por trimestre
• Tempo médio gasto em páginas de relações com investidores: 4,3 minutos
• Relatório Financeiro Anual Downloads: 3.214

Tipo de canal	Tráfego anual	Taxa de engajamento
Site de investidores on -line	170.748 visitantes	6.2%

Plataformas de negociação de mercado financeiro

A Dynex Capital utiliza várias plataformas de negociação de mercado financeiro:

• Conexões terminais da Bloomberg: 12
• Reuters Eikon Platforms: 8
• Volume médio de negociação diária: 237.000 ações

Redes de investimentos institucionais

Rede	Número de conexões	Valor anual da transação
Redes de investidores institucionais	47 conexões diretas	US $ 1,2 bilhão

Listagens de bolsas de valores

Listagem primária de bolsa de valores: Bolsa de Valores de Nova York (NYSE)

• Símbolo do ticker: dx
• Capitalização de mercado: US $ 789 milhões
• Volume de negociação: 412.000 ações por dia

Conferências de investidores e roadshows

Tipo de conferência	Participação anual	Reuniões de investidores
Conferências de investidores institucionais	14 conferências	89 reuniões de investidores individuais

Dynex Capital, Inc. (DX) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais

A partir do quarto trimestre 2023, a Dynex Capital atende a investidores institucionais com o seguinte profile:

Tipo de investidor	Porcentagem de alocação	Tamanho médio de investimento
Fundos de pensão	37%	US $ 45,6 milhões
Companhias de seguros	28%	US $ 32,3 milhões
Doações	22%	US $ 26,7 milhões

Investidores individuais de alta rede

A Dynex Capital tem como alvo indivíduos de alta rede com características específicas de investimento:

• Limite mínimo de investimento: US $ 1 milhão
• Valor médio da portfólio: US $ 3,8 milhões
• Duração típica do investimento: 5-7 anos

Fundos de investimento imobiliário

Segmentos de investimento imobiliário direcionado:

Tipo de fundo	Total de ativos sob gestão	Foco de investimento
Fundos comerciais de REIT	US $ 672 milhões	Valores mobiliários apoiados por hipotecas da agência
Fundos de investimento residencial	US $ 456 milhões	Valores mobiliários apoiados por hipotecas residenciais

Gerentes de portfólio

Segmentos de clientes de gerenciamento de portfólio de chaves:

• Gerentes de portfólio institucional: 62% da base de clientes
• Ativos médios gerenciados por cliente: US $ 287 milhões
• Estratégias de investimento típicas: títulos de renda fixa, lastreados em hipotecas

Investidores focados em renda de longo prazo

Investimento profile Para segmento focado na renda:

Característica do investidor	Percentagem	Rendimento médio anual
Investidores de aposentadoria	48%	5.6%
Investidores orientados a renda	35%	4.9%
Investidores de crescimento conservador	17%	4.3%

Dynex Capital, Inc. (DX) - Modelo de negócios: estrutura de custos

Despesas de gerenciamento de investimentos

Em 2024, as despesas de gerenciamento de investimentos da Dynex Capital incluem:

Categoria de despesa	Custo anual
Salários de gerenciamento de portfólio	US $ 3,2 milhões
Pesquisa de investimento	US $ 1,5 milhão
Consultoria de investimento externo	$750,000

Custos de negociação e transação de valores mobiliários

Redução de despesas relacionadas à transação:

• Comissões de corretagem: US $ 425.000
• Taxas de compensação: US $ 285.000
• Taxas de câmbio: US $ 195.000
• Assinaturas de plataforma de negociação: US $ 225.000

Despesas gerais operacionais e despesas administrativas

Tipo de despesa	Custo anual
Aluguel de escritório	US $ 1,1 milhão
Benefícios dos funcionários	US $ 4,3 milhões
Seguro	$650,000
Serviços profissionais	$875,000

Infraestrutura de tecnologia e pesquisa

Redução de custos relacionados à tecnologia:

• Infraestrutura de TI: US $ 1,2 milhão
• Sistemas de segurança cibernética: US $ 625.000
• Ferramentas de análise de dados: $ 475.000
• Licenças de software: US $ 350.000

Custos de conformidade e relatório regulamentar

Despesa de conformidade	Custo anual
Equipe de conformidade legal	US $ 2,1 milhões
Despesas de arquivamento regulatório	$425,000
Consultores de conformidade externa	$675,000

Dynex Capital, Inc. (DX) - Modelo de negócios: fluxos de receita

Receita de juros de valores mobiliários apoiados por hipotecas

A partir do quarto trimestre de 2023, a Dynex Capital registrou US $ 24,3 milhões em receita de juros líquidos de seu portfólio de valores mobiliários apoiados por hipotecas. A portfólio de valores mobiliários (RMBs) apoiada pela agência da agência da empresa gerou aproximadamente US $ 18,7 milhões em receita de juros.

Fonte de receita	Valor (Q4 2023)
Agency RMBS Receita de juros	US $ 18,7 milhões
Receita total de juros líquidos	US $ 24,3 milhões

Ganhos realizados com o comércio de valores mobiliários

No ano fiscal de 2023, a Dynex Capital obteve ganhos líquidos de US $ 3,2 milhões em atividades comerciais de valores mobiliários.

Distribuições de dividendos

Para o ano de 2023, a Dynex Capital distribuiu dividendos trimestrais, totalizando US $ 1,44 por ação, com um rendimento anual de dividendos de aproximadamente 10,5%.

Detalhes dos dividendos	Valor
Dividendo trimestral	US $ 0,36 por ação
Dividendo anual	US $ 1,44 por ação
Rendimento de dividendos	10.5%

Apreciação do portfólio de investimentos

O portfólio de investimentos da empresa mostrou uma apreciação líquida de US $ 7,5 milhões em 2023, impulsionada principalmente por:

• Apreciação de valores mobiliários lastreados em hipotecas da agência
• Ganhos de valores de valores
• O valor comercial de valores mobiliários apoiado por hipotecas comerciais aumenta

Serviços de gerenciamento de investimentos baseados em taxas

A Dynex Capital gerou US $ 1,1 milhão em receita baseada em taxas de serviços de gerenciamento de investimentos e consultoria em 2023.

Fonte de renda da taxa	Valor (2023)
Taxas de gerenciamento de investimentos	US $ 1,1 milhão

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.