Dynex Capital
Dynex Capital, Inc. (NYSE: DX) is an internally managed mortgage REIT investing primarily in agency mortgage-backed securities backed by U.S. residential and commercial real estate. The Glen Allen, Virginia-based firm manages a $24.8 billion portfolio, distributes returns via monthly and quarterly dividends, and serves dividend-focused retail and institutional investors.
- Company typePublic
- Founded1987
- HeadquartersGlen Allen, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Dynex Capital does
Dynex Capital, Inc. (NYSE: DX) is an internally managed mortgage real estate investment trust (REIT) that invests primarily in agency mortgage-backed securities (residential RMBS and commercial CMBS) backed by U.S. residential and commercial real estate. Founded in 1987 as Resource Mortgage Capital, Inc. in Virginia, the company rebranded to Dynex Capital in November 2025 and is headquartered in Glen Allen, Virginia, with a lean team of 11-50 employees managing a $24.8 billion portfolio fair value as of March 31, 2026. The portfolio is financed primarily through $21.05 billion in repurchase agreements, yielding 8.6x leverage on the mortgage portfolio.
The company's business model is spread-based: it captures the net interest margin between interest income earned on its MBS portfolio and short-term financing costs, supplemented by realized and unrealized gains on the portfolio. Dynex raised $442 million in equity capital through at-the-market offerings in Q1 2026 to fund $6.0 billion in net investment purchases, expanding the capital base by 18%. Returns are distributed to shareholders through a $0.17 monthly common stock dividend (~16% annualized yield) and a $0.59416 quarterly Series C Preferred dividend (9.40213% rate). Investors include dividend-focused retail and institutional shareholders, with one disclosed institutional position from EMG Holdings L.P.
Dynex has no modular product surface or recurring SaaS-style revenue; the entire business is a single investment vehicle whose distribution channel is the NYSE public stock exchange and ATM equity programs. GTM motion is standard public-company investor relations, supported by an IR website, SEC filings (10-K, 10-Q, 8-K), email alerts, and quarterly earnings calls. Strategic priorities emphasize disciplined risk management, top-down macroeconomic analysis, and capital allocation discipline, with a $350 million share repurchase program authorized in April 2026 (through April 2028) and a Conference Board Corporate Citizenship Award received in April 2026 reinforcing ESG positioning.
Dynex Capital firmographics
Firmographics- Name
- Dynex Capital
- Legal name
- Dynex Capital, Inc.
- Website
- http://dynexcapital.com
- Company type
- Public
- Founded year
- 1987
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Dynex Capital, Inc. (NYSE: DX) is an internally managed mortgage REIT investing primarily in agency mortgage-backed securities backed by U.S. residential and commercial real estate. The Glen Allen, Virginia-based firm manages a $24.8 billion portfolio, distributes returns via monthly and quarterly dividends, and serves dividend-focused retail and institutional investors.
- Ownership category
- akta.pro rank
Dynex Capital industry classification
Industry- Product category
- Mortgage REIT
- NAICS
- Other Financial Vehicles (52599), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Real Estate Investment Trusts (6798), Asset-Backed Securities (6189)
- akta.pro primary industry
- Credit Risk Transfer (CRT) & Mortgage Credit Securities (CAS/STACR/ACIS) (FSALAFAH)
- akta.pro secondary industries
- Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB), Multi-Sector / Total Return Fixed Income (FSAAAHAJ)
Keywords
Where Dynex Capital is headquartered
LocationHeadquarters
- HQ city
- Glen Allen
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Dynex Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Infrastructure, Others
Revenue model
- Net Interest Income: Revenue generated from the spread between interest earned on agency mortgage-backed securities portfolio and financing costs (repurchase agreements). Interest income from $22.94B MBS portfolio financed by $21.05B in repurchase agreements. Financing costs declined 33 basis points due to Federal Reserve rate cuts.
- Capital Gains on Investment Portfolio: Realized and unrealized gains/losses on the mortgage-backed securities investment portfolio, net of hedges. Portfolio grew 27% to capture higher mortgage yields. Subject to market volatility from widening mortgage spreads.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Common Stock Dividend - $0.17 per share monthly |
| Subscription | Quarterly | Series C Preferred Dividend - $0.59416 per share quarterly |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Dynex Capital product offering
Product offeringCore offering
Dynex Capital is an internally managed mortgage real estate investment trust (REIT) that invests primarily in agency mortgage-backed securities (RMBS and CMBS) backed by U.S. residential and commercial real estate. The portfolio is financed through repurchase agreements, and the company generates revenue from the net interest spread between yield on the MBS portfolio and financing costs, distributing returns to shareholders via monthly common stock dividends and quarterly preferred dividends.
Product overview
Dynex Capital operates as a single, unified internally managed mortgage REIT. The company does not offer modular products or add-on services; rather, its entire business is focused on investing in a portfolio of agency mortgage-backed securities (including residential RMBS and commercial CMBS), financed through leverage and short-term repurchase agreements. The investment strategy relies on global macroeconomic analysis, disciplined risk management, and systematic processes to generate consistent, long-term risk-adjusted returns for investors through dividend payments.
Differentiator
Problem solved
Functional benefit
Products and services
- Dynex Capital Mortgage REIT (Common Stock)
- Agency Mortgage-Backed Securities Portfolio
Quantifiable outcome
- 563% total stock return since IPO
- +2 more outcomes
Companies that use Dynex Capital
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Dynex Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Dynex Capital partnerships and signals
Strategic signalScale indicators11 records
Recent moves6 records
Expansion highlights5 records
Dynex Capital competitors and assessment
Company assessmentDirect peers
- Annaly Capital Management: Largest U.S. agency mortgage REIT with a multi-decade track record investing primarily in agency MBS financed through repo. Directly comparable business model, capital structure, and dividend-driven equity story to Dynex.
- MFA Financial: Mortgage REIT with significant agency and non-agency MBS exposure. Comparable to Dynex in core MBS focus and use of leverage, though with a somewhat broader credit remit.
- ARMOUR Residential REIT: Agency mREIT investing in agency RMBS with monthly dividends and similar repo-based leverage strategy. Directly comparable to Dynex on product and capital structure.
- AGNC Investment Corp. Pure-play agency mREIT focused on agency RMBS with monthly common dividends. Operates with comparable leverage and is benchmarked alongside Dynex in the Agency REIT index.
- Two Harbors Investment Corp. Hybrid mortgage REIT investing in agency RMBS and credit-sensitive MBS. Closely comparable in portfolio construction and uses similar repo financing to Dynex.
- Orchid Island Capital: Externally managed pure-play agency MBS REIT with monthly dividends and high leverage profile. Closely comparable business model to Dynex, differing mainly by external manager structure.
- Invesco Mortgage Capital: Externally managed agency and credit mREIT. Directly comparable to Dynex on agency MBS positioning, leverage, and dividend yield profile.
- New York Mortgage Trust: Mortgage REIT with agency and structured MBS exposure. Overlaps with Dynex in agency RMBS focus and repo-based financing approach.
- Chimera Investment Corporation: Hybrid mortgage REIT investing across agency and non-agency MBS and residential loans. Comparable investment universe and capital structure to Dynex's agency MBS book.
Broad incumbents
- BlackRock Mortgage-Backed Securities ETF (MBB): Largest passive agency MBS ETF and the long-standing benchmark Dynex explicitly claims to outperform. Comparable underlying asset class (agency MBS), though unlevered and passive, serving as a passive yardstick for Dynex's levered active returns.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Dynex Capital social profiles
Digital presenceDynex Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Dynex Capital leadership team
Management profileNumber of profiles
Profiles7 records
Dynex Capital funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Dynex Capital M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Dynex Capital
What does Dynex Capital do?
Dynex Capital is an internally managed mortgage real estate investment trust (REIT) that invests primarily in agency mortgage-backed securities (RMBS and CMBS) backed by U.S. residential and commercial real estate. The portfolio is financed through repurchase agreements, and the company generates revenue from the net interest spread between yield on the MBS portfolio and financing costs, distributing returns to shareholders via monthly common stock dividends and quarterly preferred dividends.
Is Dynex Capital a public or private company?
Dynex Capital is a public company. It is classified as public and is currently operating.
When was Dynex Capital founded?
Dynex Capital was founded in 1987. It employs 11 to 50 people.
Where is Dynex Capital based?
Dynex Capital is headquartered in Glen Allen, United States, in the North America region.
How does Dynex Capital make money?
Two revenue lines are on record. Net Interest Income is the primary driver. The others are capital Gains on Investment Portfolio.
Who are Dynex Capital's main competitors?
Direct peers on record are Annaly Capital Management, MFA Financial, ARMOUR Residential REIT, AGNC Investment Corp., Two Harbors Investment Corp., Orchid Island Capital, Invesco Mortgage Capital, New York Mortgage Trust and Chimera Investment Corporation. BlackRock Mortgage-Backed Securities ETF (MBB) is listed as a broad incumbent.
Does Dynex Capital have an API?
No public API is recorded for Dynex Capital.
What industry is Dynex Capital in?
Dynex Capital's product category is Mortgage REIT. Its primary akta.pro industry code is FSALAFAH, Credit Risk Transfer (CRT) & Mortgage Credit Securities (CAS/STACR/ACIS), with a secondary code of FSAHAIAB, Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO). Its NAICS code is 52599 and its SIC code is 6798.