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Mortgage REIT investing in agency mortgage-backed securities using leverage to earn the spread.
Mortgage REIT investing in agency mortgage-backed securities using leverage to earn the spread.
Earns the gap between what its agency mortgage bonds yield, which carry a government-linked guarantee against borrower default, and what it pays on short-term repurchase borrowing that funds most of the portfolio. Interest-rate hedges steady that gap. As a REIT it must pay out most taxable income, and it is managed in-house rather than by an outside adviser.
Moat: none. A leveraged fixed-income spread business with no structural moat; returns depend on rates and spread management.
Headquarters: Glen Allen, Virginia, US · Founded: 1987 · Employees: 28
Size Dynex Capital (DX) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $2.77B, the 1593rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $10.68 on 6 Nov 2026.
Performance Over six months the shares fell 20.4%, against -3.4% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 142.2% over the last twelve months (peer median +5.5%); the operating margin is 65.1% (peer median 42.3%).
Valuation It trades at 6.6× forward earnings against a peer median of 19.5× (cheapest of 21).
Credit Dynex Capital has 1 bond outstanding ($0).
Short interest Short interest is 6.9% of the free float (15 Oct 2026).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.08B | $534M | $318M | $133M | -$2.37M |
| Revenue growth | — | +68% | +140% | — | — |
| Gross profit | $1.08B | $534M | $318M | $133M | -$2.37M |
| EBITDA | $702M | $738M | $428M | $209M | $187M |
| Net income | -$49.7M | $319M | $114M | -$6.13M | $143M |
| Free cash flow | $250M | $121M | $14.4M | $62.2M | $126M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $24.2B | $13.9B | $6.56B | $5.38B | $2.64B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dynex Capital DX | $2.77B | -20% | +142% | 65% | 6.6× | n/a |
| AGNC Investment AGNC | $11.2B | -19% | +152% | 35% | 6.1× | n/a |
| Annaly Capital Management NLY | $14.8B | -17% | +23% | 77% | 6.0× | n/a |
| ARMOUR Residential REIT ARR | $1.87B | -29% | -140% | n/a | 4.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | +5.8% | 4th lowest of 21 |
| 6-month return | -20.4% | -3.4% | lowest of 21 |
| Distance from 52-week high | -28.5% | -13.5% | lowest of 21 |
| Revenue growth (TTM) | +142.2% | +5.5% | highest of 21 |
| Operating margin | 65.1% | 42.3% | 4th highest of 21 |
| Forward P/E | 6.6× | 19.5× | cheapest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dynex Capital DX | United States | $2.77B | -20% | +142% | 65% | 6.6× | n/a | n/a |
| Frasers Logistics & Commercial Trust BUOU.SI | Singapore | $2.76B | -6% | 0% | 64% | 18.1× | n/a | n/a |
| Hammerson HMSO.L | United Kingdom | $2.80B | +13% | +92% | 49% | 15.2× | n/a | n/a |
| Acadia Realty Trust AKR | United States | $2.74B | -9% | 0% | 19% | 65.9× | n/a | n/a |
| Derwent London DLN.L | United Kingdom | $2.87B | +15% | +45% | 40% | 20.0× | n/a | n/a |
| DiamondRock Hospitality DRH | United States | $2.88B | +30% | +2% | 17% | 21.5× | n/a | n/a |
| Invincible Investment 8963.T | Japan | $2.94B | -1% | +10% | 57% | 15.3× | n/a | n/a |
| Dream Industrial Real Estate Investment Trust DIR-UN.TO | Canada | $2.58B | -8% | +6% | 70% | 15.0× | n/a | n/a |
| Urban Edge Properties UE | United States | $2.58B | -6% | +6% | 31% | 41.4× | n/a | n/a |
| Four Corners Property Trust FCPT | United States | $2.57B | -7% | +10% | 56% | 21.4× | n/a | n/a |
| CapitaLand Ascott Trust HMN.SI | Singapore | $2.55B | -6% | +5% | 34% | 18.9× | n/a | n/a |
| United Urban Investment 8960.T | Japan | $3.04B | -15% | -2% | 36% | 16.7× | n/a | n/a |
| LTC Properties LTC | United States | $2.52B | +14% | +69% | 31% | 22.6× | n/a | n/a |
| ORIX JREIT 8954.T | Japan | $3.06B | -12% | +35% | 51% | 18.1× | n/a | n/a |
| Big Yellow BYG.L | United Kingdom | $2.50B | +11% | +2% | 62% | 16.5× | n/a | n/a |
| CT Real Estate Investment Trust CRT-UN.TO | Canada | $3.11B | +3% | +5% | 75% | 12.0× | n/a | n/a |
| InvenTrust Properties IVT | United States | $2.46B | +1% | +13% | 16% | 393.9× | n/a | n/a |
| Japan Hotel Reit Investment 8985.T | Japan | $3.14B | +7% | +15% | 67% | 9.4× | n/a | n/a |
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 40% | 20.5× | n/a | n/a |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | 12% | 29.1× | n/a | n/a |
| Advance Residence Investment 3269.T | Japan | $2.42B | -18% | -4% | 45% | 22.7× | n/a | n/a |
Dynex Capital has 1 bond outstanding with $0 face value.