DYNEX CAPITAL REIT INC (DX)
Financials · mortgage REITs · NYSE
Dynex Capital is a mortgage REIT that manages a leveraged, diversified portfolio of government-backed and private-label mortgage-backed securities to generate net interest income.
What DYNEX CAPITAL REIT INC does
Dynex Capital is a mortgage real estate investment trust (mREIT) that invests primarily in a diversified portfolio of mortgage-backed securities (MBS) on a leveraged basis. The company's portfolio includes both agency MBS, which are guaranteed by the U.S. government or its agencies, and non-agency MBS. The firm generates income primarily through the spread between the interest income earned on its investment portfolio and the cost of its short-term debt financing via repurchase agreements.
Themes: real estate finance, fixed income investing, mortgage-backed securities (MBS), yield-oriented investing, leveraged finance
Fundamentals
- Price$13.03 as of 2026-08-21 close
- Market cap$3.2B as of 2026-08-21
- 1-year return+4.8% 2025-08-21 close $12.43 → 2026-08-21 close $13.03
- P/E7.42 as of 2026-08-24
- Net margin+48.7% as of 2026-08-24
- Gross margin+28.6% as of 2026-08-24
- ROE+16.9% as of 2026-08-24
- Debt / equity7.14 as of 2026-08-24
- Revenue growth (YoY)+136.4% as of 2026-08-24
- Beta0.96 as of 2026-08-24
- Last reported earnings2026-07-20 SEC EDGAR Form 8-K (Item 2.02)
Dividend: yield +13.8%; at least 2 years of non-decreasing per-share dividends (SEC XBRL) — we do not hold the year before it, so the real streak may be longer.
How DX compares in its sector
- price-to-earnings ratiobottom 10% 525 covered Financials peers, as of 2026-08-24
- net profit margintop 10% 538 covered Financials peers, as of 2026-08-24
- operating margintop 10% 534 covered Financials peers, as of 2026-08-24
- gross marginbottom 25% 176 covered Financials peers, as of 2026-08-24
- return on equitytop 25% 575 covered Financials peers, as of 2026-08-24
- indicated dividend yieldtop 10% 453 covered Financials peers, as of 2026-08-24
Position among covered Financials companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Top 10 scores & list membership
DX is not currently in any published Top 10 list. Its scores are below.
Long-term score
65.7 #81 of 987 scored · #55 of 191 in Financials
Growth 100th (revenue growth year over year 136.5%) and valuation 95th (price to book 0.8, price to earnings 7.4); weakest is capital return (21st, consecutive years of dividend increases 2 years).
Short-term score
48.9 #873 of 1,704 scored · #152 of 277 in Financials
Setup 62nd: over the past year its closes ranged, and it has retraced a bit over half of its move over the past year — 59% of it; momentum 59th: MACD momentum is positive; weakest is catalysts 38th: open-market insider buys in 90 days 5, analysts' average price target is unchanged from the prior reading.
Scores as of 21 Aug 2026. Each bar is a percentile: how this company ranked against every company the score ranked, 0–100. A list is a published formula and its output, not a recommendation. Method version 2.
Dividend coverage (FY2025)
Exceeded at least one reported measure. In FY2025, DX's dividend exceeded at least one reported measure of what it earned or generated (earnings payout 77%, operating-cash-flow payout 204%). A payout above 100% in one year is not necessarily unsustainable, but it is not fully covered by that measure.
- Earnings payout77% dividends / net income
- Operating-cash-flow payout204% dividends / operating cash flow — capital spending was not reported, so this does not subtract it
Coverage derived from reported SEC EDGAR XBRL figures for FY2025 (dividends paid vs. net income and free cash flow, same fiscal year). This describes PAST coverage for one fiscal year — it does not predict whether a dividend will be maintained, raised, or cut, and a one-year payout ratio can be distorted by non-recurring items. Informational only — not financial advice.
How DYNEX CAPITAL REIT INC looks technically
DYNEX CAPITAL REIT INC (DX) is trading 2.9% below its 200-day average, the long-term trend line — a long-term downtrend. Its 50-day average crossed below its 200-day average about 74 trading days ago — a "death cross", a bearish long-term signal. There is no clear trend right now — the price is choppy (ADX, a 0–100 trend-strength gauge, is 13, below the 25 that marks a real trend). Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 51, neither overbought (above 70) nor oversold (below 30). It made a new 20-day high about 3 trading days ago.
Trend
8
| Distance from the 200-day | it is trading 2.9% below its 200-day average, the long-term trend line — a long-term downtrend | -2.9% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $13.00 | $13.00 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $13.42 | $13.42 |
| Swing structure | each recent peak has been lower than the one before it and each dip deeper — the pattern chart-watchers call a downtrend, which describes where price has already been and not where it goes next | lower highs and lower lows |
| Last swing turn | its last significant turn was a swing low 29 calendar days ago — the swings before that are what the structure reading is measured on | 29 sessions |
| Wave structure | its recent swings can be read as a completed three-part downward correction — a pullback in the A-B-C shape Elliott-wave chartists use; the labelling fails if price closes below 12.53. It is the only labelling that fits, and it describes the swings already printed, not what comes next. | possible three-wave downward correction, complete |
| Since the 50/200 cross | its 50-day average crossed below its 200-day average about 74 trading days ago — a "death cross", a bearish long-term signal | 74 sessions |
| Trend strength (14-day ADX) | there is no clear trend right now — the price is choppy (ADX, a 0–100 trend-strength gauge, is 13, below the 25 that marks a real trend) | 13.1 |
Momentum
3
| 14-day RSI | momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 51, neither overbought (above 70) nor oversold (below 30) | 50.8 |
|---|---|---|
| Position in its 14-day range | it is trading around the middle of its 14-day range ($12.61 to $13.40) — its "stochastic" reading is 53 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been slipping within that range over the last few sessions. | 53.2 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, is in positive territory (momentum leaning bullish) | 11 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $14.93 | $14.93 |
|---|---|---|
| From the 52-week high | it is 12.7% below its 52-week high (its highest price of the past year) | -12.7% |
| Above the 52-week low | it is 10.1% above its 52-week low (its lowest price of the past year) | +10.1% |
| Below the 52-week high | it is 12.7% below its highest point of the past year | 12.7% |
| Since a 20-day breakout | it made a new 20-day high about 3 trading days ago | 3 sessions |
| Since a 55-day breakout | it made a new 55-day low about 22 trading days ago | 22 sessions |
| All-time high | its highest closing price on record is $33.21 (set on 2013-03-15) | $33.21 |
| Given back of the 52-week move | over the past year its closes ranged ($11.85 to $14.74), and it has given back a bit over half of its rise from last year’s low — 59% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $12.86 to $12.95. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 59.2% |
| From the all-time high | it is 60.8% below its all-time high | -60.8% |
| Nearest price level | it is sitting right on a resistance level at $13.05 — a price it turned at 11 times since 2024-09-20, most recently on 2026-07-13. Since 2024-08-21 it has 4 such levels below the current price and 4 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | +0.2% |
| All-time low | its lowest closing price on record is $7.04 (set on 2020-03-18) | $7.04 |
| Above the all-time low | it is 85.1% above its all-time low | +85.1% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are about average versus its own recent 6-month history | 33rd percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $0.2091 between its high and its low — about 1.6% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $0.2091 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $12.57 and $13.29 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $12.57 – $12.93 – $13.29 |
| Typical daily range (% of price) | its price moves about 1.6% in a typical session — among the calmest in the catalog. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 1.6% |
| Stretch from the 200-day average | it is trading 1.9 daily ranges below its 200-day average price (2.9% below it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 1.9 daily ranges below its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 0.82× |
|---|
Analyst
2
| Change in the average price target | analysts' average price target is unchanged from the prior reading | 0.0% |
|---|---|---|
| Change in the consensus rating | not available for this company yet | n/a |
Candlestick patterns
1
| Since a bullish engulfing | 5 sessions ago it opened below the previous session's close and finished above that session's open — a "bullish engulfing" pair, where one up day more than undid the down day before it | 5 sessions ago |
|---|
Price gaps
2
| Gap at the open | it opened on 2026-08-21 0.8% below the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and had not traded back through that level by the close | -0.8% |
|---|---|---|
| Gap filled | a 2.2% gap down opened on 2026-07-23 has been "filled" 11 sessions ago — price traded back through the level the gap left behind, and it took 10 sessions to close | 11 sessions ago |
Price streaks
1
| Closing streak | it has closed lower 2 sessions in a row, a -2.25% move over the run — an unbroken run of down days, which describes what has already happened and says nothing about the next session | 2 sessions down |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 2.3 percentage points (the stock gained 0.1% while the market gained 2.3%) | -2.3% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 1.7 percentage points (the stock gained 1.4% while the market gained 3.1%) | -1.7% |
| vs market, 6 months | over the past 6 months this stock lagged the market by 18.9 percentage points (the stock lost 7.8% while the market gained 11.1%) | -18.9% |
| vs market, 12 months | over the past 12 months this stock lagged the market by 15.7 percentage points (the stock gained 4.8% while the market gained 20.5%) | -15.7% |
Signal agreement
2
| Bullish technical signals | 2 of the 9 technical signals we can compute for it are currently in a bullish state: a fresh 20-day high, MACD momentum is positive — these describe past price behaviour, not a forecast | 2 of 9 |
|---|---|---|
| Bearish technical signals | 4 of the 9 technical signals we can compute for it are currently in a bearish state: a "death cross" — its 50-day average is below its 200-day, trading below its 200-day average, lagging the market over 6 months, trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 4 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 1.3% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-07-16 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is thin, spanning 0.1% of the share price, which is taken to mean a barrier that gives way easily. | -1.3% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 3% below the average price paid so far this year, so the typical buyer over that stretch is under water. That average is $13.40 — a volume-weighted average of daily closes over 157 sessions, not a true tick-by-tick VWAP. | -2.7% |
|---|---|---|
| Vs the average paid since it last reported | the price is 1% above the average price paid since it last reported on 2026-07-20 (its 8-K), so the typical buyer over that stretch is showing a gain. That average is $12.92 — a volume-weighted average of daily closes over 25 sessions, not a true tick-by-tick VWAP. | +0.8% |
Price levels it has turned at before
DX last closed at $13.03 on 2026-08-21. Since 2024-08-21 it has turned at 4 prices below its last close and 4 above; the 3 nearest below and the 3 nearest above are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $13.05 | Resistance | 0.2% above the last close | turned there 11 times · 2024-09-20 to 2026-07-13 |
| $12.71 | Support | 2.5% below the last close | turned there 12 times · 2024-08-29 to 2026-06-23 |
| $13.63 | Resistance | 4.6% above the last close | turned there 8 times · 2025-03-12 to 2026-07-16 |
| $12.36 | Support | 5.1% below the last close | turned there 11 times · 2024-09-04 to 2026-07-23 |
| $12.04 | Support | 7.6% below the last close | turned there four times · 2024-10-07 to 2026-03-27 |
| $14.13 | Resistance | 8.5% above the last close | turned there four times · 2025-02-21 to 2026-04-21 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a three-part downward correction — the A-B-C shape chartists use for a pullback — now complete.
This labelling fails — stops being a possible reading at all — if it closes below $12.53.
It is the only labelling that fits these swings, though its proportions are not the textbook ones.
This labelling was already in place when we began recording count changes on 2026-08-13, so how long it has stood is not something we can say yet.
Read from daily closes as of 2026-08-21.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading below the 200-day moving average · Broke out to a new 20-day high · trendless / choppy (low ADX) · lagging the market · Least volatile (2% or less typical daily range) · Near the golden pocket (has given back about two thirds of its 52-week move) | Learn: moving average · golden cross · adx · rsi · breakout
Based on daily closing prices as of 2026-08-21. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Mean price target$14.75 range $14.50 – $15.00
Analyst estimates, as of 2026-08-19. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for DX
- Consensus EPS estimate$0.369 next reporting period, as of 2026-08-19
Change over time is not available yet: it needs two readings of the same reporting period at least 30 days apart, and we have been recording these estimates since 2026-08-04. An estimate for a DIFFERENT quarter is not a revision, so a reading from before the last report is never compared with one after it.
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["Interest rate volatility and changes in the yield curve can significantly impact the value of mortgage assets and financing costs.","Reliance on short-term repurchase agreement financing creates liquidity and refinancing risk.","Prepayment risk on mortgage assets can impact portfolio yields and expected returns."]
What changed in the latest 10-Q
AI-assisted comparison of DX's 10-Q filed 2026-04-27 against the prior one filed 2025-10-27.
Management's Discussion & Analysis (MD&A)
- Added:
- First quarter 2026 filing adds discussion of 'heightened geopolitical uncertainty' and its impact on market volatility and investor outlook
- Added narrative on Agency MBS offering 'attractive long-term return potential' given 'muted new mortgage origination supply'
- Added specific financial performance metrics for Q1 2026: total economic return of $(0.34) per share, net loss of $140 million on investment portfolio, capital growth of $442 million, adjusted leverage of 8.6x
- Added disclosure of $3.4 million increase in share-based compensation expense due to accelerated vesting from departure of former chief financial officer
- Added detailed market spreads table for March 31, 2026 vs December 31, 2025 showing OAS for Agency RMBS and CMBS
- Added comprehensive Q1 2026 financial rollforward table showing net interest income of $79.3 million, net change in fair value of $(140.2) million, and detailed components
- Added detailed Agency RMBS portfolio composition table as of March 31, 2026 showing increased positions in higher-coupon securities (5.0%-6.0%)
- Added notation that 33 basis points of repo financing cost decline occurred comparing Q1 2026 to prior quarter
- Removed:
- Removed comprehensive market conditions discussion from Q3 2025 regarding FOMC rate cut decisions and commentary on expected further cuts in late 2025/2026
- Removed references to federal government shutdown concerns mentioned in Q3 2025 filing
- Removed Q3 2025 specific narrative about refinance activity trends and mortgage rate movements
- Removed detailed discussion of swap positions impact on net interest spreads from Q3 2025
- Removed Company identification statement 'Dynex Capital operates at the intersection of capital markets and the U.S. housing finance system' from executive overview
- Removed Q3 2025 financial rollforward table showing comprehensive income of $162.5 million and book value increase of $0.72 per share
- Removed detailed Agency RMBS portfolio composition as of September 30, 2025 and December 31, 2024
- Removed disclosures about Agency CMBS purchases ($882 million during nine months ended September 30, 2025)
- Removed narrative about 60% portfolio growth since December 31, 2024
- Reworded:
- Executive overview structure changed from describing company mission and market monitoring activities to focus on first quarter 2026 market conditions and portfolio performance
- Market discussion shifted from FOMC rate cut expectations and future policy outlook (Q3 2025) to current market volatility assessment and portfolio positioning strategy (Q1 2026)
- Changed from narrative about 'continue to raise capital' and portfolio growth expectations to reporting actual capital raised ($442 million) and deployed amounts ($6 billion net)
- Portfolio composition disclosure changed from year-to-date and quarterly comparative tables (Q3 2025 vs Dec 31, 2024) to sequential quarterly comparison (Mar 31, 2026 vs Dec 31, 2025)
- Interest rate environment context changed from discussing potential for rate cuts and their positive impact on repo costs to discussing actual rate cuts' impact with specific basis point improvements (33 bps repo cost decline)
- Notes:
- The two filings compare different quarters (Q1 2026 vs Q3 2025), so some differences reflect different reporting periods rather than policy changes
- The older filing's market discussion reflects conditions and expectations as of September 2025, while newer filing reflects actual Q1 2026 conditions
- Portfolio composition tables show natural evolution over multiple quarters of different investment activity rather than discrete changes in strategy
Risk Factors
The two filings could not be meaningfully compared for this section.
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
No open-market insider purchases or sales recorded in the last 90 days.
- Last 180 days1 buy ($24380) · 0 sells — 1 buying insider
Most recent open-market transaction: 2026-02-27. As of 2026-08-24.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about DX's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Short interest (FINRA)
DX had 10,437,837 shares of reported short interest as of the 2026-07-31 FINRA settlement date (delayed, bi-monthly; not real-time).
DX had 4.22% of its shares outstanding sold short as of the 2026-07-31 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 1.61 days to cover at the same settlement.
- Reported short interest (shares) 10,437,837
- Short interest (% of shares outstanding) 4.22%
- Prior settlement (shares) 11,130,109
- Reported change -6.22%
- Days to cover (reported) 1.61
Reported to FINRA as of the 2026-07-31 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- Annaly Capital Management (NLY)
- AGNC Investment (AGNC)
- Starwood Property Trust (STWD)
- Blackstone Mortgage Trust (BXMT)
- Apollo Commercial Real Estate Finance (ARI)
- Chimera Investment (CIM)
- Two Harbors Investment (TWO)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
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Frequently asked questions
What does DYNEX CAPITAL REIT INC (DX) do?
Dynex Capital is a mortgage real estate investment trust (mREIT) that invests primarily in a diversified portfolio of mortgage-backed securities (MBS) on a leveraged basis. The company's portfolio includes both agency MBS, which are guaranteed by the U.S. government or its agencies, and non-agency MBS. The firm generates income primarily through the spread between the interest income earned on its investment portfolio and the cost of its short-term debt financing via repurchase agreements.
What sector is DYNEX CAPITAL REIT INC (DX) in?
DYNEX CAPITAL REIT INC (DX) is classified in the Financials sector. Its industry is mortgage REITs. It trades on NYSE.
Does DX pay a dividend?
Yes — DYNEX CAPITAL REIT INC (DX) pays a dividend, with an indicated yield of about 13.77% and at least 2 years of non-decreasing per-share dividends (SEC EDGAR XBRL) — we do not hold the year before it, so the real streak may be longer (market data, as of 2026-08-24). Informational only — not financial advice.
Who are DYNEX CAPITAL REIT INC's (DX) competitors?
Notable peers of DYNEX CAPITAL REIT INC (DX) include Annaly Capital Management, AGNC Investment, Starwood Property Trust, Blackstone Mortgage Trust and Apollo Commercial Real Estate Finance. This peer set is informational only — not financial advice.
Is DYNEX CAPITAL REIT INC (DX) overbought or oversold right now?
DYNEX CAPITAL REIT INC (DX) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 51, in the neutral middle (as of 2026-08-21). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on DX come from?
Fundamentals and prices come from market data, as of 2026-08-24; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: market data, as of 2026-08-24. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-08-21.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.