Dynex Capital, Inc. operates as a mortgage real estate investment trust (mREIT), primarily engaging in the leveraged acquisition of various mortgage-backed securities ...
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Est. EPS $0.39 · Revenue $112.49M · 3 analysts
Est. EPS $0.39 · Revenue $116.88M · 3 analysts
Est. EPS $1.48 · Revenue $409.63M · 3 analysts
Est. EPS $0.39 · Revenue $126.70M · 1 analysts
$2.04 per share
$2.04 per share
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $533.5M | +67.8% | +17.6% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $319.1M | +180.1% | +325.0% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +100.0% | 0.0% | -69.0% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +138.4% | +2.9% | -72.2% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +59.8% | +67.0% | +291.3% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $120.8M | +739.5% | +20.5% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +22.6% | +400.4% | +2.4% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 565.1% | +1.7% | -7.8% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | — | — | -52.4% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $17.3B | +111.9% | +8.5% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 2.47 vs 1.06 | +133.8% | 0.80 vs 0.39 | +102.7% |
| Revenue Surprise | $533.5M vs $218.4M | +144.2% | $302.8M vs $112.5M | +169.1% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Jun 15, 2026 | Neal Douglas E | director | Common Stock | A | 10,372 | — |
| Jun 15, 2026 | Neal Douglas E | director: | — | — | 0 | — |
| May 25, 2026 | Connelly Terrence John JR | officer: Chief Investment Officer | Common Stock | — | 0 | — |
| May 22, 2026 | Gray Andrew I. | director | Common Stock | A | 11,400 | — |
| May 22, 2026 | Chandoha Marie A | director | Common Stock | A | 11,400 | — |
Operator: Good day, and welcome to the Dynex Capital Inc. Second Quarter Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Kaitlyn Mauritz, Head of Capital Markets and Investor Relations. Please go ahead. Kaitlyn Mauritz: Thank you, operator, and thank you to everyone joining us today for Dynex' second quarter 2026 earnings conference call. Joining me on today's call are Smriti Popenoe, Co-Chief Executive Officer and President; Byron Boston, Chairman and Co-Chief Executive Officer; Mike Sartori, Chief Financial Officer; and T.J. Connelly, Chief Investment Officer. Before we begin, I'd like to remind you that today's discussion may include forward-looking statements. These statements are based on current expectations, forecasts and assumptions and are subject to risks, uncertainties and other factors that could cause actual results to differ materially. For additional information regarding these risks and factors, please refer to our filings with the SEC available on the Investors section of our website and on the SEC's website. Dynex undertakes no obligation to update or revise any forward-looking statements. Our earnings press release was issued and filed with the SEC earlier today and is available on the Investors section of our website at dynexcapital.com as well as on the SEC's website. We may also reference our earnings presentation during today's call, which is available on our Investors page. With that, I'll turn the call over to Smriti for opening remarks. Smriti Popenoe: Thank you, Kait. And good morning, everyone. I'm pleased to report a strong performance quarter for Dynex. Our total economic return of 6.4% was achieved alongside healthy capital issuance of nearly $400 million for the quarter. In the first 6 months of the year, the capital base increased to $3.1 billion from $2.4 billion at year-end, and we grew our portfolio of Agency MBS by over 40%. We are progressing well on our path, delivering consistent dividend income for our shareholders while building scale and resilience. Since 2022, we have expanded our capital base by 5 times and continue to see a significant opportunity to thoughtfully build the company from here. We are executing our strategy for a more durable mortgage investment platform with a valuation that is consistent with our strong track record, increasing relevance and scale. I want to give some context for our strategic thing. First, why Agency MBS? Our conviction in Agency MBS as the core of our strategy is high. Agency MBS are among the most liquid and cycle-tested asset classes with a demonstrated ability to withstand periods of market stress over the past 40 years. In the last decade, our macro opinion led us to focus more on liquidity and flexibility. We therefore allocated most of our capital to the agency sector. The compelling return, liquidity and flexibility of this asset class are unmatched. It drove our outperformance in …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Byron L. Boston | Co-CEO & Chairman of the Board | USD 4,648,763 | Male | 1959 | Active |
Smriti Laxman Popenoe | Co-CEO, President & Director | USD 4,553,027 | Female | 1969 | Active |
Kaitlyn J. Mauritz | Head of Capital Markets & Investor Relations | — | Female | — | Active |
Terrence J. Connelly Jr. | Chief Investment Officer | — | Male | — | Active |
Wayne E. Brockwell | Senior Vice President & Portfolio Manager | — | Male | — | Active |
Alison G. Griffin | Vice President of Investor Relations | — | Female | — | Active |
Meakin Bennett | Chief Operating Officer | — | Female | — | Active |
Robert Nilson Jr. | Chief Risk Officer | — | Male | — | Active |
Michael Sartori | Chief Financial Officer | — | Male | 1981 | Active |
Jeffrey L. Childress | Chief Accounting Officer | — | Male | — | Active |
Michael Angelo | Chief Legal Counsel & Corporate Secretary | — | Male | — | Active |
First Trust Advisors LP increased its position in Dynex Capital, Inc. (NYSE: DX) by 143.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 531,415 shares of the real estate investment trust's stock after buying an additional
The Speedboat Era Ends: Formerly the smallest and most agile agency mREIT, Dynex Capital has systematically expanded its balance sheet to become a dominant player. Portfolio fair value reached $27.6 billion in Q2 2026, an 11% increase from Q1 and a massive surge from $8.6 billion just two years prior. As portfolio scale expands, management has shifted away from tactical asset rotation toward interest-rate swaps, tying future performance more closely to broader trends.
Dynex Capital (NYSE: DX) reported what executives described as a strong second quarter of 2026, citing book value growth, accretive capital issuance and continued expansion of its Agency mortgage-backed securities portfolio. On the company's earnings call, Smriti Popenoe, co-chief executive officer and president, said Dynex generated a total economic return of 6.4% for the quarter while
Dynex Capital, Inc. delivered strong Q2 results, with book value growth, robust economic return (~6%), and a maintained 15%+ dividend yield. DX's performance hinges on effective capital allocation, healthy agency MBS spreads, and the ability to issue shares above book value, fueling a virtuous growth cycle. Leverage (~8.1x) amplifies the income, supporting double-digit dividend yields, though sustainability depends on macro cycles and prepayment risks.
Dynex Capital, Inc. (DX) Q2 2026 Earnings Call Transcript
