DYNEX CAPITAL INC (DX) Form 10-Q — Oct 27, 2026
Dynex Capital posted a Q3 2026 net loss to common shareholders of $338.3 million, or $(1.34) per share, versus net income of $1.09 per share in the year-ago quarter, as sharply higher rates and 10-20 basis points of Agency MBS spread widening drove unrealized portfolio losses. Book value per share fell to $10.91 from $12.90, producing a (11.5)% total economic return including $0.51 of dividends, while leverage including TBAs rose to 9.0x equity. The portfolio still grew roughly 3% to $28.3 billion, funded by $268 million of ATM common issuance and a $116 million net Series D preferred offering.
Key figures
- Total Assets
- 27925206000
- Cash Position
- 993008000
- Shares Outstanding
- 259627108
- Total Portfolio
- $28.3 billion including TBAs
- Leverage Incl TBA
- 9.0x shareholders' equity
- Economic Return Q3
- -11.5%
- Book Value Per Share
- 10.91
- Liquidity Sept2026
- $1.3 billion
- Net Interest Income Q3
- 101562000
- Atm Proceeds Nine Months
- $1.1 billion net (83,119,388 shares)
- New Buyback Authorization
- $300 million common / $50 million preferred through April 30, 2028
- Capital Loss Carryforwards
- $346 million
- Series DPreferred Net Proceeds
- $116 million net (4,800,000 shares at 9.375%)
- Prior Quarter Book Value Per Share
- 12.9
- Repurchase Agreements Outstanding
- 24190276000
AI analysis
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