Dynex Capital Inc (DX) financial statements: income statement, balance sheet and cash flow
Dynex Capital Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Dynex Capital Inc reported net income of $319.1M (+180.1% year on year).
Income statement
Dynex Capital Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Interest income
$533.5M
$319.5M
$207.5M
$86.7M
Interest expense
($419.2M)
$313.7M
($215.4M)
($43.6M)
Net interest income (expense)
$114.4M
$5.9M
($7.9M)
$43.1M
Unrealized gain (loss) on investments, net
$370.9M
($142.4M)
$142.5M
($213.0M)
(Loss) gain on derivative instruments, net
($113.1M)
$288.4M
($32.9M)
$436.0M
Total other gains, net
$257.8M
$144.5M
$34.7M
$133.9M
Compensation and benefits
($35.1M)
($20.5M)
($16.9M)
($16.8M)
Other general and administrative
($16.4M)
($14.1M)
($13.8M)
($15.5M)
Other operating expenses
($1.5M)
($1.9M)
($2.2M)
($1.5M)
Total operating expenses
($53.0M)
($36.5M)
($32.9M)
($33.8M)
Net income (loss)
$319.1M
$113.9M
($6.1M)
$143.2M
Net income (loss) to common shareholders
$308.9M
$106.2M
($13.8M)
$135.5M
Unrealized gain (loss) on available-for-sale investments, net
$45.4M
($14.0M)
$22.8M
($202.1M)
Total other comprehensive income (loss)
$45.4M
($14.0M)
$22.8M
($188.1M)
Comprehensive income to common shareholders
$354.3M
$92.2M
$9.0M
($52.6M)
Weighted average common shares-basic (in shares)
124.1M
70.8M
54.8M
42.5M
Weighted average common shares-diluted (in shares)
125.1M
71.3M
54.8M
42.7M
Net income (loss) per common share-basic (in dollars per share)
$2.49
$1.50
-$0.25
$3.19
Net income (loss) per common share-diluted (in dollars per share)
$2.47
$1.49
-$0.25
$3.17
Realized loss on sales of investments, net
$0
($1.5M)
($74.9M)
($89.1M)
Dynex Capital Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Interest income
$302.8M
$257.4M
$149.7M
$111.7M
Interest expense
($209.0M)
($178.1M)
$119.1M
$88.6M
Net interest income
$93.8M
$79.3M
$30.6M
$23.1M
Realized gain on sales of investments, net
$0
$8.7M
$0
$0
Unrealized (loss) gain on investments, net
($25.6M)
($251.8M)
$142.5M
$33.7M
Gain (loss) on derivative instruments, net
$128.8M
$104.7M
($10.7M)
($58.1M)
Total gains (losses), net
$103.2M
($138.4M)
$131.8M
($24.4M)
Compensation and benefits
($9.6M)
($15.3M)
($7.3M)
($8.0M)
Other general and administrative
($5.6M)
($5.2M)
($4.1M)
($3.9M)
Other operating expenses
($1.0M)
($775.0K)
($534.0K)
($380.0K)
Total operating expenses
($16.2M)
($21.3M)
($12.0M)
($12.3M)
Net income (loss)
$180.8M
($80.4M)
$150.4M
($13.6M)
Preferred stock dividends
($2.6M)
($2.7M)
($2.8M)
($2.7M)
Net income (loss) to common shareholders
$178.1M
($83.0M)
$147.6M
($16.3M)
Unrealized (loss) gain on available-for-sale investments
($865.0K)
($148.0K)
$15.0M
$4.1M
Total other comprehensive (loss) income
($865.0K)
($148.0K)
$15.0M
$4.1M
Comprehensive income (loss) to common shareholders
$177.3M
($83.2M)
$162.5M
($12.2M)
Weighted average common shares-basic (in shares)
222.2M
200.1M
136.0M
113.2M
Weighted average common shares-diluted (in shares)
223.6M
200.1M
136.9M
113.2M
Net income (loss) per common share-basic (in dollars per share)
$0.80
-$0.41
$1.09
-$0.14
Net income (loss) per common share-diluted (in dollars per share)
$0.80
-$0.41
$1.08
-$0.14
Balance sheet
Dynex Capital Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$531.0M
$377.1M
$119.6M
$332.0M
Cash collateral posted to counterparties
$399.3M
$244.4M
$118.2M
$117.8M
Mortgage-backed securities (including pledged assets of $14,593,470 and $6,893,629, respectively), at fair value
$16.3B
$7.5B
$6.0B
$3.1B
Due from counterparties
$17.4M
$10.4M
$1.3M
$10.3M
Derivative assets
$10.5M
$133.0K
$54.4M
$7.1M
Accrued interest receivable
$67.9M
$32.8M
$28.7M
$15.3M
Other assets
$8.9M
$7.5M
$8.5M
$7.3M
Total assets
$17.3B
$8.2B
$6.4B
$3.6B
Repurchase agreements
$13.9B
$6.6B
$5.4B
$2.6B
Due to counterparties
$811.7M
$341.9M
$95.0K
$4.2M
Derivative liabilities
$4.8M
$22.8M
$0
$22.6M
Cash collateral posted by counterparties
$8.4M
$0
$46.0M
$435.0K
Accrued interest payable
$95.2M
$44.7M
$53.2M
$16.4M
Dividends payable
$37.2M
$16.5M
$10.3M
$9.1M
Other liabilities
$18.6M
$10.6M
$8.3M
$6.8M
Total liabilities
$14.9B
$7.0B
$5.5B
$2.7B
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; 4,460,000 and 4,460,000 shares issued and outstanding, respectively ($111,500 and $111,500 aggregate liquidation preference, respectively)
$107843000.00
$107843000.00
$107843000.00
$107843000.00
Common stock, par value $0.01 per share, 360,000,000 shares authorized; 174,814,912 and 84,491,800 shares issued and outstanding, respectively
$1748000.00
$845000.00
$570000.00
$536000.00
Additional paid-in capital
$2.9B
$1.7B
$1.4B
$1.4B
Accumulated other comprehensive loss
($127.1M)
($172.5M)
($158.5M)
($181.3M)
Accumulated deficit
($441.9M)
($493.7M)
($483.6M)
($383.2M)
Total shareholders’ equity
$2.5B
$1.2B
$870.7M
$901.3M
Total liabilities and shareholders’ equity
$17.3B
$8.2B
$6.4B
$3.6B
Dynex Capital Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$607.6M
$773.1M
$491.0M
$387.5M
Cash collateral posted to counterparties
$570.0M
$516.5M
$332.8M
$318.3M
Mortgage-backed securities (including pledged of $23,669,753 and $14,593,470, respectively), at fair value
$25.1B
$22.9B
$13.2B
$10.5B
Due from counterparties
$53.4M
$3.4M
$25.3M
$12.3M
Derivative assets
$8.4M
$695.0K
$14.1M
$31.8M
Accrued interest receivable
$104.3M
$97.5M
$55.9M
$43.3M
Other assets
$9.7M
$8.9M
$9.5M
$7.9M
Total assets
$26.4B
$24.3B
$14.2B
$11.3B
Repurchase agreements
$22.6B
$21.0B
$11.8B
$8.6B
Due to counterparties
$380.9M
$379.9M
$270.7M
$976.5M
Derivative liabilities
$9.1M
$14.1M
$4.6M
$31.0K
Cash collateral posted by counterparties
$15.5M
$0
$18.4M
$29.3M
Accrued interest payable
$135.2M
$131.4M
$110.5M
$60.9M
Dividends payable
$46.9M
$41.9M
$30.7M
$26.1M
Other liabilities
$12.1M
$9.3M
$12.6M
$8.3M
Total liabilities
$23.2B
$21.6B
$12.2B
$9.7B
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; 4,460,000 and 4,460,000 shares issued and outstanding, respectively ($111,500 and $111,500 aggregate liquidation preference, respectively)
$107843000.00
$107843000.00
$107843000.00
$107843000.00
Common stock, par value $0.01 per share, 720,000,000 and 360,000,000 shares authorized, respectively; 237,414,259 and 174,814,912 shares issued and outstanding, respectively
$2374000.00
$2072000.00
$1457000.00
$1253000.00
Additional paid-in capital
$3.8B
$3.4B
$2.5B
$2.3B
Accumulated other comprehensive loss
($128.1M)
($127.2M)
($134.1M)
($149.0M)
Accumulated deficit
($567.2M)
($629.6M)
($542.0M)
($618.2M)
Total shareholders’ equity
$3.2B
$2.7B
$2.0B
$1.6B
Total liabilities and shareholders’ equity
$26.4B
$24.3B
$14.2B
$11.3B
Common Stock, Par or Stated Value Per Share
$0.01
—
—
—
Common Stock, Shares Authorized
720.0M
—
—
—
Cash flow statement
Dynex Capital Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
$319.1M
$113.9M
($6.1M)
$143.2M
Realized loss on sales of investments, net
$0
$1.5M
$74.9M
$89.1M
Unrealized (gain) loss on investments, net
($370.9M)
$142.4M
($142.5M)
$213.0M
Loss (gain) on derivative instruments, net
$113.1M
($288.4M)
$32.9M
($436.0M)
Amortization of investment premiums, net
$26.0M
$47.7M
$74.7M
$98.1M
Other amortization and depreciation
$2.1M
$1.9M
$2.3M
$2.4M
Share-based compensation expense
$12.6M
$7.2M
$4.8M
$4.4M
Increase in accrued interest receivable
($35.1M)
($3.5M)
($13.5M)
($1.1M)
Increase (decrease) in accrued interest payable
$50.5M
($8.5M)
$36.7M
$15.1M
Change in other assets and liabilities, net
$3.5M
$234.0K
($2.1M)
($1.7M)
Net cash provided by operating activities
$120.8M
$14.4M
$62.2M
$126.4M
Purchases of investments
($8.9B)
($1.9B)
($3.6B)
($1.6B)
Principal payments received on trading securities
$832.9M
$439.9M
$233.4M
$124.0M
Principal payments received on available-for-sale investments
$119.9M
$75.0M
$86.3M
$225.6M
Proceeds from sales of trading securities
$0
$13.8M
$348.1M
$588.7M
Principal payments received on mortgage loans held for investment
$549.0K
$762.0K
$889.0K
$1.6M
Net (payments) receipts on derivative instruments
($153.4M)
$362.9M
($96.0M)
$453.6M
Increase (decrease) in cash collateral posted by counterparties
$8.4M
($46.0M)
$45.6M
($1.4M)
Net cash used in investing activities
($8.1B)
($1.0B)
($3.0B)
($65.4M)
Borrowings under repurchase agreements
$143.9B
$66.4B
$23.5B
$16.2B
Repayments of repurchase agreement borrowings
($136.5B)
($65.3B)
($20.8B)
($16.5B)
Proceeds from issuance of common stock
$1.2B
$332.3M
$42.6M
$246.9M
Cash paid for stock issuance costs
($157.0K)
($231.0K)
$0
$0
Payments related to tax withholding for share-based compensation
($1.6M)
($949.0K)
($445.0K)
($1.3M)
Dividends paid
($246.6M)
($117.8M)
($93.0M)
($72.4M)
Net cash provided by financing activities
$8.3B
$1.4B
$2.7B
($32.3M)
Net increase (decrease) in cash, including cash posted to counterparties
$308.8M
$383.7M
($212.0M)
$28.6M
Cash including cash collateral posted to counterparties at beginning of period
$621.5M
$237.9M
$449.9M
$421.3M
Cash including cash collateral posted to counterparties at end of period
$930.4M
—
—
—
Cash paid for interest on repurchase agreements
$368.6M
$322.2M
$178.7M
$28.5M
Noncash or Part Noncash Acquisition, Investments Acquired
$809.2M
—
—
—
Dynex Capital Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$100.4M
($80.4M)
$133.7M
($16.7M)
Realized gain on sales of investments, net
($8.7M)
($8.7M)
$0
$0
Unrealized loss (gain) on investments, net
$277.4M
$251.8M
($286.1M)
($143.6M)
(Gain) loss on derivative instruments, net
($233.6M)
($104.7M)
$186.9M
$176.2M
Amortization of investment premiums, net
$10.5M
$6.0M
$20.4M
$14.4M
Other amortization and depreciation
$1.1M
$545.0K
$1.6M
$1.0M
Share-based compensation expense
$10.5M
$7.7M
$8.3M
$5.5M
Increase in accrued interest receivable
($36.3M)
($29.5M)
($23.1M)
($10.5M)
Increase in accrued interest payable
$40.0M
$36.2M
$65.8M
$16.2M
Change in other assets and liabilities, net
($7.4M)
($9.0M)
($945.0K)
($4.2M)
Net cash provided by operating activities
$154.0M
$69.8M
$106.5M
$38.2M
Purchases of investments
($11.2B)
($8.5B)
($6.1B)
($2.6B)
Principal payments received on trading securities
$1.1B
$453.3M
$540.2M
$307.3M
Principal payments received on available-for-sale investments
$37.4M
$18.0M
$104.0M
$80.4M
Proceeds from sales of trading securities
$633.3M
$633.3M
$0
$0
Principal payments received on mortgage loans held for investment
$25.0K
$17.0K
$216.0K
$124.0K
Net receipts (payments) on derivative instruments
$202.9M
$169.0M
($233.7M)
($201.1M)
Increase in cash collateral posted by counterparties
$7.1M
($8.4M)
$18.4M
$29.3M
Net cash used in investing activities
($9.3B)
($7.2B)
($5.7B)
($2.4B)
Borrowings under repurchase agreements
$110.5B
$51.4B
$97.3B
$57.1B
Repayments of repurchase agreement borrowings
($101.8B)
($44.2B)
($92.1B)
($55.1B)
Proceeds from issuance of common stock
$833.0M
$441.7M
$775.9M
$521.8M
Cash paid for stock issuance costs
($120.0K)
($120.0K)
($157.0K)
—
Payments related to tax withholding for share-based compensation
($4.1M)
($2.4M)
($1.6M)
($1.2M)
Dividends paid
($215.9M)
($102.5M)
($167.8M)
($98.2M)
Net cash provided by financing activities
$9.4B
$7.5B
$5.8B
$2.5B
Net increase in cash, including cash posted to counterparties
$247.2M
$359.3M
$202.3M
$84.3M
Cash including cash collateral posted to counterparties at beginning of period
$930.4M
$930.4M
$621.5M
$621.5M
Cash including cash collateral posted to counterparties at end of period
$1.2B
$1.3B
$823.8M
—
Cash paid for interest on repurchase agreements
$347.1M
$141.9M
$219.8M
$150.4M
Noncash or Part Noncash Acquisition, Investments Acquired