$DX

DYNEX CAPITAL INC

CIK:0000826675|SEC Filings

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income	$ 302,751	$ 111,746	$ 560,141	$ 206,805
Interest expense	(208,968)	(88,618)	(387,104)	(166,545)
Net interest income	93,783	23,128	173,037	40,260
Realized gain on sales of investments, net	0	0	8,721	0
Unrealized (loss) gain on investments, net	(25,622)	33,652	(277,433)	143,649
Gain (loss) on derivative instruments, net	128,845	(58,093)	233,572	(176,181)
Total gains (losses), net	103,223	(24,441)	(35,140)	(32,532)
Noninterest Expense [Abstract]
Compensation and benefits	(9,608)	(8,013)	(24,917)	(15,931)
Other general and administrative	(5,598)	(3,900)	(10,768)	(7,745)
Other operating expenses	(1,007)	(380)	(1,783)	(734)
Total operating expenses	(16,213)	(12,293)	(37,468)	(24,410)
Net income (loss)	180,793	(13,606)	100,429	(16,682)
Preferred stock dividends	(2,650)	(2,680)	(5,307)	(4,603)
Net income (loss) to common shareholders	178,143	(16,286)	95,122	(21,285)
Other comprehensive income:
Unrealized (loss) gain on available-for-sale investments	(865)	4,064	(1,013)	23,454
Total other comprehensive (loss) income	(865)	4,064	(1,013)	23,454
Comprehensive income (loss) to common shareholders	$ 177,278	$ (12,222)	$ 94,109	$ 2,169
Weighted average common shares-basic (in shares)	222,220,145	113,177,331	211,213,396	101,897,495
Weighted average common shares-diluted (in shares)	223,603,596	113,177,331	212,479,097	101,897,495
Net income (loss) per common share-basic (in dollars per share)	$ 0.80	$ (0.14)	$ 0.45	$ (0.21)
Net income (loss) per common share-diluted (in dollars per share)	$ 0.80	$ (0.14)	$ 0.45	$ (0.21)
Accumulated Deficit
Noninterest Expense [Abstract]
Net income (loss)	$ 180,793	$ (13,606)	$ 100,429	$ (16,682)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss)	$ 100,429	$ (16,682)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Realized gain on sales of investments, net	(8,721)	0
Unrealized loss (gain) on investments, net	277,433	(143,649)
(Gain) loss on derivative instruments, net	(233,572)	176,181
Amortization of investment premiums, net	10,538	14,362
Other amortization and depreciation	1,147	1,012
Share-based compensation expense	10,493	5,515
Increase in accrued interest receivable	(36,332)	(10,468)
Increase in accrued interest payable	39,998	16,183
Change in other assets and liabilities, net	(7,416)	(4,212)
Net cash provided by operating activities	153,997	38,242
Investing activities:
Purchases of investments	(11,208,638)	(2,629,521)
Principal payments received on trading securities	1,067,688	307,342
Principal payments received on available-for-sale investments	37,422	80,416
Proceeds from sales of trading securities	633,301	0
Principal payments received on mortgage loans held for investment	25	124
Net receipts (payments) on derivative instruments	202,939	(201,106)
Increase in cash collateral posted by counterparties	7,127	29,323
Net cash used in investing activities	(9,260,136)	(2,413,422)
Financing activities:
Borrowings under repurchase agreements	110,509,461	57,143,834
Repayments of repurchase agreement borrowings	(101,768,950)	(55,106,811)
Proceeds from issuance of common stock	833,006	521,807
Cash paid for stock issuance costs	(120)	0
Payments related to tax withholding for share-based compensation	(4,144)	(1,181)
Dividends paid	(215,919)	(98,171)
Net cash provided by financing activities	9,353,334	2,459,478
Net increase in cash, including cash posted to counterparties	247,195	84,298
Cash including cash collateral posted to counterparties at beginning of period	930,387	621,539
Cash including cash collateral posted to counterparties at end of period	1,177,582	705,837
Supplemental Disclosure of Cash Activity:
Cash paid for interest on repurchase agreements	347,106	150,362
Noncash or Part Noncash Acquisition, Investments Acquired	$ 379,447	$ 937,216

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets [Abstract]
Cash and cash equivalents	$ 607,562	$ 531,043
Cash collateral posted to counterparties	570,020	399,344
Mortgage-backed securities (including pledged of $23,669,753 and $14,593,470, respectively), at fair value	25,066,198	16,306,988
Due from counterparties	53,446	17,425
Derivative assets	8,441	10,498
Accrued interest receivable	104,272	67,940
Other assets	9,663	8,940
Total assets	26,419,602	17,342,178
Liabilities:
Repurchase agreements	22,644,742	13,904,231
Due to counterparties	380,947	811,656
Derivative liabilities	9,117	4,830
Cash collateral posted by counterparties	15,500	8,373
Accrued interest payable	135,194	95,196
Dividends payable	46,943	37,171
Other liabilities	12,092	18,577
Total liabilities	23,244,535	14,880,034
Stockholders' Equity Attributable to Parent [Abstract]
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)	107,843	107,843
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	2,374	1,748
Additional paid-in capital	3,760,123	2,921,551
Accumulated other comprehensive loss	(128,074)	(127,061)
Accumulated deficit	(567,199)	(441,937)
Total shareholders’ equity	3,175,067	2,462,144
Total liabilities and shareholders’ equity	$ 26,419,602	$ 17,342,178
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	720,000,000	360,000,000