Dynex Capital (DX) Financials

$13.08 +0.19 (+1.47%)

Closing price 10/8/2025 03:59 PM Eastern

Extended Trading

$13.05 -0.03 (-0.22%)

As of 06:03 AM Eastern

Annual Income Statements for Dynex Capital

This table shows Dynex Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	19	7.37	34	23	-4.78	-166	160	91	135	-14	106
Consolidated Net Income / (Loss)	28	17	43	34	7.02	-153	178	102	143	-6.13	114
Net Income / (Loss) Continuing Operations	28	16	43	34	7.02	-153	178	102	143	-6.13	114
Total Pre-Tax Income	27	16	43	34	7.02	-153	178	102	143	-6.13	114
Total Revenue	43	34	58	50	22	-137	199	141	389	-118	291
Net Interest Income / (Expense)	80	78	67	58	50	56	64	54	43	-7.93	5.88
Total Interest Income	80	100	92	95	110	170	96	60	87	208	320
Investment Securities Interest Income	-	100	92	-	110	170	96	60	87	208	320
Total Interest Expense	0.00	23	25	36	60	114	33	5.67	44	215	314
Long-Term Debt Interest Expense	-	23	25	36	60	114	33	5.67	44	215	314
Total Non-Interest Income	-37	-44	-8.96	-8.69	-28	-193	135	87	345	-110	285
Other Service Charges	-	-	0.88	-0.20	-1.57	0.02	-1.06	-1.34	-1.49	-2.15	-1.91
Net Realized & Unrealized Capital Gains on Investments	-37	-44	-9.84	-8.49	-27	-193	136	88	347	-108	287
Total Non-Interest Expense	16	18	15	16	15	16	21	24	32	31	35
Salaries and Employee Benefits	9.51	9.10	7.55	8.51	6.61	7.52	12	13	17	17	21
Other Operating Expenses	6.50	8.57	7.16	7.31	8.50	8.47	9.34	11	16	14	14
Nonoperating Income / (Expense), net	-	-	-	-	-	-0.06	0.02	-15	-213	143	-142
Preferred Stock Dividends Declared	9.18	9.18	9.19	11	12	13	18	11	7.69	7.69	7.69
Basic Earnings per Share	$0.34	$0.14	$0.69	$1.37	($0.25)	($7.01)	$6.93	$2.79	$3.19	($0.25)	$1.50
Weighted Average Basic Shares Outstanding	54.70M	52.85M	49.11M	16.81M	19.24M	23.62M	23.11M	32.60M	42.49M	54.81M	70.77M
Diluted Earnings per Share	$0.34	$0.14	$0.69	$1.37	($0.25)	($7.01)	$6.93	$2.78	$3.17	($0.25)	$1.49
Weighted Average Diluted Shares Outstanding	54.70M	52.85M	49.11M	16.81M	19.24M	23.62M	23.11M	32.76M	42.74M	54.81M	71.26M
Weighted Average Basic & Diluted Shares Outstanding	54.70M	52.85M	49.11M	16.81M	19.24M	23.62M	23.11M	36.67M	53.84M	58.54M	90.47M
Cash Dividends to Common per Share	$1.00	$0.96	$0.84	$0.72	$0.72	$2.01	$1.66	$1.56	-	-	$1.60

This table shows Dynex Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	41	-44	52	-45	22	38	-10	29	49	-5.00	-16
Consolidated Net Income / (Loss)	43	-42	54	-43	24	40	-8.30	31	51	-3.08	-14
Net Income / (Loss) Continuing Operations	43	-42	54	-43	24	40	-8.30	31	51	-3.08	-14
Total Pre-Tax Income	43	-42	54	-43	24	40	-8.30	31	51	-3.08	-14
Total Revenue	19	-91	61	144	-231	121	40	-154	283	-101	-35
Net Interest Income / (Expense)	6.21	-0.46	-2.93	-2.26	-2.28	-3.19	1.29	0.89	6.89	17	23
Total Interest Income	31	31	42	63	71	72	76	83	88	95	112
Investment Securities Interest Income	31	31	42	63	71	72	76	83	88	95	112
Total Interest Expense	24	31	45	66	73	75	75	83	82	78	89
Long-Term Debt Interest Expense	24	31	45	66	73	75	75	83	82	78	89
Total Non-Interest Income	12	-91	64	146	-229	124	39	-155	276	-118	-58
Other Service Charges	-0.44	-0.43	-0.44	-0.80	-0.49	-0.42	-0.60	-0.44	-0.45	-0.35	-0.38
Net Realized & Unrealized Capital Gains on Investments	13	-91	64	147	-229	125	40	-154	277	-118	-58
Total Non-Interest Expense	7.90	7.37	7.20	7.84	8.32	11	6.64	8.27	8.80	12	12
Salaries and Employee Benefits	3.84	3.75	3.62	4.57	4.99	7.18	3.28	4.53	5.51	7.92	8.01
Other Operating Expenses	4.06	3.62	3.58	3.27	3.33	3.70	3.36	3.74	3.29	3.85	3.90
Nonoperating Income / (Expense), net	33	57	0.49	-179	264	-70	-42	193	-223	110	34
Preferred Stock Dividends Declared	1.93	1.92	1.92	1.92	1.93	1.92	1.92	1.92	1.93	1.92	2.68
Basic Earnings per Share	$0.42	($0.81)	$0.97	($0.82)	$0.41	$0.65	($0.15)	$0.38	$0.62	($0.06)	($0.14)
Weighted Average Basic Shares Outstanding	42.49M	53.82M	54.14M	54.56M	54.81M	59.00M	66.95M	75.79M	70.77M	90.49M	113.18M
Diluted Earnings per Share	$0.44	($0.81)	$0.96	($0.82)	$0.42	$0.64	($0.15)	$0.38	$0.62	($0.06)	($0.14)
Weighted Average Diluted Shares Outstanding	42.74M	53.82M	54.59M	54.56M	54.81M	59.71M	66.95M	76.37M	71.26M	90.49M	113.18M
Weighted Average Basic & Diluted Shares Outstanding	53.84M	54.11M	54.20M	56.65M	58.54M	64.16M	74.71M	79.30M	90.47M	105.33M	129.91M

This table details how cash moves in and out of Dynex Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-25	-1.08	14	-12	1.50	44	174	112	29	-212	384
Net Cash From Operating Activities	214	217	211	204	181	175	174	147	126	62	14
Net Cash From Continuing Operating Activities	214	217	211	204	181	175	174	147	126	62	14
Net Income / (Loss) Continuing Operations	28	17	43	34	7.02	-153	178	102	143	-6.13	114
Consolidated Net Income / (Loss)	28	17	43	34	7.02	-153	178	102	143	-6.13	114
Depreciation Expense	8.90	5.34	1.50	1.29	1.23	1.68	1.99	2.31	2.35	2.32	1.87
Amortization Expense	138	152	151	158	143	134	126	118	98	75	48
Non-Cash Adjustments to Reconcile Net Income	-14	3.87	12	10	28	194	-134	-71	-129	-30	-137
Changes in Operating Assets and Liabilities, net	54	39	2.73	1.20	1.26	-1.33	2.03	-4.98	12	21	-12
Net Cash From Investing Activities	424	-209	68	87	-869	-1,605	2,353	-555	-65	-2,960	-1,026
Net Cash From Continuing Investing Activities	424	-209	68	87	-869	-1,605	2,353	-555	-65	-2,960	-1,026
Purchase of Investment Securities	-615	-1,169	-496	-1,318	-1,795	-2,991	-2,437	-1,542	-1,100	-3,674	-1,509
Sale and/or Maturity of Investments	1,039	960	564	1,406	926	1,388	4,784	992	1,036	669	529
Other Investing Activities, net	-	-	-	-	-0.10	-1.72	5.68	-5.85	-1.40	46	-46
Net Cash From Financing Activities	-664	-8.66	-265	-304	690	1,474	-2,353	520	-32	2,686	1,395
Net Cash From Continuing Financing Activities	-664	-8.66	-265	-304	690	1,474	-2,353	520	-32	2,686	1,395
Issuance of Debt	22,548	23,555	40,595	84,877	105,236	102,505	31,054	12,635	16,249	23,502	66,437
Issuance of Common Equity	0.25	0.17	0.14	47	42	64	9.89	237	247	43	332
Repayment of Debt	-23,118	-23,461	-40,807	-85,211	-104,536	-101,022	-33,372	-12,223	-16,454	-20,766	-65,255
Payment of Dividends	-65	-61	-52	-48	-53	-68	-52	-59	-72	-93	-118
Other Financing Activities, Net	-29	-0.56	-0.69	-0.58	-0.37	-0.48	-0.25	-1.18	-1.35	-0.45	-1.18
Cash Interest Paid	19	19	24	36	53	109	46	5.71	29	179	322

This table details how cash moves in and out of Dynex Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-57	-56	39	-16	-179	180	-9.07	-3.67	216	-34	118
Net Cash From Operating Activities	30	3.74	31	10	17	-17	19	-2.26	15	6.36	32
Net Cash From Continuing Operating Activities	30	3.74	31	10	17	-17	19	-2.26	15	6.36	32
Net Income / (Loss) Continuing Operations	43	-42	54	-43	24	40	-8.30	31	51	-3.08	-14
Consolidated Net Income / (Loss)	43	-42	54	-43	24	40	-8.30	31	51	-3.08	-14
Depreciation Expense	0.65	0.59	0.61	0.55	0.58	0.50	0.42	0.43	0.51	0.50	0.52
Amortization Expense	21	20	19	19	17	14	12	12	9.49	7.96	6.40
Non-Cash Adjustments to Reconcile Net Income	-45	34	-64	34	-34	-50	3.26	-38	-52	10	28
Changes in Operating Assets and Liabilities, net	11	-9.24	21	0.12	9.25	-21	11	-7.55	6.43	-9.14	11
Net Cash From Investing Activities	206	-332	-1,237	-834	-556	233	-335	-955	32	-908	-1,505
Net Cash From Continuing Investing Activities	206	-332	-1,237	-834	-556	233	-335	-955	32	-908	-1,505
Purchase of Investment Securities	438	-310	-1,799	-1,099	-465	173	-675	-933	-75	-1,094	-1,535
Sale and/or Maturity of Investments	-232	-49	583	246	-112	97	329	-11	115	181	5.82
Other Investing Activities, net	0.44	27	-22	19	21	-37	11	-11	-7.90	4.80	25
Net Cash From Financing Activities	-293	272	1,245	808	361	-35	308	954	169	868	1,591
Net Cash From Continuing Financing Activities	-293	272	1,245	808	361	-35	308	954	169	868	1,591
Issuance of Debt	3,514	5,429	5,570	5,346	7,157	12,273	14,728	18,929	20,507	22,761	34,383
Issuance of Common Equity	92	2.77	3.54	30	5.95	87	125	56	64	240	282
Repayment of Debt	-3,879	-5,136	-4,306	-4,546	-6,778	-12,370	-14,518	-18,000	-20,368	-22,089	-33,018
Payment of Dividends	-20	-23	-23	-23	-24	-25	-27	-31	-35	-42	-57
Cash Interest Paid	13	35	24	56	63	92	56	89	86	76	75

This table presents Dynex Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,688	3,670	3,398	3,306	3,886	5,371	3,095	3,640	3,605	6,370	8,185
Cash and Due from Banks	44	34	74	41	35	63	296	366	332	120	377
Restricted Cash	42	51	25	46	54	72	14	55	118	118	244
Trading Account Securities	3,526	3,512	3,260	3,192	3,768	5,202	2,608	3,190	3,120	6,093	7,512
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	36	48	39	26	30	35	177	24	36	39	51
Total Liabilities & Shareholders' Equity	3,688	3,670	3,398	3,306	3,886	5,371	3,095	3,640	3,605	6,370	8,185
Total Liabilities	3,081	3,178	2,931	2,749	3,359	4,788	2,461	2,868	2,704	5,499	7,000
Short-Term Debt	3,049	2,631	2,906	2,723	3,328	4,760	2,438	2,852	2,671	5,381	6,928
Accrued Interest Payable	1.95	1.74	3.16	3.73	10	16	1.41	1.37	16	53	45
Other Short-Term Payables	16	14	12	13	14	6.28	5.81	-	9.10	10	17
Other Long-Term Liabilities	3.65	3.50	2.81	3.87	3.24	3.52	8.28	15	7.19	54	11
Total Equity & Noncontrolling Interests	607	492	467	557	527	583	633	771	901	871	1,185
Total Preferred & Common Equity	607	492	467	557	527	583	633	771	901	871	1,185
Preferred Stock	110	110	110	141	143	163	175	108	108	108	108
Total Common Equity	498	382	357	416	384	420	459	663	793	763	1,077
Common Stock	764	726	728	776	819	859	870	1,108	1,358	1,405	1,743
Retained Earnings	-288	-331	-338	-352	-399	-612	-491	-451	-383	-484	-494
Accumulated Other Comprehensive Income / (Loss)	21	-13	-33	-8.70	-36	174	80	6.73	-181	-159	-172

This table presents Dynex Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	3,204	4,050	3,870	5,526	6,041	6,304	6,684	7,816	9,045	11,311
Cash and Due from Banks	326	260	279	300	271	296	286	268	327	388
Restricted Cash	111	246	115	133	145	123	123	137	261	318
Trading Account Securities	2,741	3,164	3,334	5,059	5,588	5,849	6,202	7,332	8,407	10,542
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	26	376	142	34	36	37	73	79	50	64
Total Liabilities & Shareholders' Equity	3,204	4,050	3,870	5,526	6,041	6,304	6,684	7,816	9,045	11,311
Total Liabilities	2,362	3,278	3,015	4,645	5,236	5,346	5,638	6,674	7,649	9,701
Short-Term Debt	2,275	3,257	2,962	4,573	5,177	5,286	5,546	6,595	7,571	9,577
Accrued Interest Payable	1.81	4.91	13	34	43	36	55	49	47	61
Other Short-Term Payables	-	8.15	9.21	9.44	9.97	11	13	14	21	26
Other Long-Term Liabilities	86	8.37	31	28	6.08	13	25	16	10	38
Total Equity & Noncontrolling Interests	842	771	855	881	804	959	1,045	1,143	1,396	1,610
Total Preferred & Common Equity	842	771	855	881	804	959	1,045	1,143	1,396	1,610
Preferred Stock	108	108	108	108	108	108	108	108	108	108
Total Common Equity	735	663	747	773	697	851	937	1,035	1,288	1,502
Common Stock	1,219	1,265	1,362	1,366	1,398	1,496	1,621	1,678	1,984	2,269
Retained Earnings	-339	-405	-448	-417	-484	-469	-506	-507	-543	-618
Accumulated Other Comprehensive Income / (Loss)	-146	-197	-167	-176	-218	-176	-178	-136	-153	-149

This table displays calculated financial ratios and metrics derived from Dynex Capital's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-47.28%	-21.59%	72.08%	-13.98%	-55.42%	-717.43%	245.35%	-28.92%	175.25%	-130.35%	346.68%
EBITDA Growth	-15.23%	0.01%	12.52%	-1.20%	-21.56%	-111.39%	1,874.53%	-22.34%	92.21%	-115.69%	526.96%
EBIT Growth	-60.69%	-40.71%	171.01%	-21.17%	-79.28%	-2,273.03%	216.31%	-34.05%	204.23%	-141.73%	272.41%
NOPAT Growth	-60.69%	-40.71%	171.01%	-21.17%	-79.28%	-1,621.12%	266.16%	-34.05%	204.23%	-129.21%	346.30%
Net Income Growth	-59.15%	-40.50%	160.51%	-21.36%	-79.28%	-2,273.83%	216.29%	-42.40%	40.00%	-104.28%	1,958.04%
EPS Growth	-69.09%	-58.82%	392.86%	-21.36%	-79.28%	-2,704.00%	198.86%	-59.88%	14.03%	-107.89%	696.00%
Operating Cash Flow Growth	2.74%	1.15%	-2.97%	-2.88%	-11.68%	-2.89%	-0.80%	-15.51%	-14.03%	-50.77%	-76.86%
Free Cash Flow Firm Growth	343.70%	-94.27%	887.13%	-59.39%	-543.12%	-181.48%	253.84%	-117.75%	193.65%	-783.30%	42.35%
Invested Capital Growth	-12.62%	-0.44%	-7.44%	-2.78%	17.44%	38.52%	-42.54%	17.97%	-1.41%	75.00%	29.76%
Revenue Q/Q Growth	-27.65%	330.59%	47.52%	-49.00%	-81.99%	-11.62%	-31.19%	300.81%	-3.38%	-189.24%	230.05%
EBITDA Q/Q Growth	-9.20%	42.35%	10.65%	-20.95%	-40.50%	-212.06%	-24.22%	752.24%	-4.69%	-139.14%	252.10%
EBIT Q/Q Growth	-41.10%	149.44%	81.26%	-58.55%	-93.46%	-10.70%	-34.34%	223.40%	-4.07%	-245.98%	199.42%
NOPAT Q/Q Growth	-41.43%	170.63%	81.26%	-58.55%	-93.46%	-10.70%	-34.33%	270.95%	-4.07%	-202.19%	199.42%
Net Income Q/Q Growth	-39.14%	234.35%	556.10%	-58.15%	-91.43%	41.45%	-7.64%	-20.51%	25.66%	-147.69%	30.74%
EPS Q/Q Growth	-48.48%	135.00%	1,480.00%	-58.15%	-91.43%	43.88%	-8.09%	-16.27%	32.64%	-8.70%	15.50%
Operating Cash Flow Q/Q Growth	1.93%	-0.18%	-0.73%	-2.16%	-3.40%	6.82%	-5.04%	-3.75%	-6.07%	-17.84%	-9.03%
Free Cash Flow Firm Q/Q Growth	-84.97%	101.05%	-10.52%	-54.78%	-194.36%	25.59%	-3.39%	-155.48%	216.12%	-50.33%	20.32%
Invested Capital Q/Q Growth	470.05%	-0.11%	1.57%	5.09%	12.62%	-2.30%	-4.14%	9.61%	-11.31%	4.52%	4.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	405.68%	517.43%	338.33%	388.59%	683.71%	0.00%	154.03%	168.29%	117.52%	0.00%	105.14%
EBIT Margin	62.57%	47.31%	74.51%	68.28%	31.74%	0.00%	89.39%	82.94%	91.67%	0.00%	88.11%
Profit (Net Income) Margin	65.02%	49.34%	74.69%	68.28%	31.74%	0.00%	89.40%	72.44%	36.85%	0.00%	39.16%
Tax Burden Percent	103.91%	104.28%	100.24%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.04%	100.01%	87.35%	40.19%	4.12%	44.45%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.68%	0.43%	1.22%	1.02%	0.20%	0.00%	4.22%	3.50%	9.90%	0.00%	3.57%
ROIC Less NNEP Spread (ROIC-NNEP)	0.71%	0.46%	1.23%	1.02%	0.20%	0.00%	4.22%	2.94%	2.19%	0.00%	1.25%
Return on Net Nonoperating Assets (RNNOA)	3.98%	2.58%	7.76%	5.60%	1.10%	0.00%	24.97%	11.06%	7.22%	0.00%	7.51%
Return on Equity (ROE)	4.66%	3.01%	8.99%	6.62%	1.30%	-27.50%	29.19%	14.56%	17.12%	-0.69%	11.08%
Cash Return on Invested Capital (CROIC)	14.15%	0.87%	8.95%	3.83%	-15.85%	-34.62%	58.24%	-12.99%	11.32%	-56.66%	-22.34%
Operating Return on Assets (OROA)	0.68%	0.43%	1.22%	1.01%	0.20%	0.00%	4.19%	3.48%	9.83%	0.00%	3.52%
Return on Assets (ROA)	0.70%	0.45%	1.22%	1.01%	0.20%	0.00%	4.19%	3.04%	3.95%	0.00%	1.57%
Return on Common Equity (ROCE)	3.80%	2.41%	6.93%	4.99%	0.96%	-19.93%	21.09%	11.63%	14.91%	-0.61%	9.92%
Return on Equity Simple (ROE_SIMPLE)	4.58%	3.36%	9.23%	6.08%	1.33%	-26.19%	28.03%	13.26%	15.88%	-0.70%	9.61%
Net Operating Profit after Tax (NOPAT)	27	16	43	34	7.02	-107	178	117	356	-104	256
NOPAT Margin	62.57%	47.31%	74.51%	68.28%	31.74%	0.00%	89.39%	82.94%	91.67%	0.00%	88.11%
Net Nonoperating Expense Percent (NNEP)	-0.03%	-0.02%	0.00%	0.00%	0.00%	1.13%	0.00%	0.56%	7.71%	-2.43%	2.31%
SG&A Expenses to Revenue	22.23%	27.15%	13.08%	17.14%	29.85%	0.00%	5.91%	9.04%	4.33%	0.00%	7.05%
Operating Expenses to Revenue	37.43%	52.69%	25.49%	31.72%	68.26%	0.00%	10.61%	17.06%	8.33%	0.00%	11.89%
Earnings before Interest and Taxes (EBIT)	27	16	43	34	7.02	-153	178	117	356	-149	256
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	173	174	195	193	151	-17	306	238	457	-72	306
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.30	0.31	0.41	0.43	0.48	0.56	0.61	0.68	0.56	0.80	0.90
Price to Tangible Book Value (P/TBV)	0.30	0.31	0.41	0.43	0.48	0.56	0.61	0.68	0.56	0.80	0.90
Price to Revenue (P/Rev)	3.54	3.57	2.51	3.60	8.30	0.00	1.40	3.19	1.15	0.00	3.33
Price to Earnings (P/E)	8.13	16.25	4.28	7.74	0.00	0.00	1.74	4.95	3.29	0.00	9.13
Dividend Yield	36.13%	39.42%	28.46%	21.43%	23.41%	24.87%	13.83%	12.71%	16.23%	14.51%	12.93%
Earnings Yield	12.30%	6.15%	23.37%	12.92%	0.00%	0.00%	57.59%	20.21%	30.41%	0.00%	10.96%
Enterprise Value to Invested Capital (EV/IC)	0.88	0.90	0.91	0.90	0.93	0.94	0.84	0.82	0.78	0.94	0.91
Enterprise Value to Revenue (EV/Rev)	75.64	98.51	53.18	59.66	161.30	0.00	13.00	21.17	7.14	0.00	25.39
Enterprise Value to EBITDA (EV/EBITDA)	18.64	19.04	15.72	15.35	23.59	0.00	8.44	12.58	6.08	0.00	24.15
Enterprise Value to EBIT (EV/EBIT)	120.88	208.22	71.37	87.38	508.23	0.00	14.54	25.53	7.79	0.00	28.81
Enterprise Value to NOPAT (EV/NOPAT)	120.88	208.22	71.37	87.38	508.23	0.00	14.54	25.53	7.79	0.00	28.81
Enterprise Value to Operating Cash Flow (EV/OCF)	15.08	15.23	14.58	14.49	19.77	28.66	14.84	20.34	21.96	94.22	513.02
Enterprise Value to Free Cash Flow (EV/FCFF)	5.82	103.65	9.75	23.18	0.00	0.00	1.05	0.00	6.81	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.04	6.42	6.23	4.90	6.32	8.17	3.85	3.70	2.96	6.18	5.85
Long-Term Debt to Equity	0.02	1.07	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	5.59	5.66	6.33	5.51	5.59	7.29	5.92	3.77	3.30	4.54	5.99
Leverage Ratio	6.63	6.69	7.37	6.54	6.63	8.34	6.96	4.79	4.33	5.63	7.08
Compound Leverage Factor	6.63	6.69	7.37	6.54	6.63	8.34	6.96	4.19	1.74	0.23	3.15
Debt to Total Capital	83.44%	86.52%	86.18%	83.05%	86.34%	89.09%	79.38%	78.72%	74.77%	86.07%	85.39%
Short-Term Debt to Total Capital	83.15%	72.05%	85.99%	82.88%	86.25%	89.04%	79.38%	78.72%	74.77%	86.07%	85.39%
Long-Term Debt to Total Capital	0.29%	14.47%	0.19%	0.17%	0.09%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	2.99%	3.00%	3.26%	4.30%	3.70%	3.05%	5.68%	2.98%	3.02%	1.73%	1.33%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	13.57%	10.47%	10.57%	12.65%	9.96%	7.86%	14.94%	18.31%	22.21%	12.20%	13.28%
Debt to EBITDA	17.64	18.21	14.92	14.15	22.02	-276.26	7.97	12.01	5.85	-75.14	22.66
Net Debt to EBITDA	17.14	17.72	14.41	13.69	21.43	-268.48	6.96	10.23	4.86	-71.81	20.62
Long-Term Debt to EBITDA	0.06	3.05	0.03	0.03	0.02	-0.16	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	114.34	199.12	67.73	80.51	474.38	-44.58	13.74	24.36	7.50	-51.72	27.04
Net Debt to NOPAT	111.12	193.76	65.43	77.93	461.75	-43.32	11.99	20.77	6.24	-49.44	24.61
Long-Term Debt to NOPAT	0.40	33.31	0.15	0.16	0.49	-0.03	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	18.38%	19.95%	22.90%	24.54%	26.21%	27.54%	27.73%	20.10%	12.90%	12.17%	10.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	556	32	315	128	-566	-1,593	2,451	-435	407	-2,783	-1,605
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	1.41	12.47	3.53	-9.50	-13.96	75.15	-76.70	9.34	-12.92	-5.12
Operating Cash Flow to Interest Expense	0.00	9.60	8.34	5.65	3.03	1.54	5.33	25.92	2.90	0.29	0.05
Operating Cash Flow Less CapEx to Interest Expense	0.00	9.60	8.34	5.65	3.03	1.54	5.33	25.92	2.90	0.29	0.05
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.01	0.01	0.02	0.01	0.01	0.00	0.05	0.04	0.11	0.00	0.04
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,667	3,651	3,379	3,286	3,859	5,345	3,072	3,624	3,572	6,252	8,113
Invested Capital Turnover	0.01	0.01	0.02	0.01	0.01	0.00	0.05	0.04	0.11	0.00	0.04
Increase / (Decrease) in Invested Capital	-529	-16	-272	-94	573	1,486	-2,274	552	-51	2,679	1,861
Enterprise Value (EV)	3,235	3,303	3,069	2,961	3,569	5,026	2,581	2,989	2,775	5,860	7,383
Market Capitalization	152	120	145	179	184	235	278	450	445	609	969
Book Value per Share	$9.09	$7.78	$7.27	$7.81	$6.44	$18.31	$19.83	$18.09	$17.12	$13.47	$13.58
Tangible Book Value per Share	$9.09	$7.78	$7.27	$7.81	$6.44	$18.31	$19.83	$18.09	$17.12	$13.47	$13.58
Total Capital	3,667	3,651	3,379	3,286	3,859	5,345	3,072	3,624	3,572	6,252	8,113
Total Debt	3,060	3,159	2,912	2,729	3,332	4,762	2,438	2,852	2,671	5,381	6,928
Total Long-Term Debt	11	528	6.44	5.52	3.46	2.73	0.00	0.00	0.00	0.00	0.00
Net Debt	2,974	3,074	2,813	2,641	3,243	4,628	2,128	2,431	2,221	5,143	6,306
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	-1.05	-0.68	-0.10	0.00	0.00	46	-0.02	15	213	-98	142
Net Nonoperating Obligations (NNO)	3,060	3,159	2,912	2,729	3,332	4,762	2,438	2,852	2,671	5,381	6,928
Total Depreciation and Amortization (D&A)	147	158	152	159	144	135	128	120	100	77	50
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.02	$0.42	$2.07	$1.38	($0.24)	($7.01)	$6.93	$2.79	$3.19	($0.25)	$1.50
Adjusted Weighted Average Basic Shares Outstanding	18.31M	16.32M	16.40M	18.60M	23.61M	22.95M	26.86M	32.60M	42.49M	54.81M	70.77M
Adjusted Diluted Earnings per Share	$1.02	$0.42	$2.07	$1.38	($0.24)	($7.01)	$6.93	$2.78	$3.17	($0.25)	$1.49
Adjusted Weighted Average Diluted Shares Outstanding	18.31M	16.32M	16.40M	18.60M	23.61M	22.95M	26.86M	32.76M	42.74M	54.81M	71.26M
Adjusted Basic & Diluted Earnings per Share	$1.02	$0.42	$2.07	$1.38	($0.24)	($7.01)	$6.93	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	18.23M	17.62M	16.37M	16.81M	19.24M	23.62M	23.11M	36.67M	53.84M	58.54M	90.47M
Normalized Net Operating Profit after Tax (NOPAT)	19	11	30	24	4.92	-107	124	82	249	-104	179
Normalized NOPAT Margin	43.80%	33.12%	52.16%	47.69%	22.22%	0.00%	62.57%	58.06%	64.17%	0.00%	61.67%
Pre Tax Income Margin	62.57%	47.31%	74.51%	68.28%	31.74%	0.00%	89.40%	72.44%	36.85%	0.00%	39.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.70	1.70	0.94	0.12	-1.34	5.44	20.64	8.17	-0.69	0.82
NOPAT to Interest Expense	0.00	0.70	1.70	0.94	0.12	-0.94	5.44	20.64	8.17	-0.48	0.82
EBIT Less CapEx to Interest Expense	0.00	0.70	1.70	0.94	0.12	-1.34	5.44	20.64	8.17	-0.69	0.82
NOPAT Less CapEx to Interest Expense	0.00	0.70	1.70	0.94	0.12	-0.94	5.44	20.64	8.17	-0.48	0.82
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	233.33%	368.81%	120.42%	140.24%	751.67%	-44.57%	29.54%	57.59%	50.55%	-1,517.80%	103.46%
Augmented Payout Ratio	233.33%	617.67%	121.14%	140.24%	751.67%	-60.97%	29.75%	57.59%	50.55%	-1,517.80%	103.46%

This table displays calculated financial ratios and metrics derived from Dynex Capital's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-42.15%	-138.83%	-39.94%	340.45%	-1,340.05%	232.31%	-33.96%	-206.75%	222.36%	-183.71%	-187.67%
EBITDA Growth	-41.22%	-130.69%	-38.50%	221.10%	-793.76%	258.62%	-36.91%	-196.13%	227.77%	-183.89%	-186.72%
EBIT Growth	-58.44%	-143.26%	-42.98%	504.04%	-2,327.37%	211.43%	-37.47%	-218.98%	214.45%	-202.66%	-240.34%
NOPAT Growth	-58.44%	-130.29%	-42.98%	504.04%	-2,327.37%	259.19%	-56.23%	-269.98%	214.45%	-171.86%	-240.34%
Net Income Growth	207.94%	-135.60%	85.22%	7.76%	-43.85%	196.16%	-115.28%	172.00%	110.18%	-107.67%	-63.85%
EPS Growth	229.41%	-126.05%	39.13%	23.36%	-4.55%	179.01%	-115.63%	146.34%	47.62%	-109.38%	6.67%
Operating Cash Flow Growth	-21.36%	-89.18%	-12.99%	-59.27%	-44.90%	-557.69%	-40.91%	-121.68%	-8.62%	137.20%	71.31%
Free Cash Flow Firm Growth	111.77%	45.40%	24.44%	-163.07%	-4,812.84%	-2,752.35%	51.25%	-3.22%	45.65%	-20.89%	-315.73%
Invested Capital Growth	-1.41%	0.32%	75.00%	48.49%	75.00%	63.60%	20.84%	29.36%	29.76%	43.60%	69.72%
Revenue Q/Q Growth	-42.89%	-590.25%	166.74%	135.71%	-260.80%	152.31%	-66.69%	-481.01%	284.31%	-135.78%	65.11%
EBITDA Q/Q Growth	-33.88%	-345.11%	193.80%	111.25%	-242.85%	156.04%	-62.69%	-421.90%	289.86%	-136.80%	61.44%
EBIT Q/Q Growth	-52.22%	-1,018.52%	154.48%	152.65%	-276.18%	145.95%	-69.43%	-580.73%	269.46%	-141.22%	58.21%
NOPAT Q/Q Growth	-31.75%	-742.96%	177.83%	76.85%	-351.68%	145.95%	-78.60%	-786.76%	269.46%	-128.85%	58.21%
Net Income Q/Q Growth	192.75%	-196.38%	230.24%	-179.23%	156.46%	65.05%	-120.70%	473.28%	64.81%	-106.02%	-342.33%
EPS Q/Q Growth	141.12%	-284.09%	218.52%	-185.42%	151.22%	52.38%	-123.44%	353.33%	63.16%	-109.68%	-133.33%
Operating Cash Flow Q/Q Growth	17.77%	-87.57%	742.65%	-66.97%	59.31%	-203.22%	208.80%	-112.12%	771.49%	-57.98%	401.01%
Free Cash Flow Firm Q/Q Growth	108.77%	-231.18%	-2,710.67%	18.63%	-57.10%	20.61%	51.96%	-72.28%	17.28%	-76.59%	-65.20%
Invested Capital Q/Q Growth	-11.31%	6.84%	42.90%	9.66%	4.52%	-0.12%	5.55%	17.39%	4.85%	10.53%	24.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	171.90%	0.00%	120.79%	108.26%	0.00%	103.04%	115.39%	0.00%	100.42%	0.00%	0.00%
EBIT Margin	57.68%	0.00%	88.21%	94.55%	0.00%	91.01%	83.52%	0.00%	96.89%	0.00%	0.00%
Profit (Net Income) Margin	232.02%	0.00%	89.01%	-29.92%	0.00%	33.15%	-20.60%	0.00%	18.04%	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	402.29%	42.21%	100.91%	-31.64%	-10.14%	36.42%	-24.66%	-19.15%	18.62%	2.72%	28.79%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.23%	0.00%	0.43%	1.75%	0.00%	1.71%	0.72%	0.00%	3.92%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	7.41%	0.00%	0.44%	-1.53%	0.00%	0.01%	0.09%	0.00%	0.30%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	24.46%	0.00%	1.77%	-8.20%	0.00%	0.06%	0.46%	0.00%	1.78%	0.00%	0.00%
Return on Equity (ROE)	30.68%	0.00%	2.20%	-6.45%	-0.69%	1.77%	1.17%	8.95%	5.70%	0.00%	4.93%
Cash Return on Invested Capital (CROIC)	11.32%	0.21%	-54.82%	-37.00%	-56.66%	-47.06%	-18.21%	-29.36%	-22.34%	-35.36%	-52.24%
Operating Return on Assets (OROA)	6.19%	0.00%	0.42%	2.48%	0.00%	1.69%	1.01%	0.00%	3.87%	0.00%	0.00%
Return on Assets (ROA)	24.89%	0.00%	0.43%	-0.78%	0.00%	0.62%	-0.25%	0.00%	0.72%	0.00%	0.00%
Return on Common Equity (ROCE)	26.73%	0.00%	1.92%	-5.57%	-0.61%	1.56%	1.04%	7.96%	5.10%	0.00%	4.53%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.84%	1.05%	1.60%	0.00%	7.90%	1.25%	7.62%	0.00%	5.07%	4.06%
Net Operating Profit after Tax (NOPAT)	11	-69	54	95	-240	110	24	-162	274	-79	-33
NOPAT Margin	57.68%	0.00%	88.21%	66.19%	0.00%	91.01%	58.47%	0.00%	96.89%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-1.18%	-0.92%	-0.01%	3.28%	-6.56%	1.70%	0.63%	-3.28%	3.63%	-1.18%	-0.26%
SG&A Expenses to Revenue	20.56%	0.00%	5.93%	3.18%	0.00%	5.93%	8.15%	0.00%	1.95%	0.00%	0.00%
Operating Expenses to Revenue	42.33%	0.00%	11.79%	5.45%	0.00%	8.99%	16.48%	0.00%	3.11%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	11	-99	54	136	-240	110	34	-162	274	-113	-47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	32	-79	74	156	-223	125	47	-150	284	-105	-40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.56	0.73	0.77	0.81	0.80	0.72	0.81	0.91	0.90	0.90	0.85
Price to Tangible Book Value (P/TBV)	0.56	0.73	0.77	0.81	0.80	0.72	0.81	0.91	0.90	0.90	0.85
Price to Revenue (P/Rev)	1.15	8.92	28.33	4.26	0.00	6.43	10.26	0.00	3.33	16.95	0.00
Price to Earnings (P/E)	3.29	0.00	385.34	109.02	0.00	8.95	141.04	11.88	9.13	18.42	22.30
Dividend Yield	16.23%	15.30%	14.25%	15.03%	14.51%	14.52%	13.20%	12.35%	12.93%	13.09%	14.93%
Earnings Yield	30.41%	0.00%	0.26%	0.92%	0.00%	11.18%	0.71%	8.42%	10.96%	5.43%	4.48%
Enterprise Value to Invested Capital (EV/IC)	0.78	0.84	0.89	0.91	0.94	0.89	0.91	0.94	0.91	0.92	0.92
Enterprise Value to Revenue (EV/Rev)	7.14	52.44	231.59	41.11	0.00	59.04	81.27	0.00	25.39	120.45	0.00
Enterprise Value to EBITDA (EV/EBITDA)	6.08	26.46	63.94	29.68	0.00	42.40	57.45	0.00	24.15	107.91	0.00
Enterprise Value to EBIT (EV/EBIT)	7.79	111.67	0.00	53.34	0.00	92.53	149.41	0.00	28.81	249.80	0.00
Enterprise Value to NOPAT (EV/NOPAT)	7.79	159.52	0.00	53.34	0.00	92.53	149.41	0.00	28.81	249.80	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	21.96	33.76	53.29	71.74	94.22	135.02	210.78	457.68	513.02	217.97	200.45
Enterprise Value to Free Cash Flow (EV/FCFF)	6.81	395.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.96	3.47	5.19	6.44	6.18	5.51	5.31	5.77	5.85	5.42	5.95
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	3.30	3.65	3.97	5.35	4.54	4.55	5.25	6.05	5.99	5.46	5.70
Leverage Ratio	4.33	4.71	5.07	6.40	5.63	5.61	6.34	7.12	7.08	6.52	6.78
Compound Leverage Factor	17.43	1.99	5.11	-2.03	-0.57	2.04	-1.56	-1.36	1.32	0.18	1.95
Debt to Total Capital	74.77%	77.60%	83.85%	86.55%	86.07%	84.65%	84.14%	85.23%	85.39%	84.43%	85.61%
Short-Term Debt to Total Capital	74.77%	77.60%	83.85%	86.55%	86.07%	84.65%	84.14%	85.23%	85.39%	84.43%	85.61%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	3.02%	2.83%	1.98%	1.80%	1.73%	1.73%	1.64%	1.39%	1.33%	1.20%	0.96%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	22.21%	19.57%	14.17%	11.64%	12.20%	13.62%	14.22%	13.37%	13.28%	14.36%	13.43%
Debt to EBITDA	5.85	24.31	60.41	28.30	-75.14	40.14	53.08	-32.80	22.66	99.01	-921.54
Net Debt to EBITDA	4.86	21.08	54.69	26.02	-71.81	36.96	49.17	-30.79	20.62	91.32	-853.62
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	7.50	146.51	-390.60	50.85	-51.72	87.59	138.04	-25.59	27.04	229.19	-199.95
Net Debt to NOPAT	6.24	127.04	-353.64	46.76	-49.44	80.65	127.85	-24.01	24.61	211.39	-185.21
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	12.90%	0.00%	12.52%	13.69%	12.17%	11.89%	11.20%	11.08%	10.49%	0.00%	8.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	62	-81	-2,284	-1,858	-2,919	-2,318	-1,113	-1,918	-1,587	-2,802	-4,628
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	2.55	-2.60	-50.59	-28.36	-39.74	-31.02	-14.89	-23.23	-19.44	-35.95	-52.23
Operating Cash Flow to Interest Expense	1.24	0.12	0.70	0.16	0.23	-0.23	0.25	-0.03	0.19	0.08	0.36
Operating Cash Flow Less CapEx to Interest Expense	1.24	0.12	0.70	0.16	0.23	-0.23	0.25	-0.03	0.19	0.08	0.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.02	0.00	0.03	0.00	0.02	0.01	0.00	0.04	0.01	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,572	3,817	5,454	5,982	6,252	6,245	6,591	7,738	8,113	8,967	11,187
Invested Capital Turnover	0.11	0.02	0.00	0.03	0.00	0.02	0.01	0.00	0.04	0.01	0.00
Increase / (Decrease) in Invested Capital	-51	12	2,338	1,953	2,679	2,428	1,137	1,756	1,861	2,723	4,595
Enterprise Value (EV)	2,775	3,225	4,841	5,431	5,860	5,584	6,003	7,241	7,383	8,252	10,249
Market Capitalization	445	549	592	563	609	609	758	943	969	1,161	1,270
Book Value per Share	$17.12	$13.88	$14.29	$12.85	$13.47	$14.42	$14.61	$13.85	$13.58	$14.24	$14.26
Tangible Book Value per Share	$17.12	$13.88	$14.29	$12.85	$13.47	$14.42	$14.61	$13.85	$13.58	$14.24	$14.26
Total Capital	3,572	3,817	5,454	5,982	6,252	6,245	6,591	7,738	8,113	8,967	11,187
Total Debt	2,671	2,962	4,573	5,177	5,381	5,286	5,546	6,595	6,928	7,571	9,577
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	2,221	2,568	4,141	4,761	5,143	4,868	5,137	6,190	6,306	6,983	8,871
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	-33	-27	-0.49	138	-264	70	32	-193	223	-76	-19
Net Nonoperating Obligations (NNO)	2,671	2,962	4,573	5,177	5,381	5,286	5,546	6,595	6,928	7,571	9,577
Total Depreciation and Amortization (D&A)	21	20	20	20	17	15	13	12	10	8.46	6.92
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.42	($0.81)	$0.97	($0.82)	$0.41	$0.65	($0.15)	$0.38	$0.62	($0.06)	($0.14)
Adjusted Weighted Average Basic Shares Outstanding	42.49M	53.82M	54.14M	54.56M	54.81M	59.01M	66.95M	75.79M	70.77M	90.49M	113.18M
Adjusted Diluted Earnings per Share	$0.44	($0.81)	$0.96	($0.82)	$0.42	$0.64	($0.15)	$0.38	$0.62	($0.06)	($0.14)
Adjusted Weighted Average Diluted Shares Outstanding	42.74M	53.82M	54.59M	54.56M	54.81M	59.72M	66.95M	76.37M	71.26M	90.49M	113.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.84M	54.11M	54.20M	56.65M	58.54M	64.16M	74.71M	79.30M	90.47M	105.33M	129.91M
Normalized Net Operating Profit after Tax (NOPAT)	7.53	-69	38	95	-168	77	24	-113	192	-79	-33
Normalized NOPAT Margin	40.37%	0.00%	61.75%	66.19%	0.00%	63.71%	58.47%	0.00%	67.82%	0.00%	0.00%
Pre Tax Income Margin	232.02%	0.00%	89.01%	-29.92%	0.00%	33.15%	-20.60%	0.00%	18.04%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.44	-3.16	1.19	2.08	-3.26	1.47	0.45	-1.96	3.36	-1.45	-0.53
NOPAT to Interest Expense	0.44	-2.21	1.19	1.45	-3.26	1.47	0.32	-1.96	3.36	-1.02	-0.37
EBIT Less CapEx to Interest Expense	0.44	-3.16	1.19	2.08	-3.26	1.47	0.45	-1.96	3.36	-1.45	-0.53
NOPAT Less CapEx to Interest Expense	0.44	-2.21	1.19	1.45	-3.26	1.47	0.32	-1.96	3.36	-1.02	-0.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	50.55%	-501.53%	927.54%	695.14%	-1,517.80%	125.49%	757.04%	122.93%	103.46%	190.29%	250.98%
Augmented Payout Ratio	50.55%	-501.53%	927.54%	695.14%	-1,517.80%	125.49%	757.04%	122.93%	103.46%	190.29%	250.98%

Financials Breakdown Chart

Key Financial Trends

Dynex Capital (NYSE: DX) has exhibited a highly variable financial performance over the past several quarters, reflecting its exposure to interest rates and investment securities performance.

Positive Developments:

Total assets have approximately doubled from about $3.2 billion in Q2 2022 to $11.3 billion in Q2 2025, indicating significant growth and scaling of the company’s investment portfolio.
Net Interest Income has generally increased over time, from a negative or low positive base in early 2022 to $23.1 million in Q2 2025, showing improving core earnings from interest operations.
Operating cash flow has become strongly positive recently, with Net Cash from Operating Activities reaching $31.9 million in Q2 2025, suggesting improved cash generation capacity.
Issuance of debt rose remarkably from less than $5 billion in mid-2022 to over $34 billion in Q2 2025, providing increased capital to support asset growth and operations.
Issuance of common equity has also increased, reflecting additional shareholder investment and strengthened equity base to $1.6 billion as of Q2 2025.

Neutral or Mixed Factors:

Net income has fluctuated widely, ranging from a loss of $16.3 million in Q2 2025 to positive net income in prior periods (e.g., $51 million in Q4 2024), driven by volatile realized and unrealized capital gains on investments.
The company pays consistent preferred dividends (~$2.7 million in Q2 2025), which affects net income attributable to common shareholders.
Short-term debt rose steeply, from $2.3 billion in Q2 2022 to almost $9.6 billion in Q2 2025, increasing leverage but supporting asset growth.
Non-interest expenses such as salaries and operating costs have increased gradually but remain moderate relative to revenue.

Negative Trends and Risks:

Consolidated net losses in recent quarters (e.g., -$13.6 million in Q2 2025) indicate earnings pressures from unfavorable market conditions impacting investment valuations.
Large volatility in net realized and unrealized capital gains, with swings from positive $276 million (Q4 2024) to negative $58 million (Q2 2025), create earnings unpredictability.
Net interest expense remains significant, with interest expense increasing to $88.6 million in Q2 2025, impacting profitability.
Despite increased capital raised, retained earnings remain negative (e.g., -$618 million in Q2 2025), reflecting accumulated losses over time.

In summary, Dynex Capital has scaled substantially over the last few years in terms of assets and capitalization, with improved core interest income and strong operating cash flows recently. However, earnings remain volatile due to swings in investment gains and sizable interest expenses. Investors should weigh the growth and cash flow improvements against ongoing earnings variability and leverage levels.

10/09/25 06:05 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Dynex Capital's Financials

When does Dynex Capital's fiscal year end?

According to the most recent income statement we have on file, Dynex Capital's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Dynex Capital's net income changed over the last 10 years?

Dynex Capital's net income appears to be on an upward trend, with a most recent value of $113.90 million in 2024, rising from $27.81 million in 2014. The previous period was -$6.13 million in 2023. View Dynex Capital's forecast to see where analysts expect Dynex Capital to go next.

How has Dynex Capital's revenue changed over the last 10 years?

Over the last 10 years, Dynex Capital's total revenue changed from $42.77 million in 2014 to $290.84 million in 2024, a change of 580.1%.

How much debt does Dynex Capital have?

Dynex Capital's total liabilities were at $7.00 billion at the end of 2024, a 27.3% increase from 2023, and a 127.2% increase since 2014.

How much cash does Dynex Capital have?

In the past 10 years, Dynex Capital's cash and equivalents has ranged from $33.94 million in 2015 to $377.10 million in 2024, and is currently $377.10 million as of their latest financial filing in 2024.

How has Dynex Capital's book value per share changed over the last 10 years?

Over the last 10 years, Dynex Capital's book value per share changed from 9.09 in 2014 to 13.58 in 2024, a change of 49.4%.

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This page (NYSE:DX) was last updated on 10/9/2025 by MarketBeat.com Staff

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Dynex Capital (DX) Financials

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Dynex Capital (DX) Financials

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