Dynex Capital, Inc (NYSE: DX) closed at $14.60 on January 23, 2026, gaining 1.14% intraday as the mortgage REIT released its fourth quarter and full year 2025 financial results ahead of market open on January 26, 2026. Based on the latest closing share price and outstanding common shares, Dynex Capital’s market capitalization is approximately $2.4 billion.
Latest Quarterly Results (Fourth Quarter 2025)
For the quarter ended December 31, 2025, Dynex Capital reported the following consolidated results:
- Comprehensive income per common share: $1.22
- Net income per common share: $1.17
- Total economic return (“TER”) per common share: $1.29, representing 10.2% of beginning book value.
- Book value per common share (Dec 31, 2025): $13.45, compared with $12.67 at September 30, 2025.
- Dividends declared: $0.51 per common share for the quarter.
During the quarter, Dynex Capital raised $393 million in equity capital through at-the-market (ATM) common stock issuances and purchased $3 billion of agency RMBS and $284 million of agency CMBS.
Full Year 2025 Results
For the fiscal year ended December 31, 2025, Dynex Capital reported:
- Comprehensive income per common share: $2.85
- Net income per common share: $2.49
- Total economic return (“TER”): $2.75 per common share, or 21.6% of beginning book value.
- Dividends declared: $2.00 per common share for the full year 2025.
Book value per common share rose to $13.45 at year-end from $12.70 at December 31, 2024. The company’s average balance of interest-earning assets increased 58% during 2025, and liquidity was $1.4 billion as of December 31, 2025. Leverage including to-be-announced (“TBA”) securities at cost stood at 7.3 times shareholders’ equity.
Business & Operations Update
The company expanded its RMBS and CMBS portfolio during Q4 2025 and significantly increased its asset base over the full year. The press release also noted organizational changes including separation of CFO and COO roles and the appointment of a new COO.
M&A or Strategic Moves
There were no announced mergers, acquisitions, or definitive strategic transactions disclosed in the Q4 2025 press release.
Guidance & Outlook
Dynex Capital did not provide quantitative guidance in the press release. Investors will monitor interest-earning asset growth, leverage levels, and mortgage spread trends as key indicators for upcoming performance periods.
Performance Summary
Dynex Capital’s stock rose on the release of fourth quarter and full year 2025 results. Quarterly net income and comprehensive income per share increased, book value per share rose year-over-year, and total economic return metrics expanded. Dividend continuity was maintained for both the quarter and full year.