Dynex Capital, Inc. (DX) Stock

Dynex Capital, Inc. (DX) is a Real Estate stock trading at $13.03 (as of 2026-08-21), with a market capitalization of $3.22B and a trailing P/E of 7.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Dynex Capital, Inc., a mortgage real estate investment trust, invests in mortgage-backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non-agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest-only securities. Agency MBS have a guaranty of principal payment by an agency of the U.S. government or a U.S. government-sponsored entity, such as Fannie Mae and Freddie Mac. Non-Agency MBS have no such guaranty of payment. The company has qualified as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 1987 and is headquartered in Glen Allen, Virginia.

Understand Dynex Capital, Inc.: how it makes money

Dynex Capital, Inc. is a mortgage REIT that invests in leveraged positions in mortgage-backed securities, including agency MBS (with U.S. government or GSE principal payment guaranty) and non-agency MBS (without a guaranty), earning returns from those MBS holdings.

Dynex’s profit model is the performance of its leveraged MBS portfolio, where agency MBS have principal payment guaranties and non-agency MBS do not, so the mix directly affects the risk and payoff of the leveraged investment.

Business quality (Weak): Clear business description of a leveraged MBS REIT, but no reportable segment breakdown or operational KPI data was provided here, which limits how precisely investors can track quarter to quarter drivers from this dataset.

Valuation: At 6× earnings, DX trades 82% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Agency MBS principal payment guaranty: Agency MBS carry a guaranty of principal payment by an agency of the U.S. government or a U.S. government-sponsored entity.
Portfolio includes multiple MBS types: Dynex invests in agency and non-agency MBS, spanning residential MBS, commercial MBS (CMBS), and CMBS interest-only securities.

Bear case

Non-agency credit exposure: Non-agency MBS have no guaranty of payment, which can increase the chance of losses if borrowers or underlying collateral underperform.
Leverage amplifies outcomes: The company invests in MBS on a leveraged basis, which can magnify gains when holdings perform well and losses when they do not.

Valuation — source: SEC EDGAR (first-party)
Price	$13.03
Market Cap	$3.22B
P/E Ratio	7.4
Price / Book	1.02
Price / Sales	3.64
DCF Value (model)	$41.28
DCF Upside vs Price	216.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$533.52M
Net Margin	59.8%
Revenue Growth (YoY)	170.9%
EPS Growth (YoY)	-671.4%

Valuation vs Sector & Industry
Stock P/E	7.4
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	-72.8%
vs Industry	-79.1%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($205.21M)
Institutional Holders Tracked	10

Company
Sector	Real Estate
Industry	Trading
CEO	Byron L. Boston
Employees	22
Country	US
IPO Date	1988-02-10

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.