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Dynex Capital公布2026年二季度业绩，账面价值环比上升但属于例行财报披露
本次是已提前排期的季度财报披露，核心信息为每股账面价值从12.60美元升至12.90美元、季度总经济回报6.4%，但缺少足以形成短线重定价的明确超预期锚点。
📄 原文DX↗ 原文
Dynex Capital, Inc. Announces Second Quarter 2026 Results
Press Releases Dynex Capital, Inc. Announces Second Quarter 2026 Results July 20, 2026 8:00 am EDT Download as PDF Rela…
不做 Dynex Capital（DX.US）
例行季度财报且发布时间已提前排期，虽账面价值改善但没有明确超预期和可量化短线增量；当前已盘中消化，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 公司提前公告将于2026-07-20盘前发布二季度业绩并在10:00 ET召开电话会，财报日程本身已公开。
- 公司发布Q2业绩，每股账面价值12.90美元、季度总经济回报0.81美元/股、分红0.51美元/股。
- 业绩电话会按计划召开，意味着盘中投资者已有机会消化管理层说明。
关键理由
- 本次是已提前排期的季度财报披露，核心信息为每股账面价值从12.60美元升至12.90美元、季度总经济回报6.4%，但缺少足以形成短线重定价的明确超预期锚点。
- 公司盘前8:00 ET发布、10:00 ET召开业绩电话会，当前已到美股盘中10:40 ET，事件传播和盘中消化窗口已经打开。
- mREIT财报更依赖利率、MBS利差和账面价值折价/溢价交易，单季账面价值改善与分红维持不足以单独构成可回测的高胜率事件交易。
主要风险
- 若电话会给出明显超预期的资本部署、净息差或回购指引，需由新信号重新判断。
- 高股息mREIT对利率和Agency MBS利差敏感，财报后的价格方向可能更多由宏观利率而非本公告驱动。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-20 · 影响 weakens
未发现足以把例行财报升级为短线做多的明确订单、回购、指引上修或超预期资本回报信息。
检索:Dynex Capital Q2 2026 earnings consensus book value dividend risk 原文 ↗
原文全文
展开原文 · 8,000 字
Press Releases
Dynex Capital, Inc. Announces Second Quarter 2026 Results
July 20, 2026 8:00 am EDT
Download as PDF
Related Documents
Earnings Webcast Audio
Presentation PDF
GLEN ALLEN, Va.--(BUSINESS WIRE)--
Dynex Capital, Inc. (NYSE: DX; "Dynex" or the "Company"), a REIT with a long track record of generating dividends from high-quality mortgage assets, reported its second quarter financial results today. Management will host a call today at 10:00 a.m. Eastern Time to discuss the results and business outlook. Details to access the call can be found below under "Earnings Conference Call."
Second Quarter 2026 Financial Highlights
Total economic return of $0.81 per common share, or 6.4% of beginning book value
Book value per common share of $12.90 as of June 30, 2026, an increase of $0.30 from $12.60 as of March 31, 2026
Comprehensive income of $0.80 per common share and net income of $0.80 per common share
Dividends declared of $0.51 per common share
Liquidity of $1.6 billion of cash and unpledged securities, representing 51% of total equity, as of June 30, 2026
Leverage including to-be-announced ("TBA") securities at cost was 8.1 times shareholders' equity as of June 30, 2026, compared to 8.6 times shareholders' equity as of March 31, 2026
Second Quarter 2026 Portfolio and Capital Highlights
Total investment portfolio of $27.6 billion, an increase of 11% relative to March 31, 2026 driven by $2.8 billion of MBS purchases:
Agency RMBS portfolio, including TBAs, increased approximately 11% to $26.1 billion
Agency CMBS portfolio increased approximately 11% to $1.4 billion
99.99% of investment portfolio is in highly liquid Agency securities
Agency RMBS represents 95% of total portfolio; Agency CMBS represents 5% of total portfolio
Raised $391 million of common equity, net of commissions, representing approximately 30 million shares, through the Company's at-the-market ("ATM") program
Management Remarks
"The second quarter of 2026 reflected continued progress in executing our disciplined raise-and-deploy strategy," said Smriti Laxman Popenoe, Co-Chief Executive Officer and President. "In an attractive return environment, we raised $391 million of capital during the quarter and deployed it into Agency MBS opportunities. Our 6.4% total economic return demonstrates our ability to pair growth with strong performance. As the platform scales, a powerful flywheel is enhancing efficiency, strengthening resilience, broadening our access to capital, and expanding our opportunity set, supporting durable risk-adjusted returns for shareholders over time."
Earnings Conference Call
As previously announced, the Company's conference call to discuss these results is today at 10:00 a.m. Eastern Time and may be accessed via telephone by dialing (800) 330-6710 and providing the Conference Code 2120385 or by live audio webcast by clicking the "Webcast" button on the Investors page of the Company's website ( www.dynexcapital.com/investors ), which also includes a slide presentation. To listen to the live conference call via telephone, please dial in at least 10 minutes before the call begins. As an alternative, participants can click here to enter their details and be connected to join the conference. The link becomes active 15 minutes prior to the scheduled start time. A full replay of the conference call will be available on the Company's website shortly after the conclusion of the live presentation.
Summary of Second Quarter 2026 Results
The Company's total economic return for the second quarter of 2026 of $0.81 per common share was comprised of an increase in book value of $0.30 per common share and dividends declared of $0.51 per common share. The increase in book value per common share was primarily comprised of a net gain of $102 million on the Company's investment portfolio, net of hedges. The fair value of the Company's Agency MBS benefited from spread tightening late in the second quarter. Although higher interest rates reduced asset valuations during the second quarter, the Company's hedging portfolio effectively mitigated much of this impact, supporting the overall increase in book value. The Company grew its capital base by $391 million, using the net proceeds to opportunistically add $2.8 billion of Agency MBS. As a result, the total investment portfolio grew 11% to $27.6 billion compared to $24.8 billion as of March 31, 2026. Leverage including TBAs at their implied cost decreased to 8.1 times equity primarily due to the favorable performance of the Company's portfolio.
Interest income increased compared to the first quarter of 2026, driven by the Company’s continued deployment of capital into Agency MBS purchases. Operating expenses decreased by $5 million quarter over quarter, driven by the absence of one time compensation and personnel related costs recognized during the first quarter of 2026.
The following tables summarize the changes in the Company's financial position during the second quarter of 2026:
($s in thousands except per share data)
Net Changes in Fair Value
Components of Comprehensive Income
Common
Equity Rollforward
Balance as of March 31, 2026 (1)
$
2,609,770
Net interest income
$
93,783
Net periodic interest from interest rate swaps
542
Operating expenses
(16,213
)
Preferred stock dividends
(2,650
)
Changes in fair value:
MBS and other
$
(26,487
)
TBAs
(19,229
)
U.S. Treasury futures
16,568
Interest rate swaps
135,239
Interest rate swaptions
(4,275
)
Total net change in fair value
101,816
Comprehensive income to common shareholders
177,278
Capital transactions:
Net proceeds from stock issuance (2)
392,295
Common dividends declared
(115,776
)
Balance as of June 30, 2026 (1)
$ 3,063,567
(1)
Amounts represent total shareholders' equity less the aggregate liquidation preference of the Company's preferred stock of $111,500.
(2)
Net proceeds from stock issuances includes approximately $391 million from ATM issuances and approximately $1.0 million from amortization of share-based compensation, net of grants.
Investment Portfolio and Financing
The following table provides detail on the Company's MBS investments, including TBA securities, as of the periods indicated:
June 30, 2026
March 31, 2026
($ in thousands)
Amortized Cost/Implied Cost Basis
Unrealized Gain (Loss)
Fair Value
% of Portfolio
Amortized Cost/Implied Cost Basis
Unrealized Gain (Loss)
Fair Value
% of Portfolio
Fixed rate Agency RMBS:
2.0% coupon
$
1,467,013
$
(125,450
)
$
1,341,563
5 %
$
1,164,966
$
(123,207
)
$
1,041,759
4 %
2.5% coupon
728,917
(91,725
)
637,192
2 %
646,466
(91,863
)
554,603
2 %
4.0% coupon
1,065,039
(7,546
)
1,057,493
4 %
286,876
(14,047
)
272,829
1 %
4.5% coupon (1)
2,147,675
(1,055
)
2,146,620
8 %
1,636,907
(340
)
1,636,567
7 %
5.0% coupon
7,969,870
(27,255
)
7,942,615
29 %
7,434,011
(13,877
)
7,420,134
30 %
5.5% coupon
9,028,071
(545
)
9,027,526
33 %
9,145,191
7,351
9,152,542
37 %
6.0% coupon
1,459,407
1,280
1,460,687
5 %
1,537,251
1,529
1,538,780
6 %
TBA 4.0%
11,259
(28
)
11,231
— %
—
—
—
— %
TBA 4.5% (2)
1,039,010
5,571
1,044,581
4 %
1,230,544
(2,970
)
1,227,574
5 %
TBA 5.0%
856,769
2,181
858,950
3 %
600,548
(6,075
)
594,473
3 %
TBA 5.5%
602,276
255
602,531
2 %
—
—
—
— %
Total Agency RMBS
$
26,375,306
$
(244,317
)
$
26,130,989
95 %
$
23,682,760
$
(243,499
)
$
23,439,261
95 %
Agency CMBS
$
1,387,141
$
(9,978
)
$
1,377,163
5 %
$
1,246,548
$
(1,747
)
$
1,244,801
5 %
CMBS IO
75,970
(632
)
75,338
— %
81,484
(242
)
81,242
— %
Total
$
27,838,417
$
(254,927
)
$
27,583,490
100 %
$
25,010,792
$
(245,488
)
$
24,765,304
100 %
(1) Includes a par value of $9 million of 4.5% 15-year Agency RMBS as of June 30, 2026 and March 31, 2026.
(2) Includes notional amount of $440 million of 4.5% 15-year TBA securities
Dynex Capital, Inc. Announces Second Quarter 2026 Results
July 20, 2026 8:00 am EDT
Download as PDF
Related Documents
Earnings Webcast Audio
Presentation PDF
GLEN ALLEN, Va.--(BUSINESS WIRE)--
Dynex Capital, Inc. (NYSE: DX; "Dynex" or the "Company"), a REIT with a long track record of generating dividends from high-quality mortgage assets, reported its second quarter financial results today. Management will host a call today at 10:00 a.m. Eastern Time to discuss the results and business outlook. Details to access the call can be found below under "Earnings Conference Call."
Second Quarter 2026 Financial Highlights
Total economic return of $0.81 per common share, or 6.4% of beginning book value
Book value per common share of $12.90 as of June 30, 2026, an increase of $0.30 from $12.60 as of March 31, 2026
Comprehensive income of $0.80 per common share and net income of $0.80 per common share
Dividends declared of $0.51 per common share
Liquidity of $1.6 billion of cash and unpledged securities, representing 51% of total equity, as of June 30, 2026
Leverage including to-be-announced ("TBA") securities at cost was 8.1 times shareholders' equity as of June 30, 2026, compared to 8.6 times shareholders' equity as of March 31, 2026
Second Quarter 2026 Portfolio and Capital Highlights
Total investment portfolio of $27.6 billion, an increase of 11% relative to March 31, 2026 driven by $2.8 billion of MBS purchases:
Agency RMBS portfolio, including TBAs, increased approximately 11% to $26.1 billion
Agency CMBS portfolio increased approximately 11% to $1.4 billion
99.99% of investment portfolio is in highly liquid Agency securities
Agency RMBS represents 95% of total portfolio; Agency CMBS represents 5% of total portfolio
Raised $391 million of common equity, net of commissions, representing approximately 30 million shares, through the Company's at-the-market ("ATM") program
Management Remarks
"The second quarter of 2026 reflected continued progress in executing our disciplined raise-and-deploy strategy," said Smriti Laxman Popenoe, Co-Chief Executive Officer and President. "In an attractive return environment, we raised $391 million of capital during the quarter and deployed it into Agency MBS opportunities. Our 6.4% total economic return demonstrates our ability to pair growth with strong performance. As the platform scales, a powerful flywheel is enhancing efficiency, strengthening resilience, broadening our access to capital, and expanding our opportunity set, supporting durable risk-adjusted returns for shareholders over time."
Earnings Conference Call
As previously announced, the Company's conference call to discuss these results is today at 10:00 a.m. Eastern Time and may be accessed via telephone by dialing (800) 330-6710 and providing the Conference Code 2120385 or by live audio webcast by clicking the "Webcast" button on the Investors page of the Company's website ( www.dynexcapital.com/investors ), which also includes a slide presentation. To listen to the live conference call via telephone, please dial in at least 10 minutes before the call begins. As an alternative, participants can click here to enter their details and be connected to join the conference. The link becomes active 15 minutes prior to the scheduled start time. A full replay of the conference call will be available on the Company's website shortly after the conclusion of the live presentation.
Summary of Second Quarter 2026 Results
The Company's total economic return for the second quarter of 2026 of $0.81 per common share was comprised of an increase in book value of $0.30 per common share and dividends declared of $0.51 per common share. The increase in book value per common share was primarily comprised of a net gain of $102 million on the Company's investment portfolio, net of hedges. The fair value of the Company's Agency MBS benefited from spread tightening late in the second quarter. Although higher interest rates reduced asset valuations during the second quarter, the Company's hedging portfolio effectively mitigated much of this impact, supporting the overall increase in book value. The Company grew its capital base by $391 million, using the net proceeds to opportunistically add $2.8 billion of Agency MBS. As a result, the total investment portfolio grew 11% to $27.6 billion compared to $24.8 billion as of March 31, 2026. Leverage including TBAs at their implied cost decreased to 8.1 times equity primarily due to the favorable performance of the Company's portfolio.
Interest income increased compared to the first quarter of 2026, driven by the Company’s continued deployment of capital into Agency MBS purchases. Operating expenses decreased by $5 million quarter over quarter, driven by the absence of one time compensation and personnel related costs recognized during the first quarter of 2026.
The following tables summarize the changes in the Company's financial position during the second quarter of 2026:
($s in thousands except per share data)
Net Changes in Fair Value
Components of Comprehensive Income
Common
Equity Rollforward
Balance as of March 31, 2026 (1)
$
2,609,770
Net interest income
$
93,783
Net periodic interest from interest rate swaps
542
Operating expenses
(16,213
)
Preferred stock dividends
(2,650
)
Changes in fair value:
MBS and other
$
(26,487
)
TBAs
(19,229
)
U.S. Treasury futures
16,568
Interest rate swaps
135,239
Interest rate swaptions
(4,275
)
Total net change in fair value
101,816
Comprehensive income to common shareholders
177,278
Capital transactions:
Net proceeds from stock issuance (2)
392,295
Common dividends declared
(115,776
)
Balance as of June 30, 2026 (1)
$ 3,063,567
(1)
Amounts represent total shareholders' equity less the aggregate liquidation preference of the Company's preferred stock of $111,500.
(2)
Net proceeds from stock issuances includes approximately $391 million from ATM issuances and approximately $1.0 million from amortization of share-based compensation, net of grants.
Investment Portfolio and Financing
The following table provides detail on the Company's MBS investments, including TBA securities, as of the periods indicated:
June 30, 2026
March 31, 2026
($ in thousands)
Amortized Cost/Implied Cost Basis
Unrealized Gain (Loss)
Fair Value
% of Portfolio
Amortized Cost/Implied Cost Basis
Unrealized Gain (Loss)
Fair Value
% of Portfolio
Fixed rate Agency RMBS:
2.0% coupon
$
1,467,013
$
(125,450
)
$
1,341,563
5 %
$
1,164,966
$
(123,207
)
$
1,041,759
4 %
2.5% coupon
728,917
(91,725
)
637,192
2 %
646,466
(91,863
)
554,603
2 %
4.0% coupon
1,065,039
(7,546
)
1,057,493
4 %
286,876
(14,047
)
272,829
1 %
4.5% coupon (1)
2,147,675
(1,055
)
2,146,620
8 %
1,636,907
(340
)
1,636,567
7 %
5.0% coupon
7,969,870
(27,255
)
7,942,615
29 %
7,434,011
(13,877
)
7,420,134
30 %
5.5% coupon
9,028,071
(545
)
9,027,526
33 %
9,145,191
7,351
9,152,542
37 %
6.0% coupon
1,459,407
1,280
1,460,687
5 %
1,537,251
1,529
1,538,780
6 %
TBA 4.0%
11,259
(28
)
11,231
— %
—
—
—
— %
TBA 4.5% (2)
1,039,010
5,571
1,044,581
4 %
1,230,544
(2,970
)
1,227,574
5 %
TBA 5.0%
856,769
2,181
858,950
3 %
600,548
(6,075
)
594,473
3 %
TBA 5.5%
602,276
255
602,531
2 %
—
—
—
— %
Total Agency RMBS
$
26,375,306
$
(244,317
)
$
26,130,989
95 %
$
23,682,760
$
(243,499
)
$
23,439,261
95 %
Agency CMBS
$
1,387,141
$
(9,978
)
$
1,377,163
5 %
$
1,246,548
$
(1,747
)
$
1,244,801
5 %
CMBS IO
75,970
(632
)
75,338
— %
81,484
(242
)
81,242
— %
Total
$
27,838,417
$
(254,927
)
$
27,583,490
100 %
$
25,010,792
$
(245,488
)
$
24,765,304
100 %
(1) Includes a par value of $9 million of 4.5% 15-year Agency RMBS as of June 30, 2026 and March 31, 2026.
(2) Includes notional amount of $440 million of 4.5% 15-year TBA securities
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