DX at a glance
DYNEX CAPITAL INC (DX, SEC CIK 826675) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on July 27, 2026, an 8-K current report on September 29, 2026 and Form 4 insider filings as recently as September 28, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), DYNEX CAPITAL INC (DX) reported revenue of $533.5 million (up 67.0% from FY2024) and net income of $319.1 million. Diluted EPS was $2.47.
- As of June 30, 2026, 29 institutional investment managers tracked by SignalX reported holding DYNEX CAPITAL INC (DX) shares worth $780.6 million in 13F-HR filings.
- The most recent insider open-market purchase reported on Form 4 was by Connelly Terrence John JR on September 25, 2026 of 2,500 shares at $11.18 per share.
- In the last 90 days, DX insiders reported 1 open-market purchase ($28K) and 0 open-market sales ($0) on Form 4, a net purchase of $28K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $533.5M
- +67.0% vs prior year
- Insiders · 90 days
- 1 buy · 0 sells
- Net +$28K
- 13F holders
- 29 funds
- $780.6M · +2 vs prior quarter
- Latest 8-K
- Sep 29, 2026
- Item 8.01 · Item 3.03
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: REIT investing primarily in Agency RMBS and CMBS backed by U.S. residential and commercial mortgage loans
- Emphasis on actively managing interest rate, prepayment, spread, liquidity, and counterparty risks with disciplined capital allocation
- 2026 portfolio composition: 6% CMBS, less than 1% CMBS IO; majority fixed-rate Agency RMBS with passive use of TBA securities
- Financing strategy uses repurchase agreements with no single counterparty exceeding 10% equity at risk as of December 31, 2025
- Noteworthy focus on balancing leverage and risk amid volatile market and regulatory environment with frequent portfolio reallocation
Risk Factors
- Regulatory risk: FHFA conservatorship changes for Fannie Mae/Freddie Mac may reduce support, causing market value decline and repurchase financing difficulty
- Macroeconomic risk: Federal Reserve interest rate increases raise borrowing costs, lowering net interest income, dividends, and stock price
- Operational risk: Dependence on third-party servicers for non-Agency MBS loans risks increased delinquencies and losses if servicer fails
- Competitive risk: TBA market issues and Federal Reserve reinvestment policy disruptions may impair rolling TBA contracts, risking cash shortfalls
- Financial risk: Leverage via repurchase agreements exposes to margin calls with equity decline thresholds of 25% per quarter and 35% per year
Management Discussion & Analysis
- Revenue proxy economic net interest income $159.4M in 2025 vs $22.0M in 2024, net interest spread 0.95% vs (0.53)%
- Comprehensive income $354.3M in 2025 vs $92.2M in 2024; EAD to common shareholders $112.0M vs ($24.9M) loss in 2024
- Highest leverage segment: repurchase agreement borrowings $13.9B at 5.6x shareholders’ equity; lowest undefined segment performance
- Cash flow: ATM equity issuance raised $1.2B in 2025; liquidity $1.4B vs $658M in 2024; $399M cash collateral posted on derivatives
- Outlook risks: monitoring Fed policy, GSE transition, global conflicts; leverage 7.3x equity; dividend policy dependent on deferred tax hedge gains timing
AI summary of the DX 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Total economic return $0.81 per common share, including $0.30 book-value increase and $0.51 dividends
- Net interest income $93.8M, operating expenses $16.2M, down $5M from Q1
- Agency RMBS portfolio $26.1B, up 42% from December 31, 2025
- Capital raised $391M, funding $2.8B Agency MBS purchases
- Repurchase borrowings $23B vs $14B at December 31, 2025; leverage 8.1x equity
Risk Factors
- No material changes from 2025 Form 10-K risk factors
- Forward-looking statement uncertainties could adversely affect financial condition, results, and cash flows
- New $300 million common-stock repurchase authorization through April 30, 2028
- New $50 million preferred-stock repurchase authorization through April 30, 2028
AI summary of the DX 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 8.01: Other Events
- Offering closed September 29, 2026, completing the previously announced issuance and sale of underwritten shares
- Morrison & Foerster LLP provided legal and tax opinions supporting the share issuance
Item 3.03: Material Modification to Rights of Security Holders
- Series D designation effective September 29, 2026; 5,520,000 authorized shares, including 4,800,000 offered shares and 720,000 option shares
- 9.375% cumulative dividend on $25 liquidation preference, equal to $2.34375 annually per share
Item 1.01: Entry into a Material Definitive Agreement
- Press release announced pricing of a material securities offering on September 22, 2026
- Offering terms and proceeds require review of Exhibit 99.1
Item 7.01: Regulation FD Disclosure
- Forward-looking statements concern the Offering, expected net proceeds, and intended use of proceeds
- Management cautions that actual results may differ due to risks and uncertainties
Item EX-99.1: Item EX-99.1
- Priced 4.8M Series D preferred shares at 9.375%, generating expected gross proceeds of $120M
- $25 liquidation preference and cumulative redeemable structure adds a fixed-cost funding layer senior to common equity
Item 1.01: Entry into a Material Definitive Agreement
- ATM authorization increased by 80,000,000 shares to 301,292,973 shares
- 99,326,438 common shares remain available for issuance under the amended agreement
AI summaries of DX 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for DX
Don't miss the next DX filing
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- Fund moves. Which tracked funds opened, added or cut DX, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Connelly Terrence John JR | Buy | Sep 25, 2026 | 2,500 | $11.18 |
| Popenoe Smriti Laxman | F | Sep 8, 2026 | 19,528 | $12.89 |
| BOSTON BYRON L | F | Sep 8, 2026 | 15,667 | $12.89 |
| Neal Douglas E | A | Jun 15, 2026 | 10,372 | - |
| BOSTON BYRON L | A | Mar 4, 2026 | 136,006 | - |
| Popenoe Smriti Laxman | A | Mar 4, 2026 | 136,006 | - |
| Childress Jeffrey L | A | Mar 4, 2026 | 18,275 | - |
| Sartori Michael Andrew | A | Mar 4, 2026 | 25,054 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Profitability | ||||
| Revenue | $207.5M | $319.5M | $533.5M | |
| Net Income | -$6.1M | $113.9M | $319.1M | |
| Net Margin | -3.0% | 35.6% | 59.8% | |
| Balance Sheet | ||||
| Total Assets | $6.4B | $8.2B | $17.3B | |
| Equity | $870.7M | $1.2B | $2.5B | |
| ROE | -0.7% | 9.6% | 13.0% | |
| Per Share | ||||
| EPS | $-0.25 | $1.49 | $2.47 | |
| Cash Flow | ||||
| Operating CF | $62.2M | $14.4M | $120.8M | |
Source: XBRL data in DYNEX CAPITAL INC (DX)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate DX share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 29 | $780.6M |
| Q1 2026 | 27 | $601.1M |
| Q4 2025 | 26 | $567.0M |
| Q3 2025 | 27 | $436.8M |
| Q2 2025 | 25 | $349.3M |
| Q1 2025 | 24 | $288.9M |
| Q4 2024 | 17 | $164.9M |
| Q3 2024 | 14 | $91.1M |
- Millennium Management+4.26M (+155%)
- BlackRock+2.36M (+15%)
- Ameriprise Financial+1.40M (+72%)
- Two Sigma Investments+1.02M (+52%)
- Vanguard Capital Management LLC+632.2K (+7%)
- Bank of America Corp−439.5K (-58%)
- Raymond James Financial−194.5K (-49%)
- Morgan Stanley−35.0K (-3%)
- PNC Financial Services−4.2K (-63%)
- Allstate−192 (-0%)
- D.E. Shaw & Co+18.4K
- M&T Bank+10.4K
Source: 13F-HR filings on SEC EDGAR (aggregated from 189 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
DX filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Sep 29, 2026 | - | Analysis | - |
| 4 | Sep 28, 2026 | - | - | - |
| 8-K | Sep 25, 2026 | - | Analysis | - |
| 4 | Sep 10, 2026 | - | - | - |
| 4 | Sep 10, 2026 | - | - | - |
| 8-K | Jul 28, 2026 | - | Analysis | - |
| 10-Q | Jul 27, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 20, 2026 | - | Analysis | - |
| 4 | Jun 30, 2026 | - | - | - |
| 8-K | Jun 16, 2026 | - | Analysis | - |
| 8-K | May 22, 2026 | - | Analysis | |
| 8-K | Apr 28, 2026 | - | Analysis | - |
| 10-Q | Apr 27, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | Apr 21, 2026 | - | Analysis | - |
| 8-K | Apr 20, 2026 | - | Analysis | - |
| 4 | Mar 30, 2026 | - | - | - |
| 4 | Mar 12, 2026 | - | - | - |
| 4 | Mar 6, 2026 | - | - | - |
| 4 | Mar 6, 2026 | - | - | - |
| 4 | Mar 6, 2026 | - | - | - |
| 4 | Mar 3, 2026 | - | - | - |
| 8-K | Feb 27, 2026 | - | Analysis | - |
| 10-K | Feb 25, 2026 | Dec 31, 2025 | Analysis | |
| 8-K | Jan 27, 2026 | - | - | |
| 8-K | Jan 26, 2026 | - | - |
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DX SEC filings: frequently asked questions
Are DX insiders buying or selling?
In the last 90 days, DYNEX CAPITAL INC (DX) officers, directors and 10% owners reported 1 open-market purchase worth $27,950 by 1 insider and no open-market sales on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold DX stock?
As of June 30, 2026, the largest DYNEX CAPITAL INC (DX) holders among the 13F filers tracked by SignalX were BlackRock ($241.7 million), Vanguard Capital Management LLC ($119.9 million), Millennium Management ($92.0 million), State Street Corp ($67.9 million), Ameriprise Financial ($43.9 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was DX's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), DYNEX CAPITAL INC (DX) reported revenue of $533.5 million (up 67.0% from FY2024) and net income of $319.1 million. Diluted EPS was $2.47. The figures come from the XBRL data in the 10-K.
What are the main risks in DX's latest 10-K?
In the 10-K filed February 25, 2026, DYNEX CAPITAL INC (DX) flagged: Regulatory risk: FHFA conservatorship changes for Fannie Mae/Freddie Mac may reduce support, causing market value decline and repurchase financing difficulty. Macroeconomic risk: Federal Reserve interest rate increases raise borrowing costs, lowering net interest income, dividends, and stock price. (AI summary of the Risk Factors section.)
What did DX report in its latest 8-K?
DYNEX CAPITAL INC (DX) filed an 8-K on September 29, 2026 reporting Item 8.01 (Other Events) and Item 3.03 (Material Modification to Rights of Security Holders). Offering closed September 29, 2026, completing the previously announced issuance and sale of underwritten shares.
What are the latest DX SEC filings?
DYNEX CAPITAL INC (DX) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on July 27, 2026, an 8-K current report on September 29, 2026 and a Form 4 insider filing on September 28, 2026.
What is DX's SEC CIK number?
DYNEX CAPITAL INC (DX)'s SEC Central Index Key (CIK) is 826675. EDGAR lists every DX filing under that number.
Ask anything about DX
The research agent reads DX's filings, financials, insider trades and 13F holders, then answers with sources.