DYNEX CAPITAL INC — Form 8-K
Filed October 19, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 48/100
What the filing says
Dynex Capital reported Q3 2026 losses driven by MBS spread widening. Book value per share declined from $12.90 (Q2) to $10.91 (Q3), a $1.99 loss per share (-15.4%). The company raised $384M net capital: $268M common equity via ATM program and $116M Series D preferred (9.375% fixed). Despite losses, the firm deployed $3.2B into Agency MBS, growing total portfolio 3% to $28.3B. Leverage increased to 9.0x equity. Interest income rose 10% quarter-over-quarter on larger asset base ($26.2B avg balance). Dividends declared at $0.51 per share.
Why this rating
Material mark-to-market loss (~11.5% ROEV decline) relative to $1.5B market cap; offsetting: strong capital raise, portfolio growth, stable funding. Moderate for REIT.
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