ADDED
On February 20, 2026, the registrant had 201,983,261 shares outstanding of common stock, $ 0.01 par value, which is the registrant s only class of common stock.
is a real estate investment trust ( REIT ) structured to deliver dividends to shareholders supported by long term returns from investments in mortgage assets backed by U.S.
Our common and preferred stocks trade on the New York Stock Exchange ( NYSE ) under the ticker symbols DX and DXPRC , respectively.
We are internally managed and invest primarily in residential and commercial mortgage-backed securities ( RMBS and CMBS , respectively), which are backed by residential and commercial mortgage loans, and which are Agency securities guaranteed by U.S.
We may invest opportunistically in other mortgage-related assets consistent with our objectives.
We actively manage interest rate, prepayment, spread, liquidity, and counterparty risks.
The Dynex approach emphasizes risk management and disciplined capital allocation designed to preserve book value and support dividends across market cycles.
We operate to qualify as a REIT and to distribute at least 90% of our taxable income.
We also seek to maintain exclusion from registration under the Investment Company Act of 1940 (the 1940 Act ).
Please refer to Operating and Regulatory Structure within this Item 1, Business and Item 1A, Risk Factors of Part I of this Annual Report on Form 10-K for additional information.
REMOVED
On February 25, 2025, the registrant had 90,468,433 shares outstanding of common stock, $0.01 par value, which is the registrant s only class of common stock.
commenced operations in 1988 and is an internally managed mortgage real estate investment trust ( REIT ), which invests in mortgage-backed securities ( MBS ).
We finance our investments principally with repurchase agreements.
Our objective is to provide attractive risk-adjusted returns to our shareholders over the long term that are reflective of a leveraged, high-quality fixed income portfolio with a focus on capital preservation.
We seek to provide returns to our shareholders primarily through the payment of regular dividends and through capital appreciation of our investments.
As of December 31, 2024, we were primarily invested in Agency MBS, of which over 97% are residential MBS ( Agency RMBS ), including to-be-announced ( TBA ) securities.
The remainder of our investment portfolio as of December 31, 2024, was comprised of Agency commercial MBS ( Agency CMBS ) and Agency and non-Agency CMBS interest-only ( CMBS IO ) securities.
Agency MBS have an implicit guaranty of principal payment by an agency of the U.S.
government-sponsored entity ( GSE ) such as Fannie Mae and Freddie Mac.
Though the majority of our current investment portfolio is in fixed-rate Agency RMBS, we have allocated capital at various times over the last decade to a variety of other investments, including adjustable-rate Agency RMBS, fixed-rate Agency CMBS, investment grade and unrated non-Agency RMBS and CMBS, Agency and non-Agency CMBS IO, and residual interests in securitized 1 mortgage loans.