ynex Capital, Inc. is an internally managed real estate investment trust, or REIT, which invests in mortgage assets on a leveraged basis. The Company invests in Agency and non-Agency RMBS, CMBS, and CMBS IO.

Company profile
Ticker
DX, DX-PC
Exchange
Website
CEO
Thomas Akin
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
RESOURCE MORTGAGE CAPITAL INC/VA
SEC CIK
Corporate docs
Subsidiaries
Issued Holdings Capital Corporation ...
IRS number
521549373
DX stock data
News

Keefe, Bruyette & Woods Upgrades Dynex Cap: Here's What You Need To Know
9 Jun 22
Benzinga's Top Ratings Upgrades, Downgrades For June 9, 2022
9 Jun 22
Keefe, Bruyette & Woods Upgrades Dynex Cap to Outperform, Raises Price Target to $18.75
9 Jun 22
Thursday Is Your Last Chance To Buy Dynex Cap Before The Dividend Payout
17 May 22
5 Value Stocks In The Real Estate Sector
2 May 22
Press releases
Dynex Capital, Inc. Declares Second Quarter 2022 Series C Preferred Stock Dividend
27 Jun 22
Dynex Capital, Inc. Declares Monthly Common Stock Dividend of $0.13
14 Jun 22
Dynex Capital, Inc. Declares Monthly Common Stock Dividend of $0.13
13 May 22
Dynex Capital, Inc. Announces First Quarter 2022 Results
27 Apr 22
Dynex Capital, Inc. to Announce First Quarter 2022 Results
14 Apr 22
Analyst ratings and price targets
Calendar
2 May 22
2 Jul 22
31 Dec 22
Financial summary
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Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
13 Jun 22 | Byron L Boston | Common Stock | Buy | Acquire P | No | No | 15.2499 | 6,562 | 100.07K | 388,134 |
26 May 22 | Byron L Boston | Common Stock | Payment of exercise | Dispose F | No | No | 16.35 | 3,291 | 53.81K | 381,572 |
26 May 22 | Smriti Laxman Popenoe | Common Stock | Payment of exercise | Dispose F | No | No | 16.35 | 2,737 | 44.75K | 122,526 |
26 May 22 | Stephen J Benedetti | Common Stock | Payment of exercise | Dispose F | No | No | 16.35 | 1,886 | 30.84K | 173,029.149 |
17 May 22 | Byron L Boston | Common Stock | Buy | Acquire P | Yes | No | 16.2689 | 1,167 | 18.99K | 1,167 |
Institutional ownership, Q1 2022
38.4% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 113 |
Opened positions | 23 |
Closed positions | 20 |
Increased positions | 42 |
Reduced positions | 29 |
13F shares | Current |
---|---|
Total value | 240.58M |
Total shares | 14.21M |
Total puts | 121.2K |
Total calls | 83.5K |
Total put/call ratio | 1.5 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 3.16M | $51.21M |
Vanguard | 1.79M | $29.05M |
IVZ Invesco | 1.04M | $16.9M |
STT State Street | 888.34K | $14.5M |
Mirae Asset Global Investments | 776.82K | $12.59M |
Balyasny Asset Management | 720.03K | $11.66M |
Geode Capital Management | 654.77K | $10.61M |
Leeward Investments, LLC - MA | 443.91K | $7.19M |
Boothbay Fund Management | 436.7K | $7.08M |
Centaurus Financial | 408.01K | $6.61M |
Financial report summary
?Risks
- Interest rate fluctuations could negatively impact our net interest income, comprehensive income, book value per common share, dividends, and liquidity.
- We invest in to-be-announced, or TBA, securities and execute TBA dollar roll transactions. It could be uneconomical to roll our TBA contracts or we may be unable to meet margin calls on our TBA contracts, which could negatively affect our financial condition and results of operations.
- Changes in monetary policy, either implied or implemented by the Federal Reserve, including its intention to increase the targeted Federal Funds Rate or alter the trajectory of its purchases of longer-term Treasury securities and fixed-rate Agency MBS could cause interest rates to rise and/or the yield curve to flatten which could negatively impact the market value of our investments and/or increase our borrowing costs.
- We invest in assets that are traded in over-the-counter (“OTC”) markets which are less liquid and have less price transparency than securities exchanges. Owning securities that are traded in OTC markets may increase our liquidity risk, particularly in a volatile market environment, because our assets may be more difficult to borrow
- against or sell in a prompt manner and on terms acceptable to us, and we may not realize the full value at which we previously recorded the investments and/or may incur losses upon sale of these assets.
- Prepayment rates on the mortgage loans underlying our investments may adversely affect our profitability, the market value of our investments, and our liquidity. Changes in prepayment rates may also subject us to reinvestment risk.
- We may be subject to risks associated with inadequate or untimely services from third-party service providers, which may negatively impact our results of operations. We also rely on corporate trustees to act on behalf of us and other holders of securities in enforcing our rights.
- Provisions requiring yield maintenance charges, prepayment penalties, defeasance, or lock-outs in CMBS IO securities may not be enforceable.
- We invest in securities guaranteed by Fannie Mae and Freddie Mac which are currently under conservatorship by the Federal Housing Finance Authority (“FHFA”). The ultimate impact on the operations of Fannie Mae and Freddie Mac from the conservatorships and the support they receive from the U.S. government is not determinable and could affect Fannie Mae and Freddie Mac in such a way that our business, operations and financial condition may be adversely affected.
- Credit ratings assigned to debt securities by the credit rating agencies may not accurately reflect the risks associated with those securities. Changes in credit ratings for securities we own or for similar securities might negatively impact the market value of these securities.
- Our use of leverage, including repurchase agreements, to enhance returns to shareholders increases the risk of volatility in our results and could lead to material decreases in comprehensive income, shareholders’ equity, book value per common share, dividends, and liquidity.
- Our repurchase agreements and agreements governing certain derivative instruments may contain financial and nonfinancial covenants. Our inability to meet these covenants could adversely affect our financial condition, results of operations, and cash flows.
- Our use of hedging strategies to mitigate our interest rate risk may not be effective and may adversely affect our net income, comprehensive income, liquidity, shareholders’ equity and book value per common share.
- Clearing facilities or exchanges may increase the margin requirements we are required to post when entering into derivative instruments, which may negatively impact our ability to hedge and our liquidity.
- If a lender to us in a repurchase transaction defaults on its obligation to resell the underlying security back to us at the end of the transaction term, or if we default on our obligations under a repurchase agreement, we will incur losses.
- In the event of bankruptcy either by ourselves or one or more of our third-party lenders, under the U.S. Bankruptcy Code, assets pledged as collateral under repurchase agreements may not be recoverable by us. We may incur losses equal to the excess of the collateral pledged over the amount of the associated repurchase agreement borrowing.
- If we fail to properly conduct our operations, we could become subject to regulation under the 1940 Act. Conducting our business in a manner so that we are exempt from registration under and compliance with the 1940 Act may reduce our flexibility and could limit our ability to pursue certain opportunities.
- We have not established a minimum dividend payment level and we may not have the ability to pay dividends in the future. Furthermore, our monthly dividend strategy could attract shareholders that are especially sensitive to the level and frequency of the dividend. If we were to reduce the dividend or change back to a quarterly payment cycle, our share price could materially decline.
- Qualifying as a REIT involves highly technical and complex provisions of the Tax Code, and a technical or inadvertent violation could jeopardize our REIT qualification. Maintaining our REIT status may reduce our flexibility to manage our operations.
- If we do not qualify as a REIT or fail to remain qualified as a REIT, we may be subject to tax as a regular corporation and could face a tax liability, which would reduce the amount of cash available for distribution to our shareholders. We would also violate debt covenants in certain repurchase and derivative agreements which could put us in default on these agreements.
- Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
- Legislative or other actions affecting REITs could materially and adversely affect us and our shareholders.
- Uncertainty exists with respect to the treatment of our TBAs for purposes of the REIT asset and income tests.
- For REIT qualification purposes, we treat repurchase agreement transactions as financing of the investments pledged as collateral. If the IRS disagrees with this treatment, our ability to qualify as a REIT could be adversely affected.
- Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow and our profitability.
- Recognition of excess inclusion income by us could have adverse consequences to us or our shareholders.
- The stock ownership limit imposed by the Tax Code for REITs and our Restated Articles of Incorporation (“Articles of Incorporation”) may restrict our business combination opportunities. The stock ownership limitation may also result in reduced liquidity in our stock and may result in losses to an acquiring shareholder.
- The stock ownership limit imposed by the Tax Code for REITs and our Articles of Incorporation may impair the ability of holders to convert shares of our outstanding preferred stock into shares of our common stock upon a change of control.
- We rely on a third-party service provider for critical operational and trade functions and on other third parties for information and communication systems, and problems in the use, access, or performance of these systems, including as a result of any cybersecurity incident, could increase our costs and significantly disrupt our ability to operate our business, which may have a significant adverse impact on our financial condition and results of operations.
- Impacts from COVID-19 may continue to adversely affect market conditions which in turn could further impact our business, financial condition, liquidity and results of operations. Furthermore, we cannot predict the effect that government policies, laws, and plans adopted in response to the COVID-19 outbreak or other future outbreaks involving highly infectious or contagious diseases and resulting recessionary economic conditions will have on us.
- The replacement of LIBOR with an alternative reference rate may adversely affect our profitability, liquidity, and financial condition.
- We may change our investment strategy, operating policies, dividend policy, and/or asset allocations without shareholder consent and/or in a manner in which shareholders, analysts, and capital markets may not agree, which could adversely affect our financial condition, results of operations, the market price of our common stock, and our ability to pay dividends to our shareholders.
- Volatile market conditions for mortgages and mortgage-related assets as well as the broader financial markets can result in a significant contraction in liquidity for mortgages and mortgage-related assets, which may adversely affect the value of the assets in which we invest.
Management Discussion
- The discussion below includes both GAAP and non-GAAP financial measures that management utilizes in its analysis of financial and operating performance. Please read the section “Non-GAAP Financial Measures” at the end of this section for additional important information about these financial measures.
- Net interest income for the three months ended March 31, 2022 remained relatively unchanged versus the prior quarter as interest income generated from a larger portfolio of higher yielding Agency RMBS due to slower prepayments offset higher financing costs resulting from the increase in Federal Funds rate. The benefit from a larger average balance of higher yielding Agency RMBS was also partially offset by a lower effective yield on Agency CMBS due to lower prepayment penalty compensation during the three months ended March 31, 2022 versus the prior quarter. The impact of slower prepayment speeds resulted in an increase of 3 basis points in the investment portfolio’s effective yield which helped to offset the 4 basis point increase in financing costs. As a result, our net interest spread declined 1 basis point for the three months ended March 31, 2022 compared to the prior quarter.
- (1)Average balance for assets is calculated as a simple average of the daily amortized cost and excludes unrealized gains and losses as well as securities pending settlement if applicable.
Content analysis
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Financial reports
Current reports
8-K
Entry into a Material Definitive Agreement
3 Jun 22
8-K
Submission of Matters to a Vote of Security Holders
17 May 22
8-K
Dynex Capital, Inc. Announces First Quarter 2022 Results
27 Apr 22
8-K
Dynex Capital, Inc. Reports Fourth Quarter and Full Year 2021 Results
3 Feb 22
8-K
Dynex Capital, Inc. Reports Third Quarter 2021 Results
27 Oct 21
8-K
Entry into a Material Definitive Agreement
3 Aug 21
8-K
Dynex Capital, Inc. Reports Second Quarter 2021 Results
28 Jul 21
8-K
Entry into a Material Definitive Agreement
9 Jun 21
8-K
Amendments to Articles of Incorporation or Bylaws
18 May 21
8-K
Amendments to Articles of Incorporation or Bylaws
12 May 21
Registration and prospectus
424B5
Prospectus supplement for primary offering
3 Jun 22
424B5
Prospectus supplement for primary offering
3 Aug 21
S-3/A
Shelf registration (amended)
3 Aug 21
S-3
Shelf registration
23 Jun 21
424B5
Prospectus supplement for primary offering
5 Mar 21
424B5
Prospectus supplement for primary offering
3 Mar 21
25-NSE
Exchange delisting
16 Feb 21
424B5
Prospectus supplement for primary offering
1 Feb 21
424B5
Prospectus supplement for primary offering
28 Jan 21
424B5
Prospectus supplement for primary offering
4 Aug 20
Proxies
DEFA14A
Additional proxy soliciting materials
31 Mar 22
DEFA14A
Additional proxy soliciting materials
31 Mar 21
DEFA14A
Additional proxy soliciting materials
27 May 20
DEFA14A
Additional proxy soliciting materials
28 Apr 20
DEFA14A
Additional proxy soliciting materials
28 Mar 19
DEF 14A
Definitive proxy
28 Mar 19
PRE 14A
Preliminary proxy
11 Mar 19
Other
EFFECT
Notice of effectiveness
4 Aug 21
CORRESP
Correspondence with SEC
29 Jul 21
UPLOAD
Letter from SEC
29 Jun 21
CERT
Certification of approval for exchange listing
20 Feb 20
EFFECT
Notice of effectiveness
29 Jun 18
CORRESP
Correspondence with SEC
25 Jun 18
UPLOAD
Letter from SEC
10 Jan 18
EFFECT
Notice of effectiveness
29 Dec 14
EFFECT
Notice of effectiveness
8 May 14
UPLOAD
Letter from SEC
5 Feb 14
Ownership
11-K
Annual report of employee stock purchases
23 Jun 22
4
DYNEX CAPITAL / BYRON L BOSTON ownership change
14 Jun 22
4
DYNEX CAPITAL / STEPHEN J BENEDETTI ownership change
31 May 22
4
DYNEX CAPITAL / Smriti Laxman Popenoe ownership change
31 May 22
4
DYNEX CAPITAL / BYRON L BOSTON ownership change
31 May 22
4
DYNEX CAPITAL / BYRON L BOSTON ownership change
19 May 22
4
DYNEX CAPITAL / Joy D Palmer ownership change
17 May 22
4
DYNEX CAPITAL / STEPHEN J BENEDETTI ownership change
17 May 22
4
DYNEX CAPITAL / BYRON L BOSTON ownership change
17 May 22
4
DYNEX CAPITAL / Smriti Laxman Popenoe ownership change
17 May 22
Patents
Utility
Multiplexed Sample Plate
9 Dec 21
A multiplexed sample plate comprising a sample well is disclosed.
Utility
Sample Plate Systems and Methods
24 Jun 21
A sample plate comprising a sample well is disclosed.
Utility
Sample plate systems and methods
6 Apr 21
A sample plate comprising a sample well is disclosed.
Transcripts
2022 Q1
Earnings call transcript
27 Apr 22
2021 Q4
Earnings call transcript
3 Feb 22
2021 Q3
Earnings call transcript
27 Oct 21
2021 Q2
Earnings call transcript
28 Jul 21
2021 Q1
Earnings call transcript
28 Apr 21
2020 Q4
Earnings call transcript
4 Feb 21
2020 Q3
Earnings call transcript
28 Oct 20
2020 Q2
Earnings call transcript
29 Jul 20
2020 Q1
Earnings call transcript
6 May 20
2019 Q4
Earnings call transcript
6 Feb 20
Reddit threads
Why would Fortress Investment Group own 80% of Novation Co $NOVC common shares 91M of 116.1M common shares outstanding dilute also use the only Sr Debt to exit Ch 11 which they also own hidden behind CDO Service Rights Taberna to HURT THEMSELVES? Answer is they will not.
30 Jun 22
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22 Jun 22
Daily Discussion Thread - June 21st, 2022
21 Jun 22
Daily Discussion Thread - June 20th, 2022
20 Jun 22
how to make money on monkeypox - DD
17 Jun 22
Follow up on Bloomberg article RE Softbank mulls what to do with Fortress?
12 Jun 22
reached 4000$ invested without noticing.
10 Jun 22