# DYNEX CAPITAL INC

Summary updated: 2026-10-02T11:54:21.8606Z
Canonical: https://finbar.com/research/companies/dynex-capital-inc

## Overview

Dynex Capital, Inc. is an internally managed mortgage REIT focused on investing in residential and commercial mortgage-backed securities, primarily Agency securities backed by U.S. government-sponsored enterprises. Its portfolio is centered on U.S. housing and commercial real estate, and its investment approach emphasizes risk management and disciplined capital allocation to support shareholder dividends over time. [1](https://app.finbar.com/go?id=P5682091)[2](https://app.finbar.com/go?id=P32520818)

The company’s scale is reflected in total assets of approximately $26.4 billion as of June 30, 2026. For FY2025, it reported $533.5 million in interest income; it had 28 full- and part-time employees at year-end 2025. [3](https://app.finbar.com/go?id=T16408049)[4](https://app.finbar.com/go?id=T9178782) Dynex was incorporated in 1987 and began operations in 1988. [5](https://www.dynexcapital.com/_assets/_931525e31928c0c78336c9e7eacb34e4/dynexcapital/db/963/9547/annual_report/7599312.pdf)
[1](https://app.finbar.com/go?id=P5682091)[2](https://app.finbar.com/go?id=P32520818)[3](https://app.finbar.com/go?id=T16408049)[4](https://app.finbar.com/go?id=T9178782)[5](https://www.dynexcapital.com/_assets/_931525e31928c0c78336c9e7eacb34e4/dynexcapital/db/963/9547/annual_report/7599312.pdf)[5](https://www.dynexcapital.com/_assets/_931525e31928c0c78336c9e7eacb34e4/dynexcapital/db/963/9547/annual_report/7599312.pdf)

## Products & services

Dynex’s investment products are mortgage-backed securities rather than separately marketed customer products or services. Its portfolio includes Agency residential mortgage-backed securities (RMBS), primarily pass-through securities backed by fixed-rate single-family mortgage pools. Mortgage principal and interest, net of guarantee and servicing fees, pass through to security holders; guarantors advance principal and interest on delinquent loans. The company also invests in Agency commercial mortgage-backed securities (CMBS), backed by multifamily loans that generally have 30-year amortization and balloon payments due five to ten years after origination; many include prepayment restrictions or penalties. [6](https://app.finbar.com/go?id=P92611229)[7](https://app.finbar.com/go?id=P78562767)

Other holdings include CMBS interest-only (IO) securities, which entitle holders to a portion of interest payments but not principal, and may be backed by Agency or non-Agency commercial mortgage pools. Dynex has also identified adjustable-rate Agency RMBS, non-Agency RMBS and CMBS, and residual interests in securitized mortgage loans as potential investments; non-Agency positions are generally senior or mezzanine classes. The company uses to-be-announced (TBA) contracts to purchase or sell fixed-rate Agency MBS, including for investment in non-specified Agency RMBS and, at times, hedging. [8](https://app.finbar.com/go?id=P92402032)[9](https://app.finbar.com/go?id=P68690527)[10](https://app.finbar.com/go?id=P34918729)

At June 30, 2026, reported MBS fair value was $25.066 billion: $23.614 billion of Agency RMBS (about 94.2%), $1.377 billion of Agency CMBS (about 5.5%), and $75.3 million of CMBS IO (about 0.3%). These percentages are calculated from reported MBS fair values and exclude TBA positions. [11](https://app.finbar.com/go?id=T16408056)
[6](https://app.finbar.com/go?id=P92611229)[7](https://app.finbar.com/go?id=P78562767)[8](https://app.finbar.com/go?id=P92402032)[9](https://app.finbar.com/go?id=P68690527)[10](https://app.finbar.com/go?id=P34918729)[11](https://app.finbar.com/go?id=T16408056)[11](https://app.finbar.com/go?id=T16408056)[11](https://app.finbar.com/go?id=T16408056)[11](https://app.finbar.com/go?id=T16408056)

## Geographic presence

Dynex Capital’s investment activity is focused on mortgage securities backed by U.S. residential and commercial mortgage loans, including Agency securities guaranteed by U.S. government-sponsored enterprises. The company does not disclose geographic breakdowns or percentages for its investments, revenue, or assets. [2](https://app.finbar.com/go?id=P32520818)[12](https://app.finbar.com/go?id=P73463868)

Its principal executive office is in Glen Allen, Virginia. No employee distribution by location was identified. [13](https://app.finbar.com/go?id=P109047087)
[2](https://app.finbar.com/go?id=P32520818)[12](https://app.finbar.com/go?id=P73463868)[13](https://app.finbar.com/go?id=P109047087)

## Business segments

Dynex Capital reports one operating segment: investing in mortgage-backed securities, funded through repurchase agreements and equity. Its investment and interest-rate hedging portfolios are managed together, rather than as separately reported segments. [14](https://app.finbar.com/go?id=P143404158)

The segment’s revenue is derived from the investment portfolio, primarily Agency RMBS, and performance is assessed using comprehensive income or loss to common shareholders. As it is the sole reportable segment, it represents 100% of reported segment activity; the company does not disclose a multi-segment revenue or income breakdown. [15](https://app.finbar.com/go?id=P143404159)
[14](https://app.finbar.com/go?id=P143404158)[15](https://app.finbar.com/go?id=P143404159)

## Company history

Dynex Capital was incorporated in Virginia on December 18, 1987, and began operations in February 1988 as RAC Mortgage Investment Corporation, managed by Ryland Acceptance Corporation. In 1992, it became Resource Mortgage Capital and shifted to self-management; shareholders approved the Dynex Capital name in 1997. [16](https://app.finbar.com/go?id=P47204857)[17](https://law.justia.com/cases/federal/district-courts/FSupp/765/860/2350923/)[18](https://www.americanbanker.com/news/pipeline-resource-mortgage-capital-exemplifies-1996-revival-in-the)[19](https://www.dynexcapital.com/investors/sec-filings/all-sec-filings/content/0000826675-97-000013/0000826675-97-000013.pdf)

In the 2000s, Dynex repositioned toward mortgage securities, including agency residential mortgage-backed securities. Thomas B. Akin became CEO in 2008, followed by Byron L. Boston in January 2014. Boston became board chairman in December 2023, and in July 2024 Smriti L. Popenoe was promoted to Co-CEO alongside him. [20](https://www.reit.com/news/reit-magazine/march-april-2020/strategic-evolution-mreit-dynex-capital)[21](https://www.dynexcapital.com/investors/sec-filings/all-sec-filings/content/0000826675-08-000024/ex99-1.htm)[22](https://www.dynexcapital.com/about/leadership/detail/byron-l-boston)[23](https://www.dynexcapital.com/investors/news-events/press-releases/detail/29/dynex-capital-inc-appoints-ceo-byron-l-boston-as-chairman-of-the-board-and-dr-julia-l-coronado-as-lead-independent-director)[24](https://www.dynexcapital.com/investors/news-events/press-releases/detail/7/dynex-capital-promotes-smriti-laxman-popenoe-to-co-ceo-and-announces-other-executive-promotions)
[16](https://app.finbar.com/go?id=P47204857)[17](https://law.justia.com/cases/federal/district-courts/FSupp/765/860/2350923/)[18](https://www.americanbanker.com/news/pipeline-resource-mortgage-capital-exemplifies-1996-revival-in-the)[19](https://www.dynexcapital.com/investors/sec-filings/all-sec-filings/content/0000826675-97-000013/0000826675-97-000013.pdf)[20](https://www.reit.com/news/reit-magazine/march-april-2020/strategic-evolution-mreit-dynex-capital)[21](https://www.dynexcapital.com/investors/sec-filings/all-sec-filings/content/0000826675-08-000024/ex99-1.htm)[22](https://www.dynexcapital.com/about/leadership/detail/byron-l-boston)[23](https://www.dynexcapital.com/investors/news-events/press-releases/detail/29/dynex-capital-inc-appoints-ceo-byron-l-boston-as-chairman-of-the-board-and-dr-julia-l-coronado-as-lead-independent-director)[24](https://www.dynexcapital.com/investors/news-events/press-releases/detail/7/dynex-capital-promotes-smriti-laxman-popenoe-to-co-ceo-and-announces-other-executive-promotions)

## Sources

1. [DYNEX CAPITAL INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P5682091)
2. [DYNEX CAPITAL INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P32520818)
3. [DYNEX CAPITAL INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16408049)
4. [DYNEX CAPITAL INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=T9178782)
5. [www.dynexcapital.com](https://www.dynexcapital.com/_assets/_931525e31928c0c78336c9e7eacb34e4/dynexcapital/db/963/9547/annual_report/7599312.pdf)
6. [DYNEX CAPITAL INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P92611229)
7. [DYNEX CAPITAL INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P78562767)
8. [DYNEX CAPITAL INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P92402032)
9. [DYNEX CAPITAL INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P68690527)
10. [DYNEX CAPITAL INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P34918729)
11. [DYNEX CAPITAL INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16408056)
12. [DYNEX CAPITAL INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P73463868)
13. [DYNEX CAPITAL INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P109047087)
14. [DYNEX CAPITAL INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P143404158)
15. [DYNEX CAPITAL INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P143404159)
16. [DYNEX CAPITAL INC — Full financial report (2024 Y)](https://app.finbar.com/go?id=P47204857)
17. [law.justia.com](https://law.justia.com/cases/federal/district-courts/FSupp/765/860/2350923/)
18. [www.americanbanker.com](https://www.americanbanker.com/news/pipeline-resource-mortgage-capital-exemplifies-1996-revival-in-the)
19. [www.dynexcapital.com](https://www.dynexcapital.com/investors/sec-filings/all-sec-filings/content/0000826675-97-000013/0000826675-97-000013.pdf)
20. [www.reit.com](https://www.reit.com/news/reit-magazine/march-april-2020/strategic-evolution-mreit-dynex-capital)
21. [www.dynexcapital.com](https://www.dynexcapital.com/investors/sec-filings/all-sec-filings/content/0000826675-08-000024/ex99-1.htm)
22. [www.dynexcapital.com](https://www.dynexcapital.com/about/leadership/detail/byron-l-boston)
23. [www.dynexcapital.com](https://www.dynexcapital.com/investors/news-events/press-releases/detail/29/dynex-capital-inc-appoints-ceo-byron-l-boston-as-chairman-of-the-board-and-dr-julia-l-coronado-as-lead-independent-director)
24. [www.dynexcapital.com](https://www.dynexcapital.com/investors/news-events/press-releases/detail/7/dynex-capital-promotes-smriti-laxman-popenoe-to-co-ceo-and-announces-other-executive-promotions)

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