Dynex Capital, Inc. (NYSE: DX) has reported its financial results for the fourth quarter and full year 2025. The company's total economic return for the fourth quarter of 2025 was $1.29 per common share, representing 10.2% of beginning book value, and for the full year 2025, it was $2.75 per common share, or 21.6% of beginning book value. The book value per common share saw an increase to $13.45 as of December 31, 2025, compared to $12.67 as of September 30, 2025.
The comprehensive income was reported at $1.22 per common share, and the net income was $1.17 per common share for the fourth quarter of 2025. For the full year 2025, the comprehensive income was $2.85 per common share, and the net income was $2.49 per common share. Additionally, the company's REIT taxable income for 2025 is estimated at $229 million, including amortization of deferred tax hedge gains of approximately $100 million.
In terms of dividends, Dynex Capital declared $0.51 per common share for the fourth quarter of 2025 and $2.00 for the full year 2025. The company also raised equity capital of $393 million during the fourth quarter of 2025 through at-the-market ("ATM") common stock issuances, bringing the total capital raised for 2025 to $1.2 billion, net of issuance costs.
The company made significant investments during the year, purchasing $3 billion in agency RMBS and $284 million in agency CMBS during the fourth quarter, bringing the total purchases for 2025 to $8.2 billion of agency RMBS and $1.2 billion of agency CMBS. The average balance of interest-earning assets increased by 58% during 2025, and the liquidity stood at $1.4 billion as of December 31, 2025.
Dynex Capital also provided a glimpse into its leadership changes, with the separation of the roles of chief financial officer and chief operating officer, and the addition of Meakin Bennett as the new chief operating officer.
The company's consolidated balance sheets showed a significant increase in assets, totaling $17,342,178 as of December 31, 2025, compared to $14,158,694 as of September 30, 2025. The total shareholders’ equity also saw a substantial rise to $2,462,144 from $1,957,548 over the same period.
Furthermore, the company's interest income for the year ended December 31, 2025, stood at $533,521, marking a noticeable increase from $419,165 for the period ended September 30, 2025. The net interest income also rose to $43,484 for the fourth quarter of 2025 from $30,611 for the third quarter of 2025.
Following these announcements, the company's shares moved 2.73%, and are now trading at a price of $14.65. For more information, read the company's full 8-K submission here.
