Monitor upcoming earnings for guidance on portfolio performance and leverage strategy; the significant book value decline and increased leverage raise concerns about risk management.
Price Chart
Executive Summary
Dynex Capital reported a significant loss for Q1 2026, with comprehensive loss of $(0.42) per common share and a decline in book value to $12.60, driven by a $140 million net loss on its investment portfolio due to widening mortgage spreads. The company raised $442 million in equity capital and increased leverage to 8.6x equity.
Key Financial Metrics
Key Facts
- Comprehensive loss of $(0.42) per common share for Q1 2026
- Book value declined to $12.60 as of March 31, 2026 from $13.45
- Net loss of $140 million on investment portfolio, net of hedges
- Raised $442 million through ATM common stock issuances
- Leverage increased to 8.6 times shareholders' equity
Financial Impact
Net loss of $140 million on investment portfolio, book value decline of $0.85 per share
Risk Factors
- Widening mortgage spreads negatively impacting portfolio value
- Increased leverage to 8.6x shareholders' equity increasing financial risk
- Potential for continued book value erosion in future quarters
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000826675-26-000035 |
| Document: dx-20260420.htm | 0000826675-26-000035 |
| Document: 0000826675-26-000035-index-headers.html | 0000826675-26-000035 |
| Document: 0000826675-26-000035-index.html | 0000826675-26-000035 |
| Document: 0000826675-26-000035.txt | 0000826675-26-000035 |
| 8-K Data (Synthetic) | 0000826675-26-000035 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | Insider Cluster | $11.05 $10.92 | ▼ −1.18% | ▼ −0.65% | $10.92 (−1.18%) |
Oct 20, 2026 6d ago | Insider Cluster | $11.05 $11.05 | · 0.00% | ▲ +1.18% | $10.92 (−1.18%) |
Oct 19, 2026 8d ago | 8-K | $10.56 $10.96 | ▼ −3.79% | ▼ −3.45% | $10.92 (−3.41%) |
Sep 25, 2026 4w ago | 8-K | $11.33 $11.39 | ▲ +0.53% | ▲ +0.71% | $10.92 (−3.62%) |
Sep 23, 2026 4w ago | 424B5 | $11.34 $11.34 | · 0.00% | ▼ −0.54% | $10.92 (−3.70%) |
Sep 22, 2026 5w ago | 424B5 | $12.10 $11.73 | ▼ −3.06% | ▼ −2.34% | $10.92 (−9.75%) |
Aug 9, 2026 11w ago | Institutional Cluster | $12.78 $12.93 | ▲ +1.17% | ▲ +1.49% | $10.92 (−14.55%) |
Jul 20, 2026 14w ago | 8-K | $13.12 $13.02 | ▼ −0.76% | ▼ −1.60% | $10.92 (−16.77%) |
Jun 11, 2026 19w ago | Institutional Cluster | $12.90 $12.93 | ▲ +0.23% | ▼ −0.31% | $10.92 (−15.35%) |
May 22, 2026 22w ago | 8-K | $26.11 $26.00 | ▼ −0.40% | ▼ −0.42% | $10.92 (−58.17%) |
US Market Status
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