Dynex Q3 2026 book value drops to $10.91 from $12.90; economic return -11.5% on MBS spread widening

DYNEX CAPITAL INC

Book value per common share $10.91 at Sept 30, 2026, down $(1.99) from $12.90 at June 30; total economic return $(1.48) per share, or (11.5)% of beginning book value.
Comprehensive loss $(1.49) per common share and net loss $(1.34) per share; net interest income rose to $101.6M from $93.8M as average interest-earning assets grew 10%.
MBS and other fair value fell $1.50B on wider Agency MBS spreads, partly offset by $790M interest rate swap gains and $377M Treasury futures gains; total net fair value change $(461.1)M.
Portfolio grew 3% to $28.3B on $3.2B of Agency MBS purchases; 99.99% Agency, RMBS 95% ($26.8B) and CMBS 5% ($1.4B); leverage rose to 9.0x from 8.1x.
Raised $384M net capital: $268M common equity via ATM and $116M of 9.375% Series D preferred; dividends declared $0.51/share; liquidity $1.3B, 42% of equity.

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