Dynex Capital (DX)
NYSE:DX
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Earnings Data
Report Date
Jul 27, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.32Last Year’s EPS
0.22Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted meaningful operational progress: significant capital base growth (18%), strong liquidity (>$1.3B and >46% of equity), opportunistic deployment of $442M, net interest income improvement (~42.9% increase q/q), reduced exposure to highly callable TBAs (from >16% to ~7%), and an estimated post-quarter book value rebound (+5.6% QTD to $13.31). Lowlights included a negative economic return of -2.5% for the quarter (a $0.85 per share decline in book value), increased leverage (8.6x), transient spread widening amid geopolitical-driven volatility, and a near-term rise in G&A from one-time items. On balance, management emphasizes durable liquidity, attractive forward returns (mid- to high-teens static ROEs), and policy-driven upside for tighter spreads, while acknowledging short-term volatility and policy dependence.Company Guidance
Total Capital Base Growth
Total capital base grew by 18% over the last 15 months; management emphasized scale benefits and positioned the company as the third-largest agency-focused mortgage REIT.
Strong Liquidity Position
Ended the quarter with $1.3 billion in cash and unencumbered securities, representing over 46% of total equity, supporting opportunistic deployment and downside resilience.
Portfolio Expansion and Capital Deployment
Investment portfolio increased by $6.0 billion during the quarter; the company raised and deployed $442 million of capital opportunistically as MBS spreads widened.
Quarter-to-Date Book Value Recovery
Estimated book value as of the most recent close was $13.31 per share (net of accrued common dividend), up 5.6% versus quarter end, indicating partial recovery after quarter-end volatility.
Net Interest Income Improvement
Net interest income rose from $0.28 to $0.40 per share quarter-over-quarter, an increase of approximately 42.9%, driven primarily by lower financing costs.
Lower Financing Costs and Better Repo Spreads
Financing costs declined by 33 basis points following Fed rate cuts; MBS repo spread to SOFR remained in a favorable 13–17 basis point range (3–5 bps below last year's averages).
Risk Reduction in Callable Exposure
Reduced exposure to the most callable agency MBS (TBA market) from over 16% of the portfolio at year-end to approximately 7% at quarter-end, materially lowering refinance/call risk.
Attractive Return and Spread Outlook
Static ROEs for current coupon mortgages hedged with interest rate swaps are in the mid- to high-teens; management sees potential for agency MBS spreads to tighten toward 120 bps (near term) and 100 bps (long term), implying meaningful forward return tailwinds.
DX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 26, 2026 | $14.24 | $14.23 | -0.13% |
Oct 20, 2025 | $12.41 | $12.45 | +0.38% |
Jul 21, 2025 | $11.15 | $11.16 | +0.08% |
Apr 21, 2025 | $9.95 | $9.77 | -1.80% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Dynex Capital (DX) report earnings?
Dynex Capital (DX) is schdueled to report earning on Jul 27, 2026, Before Open (Confirmed).
What is Dynex Capital (DX) earnings time?
Dynex Capital (DX) earnings time is at Jul 27, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DX EPS forecast?
DX EPS forecast for the fiscal quarter 2026 (Q2) is 0.32.