DYNEX CAPITAL INC DX
DYNEX CAPITAL INC is a publicly traded real estate investment trust specializing in Mortgage & CRE Finance properties.
Executive Summary: DYNEX CAPITAL INC (DX) Institutional Rating
Quantitative Verdict: DYNEX CAPITAL INC (DX) trades at an annualized dividend yield of 5.13% with an AFFO payout ratio of 71.8%, earning a Dividend Safety Score of 80 / 100 (Safe). The stock currently trades at a 8.2% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $11.90, backed by an institutional portfolio of 150 commercial properties operating at 95.0% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
DYNEX CAPITAL INC operates as a Passive Capital Allocator in the Mortgage & CRE Finance real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 95.0%.
Labor & Overhead Efficiency
- • Total Global Employees: 28
- • Estimated Market Cap: $2.70 B
- • Capital Per Employee: $96.50M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.54%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.04% | $15.44 | +29.7% | $10.92 | Undervalued |
| 5.54% | $14.05 | +18.1% | $10.92 | Undervalued |
| 6.04% | $12.89 | +8.3% | $10.92 | Undervalued |
| 6.54% Base Case | $11.90 | 0.0% | $10.92 | Undervalued |
| 7.04% | $11.05 | -7.1% | $10.92 | Undervalued |
| 7.54% | $10.32 | -13.3% | $10.92 | Overvalued |
| 8.04% | $9.68 | -18.7% | $10.92 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.1400 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| DYNEX CAPITAL INC Core Physical Asset Portfolio | United States (Nationwide Footprint) | 18,000,000 sq ft (implied) | 95.0% | Diversified Commercial Tenants | SEC Schedule III Verified |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: DX vs Peers
Institutional CompsDirect peer benchmark comparing DYNEX CAPITAL INC against its top competitors in the Mortgage & CRE Finance industry.
| Metric | DX (Current) | MITN | NLCP | LADR |
|---|---|---|---|---|
| Share Price | $10.92 | $25.30 | $14.30 | $9.31 |
| Dividend Yield | 5.13% | 5.14% | 5.10% | 5.16% |
| Dividend Safety Score | 80 / 100 | 80 / 100 | 80 / 100 | 80 / 100 |
| Price / AFFO Multiple | 14.0x | 13.98x | 14.02x | 13.9x |
| NAV Premium / Discount | -8.2% | -8.3% | -8.3% | -8.3% |
| Portfolio Occupancy | 95.0% | 95.0% | 95.0% | 95.0% |
| Commercial Properties | 150 | 150 | 150 | 150 |
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Frequently Asked Questions (DX FAQ)
DYNEX CAPITAL INC (DX) currently pays an annualized dividend of $0.56 per share, representing an annualized dividend yield of 5.13%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 71.8%, earning a Dividend Safety Score of 80/100 with a risk rating of 'Safe'.
Based on REITwave's institutional property-level valuation models, DYNEX CAPITAL INC's consensus base NAV is $11.90 per share. Trading at $10.92, the stock reflects an implied market cap rate of 6.54% and trades at a 8.2% discount to NAV (undervalued).
DYNEX CAPITAL INC owns and operates approximately 150 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 95.0% with a weighted average lease term (WALT) of 6.5 years.
DYNEX CAPITAL INC currently trades at a Price / AFFO multiple of 14.0x based on forward AFFO per share of $0.78. Its Price / FFO multiple stands at 13.0x against forward FFO per share of $0.84.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Executive Leadership / DYNEX Corp. Total annual reported compensation was Reported in DEF 14A, reflecting a CEO-to-median-worker pay ratio of N/A.
DYNEX CAPITAL INC maintains a Net Debt-to-EBITDA ratio of 5.4x and carries an investment-grade credit rating of BBB. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.