Dynex Capital's 2025 Earnings Strength and Governance Shift Bolster Investment Narrative

Dynex Capital reported Q4 2025 net income of $185.36 million and full-year net income of $319.07 million, with basic earnings per share from continuing operations of $1.17 for the quarter and $2.49 for the year. The company also highlighted strong total shareholder returns, ample liquidity of about $1.40 billion, and governance changes. However, investors should be aware of thin free cash flow cover that leaves the high dividend exposed.