Dynex Capital (DX) | Hoya Hotseat

November 13, 2026 | Hoya Capital

Dynex Capital (DX) | Hoya Hotseat 2026-11-13 Dynex Capital (DX) is one of the oldest publicly traded mortgage REITs, operating since 1987, with a $28 billion investment portfolio concentrated in agency mortgage-backed securities backed by residential mortgages. Dynex operates at the intersection of capital markets and housing finance, using financial leverage and interest rate hedging to manage its agency mortgage portfolio. DX recently maintained its monthly dividend, representing an annualized yield of approximately 20%.

Co-CEO Smriti Popenoe joins the Hoya Hotseat to discuss what she describes as a generational investment opportunity in agency MBS, driven by Federal Reserve balance sheet reductions and historically attractive mortgage spreads. Popenoe highlights three favorable dynamics: abundant agency MBS supply, limited refinancing risk amid elevated mortgage rates, and strong financing availability, creating opportunities for both attractive income generation and book value appreciation. Popenoe addresses macroeconomic risks, including interest rate volatility, mortgage spread fluctuations, and geopolitical uncertainty, while emphasizing Dynex’s experienced management team, disciplined hedging strategy, and industry-leading shareholder returns over the past decade.

About Hoya Capital Hoya Capital Real Estate ("Hoya Capital") is a research-focused Registered Investment Advisor headquartered in Rowayton, Connecticut. Founded with a mission to make real estate more accessible to all investors, Hoya Capital specializes in managing institutional and individual portfolios of publicly traded real estate securities, focused on delivering sustainable income, diversification, and attractive total returns. Focused on Real Assets, REITs, Dividend Growth, High Yield, & ETFs. For more information, visit www.HoyaCapital.com.