Dynex Capital
17 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.
Suppliers
Sole third-party trading and borrowing service provider
depends onnamed as a riskCertain critical functions of our business relating to our trading and borrowing activities, including MBS trading and repurchase agreement borrowing activities, are operated and managed by a third-party service provider.Risk factors (Item 1A)
Partners and platforms
Fixed Income Clearing Corporation Mortgage-Backed Securities Division
subject tonamed as a riskIn addition, pursuant to the margin provisions established by the Mortgage-Backed Securities Division (“MBSD”) of the Fixed Income Clearing Corporation, we are subject to margin calls on our TBA contracts and our trading counterparties may require us to post additional margin above the levels established by the MBSD.Risk factors (Item 1A)
Other companies
Fannie Mae
depends onnamed as a riskAgency RMBS and Agency CMBS have credit risk to the extent that Fannie Mae or Freddie Mac fails to remit payments on the MBS for which they have issued a guaranty of payment.Market risk (Item 7A)
Also named by ABR, AGNC, BAC, CBRE, FICO, FSUN, JLL, LEN and 7 more
Freddie Mac
depends onnamed as a riskOur Agency CMBS IO are Class X1 from Freddie Mac Series K deals from which interest continues to be advanced even in the event of an underlying default up until liquidation, which is the triggering event that disrupts the Agency CMBS IO cash flow.Market risk (Item 7A)
Also named by ABR, AGNC, BAC, CBRE, FICO, FSUN, LEN, NLY and 5 more
Commodities and inputs
Non-Agency CMBS IO
concentrated in · less than 1% of our investment portfolionamed as a riskDefaults in loans underlying our CMBS IO, particularly loans in non-Agency CMBS IO securities collateralized by income-producing properties such as retail shopping centers, office buildings, multifamily apartments, and hotels, may increase as a result of economic weakness.Risk factors (Item 1A)
Agency CMBS
concentrated in · 6% of our investment portfolioOur CMBS investments comprised 6% of our investment portfolio as of December 31, 2025, and are fixed-rate Agency-issued securities backed by multifamily housing loans.Business (Item 1)
Federal Funds Rate
exposed to its pricenamed as a riskAny increases in the Federal Funds Rate, and market anticipation of the same, are likely to cause our borrowing costs to increase, negatively impacting our net interest income, common stock dividends, market price of our stock, and book value per common share.Risk factors (Item 1A)
Agency RMBS
concentrated innamed as a riskAs of December 31, 2025, the majority of our investments were Agency-issued pass-through RMBS collateralized primarily by pools of fixed-rate single-family mortgage loans.Business (Item 1)
Also named by AGNC
TBA dollar roll market
exposed to its pricenamed as a riskFor example, changes to prepayment expectations on Agency RMBS as well as changes to the Federal Reserve’s reinvestment policy on Agency RMBS have adversely impacted the TBA dollar roll market.Risk factors (Item 1A)
Also named by AGNC
Repurchase agreement financing
depends onnamed as a riskWe have liquidity risk principally from the use of recourse repurchase agreements to finance our ownership of securities.Market risk (Item 7A)
Regulators
Commodity Futures Trading Commission (CFTC)
subject to · no greater than 5% of the fair market value of the mortgage REIT’s total assetsnamed as a riskIf we fail to satisfy the criteria, (as listed in Item 1, “Business” of this Annual Report on Form 10-K), or if the criteria change, we may become subject to CFTC regulation or enforcement action, the consequences of which could have a material adverse effect on our financial condition or results of operations.Risk factors (Item 1A)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more
Internal Revenue Service (IRS)
subject tonamed as a riskIf the IRS were to challenge the opinion successfully, we could be subject to a penalty tax or we could fail to remain qualified as a REIT if a sufficient portion of our assets consists of TBAs or a sufficient portion of our income consists of income or gains from the disposition of TBAs.Risk factors (Item 1A)
Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more
Federal Reserve
exposed to its pricenamed as a riskThe Federal Reserve’s participation in the Agency mortgage market can materially impact the supply, pricing, and returns on our MBS investments.Risk factors (Item 1A)
Also named by AGNC, AUB, AXP, BAC, CASH, COF, EFSC, EWBC and 24 more
Federal Housing Finance Agency (FHFA)
subject tonamed as a riskPotential changes to the federal conservatorship of Fannie Mae and Freddie Mac or to the laws and regulations affecting the support that the GSEs receive from the U.S. government may adversely affect the availability, pricing, liquidity, market value, and financing of our assets.Risk factors (Item 1A)
Also named by ABR, AGNC, DHI, ELS, FICO, NLY, RITM, RKT and 1 more
Laws and programs
Section 382 of the Internal Revenue Code
subject to · $505 million of capital loss carryforwardsnamed as a riskHowever, our ability to utilize these capital loss carryforwards could be significantly limited if we experience an “ownership change” as defined under Section 382 of the Internal Revenue Code.Risk factors (Item 1A)
REIT qualification under the Internal Revenue Code
subject to · at least 90% of our taxable incomenamed as a riskIf we lose our REIT status, some of our lenders would have the right to terminate any repurchase agreement borrowings and derivative contracts outstanding at that time.Risk factors (Item 1A)
Investment Company Act of 1940 Section 3(c)(5)(C)
subject to · at least 55% of their assets are mortgage loans and other qualifying assets and at least 80% are real estate-relatednamed as a riskIf we are classified as an investment company, our ability to use leverage and conduct business as we do today would be substantially impaired.Risk factors (Item 1A)