MEDIUMBuilt-inProduct / Revenue mix
fixed-rate Agency RMBS
“10-K Item 1: 'the majority of our investment portfolio is currently in fixed-rate Agency RMBS'”
DX · Concentration risk · 10-K extracted
Dynex Capital (DX) concentration risks
Updated
The most significant concentration Dynex Capital discloses is fixed-rate Agency RMBS, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Dynex Capital’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-in & outside partyCounterparty
Fannie Mae and Freddie Mac
“10-K Item 1A: 'We invest in securities guaranteed by Fannie Mae and Freddie Mac, which are currently under conservatorship by the Federal Housing Finance Agency'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile combines a moderate product-mix tilt and a moderate agency counterparty dependency, both of which carry structural and mixed characters respectively. The majority of the investment portfolio is currently in fixed-rate Agency RMBS, a moderate-share structural exposure. The concentration in fixed-rate instruments reflects deliberate portfolio positioning, but it also creates duration sensitivity: in a rising rate environment, fixed-rate securities decline in market value, which can affect book value and create mark-to-market pressure even when the underlying credit quality of the securities is strong. The second exposure relates to the agencies that guarantee those securities. The company invests in securities guaranteed by Fannie Mae and Freddie Mac, which are currently under conservatorship by the Federal Housing Finance Agency, a moderate-share mixed exposure. The guarantees provide meaningful credit protection, but the mixed character acknowledges that both entities operate under a government conservatorship whose long-term form — whether they remain conserved, are released to private shareholders, or are restructured — is subject to legislative and regulatory decisions outside the company's control. Together, these two exposures are closely linked: the fixed-rate Agency RMBS portfolio is the product, and Fannie Mae and Freddie Mac are the counterparties. A policy change affecting either the interest rate environment or the legal status of the GSEs would ripple through both exposures simultaneously. On balance, the profile is characteristic of an Agency RMBS-focused mortgage REIT, and the watchpoints are Federal Reserve rate policy and GSE conservatorship developments.
For the engine’s reasoning on DX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Mortgage
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ABR | Arbor Realty Trust | 2 | 0 | 2 | 4 |
| AGNC | AGNC Investment Corp. | 0 | 2 | 0 | 2 |
| AGNCM | AGNC Investment Corp. - Deposit | 0 | 2 | 0 | 2 |
| DX● | Dynex Capital, Inc. | 0 | 2 | 0 | 2 |
| ARR | ARMOUR Residential REIT, Inc. | 0 | 1 | 0 | 1 |
| AGNCN | AGNC Investment Corp. - Deposit | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.