- Pays: monthly — currently $0.17 per share ($0.51 per quarter).
- Paying since: 1988 — one of the longest mortgage-REIT records in existence.
- Two recent raises: $0.13 → $0.15 (announced October 2024) and $0.15 → $0.17 (announced February 2025, a 13% increase). The $0.17 was still being declared in August 2026.
- What it is: an internally managed mortgage REIT investing mainly in agency residential and commercial mortgage-backed securities, financed with repo leverage and hedged with derivatives.
- The machinery: leverage around 8x equity (including TBAs) at mid-2026; book value per share swung $12.70 → $13.45 → $12.60 → $12.90 across 2025-26. The dividend rides on that book.
A 1-for-3 reverse split took effect in June 2019 — this data source restates earlier per-share payouts in today's share terms, so pre-2019 dividends on the chart appear larger than what was paid at the time. The chart's split disclosure applies. Heavy share issuance is also part of the model.
DX pays monthly. Each point below is one dividend since 1988, split-adjusted — decades of rate cycles compressed into one line.
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Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $2.04 per share across 12 payments — up 9% from $1.88 in the 12 months before (split-adjusted, in today's share terms). What a change like that does to your income →
- Current pace: recent payments annualize to $2.04 — 0% above the trailing figure. When those two disagree, the trailing yield is quoting the past. Live cut & raise board →
- Share price, same 12 months: down 0% (dividends excluded) — income and principal are one story. Erosion Index →
- Record: 212 payments over 38 years; the largest single payment was $4.20 (Dec 1997), split-adjusted.
- Payment drops ≥20% below trend, last 24 months: none. Get one short email if that changes →
- Payment steadiness: the last 12 checks wobble ±0% around their median. Compare that against any fund →
Every figure above is computed from DX's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Dividend / Share |
|---|
"Next expected" is estimated from DX's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
Mortgage REITs are this site's usual cautionary tales — ORC's staircase down, ARR's 2024 cut — so DX's two raises in four months stand out. The model is the same (borrow short, own agency mortgage bonds, hedge the gap), but internal management and a book value that held its range let the dividend move up instead of down. That is not a guarantee it stays there: at 8x leverage, a rate shock reprices everything.
The fair comparison set is AGNC's five-year-flat $0.12, NLY's quarterly raises, and ARR's cut — overlay any pair on the compare tool and read the book-value lines as carefully as the dividend lines.
| Year | Total Dividends / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources. Note: after a share split, this data source restates all historical per-share payouts in today's share terms — the split disclosure above the chart applies.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is DX's Next Ex-Dividend Date?
DX pays monthly. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from DX's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
Nearly Four Decades, Split-Adjusted
Dynex has paid since 1988, through the savings-and-loan aftermath, the 2008 crisis, the zero-rate decade and the 2022 rate shock. Our chart shows every payment split-adjusted — the 2019 1-for-3 reverse split makes the early years look larger than they were in nominal per-share terms, which is why the chart's split note matters. The modern record is the interesting part: two raises since late 2024 to the current $0.17.
Why the Raises Happened
The agency-MBS spread widened after 2022's selloff, and an internally managed REIT with disciplined hedging could lock in more income per dollar of equity. Management also pointed to deferred tax hedge gains in the 2024 increase. That's a genuinely favorable setup — and a cyclical one. Book value bounced between $12.60 and $13.45 across 2025-26; the dividend's sustainability tracks that number.
Where DX Fits
As the mortgage REIT currently raising, beside AGNC's flat and ARR's cut — the three together are a lesson in how much management and timing matter in the same trade. Next expected date on the live calendar.
How to Choose Dividend Stocks
Yield traps, coverage, and the difference between paid-to-wait and paid-to-shrink — in plain English.
Read: How to Choose Dividend Stocks