DXDYNEX CAPITAL INC
Real Estate Investment Trusts
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.8B
- Employees
- —
- Net debt / EBITDA
- —
- −$987M net debt
- AI in 10-K
- 4.3
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo379× net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowYes204% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo4.3 per 10K words · 80th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$320K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $102M | $143M | −$6M | $114M | $319K | 100% |
| Operating cash flow | $147M | $126M | $62M | $14M | $121M | 740% |
| Stock-based comp | $3M | $4M | $5M | $7M | $13M | 74% |
| Buybacks | $0 | $0 | — | — | — | |
| Dividends | $59M | $72M | $93M | $118M | $247M | 109% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $320K · 6
- Open-market sells, 12 mo
- $0 · 0
- Net
- $320K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 143 | 114 |
| FY2024 | — | — | 129 | 80 |
| FY2023 | — | — | 113 | 80 |
| FY2022 | — | — | 101 | 69 |
| FY2021 | — | — | 120 | 94 |