Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities:
Net income	$ 133,707	$ 62,812
Adjustments to reconcile net income to cash provided by operating activities:
Realized loss on sales of investments, net	0	1,506
Unrealized gain on investments, net	(286,118)	(80,873)
Loss (gain) on derivative instruments, net	186,875	(11,707)
Amortization of investment premiums, net	20,371	38,177
Other amortization and depreciation	1,556	1,358
Share-based compensation expense	8,316	6,168
Increase in accrued interest receivable	(23,090)	(2,691)
Increase (decrease) in accrued interest payable	65,845	(4,624)
Change in other assets and liabilities, net	(945)	(10,876)
Net cash provided by (used in) operating activities	106,517	(750)
Investing activities:
Purchases of investments	(6,130,208)	(1,434,612)
Principal payments received on trading securities	540,184	305,353
Principal payments received on available-for-sale investments	103,999	57,026
Proceeds from sales of trading securities	0	13,782
Principal payments received on mortgage loans held for investment	216	665
Net (payments) receipts on derivative instruments	(233,678)	37,962
Increase (decrease) in cash collateral posted by counterparties	18,424	(38,106)
Net cash used in investing activities	(5,701,063)	(1,057,930)
Financing activities:
Borrowings under repurchase agreements	97,331,308	45,930,308
Repayments of repurchase agreement borrowings	(92,140,906)	(44,887,522)
Proceeds from issuance of common stock	775,946	267,891
Cash paid for stock issuance costs	(157)	(231)
Payments related to tax withholding for share-based compensation	(1,622)	(948)
Dividends paid	(167,755)	(83,090)
Net cash provided by financing activities	5,796,814	1,226,408
Net increase in cash, including cash posted to counterparties	202,268	167,728
Cash including cash collateral posted to counterparties at beginning of period	621,539	237,864
Cash including cash collateral posted to counterparties at end of period	823,807	405,592
Supplemental Disclosure of Cash Activity:
Cash paid for interest on repurchase agreements	219,768	236,672
Noncash or Part Noncash Acquisition, Investments Acquired	$ 263,179	$ 166,581

DYNEX CAPITAL INC 10-Q