5 Ultra-High Dividend Stocks to Buy for Income Investors

4. Dynex Capital, Inc. (NYSE:DX)

Dividend Yield as of June 21: 15.62%

On June 17, BTIG lowered its price recommendation on Dynex Capital, Inc. (NYSE:DX) to $14.50 from $16. It maintained a Buy rating on the shares. The firm expects agency mortgage real estate investment trusts to generate an economic return of about 13% in 2026. According to BTIG, dividends should help offset modest declines in book value. The analyst also said the long-term backdrop for the sector remains supportive, with spreads still attractive relative to historical levels. That environment is expected to support both book values and dividend outlooks.

During the company’s first-quarter 2026 earnings call, Chief Financial Officer Michael Sartori reported book value per share of $12.60 at quarter-end. He said the company generated a negative economic return of 2.5% during the quarter. The result reflected common dividends of $0.51 per share and a decline in book value of $0.85 per share.

Sartori also noted that leverage stood at 8.6 times total equity at the end of the quarter. He added that Dynex maintained a strong liquidity position, with $1.3 billion in cash and unencumbered securities. That amount represented more than 46% of total equity.

Chief Investment Officer Terrence Connelly said spreads on Agency mortgage-backed securities (MBS) relative to seven-year interest rate swaps had started to tighten again. He added that management believes spreads could move back toward 120 basis points, with the potential for a longer-term equilibrium level closer to 100 basis points.

Dynex Capital, Inc. (NYSE:DX) is a financial services company and an internally managed mortgage real estate investment trust (REIT). The company invests primarily in mortgage-backed securities and finances those investments mainly through repurchase agreements.