Dynex Capital, Inc. ("Dynex" or the "Company") (NYSE: DX)
reported its fourth quarter and full year 2024 financial results
today. Management will host a call today at 10:00 a.m. Eastern Time
to discuss the results and business outlook. Details to access the
call can be found below under "Earnings Conference Call."
Financial Performance
Summary
- Total economic return of $0.13 per common share, or 1.0% of
beginning book value, for the fourth quarter of 2024, and $0.99 per
common share, or 7.4% of beginning book value, for the full year
2024
- Book value per common share of $12.70 as of December 31,
2024
- Comprehensive income of $0.15 per common share and net income
of $0.61 per common share for the fourth quarter of 2024;
comprehensive income of $1.30 per common share and net income of
$1.50 per common share for the full year 2024
- REIT taxable income for 2024 is estimated at $96 million and
includes amortization of deferred tax hedge gains
- Dividends declared of $0.43 per common share for the fourth
quarter of 2024 and $1.60 for the full year 2024
- Raised equity capital of $64.4 million during the fourth
quarter through at-the-market ("ATM") common stock issuances,
bringing total capital raised for 2024 to $332.0 million, net of
issuance costs.
- Average balance of interest-earning assets increased 36% during
2024
- Liquidity of $658.3 million as of December 31, 2024
- Leverage including to-be-announced ("TBA") securities at cost
was 7.9 times shareholders' equity as of December 31, 2024
Executive Promotion
T.J. Connelly has been promoted to Chief Investment Officer,
after serving as the Company’s Senior Vice President of Strategy
and Research since 2023. Connelly brings more than 25 years of
experience in mortgage-backed securities trading, economic research
and strategy, which will be instrumental as he oversees and drives
the company's investment, financing and hedging portfolios to
deliver value for stakeholders. He will report to Smriti Popenoe,
Co-CEO and President.
Management Remarks
"Our shareholders have earned a total shareholder return of
13.7%(1) in 2024 and 27.4%(1) over the last two years on their
investment in Dynex, during a period of significant volatility and
an inverted yield curve," said Smriti Popenoe, Co-CEO and
President. "We strategically added capital in order to stay
prepared to capitalize on favorable conditions, such as the current
environment characterized by a steeper yield curve, significantly
lower financing costs, wide mortgage spreads to Treasuries, and
beneficial swap hedges that support strong returns."
"The Dynex team continued to deliver solid results last year
while executing on our strategy to build a resilient and
sustainable business," said Byron Boston, Chairman and Co-CEO. "The
global environment is evolving rapidly and policy changes are
likely to have a significant impact on financial markets. Our team
remains focused on preparation and flexibility."
“We’re also excited to welcome T.J. to our executive leadership
team and are confident that his extensive experience and knowledge
of Dynex’s strategy will continue to drive industry-leading
returns. T.J. has been instrumental to our growth since he joined
Dynex, and I’m looking forward to working closely with him as we
continue to manage our portfolio and optimize value for
shareholders,” said Smriti Popenoe, Co-CEO and President.
Earnings Conference Call
As previously announced, the Company's conference call to
discuss these results is today at 10:00 a.m. Eastern Time and may
be accessed via telephone in the United States by dialing
1-888-330-2022 or internationally by dialing 1-646-960-0690 and
providing the ID 1957092 or by live audio webcast by clicking the
"Webcast" button in the “Current Events” section on the homepage of
the Company's website (www.dynexcapital.com), which includes a
slide presentation. To listen to the live conference call via
telephone, please dial in at least ten minutes before the call
begins. An archive of the webcast will be available on the
Company's website approximately two hours after the live call
ends.
Consolidated
Balance Sheets
($s in thousands except per share
data)
December 31, 2024
December 31, 2023
ASSETS
audited
Cash and cash equivalents
$
377,099
$
119,639
Cash collateral posted to
counterparties
244,440
118,225
Mortgage-backed securities (including
pledged of $6,893,629 and $5,880,747, respectively)
7,512,087
6,038,948
Due from counterparties
10,445
1,313
Derivative assets
133
54,361
Accrued interest receivable
32,841
28,727
Other assets, net
7,534
8,537
Total assets
$
8,184,579
$
6,369,750
LIABILITIES AND SHAREHOLDERS’
EQUITY
Liabilities:
Repurchase agreements
$
6,563,120
$
5,381,104
Due to counterparties
341,924
95
Derivative liabilities
22,814
—
Cash collateral posted by
counterparties
—
46,001
Accrued interest payable
44,672
53,194
Accrued dividends payable
16,501
10,320
Other liabilities
10,612
8,301
Total liabilities
6,999,643
5,499,015
Shareholders’ equity:
Preferred stock
$
107,843
107,843
Common stock
845
570
Additional paid-in capital
1,742,471
1,404,431
Accumulated other comprehensive loss
(172,489
)
(158,502
)
Accumulated deficit
(493,734
)
(483,607
)
Total shareholders' equity
1,184,936
870,735
Total liabilities and shareholders’
equity
$
8,184,579
$
6,369,750
Preferred stock aggregate liquidation
preference
$
111,500
$
111,500
Book value per common share
$
12.70
$
13.31
Common shares outstanding
84,491,800
57,038,247
Consolidated
Comprehensive Statements of Income (unaudited)
Year Ended
Three Months Ended
($s in thousands except per share
data)
December 31, 2024
September 30, 2024
December 31, 2024
INTEREST INCOME
Interest income
$
88,496
$
83,458
$
319,534
Interest expense
(81,609
)
(82,564
)
(313,657
)
Net interest income
6,887
894
5,877
OTHER GAINS (LOSSES)
Realized loss on sales of investments,
net
—
—
(1,506
)
Unrealized (loss) gain on investments,
net
(223,225
)
192,874
(142,352
)
Gain (loss) on derivatives, net
276,670
(154,064
)
288,377
Total other gains, net
53,445
38,810
144,519
EXPENSES
General and administrative expenses
(8,799
)
(8,271
)
(34,593
)
Other operating expense, net
(447
)
(436
)
(1,905
)
Total operating expenses
(9,246
)
(8,707
)
(36,498
)
Net income
51,086
30,997
113,898
Preferred stock dividends
(1,923
)
(1,923
)
(7,694
)
Net income to common
shareholders
$
49,163
$
29,074
$
106,204
Other comprehensive income:
Unrealized (loss) gain on
available-for-sale investments, net
(36,601
)
41,667
(13,987
)
Total other comprehensive (loss)
income
(36,601
)
41,667
(13,987
)
Comprehensive income to common
shareholders
$
12,562
$
70,741
$
92,217
Weighted average common shares-basic
81,145,733
75,792,527
70,766,410
Weighted average common shares-diluted
81,705,477
76,366,487
71,260,358
Net income per common share-basic
$
0.61
$
0.38
$
1.50
Net income per common share-diluted
$
0.60
$
0.38
$
1.49
Dividends declared per common share
$
0.43
$
0.39
$
1.60
Discussion of Fourth Quarter
Results
The Company's interest income continues to increase as a result
of its purchases of higher coupon investments in the past year. In
addition, the Federal Reserve's recent interest rate cuts benefited
the Company's comprehensive income to common shareholders for the
fourth quarter of 2024 by lowering its interest expense related to
repurchase agreement borrowings. The Company's interest rate swaps
used to hedge its interest rate risk resulted in a net periodic
interest benefit of $11.9 million for the fourth quarter of
2024.
As the 10-year U.S. Treasury rate rose and mortgage spreads
widened during the fourth quarter of 2024, the fair value of the
Company's MBS and TBA investments declined $(332.4) million. These
losses were more than offset by gains of $337.3 million from U.S.
Treasury futures and interest rate swaps.
Beginning in November 2024, the Company increased its monthly
dividend from $0.13 per common share to $0.15 per common share due
to its expected recognition of deferred tax hedge gains of $99.9
million in its distributable REIT taxable income for 2024. Details
on the Company's hedging portfolio are discussed in more detail
below.
The following table summarizes the changes in the Company's
financial position during the fourth quarter of 2024:
($s in thousands except per share
data)
Net Changes in Fair
Value
Components of Comprehensive
Income
Common Equity
Rollforward
Balance as of September 30, 2024
(1)
$
1,031,059
Net interest income
$
6,887
Net periodic interest from interest rate
swaps
11,926
Operating expenses
(9,246
)
Preferred stock dividends
(1,923
)
Changes in fair value:
MBS and loans
$
(259,826
)
TBAs
(72,543
)
U.S. Treasury futures
186,277
Interest rate swaps
151,010
Total net change in fair value
4,918
Comprehensive income to common
shareholders
12,562
Capital transactions:
Net proceeds from stock issuance (2)
65,462
Common dividends declared
(35,647
)
Balance as of December 31, 2024
(1)
$
1,073,436
(1) Amounts represent total
shareholders' equity less the aggregate liquidation preference of
the Company's preferred stock of $111,500.
(2) Net proceeds from common
stock issuances includes $64.4 million from ATM issuances and $1.1
million from amortization of share-based compensation, net of
grants.
Investment Portfolio and
Financing
During the fourth quarter of 2024, the Company purchased
approximately $606.3 million in Agency RMBS with coupons of 5.0%
and 5.5% and increased its TBA positions by a net $415.0 million.
The following table provides detail on the Company's MBS
investments, including TBA securities as of December 31, 2024:
December 31, 2024
September 30, 2024
($ in millions)
Par Value
Fair Value
% of Portfolio
Par Value
Fair Value
% of Portfolio
30-year fixed rate RMBS:
2.0% coupon
$
655,356
$
516,541
5.3
%
$
668,416
$
559,167
6.0
%
2.5% coupon
561,625
463,402
4.7
%
571,513
499,128
5.4
%
4.0% coupon
324,615
299,774
3.0
%
331,722
321,575
3.5
%
4.5% coupon
1,323,371
1,252,219
12.7
%
1,354,851
1,337,957
14.4
%
5.0% coupon
2,356,262
2,284,613
23.2
%
2,062,913
2,074,274
22.2
%
5.5% coupon
2,193,064
2,178,180
22.1
%
1,950,064
1,987,567
21.3
%
6.0% coupon
303,470
307,509
3.1
%
315,455
325,422
3.5
%
TBA 4.0%
462,000
421,796
4.3
%
462,000
443,447
4.8
%
TBA 4.5%
383,000
359,837
3.7
%
183,000
179,819
1.9
%
TBA 5.0%
710,000
684,706
7.0
%
767,000
766,161
8.2
%
TBA 5.5%
864,000
852,053
8.7
%
592,000
598,752
6.4
%
Total Agency RMBS
$
10,136,763
$
9,620,630
97.8
%
$
9,258,934
$
9,093,269
97.6
%
Agency CMBS
$
99,636
$
95,463
1.0
%
$
100,957
$
98,026
1.1
%
Agency CMBS IO
(1
)
103,606
1.1
%
(1
)
111,774
1.2
%
Non-Agency CMBS IO
(1
)
10,780
0.1
%
(1
)
12,754
0.1
%
Total
$
10,236,399
$
9,830,479
100.0
%
$
9,359,891
$
9,315,823
100.0
%
(1) CMBS IO do not have underlying par values.
The following table provides detail on the Company's repurchase
agreement borrowings outstanding as of the dates indicated:
December 31, 2024
September 30, 2024
Remaining Term to Maturity
Balance
Weighted Average
Rate
WAVG Original Term to
Maturity
Balance
Weighted Average
Rate
WAVG Original Term to
Maturity
($s in thousands)
Less than 30 days
$
1,742,440
4.83
%
68
$
4,403,523
5.39
%
59
30 to 90 days
4,820,680
4.78
%
83
2,020,367
5.40
%
89
Total
$
6,563,120
4.80
%
79
$
6,423,890
5.40
%
68
The following table provides details on the performance of the
Company's MBS, repurchase agreement financing, and interest rate
swaps for the fourth quarter of 2024 compared to the prior
quarter:
Three Months Ended
December 31, 2024
September 30, 2024
($s in thousands)
Interest
Income/Expense
Average Balance (1)(2)
Effective Yield/
Financing Cost(3)(4)
Interest
Income/Expense
Average Balance (1)(2)
Effective Yield/
Financing Cost(3)(4)
Agency RMBS
$
82,490
$
7,181,923
4.59
%
$
75,083
$
6,627,198
4.53
%
Agency CMBS
760
100,308
2.96
%
770
101,771
2.96
%
CMBS IO(5)
2,605
122,097
8.00
%
2,902
133,172
8.20
%
Non-Agency MBS and other
19
1,082
6.23
%
17
1,298
5.05
%
85,874
7,405,410
4.63
%
78,772
6,863,439
4.58
%
Cash equivalents
2,622
4,686
Total interest income
$
88,496
$
83,458
Repurchase agreement financing
(81,609
)
6,431,743
(4.97
)%
(82,564
)
5,943,805
(5.44
)%
Net interest income/net interest
spread
$
6,887
(0.34
)%
$
894
(0.86
)%
Net periodic interest
11,926
0.74
%
4,162
0.28
%
Economic net interest income (6)
$
18,813
0.41
%
$
5,056
(0.58
)%
(1) Average balance for assets is
calculated as a simple average of the daily amortized cost and
excludes securities pending settlement if applicable.
(2) Average balance for
liabilities is calculated as a simple average of the daily
borrowings outstanding during the period.
(3) Effective yield is calculated
by dividing interest income by the average balance of asset type
outstanding during the reporting period. Unscheduled adjustments to
premium/discount amortization/accretion, such as for prepayment
compensation, are not annualized in this calculation.
(4) Financing cost is calculated
by dividing annualized interest expense by the total average
balance of borrowings outstanding during the period with an
assumption of 360 days in a year.
(5) CMBS IO ("Interest only")
includes Agency and non-Agency issued securities.
(6) Represents a non-GAAP
measure.
The Company's effective yield earned on its investment portfolio
has continued to increase in recent quarters due to its purchases
of higher yielding Agency RMBS. Although the Company's balance of
borrowings has increased as a result of using repurchase agreements
to partially financing these purchases, its cost of financing as a
percentage of average borrowings has continued to decline in recent
periods, further benefiting the Company's net interest spread. In
addition, the Company has increased its use of interest rate swap
agreements, which added a benefit of 0.74% for the fourth quarter
of 2024 to the Company's economic net interest spread, a non-GAAP
measure.
Hedging Portfolio
The Company uses certain derivative instruments ("interest rate
hedges") to hedge exposure to interest rate risk arising from its
investment and financing portfolio. The following table provides
details on the Company's interest rate hedging portfolio as of the
dates indicated:
December 31, 2024
September 30, 2024
Derivative Type
Notional Amount
WAVG Fixed Pay Rate
Notional Amount
WAVG Fixed Pay Rate
($s in thousands)
10-year U.S. Treasury futures
$
(735,000
)
n/a
$
(3,850,000
)
n/a
30-year U.S. Treasury futures
(516,500
)
n/a
(505,000
)
n/a
4-5 year interest rate swaps
(1,275,000
)
3.42%
(1,275,000
)
3.42%
6-7 year interest rate swaps
(3,085,000
)
3.61%
(260,000
)
3.63%
9-10 year interest rate swaps
(1,025,000
)
3.83%
—
—
Total
$
(6,636,500
)
$
(5,890,000
)
The following table provides detail on the Company's "gain
(loss) on derivatives, net" recognized in the Company's
consolidated statements of comprehensive income (loss) during the
periods indicated:(2)
Three Months Ended
Year Ended December 31,
2024
December 31, 2024
September 30, 2024
Unrealized gain (loss):
TBA securities
$
(23,158
)
$
(5,953
)
$
(77,042
)
U. S. Treasury futures
(4,462
)
39,808
221,063
Interest rate swaps
151,010
(14,228
)
136,676
123,390
19,627
280,697
Realized gain (loss) upon settlement,
maturity or termination:
TBA securities
(49,385
)
78,144
38,530
U. S. Treasury futures
190,739
(255,997
)
(46,955
)
141,354
(177,853
)
(8,425
)
Net periodic interest:
Interest rate swaps
11,926
4,162
16,105
Gain (loss) on derivatives, net
$
276,670
$
(154,064
)
$
288,377
The Company typically designates certain of its interest rate
derivatives as hedges for tax purposes. Gains and losses realized
upon maturity or termination of derivatives designated as hedges
for tax purposes are amortized into the Company's REIT taxable
income over the original periods hedged by those derivatives. The
benefit expected to be recognized in taxable income for the year
ended December 31, 2024 is estimated to be $99.9 million, or $1.41
per average common share outstanding. The Company's remaining
estimated net deferred tax hedge gains from its interest rate
hedging portfolio was $719.0 million as of December 31, 2024. These
hedge gains will be part of the Company's future distribution
requirements along with net interest income and other ordinary
gains and losses in future periods.
The table below provides the projected amortization of the
Company's net deferred tax hedge gains that may be recognized as
taxable income over the periods indicated, given conditions known
as of December 31, 2024; however, uncertainty inherent in the
forward interest rate curve makes future realized gains and losses
difficult to estimate, and as such, these projections are subject
to change for any given period.
Projected Period of Recognition for
Remaining Tax Hedge Gains, Net
December 31, 2024
($ in thousands)
Fiscal year 2025
$
100,144
Fiscal year 2026
100,420
Fiscal year 2027
95,831
Fiscal year 2028 and thereafter
422,643
$
719,038
Non-GAAP Financial
Measures
In evaluating the Company’s financial and operating performance,
management considers book value per common share, total economic
return to common shareholders, and other operating results
presented in accordance with GAAP as well as certain non-GAAP
financial measures, which include earnings available for
distribution (“EAD”) to common shareholders (including per common
share) and economic net interest income (and the related metric
economic net interest spread). Management believes these non-GAAP
financial measures may be useful to investors because they are
viewed by management as a measure of the investment portfolio’s
return based on the effective yield of its investments, net of
financing costs and, with respect to EAD, net of other normal
recurring operating income/expenses.
Drop income/loss generated by TBA dollar roll positions, which
is included in "gain (loss) on derivatives instruments, net" on the
Company's consolidated statements of comprehensive income, is
included in EAD because management views drop income/loss as the
economic equivalent of net interest income on the underlying Agency
security from trade date to settlement date. However, drop
income/loss does not represent the total realized gain/loss from
the Company’s TBA securities.
Management also includes net periodic interest from its interest
rate swaps, which is included in "gain (loss) on derivatives
instruments, net", in each of these non-GAAP measures because
interest rate swaps are used by the Company to economically hedge
the impact of changing interest rates on its borrowing costs from
repurchase agreements, and including net periodic interest from
interest rate swaps is a helpful indicator of the Company’s total
financing cost in addition to GAAP interest expense.
Non-GAAP financial measures are not a substitute for GAAP
earnings and may not be comparable to similarly titled measures of
other REITs because they may not be calculated in the same manner.
Furthermore, though EAD is one of several factors our management
considers in determining the appropriate level of distributions to
common shareholders, it should not be utilized in isolation, and it
is not an accurate indication of the Company’s REIT taxable income
or its distribution requirements in accordance with the Tax
Code.
Reconciliations of each non-GAAP measure to certain GAAP
financial measures are provided below.
Three Months Ended
Year Ended
($s in thousands except per share
data)
December 31, 2024
September 30, 2024
December 31, 2024
Comprehensive income to common
shareholders (GAAP)
$
12,562
$
70,741
$
92,217
Less:
Change in fair value of investments, net
(1)
259,826
(234,541
)
157,845
Change in fair value of derivative
instruments, net (2)
(264,285
)
156,572
(274,966
)
EAD to common shareholders (non-GAAP)
$
8,103
$
(7,228
)
$
(24,904
)
Weighted average common shares
81,145,733
75,792,527
70,766,410
EAD per common share (non-GAAP)
$
0.10
$
(0.10
)
$
(0.35
)
Net interest income (GAAP)
$
6,887
$
894
$
5,877
Net periodic interest from interest rate
swaps
11,926
4,162
16,105
Economic net interest income
18,813
5,056
21,982
TBA drop loss (3)
459
(1,654
)
(2,694
)
Operating expenses
(9,246
)
(8,707
)
(36,498
)
Preferred stock dividends
(1,923
)
(1,923
)
(7,694
)
EAD to common shareholders (non-GAAP)
$
8,103
$
(7,228
)
$
(24,904
)
Net interest spread (GAAP)
(0.34
)%
(0.86
)%
(0.81
)%
Net periodic interest as a percentage of
average repurchase borrowings
0.75
%
0.28
%
0.28
%
Economic net interest spread
(non-GAAP)
0.41
%
(0.58
)%
(0.53
)%
(1) Amount includes realized and
unrealized gains and losses from the Company's MBS.
(2) Amount includes unrealized
gains and losses from changes in fair value of derivatives
(including TBAs accounted for as derivative instruments) and
realized gains and losses on terminated derivatives and excludes
TBA drop income and net periodic interest from interest rate
swaps.
(3) TBA drop income/loss is
calculated by multiplying the notional amount of the TBA dollar
roll positions by the difference in price between two TBA
securities with the same terms but different settlement dates.
Forward Looking
Statements
This release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words “believe,” “expect,” “forecast,” “anticipate,”
“estimate,” “project,” “plan,” "may," "could," "will," "continue"
and similar expressions identify forward-looking statements that
are inherently subject to risks and uncertainties, some of which
cannot be predicted or quantified. Forward-looking statements in
this release, including statements made in Mr. Boston's and Ms.
Popenoe's quotes, may include, without limitation, statements
regarding the Company's financial performance in future periods,
future interest rates, future market credit spreads, management's
views on expected characteristics of future investment and
macroeconomic environments, central bank strategies, prepayment
rates and investment risks, future investment strategies, future
leverage levels and financing strategies, the use of specific
financing and hedging instruments and the future impacts of these
strategies, future actions by the Federal Reserve, and the expected
performance of the Company's investments. The Company's actual
results and timing of certain events could differ materially from
those projected in or contemplated by the forward-looking
statements as a result of unforeseen external factors. These
factors may include, but are not limited to, ability to find
suitable investment opportunities; changes in domestic economic
conditions; geopolitical events, such as terrorism, war or other
military conflict, including the wars between Russia and Ukraine
and between Israel and Hamas and the related impacts on
macroeconomic conditions as a result of such conflicts; changes in
interest rates and credit spreads, including the repricing of
interest-earning assets and interest-bearing liabilities; the
Company’s investment portfolio performance, particularly as it
relates to cash flow, prepayment rates and credit performance; the
impact on markets and asset prices from changes in the Federal
Reserve’s policies regarding purchases of Agency RMBS, Agency CMBS,
and U.S. Treasuries; actual or anticipated changes in Federal
Reserve monetary policy or the monetary policy of other central
banks; adverse reactions in U.S. financial markets related to
actions of foreign central banks or the economic performance of
foreign economies including in particular China, Japan, the
European Union, and the United Kingdom; uncertainty concerning the
long-term fiscal health and stability of the United States; the
cost and availability of financing, including the future
availability of financing due to changes to regulation of, and
capital requirements imposed upon, financial institutions; the cost
and availability of new equity capital; changes in the Company’s
use of leverage; changes to the Company’s investment strategy,
operating policies, dividend policy or asset allocations; the
quality of performance of third-party servicer providers, including
the Company's sole third-party service provider for our critical
operations and trade functions; the loss or unavailability of the
Company’s third-party service provider’s service and technology
that supports critical functions of the Company’s business related
to the Company’s trading and borrowing activities due to outages,
interruptions, or other failures; the level of defaults by
borrowers on loans underlying MBS; changes in the Company’s
industry; increased competition; changes in government regulations
affecting the Company’s business; changes or volatility in the
repurchase agreement financing markets and other credit markets;
changes to the market for interest rate swaps and other derivative
instruments, including changes to margin requirements on derivative
instruments; uncertainty regarding continued government support of
the U.S. financial system and U.S. housing and real estate markets,
or to reform the U.S. housing finance system including the
resolution of the conservatorship of Fannie Mae and Freddie Mac;
the composition of the Board of Governors of the Federal Reserve;
the political environment in the U.S.; systems failures or
cybersecurity incidents; and exposure to current and future claims
and litigation. For additional information on risk factors that
could affect the Company's forward-looking statements, see the
Company's Annual Report on Form 10-K for the year ended December
31, 2023, and other reports filed with and furnished to the
Securities and Exchange Commission.
All forward-looking statements are qualified in their entirety
by these and other cautionary statements that the Company makes
from time to time in its filings with the Securities and Exchange
Commission and other public communications. The Company cannot
assure the reader that it will realize the results or developments
the Company anticipates or, even if substantially realized, that
they will result in the consequences or affect the Company or its
operations in the way the Company expects. Forward-looking
statements speak only as of the date made. The Company undertakes
no obligation to update or revise any forward-looking statements to
reflect events or circumstances arising after the date on which
they were made, except as otherwise required by law. As a result of
these risks and uncertainties, readers are cautioned not to place
undue reliance on any forward-looking statements included herein or
that may be made elsewhere from time to time by, or on behalf of,
the Company.
Company Description
Dynex Capital, Inc. is a financial services company committed to
ethical stewardship of stakeholders' capital, employing
comprehensive risk management and disciplined capital allocation to
generate dividend income and long-term total returns through the
diversified financing of real estate assets in the United States.
Dynex operates as a REIT and is internally managed to maximize
stakeholder alignment. Additional information about Dynex Capital,
Inc. is available at www.dynexcapital.com.
(1) Source: Bloomberg. (2) Please refer to the section "Non-GAAP
Financial Measures" for information on which of these amounts are
recognized within the Company's non-GAAP measures.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250127805902/en/
Alison Griffin (804) 217-5897
Dynex Capital (NYSE:DX)
Historical Stock Chart
From Dec 2024 to Jan 2025
Dynex Capital (NYSE:DX)
Historical Stock Chart
From Jan 2024 to Jan 2025
