The real estate sector is having a moderate 2024. The S&P 500 Real Estate Select Sector SPDR (XLRE) has advanced 5.5% year to date as of Aug 6. This wasn't the scenario in the first part of the year, with the sector declining till the end of June. However, optimism about the Fed introducing rate cuts in the economy and falling mortgage rates seem to have triggered a turnaround. Buoyed by signals from the Fed, the benchmark 30-year average mortgage rate fell to 6.5% late last week, its lowest level since May ...

t_kimura By Scott Kennedy, produced with Colorado Wealth Management Fund. DX Commentary An "as expected" quarter regarding Dynex Capital's (NYSE:DX) BV, in my opinion. DX recorded a modest quarterly BV decrease, which was correctly anticipated. DX modestly increased the company's on-balance sheet fixed-rate agency MBS portfolio, while slightly increasing (proportionately speaking) its off-balance sheet net long TBA MBS position. The size of DX's investment portfolio increase was slightly larger vs. what I a ...

Core Viewpoint - Mortgage real estate investment trusts (REITs) are becoming more attractive as passive income investments due to an anticipated lower interest rate environment, particularly for Dynex Capital, Inc. which focuses on Agency mortgage-backed securities [1][17]. Company Overview - Dynex Capital has a strong focus on Agency residential mortgage-backed securities, with a portfolio valued at $8.6 billion as of June 30, 2024, representing 97% of its total mortgage investments [2]. - Founded in 1987 and publicly listed in 1989, Dynex Capital is one of the longest-operating mortgage REITs in the industry [4]. Financial Performance - Dynex Capital's book value reached $12.50 per share as of June 30, 2024, showing stabilization after a low of $12.25 per share in Q3 2023 [5][13]. - The trust's net interest spread was negative at (1.01)% in Q2 2024, an improvement from (1.15)% in Q1 2024, indicating potential for recovery as interest rates are expected to decrease [7][9]. Investment Thesis - The anticipated reduction in interest rates is expected to enhance the value of mortgage-backed securities, benefiting Dynex Capital's portfolio [9][17]. - The trust offers a monthly dividend of $0.13 per share, translating to a 12.8% dividend yield, making it an appealing option for passive income investors [1][17]. - The current stock price of $12.19 reflects a 2% discount to its book value, suggesting potential for price appreciation as the market adjusts to lower interest rates [13][15]. Market Context - The central bank's recent CPI report indicates cooling inflation, which may prompt a shift in interest rate policy, favoring mortgage trusts like Dynex Capital [12][16]. - Other major mortgage REITs, such as Annaly Capital Management and AGNC Investment Corp., are trading at premiums to their book values, highlighting a favorable market sentiment towards mortgage-backed securities [14].

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Unaudited financial statements reveal increased assets and equity, with improved net income for the six months ended June 30, 2024 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets and shareholders' equity increased significantly by June 30, 2024, driven by MBS and stock issuances Consolidated Balance Sheet Highlights (unaudited) | ($s in thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$6,683,602** | **$6,369,750** | | Mortgage-backed securities, at fair value | $6,193,139 | $6,038,948 | | Cash and cash equivalents | $286,132 | $119,639 | | **Total Liabilities** | **$5,638,339** | **$5,499,015** | | Repurchase agreements | $5,494,428 | $5,381,104 | | **Total Shareholders' Equity** | **$1,045,263** | **$870,735** | [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Q2 2024 reported a net loss to common shareholders, contrasting with improved H1 2024 net income from derivative gains Key Income Statement Data (unaudited) | ($s in thousands except per share data) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net interest income (expense) | $1,287 | $(2,930) | $(1,904) | $(3,392) | | Total other (losses) gains, net | $(2,348) | $64,899 | $52,264 | $31,438 | | Net (loss) income | $(8,304) | $54,337 | $31,815 | $12,616 | | Net (loss) income to common shareholders | $(10,227) | $52,414 | $27,968 | $8,769 | | Net (loss) income per common share-diluted | $(0.15) | $0.96 | $0.44 | $0.16 | [Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Shareholders%27%20Equity) Shareholders' equity significantly increased by June 30, 2024, driven by stock issuances, despite dividends and comprehensive loss - Total shareholders' equity increased by **$174.5 million** in the first six months of 2024[13](index=13&type=chunk) - The company raised capital through stock issuances, adding **$86.8 million** in Q1 and **$124.8 million** in Q2 2024[13](index=13&type=chunk) - Dividends paid on common stock totaled **$50.5 million** and on preferred stock totaled **$3.8 million** for the six months ended June 30, 2024[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by **$171.4 million** for H1 2024, driven by financing activities, offsetting investing outflows Cash Flow Summary (unaudited) | ($s in thousands) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,505 | $35,227 | | Net cash used in investing activities | $(102,685) | $(1,569,744) | | Net cash provided by financing activities | $272,579 | $1,517,394 | | **Net increase (decrease) in cash** | **$171,399** | **$(17,123)** | [Notes to the Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail accounting policies, financial instruments, and the company's strategy as a mortgage REIT investing in leveraged Agency MBS and derivatives - The company is an internally managed mortgage REIT that primarily invests on a leveraged basis in Agency mortgage-backed securities (MBS) and to-be-announced (TBA) securities[17](index=17&type=chunk) - As of June 30, 2024, the MBS portfolio had a fair value of **$6.19 billion**, primarily composed of Agency RMBS (**$5.96 billion**)[54](index=54&type=chunk) - The company had **$5.49 billion** in repurchase agreements outstanding as of June 30, 2024, with a weighted average rate of **5.46%**[61](index=61&type=chunk) - Derivative instruments include short positions in U.S. Treasury futures with a notional amount of **$5.4 billion** and long positions in TBA securities with an implied market value of **$2.66 billion** as of June 30, 2024[69](index=69&type=chunk)[71](index=71&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2024 market conditions, reporting an economic loss per share due to spread widening, despite capital raising and portfolio growth [Executive Overview](index=25&type=section&id=Executive%20Overview) Q2 2024 saw shifting Fed rate expectations, wider mortgage spreads, and a total economic loss of **$(0.31)** per common share, despite capital raising - Expectations for Federal Funds rate cuts shifted to later in 2024 or 2025, causing the 10-year U.S. Treasury to close at **4.40%** as of June 30, 2024[93](index=93&type=chunk) - Total economic loss was **$(0.31)** per common share for Q2 2024, comprised of a **$(0.70)** decline in book value per common share and **$0.39** in dividends[99](index=99&type=chunk) - The company raised **$124.7 million** in capital during Q2 through a public offering and ATM issuances, partially deploying it into **$551.1 million** of higher coupon Agency RMBS[98](index=98&type=chunk) [Financial Condition](index=28&type=section&id=Financial%20Condition) The investment portfolio, including TBAs, grew **19%** to **$9.09 billion** by June 30, 2024, with a shift towards higher coupon Agency RMBS and increased hedging positions - The investment portfolio (including TBAs) increased by approximately **19%** since December 31, 2023[104](index=104&type=chunk) Fixed-Rate Agency RMBS Portfolio (including TBAs) | ($s in thousands) | June 30, 2024 (Par/Notional) | December 31, 2023 (Par/Notional) | | :--- | :--- | :--- | | **Total** | **$9,092,839** | **$7,425,502** | | Weighted Average Market Yield | 5.45% | 4.98% | | Estimated Duration | 4.88 | 4.72 | Interest Rate Hedge Portfolio (Notional Amount) | ($s in thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | 10-year U.S. Treasury futures | $(4,570,000) | $(4,180,000) | | 30-year U.S. Treasury futures | $(825,000) | $(700,000) | [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q2 2024 saw a comprehensive loss to common shareholders, despite positive net interest income, while H1 2024 net interest expense improved Quarterly Results Comparison | ($s in thousands) | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | Net interest income (expense) | $1,287 | $(3,192) | | Gain on derivative instruments, net | $41,135 | $124,635 | | Unrealized loss on investments, net | $(41,977) | $(70,024) | | Comprehensive (loss) income to common shareholders | $(12,013) | $20,927 | - The increase in the 10-year U.S. Treasury rate in Q2 2024 was mitigated by **$64.1 million** in gains on interest rate hedges, but net losses on investments were driven by spread widening on Agency RMBS[122](index=122&type=chunk) - For H1 2024, interest income increased by **102%** YoY to **$147.6 million**, driven by additions of higher-yielding Agency RMBS, which helped narrow the net interest expense[127](index=127&type=chunk)[128](index=128&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity increased to **$644.0 million** by June 30, 2024, supported by a Q2 capital raise, with leverage at **7.9** times equity - Total liquidity was **$644.0 million** as of June 30, 2024, comprising **$286.1 million** in cash, **$355.5 million** in unencumbered Agency MBS, and **$2.4 million** in noncash collateral received[146](index=146&type=chunk) - In Q2 2024, the company issued **10.5 million** shares of common stock, raising net proceeds of **$124.5 million**[145](index=145&type=chunk) - Leverage was **7.9** times shareholders' equity as of June 30, 2024, when including the cost basis of TBA long positions[149](index=149&type=chunk) - The company has **$848.8 million** in net deferred tax hedge gains as of June 30, 2024, which will be recognized as taxable income in future periods, with the majority recognized in 2026 and thereafter[158](index=158&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate, spread, prepayment, and credit risks, managing interest rate risk with derivatives, while spread risk remains unhedged Interest Rate Sensitivity Analysis on Common Equity (as of June 30, 2024) | Scenario | % Change in Common Equity | | :--- | :--- | | Parallel Rate Increase of 100 bps | (5.6)% | | Parallel Rate Increase of 50 bps | (2.1)% | | Parallel Rate Decrease of 50 bps | (0.1)% | | Parallel Rate Decrease of 100 bps | (3.5)% | Market Spread Sensitivity Analysis on Common Equity (as of June 30, 2024) | Basis Point Change in Spreads | % Change in Common Equity | | :--- | :--- | | +20/+50 | (10.6)% | | +10 | (5.3)% | | -10 | 5.3% | | -20/-50 | 10.6% | - The company does not hedge spread risk due to complexity and lack of liquid instruments[184](index=184&type=chunk) - Credit risk is considered low as the portfolio is primarily Agency MBS, which carry a guaranty of principal and interest from a U.S. government-sponsored entity[195](index=195&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2024, with no material changes to internal control over financial reporting - Management concluded that as of June 30, 2024, the company's disclosure controls and procedures were effective[204](index=204&type=chunk) - No material changes were made to the internal control over financial reporting during the three months ended June 30, 2024[205](index=205&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) No pending or threatened legal proceedings are expected to materially affect the company's financial condition or operations - There are no pending or threatened legal proceedings that could have a material adverse effect on the Company[206](index=206&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K - No material changes have occurred from the risk factors discussed in the 2023 Form 10-K[207](index=207&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has an authorized share repurchase program, but no shares were repurchased during Q2 2024 - The company has an authorized share repurchase program for up to **$100 million** of common stock and **$50 million** of Series C Preferred Stock[208](index=208&type=chunk) - No shares were repurchased during the three months ended June 30, 2024[209](index=209&type=chunk) [Item 3. Defaults Upon Senior Securities](index=49&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[211](index=211&type=chunk) [Item 4. Mine Safety Disclosures](index=49&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company has no mine safety disclosures to report - None[212](index=212&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) No directors or Section 16 officers adopted or terminated Rule 10b5-1 trading arrangements during Q2 2024 - No directors or Section 16 officers adopted or terminated any Rule 10b5-1 trading plans during the quarter[213](index=213&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including amended employment agreements and Sarbanes-Oxley certifications - The report includes exhibits such as amended employment agreements for executives and certifications pursuant to the Sarbanes-Oxley Act[215](index=215&type=chunk)

Dynex Capital, Inc. (NYSE:DX) Q2 2024 Earnings Conference Call July 22, 2024 10:00 AM ET Company Participants Alison Griffin - Vice President, Investor Relations Byron Boston - Chairman and Co-Chief Executive Officer Rob Colligan - Executive Vice President, Chief Financial Officer and Chief Operating Officer Smriti Popenoe - President, Co-Chief Executive Officer and Chief Investment Officer Conference Call Participants Jason Weaver - Jones Trading Eric Hagen - BTIG George Bose - KBW Doug Harter - UBS Jason ...

[Second Quarter 2024 Results](index=1&type=section&id=Second%20Quarter%202024%20Results) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Dynex Capital reported a total economic loss of **$(0.31) per common share** in Q2 2024, with book value decreasing to **$12.50** Q2 2024 Key Financial Metrics | Metric | Value | | :--- | :--- | | Total Economic Loss per Common Share | $(0.31) | | Book Value per Common Share (June 30, 2024) | $12.50 | | Comprehensive Loss per Common Share | $(0.18) | | Net Loss per Common Share | $(0.15) | | Dividends Declared per Common Share | $0.39 | | Equity Capital Raised | $124.7 million | | Agency RMBS Purchased | $551.1 million | | Liquidity (June 30, 2024) | $644.0 million | | Leverage (including TBA) | 7.9x shareholders' equity | [Management Remarks](index=1&type=section&id=Management%20Remarks) Management emphasized executing the strategic plan to deliver consistent dividends and capitalize on wide mortgage market spreads - The company is executing its strategic plan to provide consistent dividends and manage capital with discipline[4](index=4&type=chunk) - Dynex raised capital to leverage the "generationally wide spreads" in the mortgage market[4](index=4&type=chunk) - Human capital and building for future success remain a key focus for the company[4](index=4&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=2&type=section&id=Consolidated%20Balance%20Sheets) Total assets and liabilities increased as of June 30, 2024, with shareholders' equity growing, while book value per common share declined to **$12.50** Balance Sheet Comparison (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $6,683,602 | $6,369,750 | | Total Liabilities | $5,638,339 | $5,499,015 | | Total Shareholders' Equity | $1,045,263 | $870,735 | | Book Value per Common Share | $12.50 | $13.31 | [Consolidated Comprehensive Statements of Income](index=3&type=section&id=Consolidated%20Comprehensive%20Statements%20of%20Income) For Q2 2024, the company reported a net loss of **$(10.2) million**, or **$(0.15) per share**, a significant shift from Q1 net income Q2 2024 Income Statement Highlights (in thousands, except per share data) | Metric | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | Net Interest Income (Expense) | $1,287 | $(3,192) | | Total Other (Losses) Gains, Net | $(2,348) | $54,611 | | Net (Loss) Income to Common Shareholders | $(10,227) | $38,195 | | Net (Loss) Income per Common Share-Basic | $(0.15) | $0.65 | | Comprehensive (Loss) Income to Common Shareholders | $(12,013) | $20,927 | [Discussion of Second Quarter Results](index=4&type=section&id=Discussion%20of%20Second%20Quarter%20Results) [Book Value and Economic Return Analysis](index=4&type=section&id=Book%20Value%20and%20Economic%20Return%20Analysis) The total economic loss of **$(0.31) per share** in Q2 2024 resulted from a decline in book value to **$12.50**, primarily due to widening Agency RMBS spreads Q2 2024 Common Book Value Rollforward (per share) | Component | Per Common Share Impact | | :--- | :--- | | Balance as of March 31, 2024 | $13.20 | | Comprehensive Loss | See detailed components | | Capital Transactions (Net) | See detailed components | | **Balance as of June 30, 2024** | **$12.50** | - The primary driver for the decline in book value was the widening of Agency RMBS spreads relative to U.S. Treasuries[9](index=9&type=chunk) - The company raised **$124.7 million** from ATM issuances and a public offering during the quarter[9](index=9&type=chunk)[10](index=10&type=chunk) [MBS Investment Portfolio](index=4&type=section&id=MBS%20Investment%20Portfolio) Dynex added **$551.1 million** in higher-coupon Agency RMBS in Q2 2024, increasing the total investment portfolio fair value to **$8.86 billion** - The company purchased **$551.1 million** in specified pools of Agency RMBS with coupons of 5.5% or higher, which is anticipated to increase net interest income[11](index=11&type=chunk) MBS Portfolio Composition by Fair Value (in millions) | Security Type | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Total Agency RMBS | $8,624.8 | $7,991.3 | | Agency CMBS | $97.5 | $111.8 | | Agency CMBS IO | $116.9 | $124.5 | | Non-Agency CMBS IO | $16.4 | $21.1 | | **Total** | **$8,855.5** | **$8,248.7** | [Financing and Net Interest Spread](index=5&type=section&id=Financing%20and%20Net%20Interest%20Spread) Total repurchase agreement borrowings increased to **$5.49 billion** in Q2 2024, with the effective yield on investments rising, resulting in an improved net interest spread of **(1.01)%** Repurchase Agreement Borrowings (in thousands) | Metric | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Total Balance | $5,494,428 | $5,284,708 | | Weighted Average Rate | 5.46% | 5.46% | | WAVG Original Term (Days) | 94 | 76 | Portfolio Performance Comparison | Metric | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | Effective Yield on Investments | 4.46% | 4.36% | | Cost of Funds (Repo) | (5.47)% | (5.51)% | | Net Interest Spread | (1.01)% | (1.15)% | [Hedging Portfolio](index=6&type=section&id=Hedging%20Portfolio) The company uses derivatives to hedge interest rate risk, holding **$5.4 billion** in U.S. Treasury futures and **$10.0 million** in interest rate swaps - As of June 30, 2024, the company held short positions in U.S. Treasury futures with a total notional amount of approximately **$5.4 billion** and interest rate swaps with a notional amount of **$10.0 million**[17](index=17&type=chunk) - The company's remaining estimated net deferred tax hedge gains from its interest rate hedging portfolio was **$848.8 million** as of June 30, 2024[18](index=18&type=chunk) Projected Recognition of Remaining Hedge Gains (in thousands) | Period | Projected Amount | | :--- | :--- | | Third quarter 2024 | $26,687 | | Fourth quarter 2024 | $26,784 | | Fiscal year 2025 | $107,939 | | Fiscal year 2026 and thereafter | $687,428 | | **Total** | **$848,838** | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) Dynex uses non-GAAP measures like EAD and adjusted net interest income to show portfolio returns, reporting an EAD loss of **$(8.1) million** for Q2 2024 - Management believes non-GAAP measures like EAD and adjusted net interest income are useful for investors as they measure the portfolio's return based on effective yield, net of financing and recurring costs[22](index=22&type=chunk) Reconciliation to EAD (in thousands, except per share) | Metric | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | Comprehensive (loss) income to common shareholders | $(12,013) | $20,927 | | EAD to common shareholders | $(8,095) | $(17,684) | | EAD per common share | $(0.12) | $(0.30) | Reconciliation to Adjusted Net Interest Income (in thousands) | Metric | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | Net interest income (expense) | $1,287 | $(3,192) | | Adjusted net interest income (expense) | $1,071 | $(4,460) | [Other Information](index=8&type=section&id=Other%20Information) [Forward-Looking Statements](index=8&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties, with actual results potentially differing due to economic and geopolitical factors - The report includes forward-looking statements regarding future performance, interest rates, and strategies, which are subject to inherent risks[26](index=26&type=chunk) - Key risk factors include changes in domestic economic conditions, geopolitical events (e.g., wars in Ukraine and between Israel and Hamas), changes in interest rates and credit spreads, and Federal Reserve policy changes[26](index=26&type=chunk)[27](index=27&type=chunk) [Company Description](index=9&type=section&id=Company%20Description) Dynex Capital, Inc. is an internally managed REIT focused on generating dividend income and long-term returns from diversified U.S. real estate assets - Dynex Capital is an internally managed REIT that finances diversified U.S. real estate assets to generate dividend income and long-term returns[29](index=29&type=chunk)

stanciuc Our coverage today revisits our stance on Dynex Capital, Inc. (NYSE:DX), a mortgage REIT we last covered in February. Back then, we assigned a Hold rating to the asset due to a forecasted drop and economically driven inversion of the yield curve. As shown in the following diagram, our rating history on Dynex is quite accurate due to our successful outlook/s on mortgage rates and funding costs. However, additional events have occurred within the economy since our latest coverage, prompting us to upd ...

PeopleImages Co-authored Treading Softly When approaching a problem, it's best to have multiple strategies at hand, as relying solely on one plan can often lead to failure. Leaving your options open can benefit you, but only if you don't leave them open for too long. It's important to be patient, but we shouldn't let analysis paralyze us. I've been very open about my viewpoints on where I think agency MBS is going. I also have been very open about my favorite picks in this sector. In recent weeks, we have d ...

| UNITED STATES | | --- | | SECURITIES AND EXCHANGE COMMISSION | | Washington, DC 20549 | | FORM 10-Q | | ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | For the quarterly period ended March 31, 2024 | | or | | ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | Commission File Number: 001-09819 | | DYNEX CAPITAL, INC. | | (Exact name of registrant as specified in its charter) | | Virginia 52-1549373 | | (State or other ...

Dynex Capital, Inc. (NYSE:DX) Q1 2024 Earnings Conference Call April 22, 2024 10:00 AM ET Company Participants Alison Griffin - Vice President of Investor Relations Byron Boston - Chairman and Chief Executive Officer Robert Colligan - Executive Vice President and Chief Financial Officer Smriti Popenoe - President and Chief Investment Officer Conference Call Participants Bose George - KBW Douglas Harter - UBS Matthew Erdner - Jones Trading Eric Hagen - BTIG Operator Thank you for standing by. My name is Jael ...