| 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 September 30, 2023 | | | 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) | | | Virgini ...

Dynex Capital, Inc. (NYSE:DX) Q3 2023 Earnings Conference Call October 23, 2023 10:00 AM ET Company Participants Alison Griffin - Vice President, Investor Relations Byron Boston - Chief Executive Officer and Co-Chief Investment Officer Rob Colligan - Executive Vice President, Chief Financial Officer Smriti Popenoe - President and Co-Chief Investment Officer Conference Call Participants Bose George - KBW Trevor Cranston - JMP Securities Matthew Erdner - Jones Trading Eric Hagen - BTIG Operator Good morning. ...

• We believe the coming quarters will provide ample investment opportunity at attractive levels. 3.0 Great Financial Crisis Beneficial Periods For Investing Resulting In Savings & Loan Crisis Above Average Long Term Returns 2.5 Long-term Capital & Dot Com Period FED Tightening Pandemic 2.0 + Book Value "BV" "BV" "BV" "BVª 1.0 0.5 Private Capital Dominates Marginal Investing Quantitative Easing "QE" Growth in GSE Retained Portfolios Quantitative Tightening "QT" 11 12 September 30, 2023 Percentage Change in C ...

| 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 June 30, 2023 | | | 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 | 5 ...

Dynex Capital, Inc. (NYSE:DX) Q2 2023 Earnings Conference Call July 24, 2023 10:00 AM ET Company Participants Alison Griffin - Vice President, Investor Relations Byron Boston - Chief Executive Officer and Co-Chief Investment Officer Rob Colligan - Executive Vice President, Chief Financial Officer Smriti Popenoe - President and Co-Chief Investment Officer Conference Call Participants Trevor Cranston - JMP Securities Douglas Harter - Credit Suisse Bose George - KBW Matthew Erdner - Jones Trading Eric Hagen - ...

Second Quarter 2023 Earnings Presentation July 24, 2023 ...

| 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, 2023 | | | 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 | ...

Financial Data and Key Metrics Changes - The company reported a book value of $13.80 per share and a comprehensive loss of $0.54 per share for the quarter, resulting in an economic loss of 3.7% when accounting for dividends [3][4] - Hedge gains for the quarter amounted to $89 million, contributing to an unamortized hedge gain of $766 million at the end of the quarter, which has protected book value from rising rates [4][66] Business Line Data and Key Metrics Changes - The portfolio was positioned for spread tightening, which occurred in the first half of the quarter, leading to a mid-quarter book value of approximately $15.30 [3] - The company added over $1.1 billion in assets during the quarter at wider spreads, increasing leverage to 1.4x from year-end levels [71] Market Data and Key Metrics Changes - The company noted that mortgage spreads have widened significantly since late 2021, reflecting a tripling from previous lows, and expects this trend to continue until the bulk of FDIC sales are complete [57][97] - The total amount of securities to be sold by the FDIC is $98 billion, with expectations of sales ramping up to $1.5 billion to $2 billion per week [72] Company Strategy and Development Direction - The company views the current environment as a generational opportunity to invest in agency residential mortgage-backed securities, emphasizing the importance of liquidity and flexibility in capital deployment [49][75] - The management team is focused on maintaining a disciplined approach to capital management, preparing for potential market volatility while seeking attractive investment opportunities [50][62] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the investment opportunities in agency RMBS, tempered by respect for the complexities of the global macroeconomic environment [6][10] - The company anticipates that the current period of wider spreads will provide significant investment opportunities, with expectations of tighter spreads in the medium to long term [63][97] Other Important Information - The company has preserved a significant portion of its book value through the transition to wider spreads, with book value previously at $17 in August of last year [98] - The management team highlighted the importance of transparency in investments, using mark-to-market valuations to calculate book value daily [103] Q&A Session Summary Question: Can you discuss the marginal buyer of MBS and the potential for additional spread widening? - Management indicated that lower coupon securities are becoming attractive relative to corporates, which could drive demand from money managers, but they expect periodic bouts of widening [107] Question: How does the repo market influence leverage decisions? - Management noted that the repo market is currently flush with cash, allowing for flexibility in financing, and indicated a willingness to increase leverage to low double digits if conditions are favorable [85][87] Question: What is the impact of the slow prepayment environment on leverage? - Management stated that while they carry sufficient liquidity to manage cash flows, the slow prepayment environment does not significantly affect their willingness to adjust leverage [116]

| UNITED STATES | | | | --- | --- | --- | | SECURITIES AND EXCHANGE COMMISSION | | | | Washington, DC 20549 | | | | FORM 10-K | | | | ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | | | For the fiscal year ended December 31, 2022 | | | | 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 chart ...

Dynex Capital, Inc. (NYSE:DX) Q4 2022 Earnings Conference Call January 30, 2023 10:00 AM ET Company Participants Alison Griffin - Vice President, Investor Relations Byron Boston - Chief Executive Officer and Co-Chief Investment Officer Smriti Popenoe - President and Co-Chief Investment Officer Rob Colligan - Executive Vice President and Chief Financial Officer Conference Call Participants Eric Hagen - BTIG Doug Harter - Credit Suisse Trevor Cranston - JMP Securities Bose George - KBW Christopher Nolan - Lad ...