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, 2021 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 jurisdiction of incorporation or organization) (I.R.S. Employe ...

Dynex Capital, Inc. (NYSE:DX) Q4 2021 Earnings Conference Call February 3, 2022 10:00 AM ET Company Participants Alison Griffin – Vice President-Investor Relations Byron Boston – Chief Executive Officer and Co-Chief Investment Officer Steve Benedetti – Executive Vice President, Chief Financial Officer and Chief Operating Officer Smriti Popenoe – President and Co-Chief Investment Officer Conference Call Participants Eric Hagan – BTIG Josh Bolton – Credit Suisse Trevor Cranston – JMP Securities Mike Smith – K ...

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, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-9819 DYNEX CAPITAL, INC. (Exact name of registrant as specified in its charter) Virginia 52-1549373 (State or other jurisdiction of incorporation or organization) (I.R.S. E ...

Dynex Capital, Inc. (NYSE:DX) Q3 2021 Earnings Conference Call October 27, 2021 10:00 AM ET Company Participants Alison Griffin - VP, IR Byron Boston - CEO & Co-Chief Information Officer Steve Benedetti - EVP, CFO & COO Smriti Popenoe - President & Co-Chief Investment Officer Conference Call Participants John Kolz - Credit Suisse Trevor Cranston - JMP Securities Mike Smith - KBW Eric Hagen - BTIG Jason Stewart - Jones Trading Christopher Nolan - Ladenburg Thalmann Operator Ladies and gentlemen, thank you fo ...

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, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-9819 DYNEX CAPITAL, INC. (Exact name of registrant as specified in its charter) Virginia 52-1549373 (State or other jurisdiction of incorporation or organization) (I.R.S. Employ ...

Financial Data and Key Metrics Changes - The company reported a comprehensive loss of $0.98 per common share and a total economic return of minus $0.93 per common share, representing a decline of 4.6% [12] - Book value per share decreased by $1.32 or 6.6%, primarily due to economic losses on the investment portfolio of $48 million, driven by mortgage spread widening and a lower rate environment [13] - Total economic return year-to-date was 2.4%, with book value on June 30 at $18.75, relatively unchanged versus year-end [22] Business Line Data and Key Metrics Changes - Average interest-earning assets, including TBAs, increased to $4.8 billion from $4.3 billion, with interest-earning assets at quarter-end reaching $5.4 billion compared to $5.2 billion at the end of the last quarter [15] - Adjusted net interest income increased on an absolute dollar basis due to growth in the investment portfolio, but decreased on a per share basis due to new shares issued [16] - Adjusted net interest spread increased by 8 basis points to 195 basis points, driven by the company's TBA position and a modest decline in repo borrowing costs [17] Market Data and Key Metrics Changes - Agency RMBS prepayment speeds remained essentially unchanged at 19 CPR for the quarter compared to 18.6 CPR in the first quarter [18] - The company raised $68 million in new common equity through market offerings during the quarter, contributing $0.07 per common share to book value [18] Company Strategy and Development Direction - The company aims to generate a cash return between 8% to 10% while maintaining steady book value over time, using a disciplined, research-driven approach [10] - The management emphasizes liquidity with a balance sheet of high-quality assets and plans to take advantage of investment opportunities as they arise [34] - The company is positioned for a steeper yield curve and wider spreads, maintaining lower leverage and higher liquidity levels [34] Management's Comments on Operating Environment and Future Outlook - The management noted that the global economy is still evolving through the health crisis, and it will take time for the economic picture to become clear [25] - The company expects front-end rates to remain low close to zero through 2022, providing a solid base for generating returns [27] - The management remains cautious about potential whipsaw risks in rates and is prepared to adjust their hedging strategies accordingly [54] Other Important Information - The company has maintained a disciplined approach to capital management, which has cushioned book value fluctuations during periods of volatility [10] - The management highlighted the importance of patience in navigating the current market environment, emphasizing the need for a flexible mindset [20] Q&A Session Summary Question: What is the pacing of adding leverage? - The management indicated that they are comfortable with current leverage levels and will consider increasing it if additional spread widening occurs in the coming quarters [38] Question: How do you view the dollar roll market in light of potential Fed policy? - The management expressed confidence in the dollar roll market, noting strong financing rates and bank demand as key drivers [44] Question: What are your thoughts on MBS spreads and risks of additional widening? - The management acknowledged that spread widening has already occurred and expects an additional 10 to 15 basis points of widening, which could present buying opportunities [62] Question: Is there a possibility of a dividend supplement? - The management affirmed their comfort with the current dividend policy, emphasizing risk management and the goal of generating attractive total economic returns [66]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the three months ended March 31, 2021, detailing the company's financial position, performance, and cash flows Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | $2,901,108 | $3,095,435 | | Mortgage-backed securities, at fair value | $2,380,373 | $2,596,255 | | Repurchase agreements | $2,032,089 | $2,437,163 | | Total Liabilities | $2,169,832 | $2,461,982 | | Total Shareholders' Equity | $731,276 | $633,453 | Consolidated Statements of Comprehensive Income (Loss) Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net Interest Income | $12,259 | $17,721 | | Gain (loss) on derivative instruments, net | $107,801 | $(195,567) | | Net Income (Loss) | $117,929 | $(98,479) | | Net income (loss) to common shareholders | $112,383 | $(106,234) | | Comprehensive income (loss) to common shareholders | $47,227 | $(33,262) | | Net income (loss) per common share-basic and diluted | $4.20 | $(4.63) | Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $30,189 | $43,981 | | Net cash provided by investing activities | $398,335 | $287,880 | | Net cash used in financing activities | $(360,768) | $(352,291) | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) These notes detail the company's significant accounting policies, investment portfolio, financing, hedging activities, fair value measurements, and changes in shareholders' equity - The Company operates as an internally managed mortgage REIT, primarily investing in leveraged Agency and non-Agency mortgage-backed securities (MBS), including CMBS, RMBS, and CMBS IOs[23](index=23&type=chunk) - Effective January 1, 2021, the Company elected the fair value option for all new MBS, reporting fair value changes in net income to align with derivative accounting[44](index=44&type=chunk) MBS Portfolio by Fair Value (in thousands) | MBS Type | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Agency RMBS | $1,763,737 | $1,946,391 | | Agency CMBS | $249,617 | $258,550 | | CMBS IO | $365,876 | $390,039 | | Non-Agency Other | $1,143 | $1,275 | | **Total** | **$2,380,373** | **$2,596,255** | - During Q1 2021, the Company redeemed all remaining **2,788,330** shares of its 7.625% Series B Preferred Stock, incurring a **$3.0 million** redemption charge to net income available to common shareholders[108](index=108&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 performance, highlighting the positive impact of hedging in a rising interest rate environment, leading to comprehensive income and increased leverage due to TBA investments [Executive Overview](index=25&type=section&id=Executive%20Overview) In Q1 2021, the company's hedging strategy protected book value in a rising interest rate environment, resulting in **$47.2 million** comprehensive income and increased leverage to **6.9x** due to TBA investments - Comprehensive income to common shareholders for Q1 2021 was **$47.2 million**, or **$1.76 per common share**, primarily driven by hedging instrument gains that protected book value against rising interest rates[124](index=124&type=chunk) Non-GAAP Financial Highlights (in thousands, except per share data) | Metric | Q1 2021 | Q4 2020 | | :--- | :--- | :--- | | Core net operating income to common shareholders | $12,420 | $10,543 | | Core net operating income per common share | $0.46 | $0.45 | | Adjusted net interest income | $20,827 | $20,854 | - Leverage, including TBA long positions, increased to **6.9 times** shareholders' equity as of March 31, 2021, up from **6.3 times** at year-end 2020, primarily due to increased TBA investment[126](index=126&type=chunk) [Financial Condition](index=30&type=section&id=Financial%20Condition) As of March 31, 2021, the company's investment portfolio primarily comprised Agency RMBS, CMBS, and CMBS IOs, with increased TBA allocation, financed by repurchase agreements and **72%** hedged against interest rate risk Investment Portfolio Composition (including TBAs) | Investment Type | % of Portfolio (Mar 31, 2021) | % of Portfolio (Dec 31, 2020) | | :--- | :--- | :--- | | Agency RMBS | 82% | 81% | | Agency CMBS | 4% | 6% | | CMBS IO | 11% | 13% | | Non-Agency MBS | <1% | <1% | - The company increased investment in TBA securities due to lower implied financing rates for dollar roll transactions compared to repurchase agreement borrowings[139](index=139&type=chunk) - As of March 31, 2021, approximately **72%** of the MBS portfolio (including TBA securities) was hedged using U.S. Treasury futures, options, and swaptions, up from **62%** at year-end 2020[151](index=151&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) In Q1 2021, net interest income decreased, but adjusted net interest income remained stable, driven by a **$107.8 million** net gain on derivative instruments offsetting a **$65.2 million** fair value decline in AFS investments Net Interest Income Analysis (Q1 2021 vs Q4 2020, in thousands) | Metric | Q1 2021 | Q4 2020 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income (GAAP) | $12,259 | $14,416 | $(2,157) | | TBA Drop Income | $8,568 | $6,445 | $2,123 | | Adjusted Net Interest Income (Non-GAAP) | $20,827 | $20,854 | $(27) | Gain (Loss) on Derivative Instruments, Net (Q1 2021, in thousands) | Derivative Type | Gain / (Loss) | | :--- | :--- | | Interest rate swaptions | $57,763 | | U.S. Treasury futures | $95,647 | | Options on U.S. Treasury futures | $12,617 | | TBA dollar roll positions, net | $(58,226) | | **Total** | **$107,801** | - The fair value of investments declined, resulting in a **$65.2 million** unrealized loss in OCI for AFS securities and a **$1.0 million** loss in net income for fair value option securities[171](index=171&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity strengthened with liquid assets increasing to **$528.6 million**, while leverage rose to **6.9x** due to increased TBA investments, maintaining full compliance with all financial covenants - Liquid assets, including unrestricted cash and unencumbered Agency securities, increased to **$528.6 million** as of March 31, 2021, from **$415.3 million** as of December 31, 2020[178](index=178&type=chunk) - Leverage, including TBA long positions, was **6.9x** shareholders' equity as of March 31, 2021, up from **6.3x** at year-end 2020[178](index=178&type=chunk) - The company was in full compliance with all debt covenants as of March 31, 2021, with no material restrictions on financing flexibility[180](index=180&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to market risks, including interest rate, spread, prepayment, credit, and liquidity risks, and its strategies for managing them through investment selection and hedging Projected Sensitivity of Shareholders' Equity to Interest Rate Shifts (as of March 31, 2021) | Rate Shift (Basis Points) | % Change in Common Equity | | :--- | :--- | | -100 | -9.6% | | -50 | -1.4% | | +50 | -3.4% | | +100 | -9.1% | Projected Sensitivity of Shareholders' Equity to Market Spread Shifts (as of March 31, 2021) | Spread Shift (Basis Points) | % Change in Common Equity | | :--- | :--- | | -20/-50 | +10.5% | | -10 | +5.0% | | +10 | -5.0% | | +20/+50 | -10.5% | - Prepayment risk is managed by investing substantially in lower coupon RMBS (**83%** of capital in securities with a coupon of **2.5%** or lower) and in CMBS with prepayment protections[211](index=211&type=chunk) - Credit risk is mitigated by primarily investing in Agency MBS with government or GSE guarantees, and in senior, **AAA-rated** tranches of CMBS IO securities[213](index=213&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - The principal executive and financial officers concluded that the Company's disclosure controls and procedures were effective as of March 31, 2021[220](index=220&type=chunk) - No material changes occurred in internal control over financial reporting during Q1 2021[221](index=221&type=chunk) [PART II. OTHER INFORMATION](index=52&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) No material developments occurred in the 'Receiver Litigation' during the quarter, with management deeming a loss not probable and no other material legal proceedings pending - No material developments occurred in the previously disclosed 'Receiver Litigation' during the three months ended March 31, 2021[223](index=223&type=chunk) - Management believes the likelihood of loss is not probable and cannot be reasonably estimated, thus no contingent liability has been recorded[223](index=223&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred to the risk factors previously disclosed in the Company's 2020 Annual Report on Form 10-K - No material changes from the risk factors discussed in the Company's 2020 Form 10-K[224](index=224&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Board authorized a **$40 million** common stock and **$40 million** Series C Preferred Stock repurchase program, though no shares were repurchased in Q1 2021, except for **22,623** shares withheld for employee tax obligations - The Board of Directors authorized the repurchase of up to **$40 million** of common stock and **$40 million** of Series C Preferred Stock[225](index=225&type=chunk) - No shares were purchased under the publicly announced repurchase plan during the three months ended March 31, 2021[227](index=227&type=chunk)[228](index=228&type=chunk) [Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None[229](index=229&type=chunk) [Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) No mine safety disclosures were reported - None[230](index=230&type=chunk) [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No other material information was reported - None[231](index=231&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, underwriting agreements, and Sarbanes-Oxley Act certifications - The report includes certifications from the principal executive and financial officers pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[233](index=233&type=chunk) - Underwriting agreements related to equity offerings in January and March 2021 are included by reference[233](index=233&type=chunk)

Dynex Capital, Inc. (NYSE:DX) Q1 2021 Earnings Conference Call April 28, 2021 10:00 PM 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 Stephen Benedetti - Executive Vice President, Chief Financial Officer, Chief Operating Officer Conference Call Participants Bose George - KBW Doug Harter - Credit Suisse Eric Hagen - BTIG Trevor Cranston - JMP Securitie ...

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, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-9819 DYNEX CAPITAL, INC. (Exact name of registrant as specified in its charter) Virginia 52-1549373 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer I ...

Dynex Capital, Inc. (NYSE:DX) Q4 2020 Earnings Conference Call February 4, 2021 10:00 AM ET Corporate 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 Stephen Benedetti - Executive Vice President, Chief Financial Officer, Chief Operating Officer Conference Call Participants Mike Brown - KBW Eric Hagen - BTIG Trevor Cranston - JMP Securities Jason Stewart - JonesTr ...