Dynex Capital Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Dynex Capital Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and position.</b>

AI Summary

DYNEX CAPITAL INC (DX-PC) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Dynex Capital Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Dynex Capital Inc. is incorporated in Virginia (VA). The company's SIC code is 6798 for Real Estate Investment Trusts.

Why It Matters

For investors and stakeholders tracking DYNEX CAPITAL INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data for Dynex Capital Inc., crucial for understanding its performance in the first quarter of 2024. As a Real Estate Investment Trust (REIT), the details within this filing are important for assessing its strategy and financial health within the real estate sector.

Risk Assessment

Risk Level: low — DYNEX CAPITAL INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this specific document.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to assess Dynex Capital Inc.'s current financial health and strategic direction.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-26 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 6798 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• DYNEX CAPITAL INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-26 (date) — FILED AS OF DATE
• VA (location) — STATE OF INCORPORATION
• 6798 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 4991 LAKE BROOK DRIVE STE 100 (address) — BUSINESS ADDRESS
• GLEN ALLEN (location) — CITY
• 8042175800 (phone) — BUSINESS PHONE

FAQ

Industry Context

Dynex Capital Inc. operates as a Real Estate Investment Trust (REIT), a company that owns, operates, or finances income-generating real estate.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ending March 31, 2024.
2. Review any disclosed risk factors or management discussion and analysis sections.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share DX New York Stock Exchange 6

Filing Documents

• dx-20240331.htm (10-Q) — 1534KB
• ex10411formofpsuagreement2.htm (EX-10.41 1) — 103KB
• ex10412formofrsuagreement2.htm (EX-10.41 2) — 49KB
• exhibit10413formofrsuagree.htm (EX-10.41 3) — 49KB
• exhibit10414formofpsuagree.htm (EX-10.41 4) — 106KB
• exhibit311ceocertification.htm (EX-31.1) — 11KB
• exhibit312cfocertification.htm (EX-31.2) — 10KB
• exhibit321soxcertification.htm (EX-32.1) — 8KB
• dx-20240331_g1.jpg (GRAPHIC) — 114KB
• dx-20240331_g2.jpg (GRAPHIC) — 52KB
• dx-20240331_g3.jpg (GRAPHIC) — 52KB
• 0000826675-24-000051.txt (&nbsp;) — 8309KB
• dx-20240331.xsd (EX-101.SCH) — 30KB
• dx-20240331_cal.xml (EX-101.CAL) — 44KB
• dx-20240331_def.xml (EX-101.DEF) — 296KB
• dx-20240331_lab.xml (EX-101.LAB) — 518KB
• dx-20240331_pre.xml (EX-101.PRE) — 411KB
• dx-20240331_htm.xml (XML) — 1222KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 2 Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 5 Notes to the Unaudited Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk 37

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures 41

Item 4. Controls and Procedures 41

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 42

Item 1. Legal Proceedings 42

Risk Factors 42

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds 42

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42

Defaults Upon Senior Securities 43

Item 3. Defaults Upon Senior Securities 43

Mine Safety Disclosures 43

Item 4. Mine Safety Disclosures 43

Other Information 43

Item 5. Other Information 43

Exhibits 44

Item 6. Exhibits 44 SIGNATURES 45 i

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS DYNEX CAPITAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($s in thousands except per share data) March 31, 2024 December 31, 2023 ASSETS (unaudited) Cash and cash equivalents $ 295,715 $ 119,639 Cash collateral posted to counterparties 122,614 118,225 Mortgage-backed securities (including pledged of $ 5,570,076 and $ 5,880,747 , respectively), at fair value 5,840,559 6,038,948 Derivative assets 8,386 54,361 Accrued interest receivable 27,899 28,727 Other assets, net 9,324 9,850 Total assets $ 6,304,497 $ 6,369,750 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Repurchase agreements $ 5,284,708 $ 5,381,104 Derivative liabilities 1,314 — Cash collateral posted by counterparties 8,507 46,001 Accrued interest payable 35,672 53,194 Accrued dividends payable 10,990 10,320 Other liabilities 4,774 8,396 Total liabilities 5,345,965 5,499,015 Shareholders' equity: Preferred stock, par value $ 0.01 per share; 50,000,000 shares authorized; 4,460,000 and 4,460,000 shares issued and outstanding, respectively ($ 111,500 and $ 111,500 aggregate liquidation preference, respectively) 107,843 107,843 Common stock, par value $ 0.01 per share, 180,000,000 shares authorized; 64,160,931 and 57,038,247 shares issued and outstanding, respectively 641 570 Additional paid-in capital 1,494,893 1,404,431 Accumulated other comprehensive loss ( 175,770 ) ( 158,502 ) Accumulated deficit ( 469,075 ) ( 483,607 ) Total shareholders' equity 958,532 870,735 Total liabilities and shareholders' equity $ 6,304,497 $ 6,369,750 See accompanying notes to the unaudited condensed consolidated financial statements. 1 DYNEX CAPITAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) ($s in thousands except per share data) Three Months Ended March 31, 2024 2023 INTEREST INCOME (EXPENSE) Interest income $ 71,525 $ 30,846 Interest expense ( 74,717 ) ( 31,308 ) Net interest expense ( 3,192 ) ( 462 ) OTHE

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