Dynex Capital Inc. Files 10-Q for Q2 2024

TL;DR

Dynex Capital's Q2 2024 10-Q is in. Check financials.

AI Summary

Dynex Capital Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets and liabilities. Specific financial figures and operational details for the second quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with a detailed look into Dynex Capital's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Dynex Capital is subject to market fluctuations and interest rate risks inherent in the real estate and financial sectors.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
• 2024-07-26 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-01-01 — Reporting Period Start Date (The beginning of the financial period covered by the report.)

Key Players & Entities

• DYNEX CAPITAL INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240726 (date) — Filing date
• RESOURCE MORTGAGE CAPITAL INC/VA (company) — Former company name
• RESOURCE MORTGAGE INVESTMENT CORP (company) — Former company name
• RAC MORTGAGE INVESTMENT CORP /VA/ (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• dx-20240630.htm (10-Q) — 1710KB
• exhibit101employmentagreem.htm (EX-10.1) — 187KB
• exhibit102employmentagreem.htm (EX-10.2) — 177KB
• exhibit103employmentagreem.htm (EX-10.3) — 193KB
• exhibit311ceocertification.htm (EX-31.1) — 11KB
• exhibit312ceocertification.htm (EX-31.2) — 11KB
• exhibit313cfocertification.htm (EX-31.3) — 10KB
• exhibit321soxcertification.htm (EX-32.1) — 9KB
• dx-20240630_g1.jpg (GRAPHIC) — 131KB
• dx-20240630_g2.jpg (GRAPHIC) — 49KB
• dx-20240630_g3.jpg (GRAPHIC) — 51KB
• 0000826675-24-000093.txt ( ) — 9035KB
• dx-20240630.xsd (EX-101.SCH) — 29KB
• dx-20240630_cal.xml (EX-101.CAL) — 42KB
• dx-20240630_def.xml (EX-101.DEF) — 302KB
• dx-20240630_lab.xml (EX-101.LAB) — 519KB
• dx-20240630_pre.xml (EX-101.PRE) — 415KB
• dx-20240630_htm.xml (XML) — 1301KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited) 2 Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited) 5 Notes to the Unaudited Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk 36

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures 40

Item 4. Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 41

Item 1. Legal Proceedings 41

Risk Factors 41

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds 41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities 42

Item 3. Defaults Upon Senior Securities 42

Mine Safety Disclosures 42

Item 4. Mine Safety Disclosures 42

Other Information 42

Item 5. Other Information 42

Exhibits 43

Item 6. Exhibits 43 SIGNATURES 44 i

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS DYNEX CAPITAL, INC. CONSOLIDATED BALANCE SHEETS ($s in thousands except per share data) June 30, 2024 December 31, 2023 ASSETS (unaudited) Cash and cash equivalents $ 286,132 $ 119,639 Cash collateral posted to counterparties 123,131 118,225 Mortgage-backed securities (including pledged of $ 5,788,148 and $ 5,880,747 , respectively), at fair value 6,193,139 6,038,948 Due from counterparties 27,379 1,313 Derivative assets 8,461 54,361 Accrued interest receivable 28,323 28,727 Other assets, net 17,037 8,537 Total assets $ 6,683,602 $ 6,369,750 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Repurchase agreements $ 5,494,428 $ 5,381,104 Due to counterparties 49,606 95 Derivative liabilities 2,032 — Cash collateral posted by counterparties 19,382 46,001 Accrued interest payable 54,567 53,194 Accrued dividends payable 12,785 10,320 Other liabilities 5,539 8,301 Total liabilities 5,638,339 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; 74,707,776 and 57,038,247 shares issued and outstanding, respectively 747 570 Additional paid-in capital 1,620,355 1,404,431 Accumulated other comprehensive loss ( 177,556 ) ( 158,502 ) Accumulated deficit ( 506,126 ) ( 483,607 ) Total shareholders' equity 1,045,263 870,735 Total liabilities and shareholders' equity $ 6,683,602 $ 6,369,750 See accompanying notes to the unaudited consolidated financial statements. 1 DYNEX CAPITAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) ($s in thousands except per share data) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 INTEREST INCOME (EXPENSE) Interest income $ 76,054 $ 42,212 $

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View this 10-Q filing on SEC EDGAR