Dynex Capital Inc. Files Q3 2024 10-Q Report

TL;DR

**Dynex Capital Q3 10-Q filed. Details on stock, collateral assets. Check financials.**

AI Summary

Dynex Capital Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing details its financial position, including common stock and preferred stock, and assets pledged as collateral. Specific financial figures and operational details for the quarter and year-to-date are presented within the report.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial performance and position of Dynex Capital Inc., crucial for understanding the company's stability and future prospects.

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

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-10-28 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the financial activity from the beginning of the year up to the end of the third quarter.)
• 2024-07-01 to 2024-09-30 — Third Quarter Period (Specific financial activity for the three months ending September 30, 2024.)
• 2023-12-31 — Prior Year End Date (Provides a comparison point for financial data from the end of the previous fiscal year.)

Key Players & Entities

• DYNEX CAPITAL INC (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241028 (date) — Filing date of the report
• VA (location) — State of incorporation and business address
• 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-20240930.htm (10-Q) — 1796KB
• 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-20240930_g1.jpg (GRAPHIC) — 143KB
• dx-20240930_g2.jpg (GRAPHIC) — 51KB
• dx-20240930_g3.jpg (GRAPHIC) — 51KB
• 0000826675-24-000128.txt ( ) — 8591KB
• dx-20240930.xsd (EX-101.SCH) — 30KB
• dx-20240930_cal.xml (EX-101.CAL) — 43KB
• dx-20240930_def.xml (EX-101.DEF) — 307KB
• dx-20240930_lab.xml (EX-101.LAB) — 520KB
• dx-20240930_pre.xml (EX-101.PRE) — 419KB
• dx-20240930_htm.xml (XML) — 1345KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited) 2 Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited) 6 Notes to the Unaudited Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

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. CONSOLIDATED BALANCE SHEETS ($s in thousands except per share data) September 30, 2024 December 31, 2023 ASSETS (unaudited) Cash and cash equivalents $ 268,296 $ 119,639 Cash collateral posted to counterparties 137,296 118,225 Mortgage-backed securities (including pledged of $ 6,767,948 and $ 5,880,747 , respectively), at fair value 7,327,643 6,038,948 Due from counterparties 28,973 1,313 Derivative assets 4,138 54,361 Accrued interest receivable 31,766 28,727 Other assets, net 18,062 8,537 Total assets $ 7,816,174 $ 6,369,750 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Repurchase agreements $ 6,423,890 $ 5,381,104 Due to counterparties 167,609 95 Derivative liabilities 3,662 — Cash collateral posted by counterparties 7,895 46,001 Accrued interest payable 48,570 53,194 Accrued dividends payable 13,684 10,320 Other liabilities 8,304 8,301 Total liabilities 6,673,614 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; 79,294,324 and 57,038,247 shares issued and outstanding, respectively 793 570 Additional paid-in capital 1,677,062 1,404,431 Accumulated other comprehensive loss ( 135,889 ) ( 158,502 ) Accumulated deficit ( 507,249 ) ( 483,607 ) Total shareholders' equity 1,142,560 870,735 Total liabilities and shareholders' equity $ 7,816,174 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 INTEREST INCOME (EXPENSE) Interest income $ 8

View Full Filing

View this 10-Q filing on SEC EDGAR