Third Quarter 2020 Earnings Presentation
October 28, 2020
Safe Harbor Statement
NOTE:
This presentation contains certain statements that are not historical facts and that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this presentation addressing expectations, assumptions, beliefs, projections, estimates, future plans, strategies, and events, developments that we expect or anticipate will occur in the future, and future operating results or financial condition are forward-looking statements. Forward-looking statements in this presentation may include, but are not limited to, our views in macroeconomic trends statements regarding our financial performance in future periods, future interest rates, our views on expected characteristics of future investment environments, and trends prepayment rates and investment risks and trends, our future investment strategies, our future leverage levels and financing strategies, the use of specific financing and hedging instruments and the future impacts of these strategies, the amount, timing or funding of future dividends, future actions by the Federal Reserve and other central banks and GSEs and the expected performance of our investments. The words "will," "believe," "expect," "forecast," "anticipate," "intend," "estimate," "assume," "project," "plan," "continue," and similar expressions also identify forward-looking statements. These forward-looking statements reflect our current beliefs, assumptions and expectations based on information currently available to us, and are applicable only as of the date of this presentation. Forward-looking statements are inherently subject to risks, uncertainties, and other factors, some of which cannot be predicted or quantified and any of which could cause the Company's actual results and timing of certain events to differ materially from those projected in or contemplated by these forward- looking statements. Not all of these risks, uncertainties and other factors are known to us. New risks and uncertainties arise over time, and it is not possible to predict those risks or uncertainties or how they may affect us. The projections, assumptions, expectations or beliefs upon which the forward-looking statements are based can also change as a result of these risks and uncertainties or other factors. If such a risk, uncertainty, or other factor materializes in future periods, our business, financial condition, liquidity and results of operations may differ materially from those expressed or implied in our forward-looking statements.
While it is not possible to identify all factors, some of the factors that may cause actual results to differ from historical results or from any results expressed or implied by our forward-looking statements, or that may cause our projections, assumptions, expectations or beliefs to change, include the risks and uncertainties referenced in our Quarterly Report on Form 10-Q for the three months ended March 31, 2020 and subsequent filings with the Securities and Exchange Commission, particularly those set forth under the caption "Risk Factors".
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Contents
Market Snapshot | |
Dynex Guiding Principles | 5 |
Performance Highlights | 6 |
Business Activity | 7 |
Net Interest Spread Trends | 8 |
Macroeconomic Thesis | 9 |
Current Environment and Positioning | 10 |
Risk Position | 11 |
Investment Strategy | 13 |
Return Environment | 17 |
Long-Term Industry Trends | 18 |
Key Takeaways | 19 |
Long-Term Performance | 20 |
Why Dynex | 21 |
Supplemental Information | 22 |
- Global Risks | 23 |
- Market Info | 27 |
- Credit Risk Sensitivity, Portfolio and Financial Data | 29 |
- MREIT Reference Materials | 39 |
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Market Snapshot
NYSE Ticker
Shares Outstanding (in millions)
3Q20 Dividends Declared
Annualized Dividend Yield*
Book Value per share (as of 9/30/20)
Share Price (close on 10/26/20)
Market Capitalization (in millions) (as of
10/26/20)
Price to Book (based on 10/26/20 stock price and 9/30/20 book value)
Common Stock | Preferred Stocks | |
DX | DXPrB | DXPrC |
23.1 | 2.8 | 4.5 |
$0.39 | $0.48 | $0.43 |
9.89% | 7.69% | 7.84% |
$18.25 | - | - |
$15.77 | $24.80 | $22.00 |
$365.00 | $69.15 | $98.12 |
86.4% | - | - |
- Preferred Stocks yields are dividend adjusted. Source: Bloomberg
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Disclaimer
Dynex Capital Inc. published this content on 28 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2020 12:14:01 UTC