EX-99.1 2 a3q24earningsrelease.htm EX-99.1 Document

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新闻稿
立即发布联络人：Alison Griffin
2024年10月21日
(804) 217-5897

DYNEX CAPITAL, INC.宣布
2024年第三季度业绩

维吉尼亚州格伦艾伦鉴于Dynex Capital公司(NYSE: DX)今日公布了2024年第三季度的财务业绩。管理层将于今天东部时间上午10:00举行业绩发布会，讨论业绩和业务展望。有关查看该看涨的详细信息，请参见下文"业绩发布会"。
总体经济动态
•每普通股的总经济回报为每股$0.89，占起始帐面价值的7.1%。
•2024年9月30日的每股普通股帐面价值为13.00美元
•每普通股0.93美元的综合收益和每普通股0.38美元的净利润
•第三季度每普通股宣布分红派息 $0.39
•购买11亿美元的机构RMBS
•2024年9月30日的流动资金为70870万美元
•杠杆，包括截至2024年9月30日时成本的待公布（"TBA"）证券，占股东权益的7.6倍。
•董事会宣布决定将每股普通股的月度股息提高至0.15美元

管理层备注
「我们本季7.1%的经济回报持续突显我们认为在当前环境中航行所需的技能和经验。我们仍预期一个支持增加我们每股普通股股息从0.13美元至0.15美元的有利投资环境，」首席执行长兼联席执行长拜伦·波士顿表示。
「我们相信Dynex团队已将公司定位为实现稳健回报的关键 - 通过四种主要方式创造价值 - 管理现有组合、优化资本结构、增资和以增值ROE投资资本。」 Smriti Laxman Popenoe，联席首席执行官，总裁及首席投资官表示。
财务会议电话
如先前公告，公司将于今天东部时间上午10:00进行电话看涨来讨论这些结果；美国境内可拨打1-888-330-2022，国际间则拨打1-646-960-0690，并提供ID 1957092，或点选公司网站首页“Current Events”区域的“网路直播”按钮进行现场音讯网路直播（网址为www.dynexcapital.com）。
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内容包括投影片演示。若要通过电话收听即时电话会议，请至少在通话开始前十分钟拨号。网路转播的存档将在即时通话结束后约两小时后可在公司网站上浏览。

合并资产负债表 （未经审计）
（以千元为单位，除每股资料外）2024年9月30日2023年12月31日
资产
现金及现金等价物$268,296 $119,639 
提供给交易对手的现金担保物137,296 118,225 
按揭支持证券（分别包括$6,767,948和$5,880,747的抵押）
7,327,643 6,038,948 
应收交易对手款项28,973 1,313 
衍生金融资产4,138 54,361 
应计利息应收款31,766 28,727 
其他资产，净额18,062 8,537 
资产总额$7,816,174 $6,369,750 
负债和股东权益
负债：
回购协议$6,423,890 $5,381,104 
由于交易对手167,609 95 
衍生负债3,662 — 
交易对手提供的现金担保7,895 46,001 
应计利息应付 48,570 53,194 
应付累积分红派息13,684 10,320 
其他负债8,304 8,301 
总负债6,673,614 5,499,015 
股东权益：
优先股$107,843 107,843 
普通股票793 570 
资本公积额额外增资1,677,062 1,404,431 
累积其他全面损失(135,889)(158,502)
累积亏损(507,249)(483,607)
股东权益总额1,142,560 870,735 
总负债及股东权益$7,816,174 $6,369,750 
优先股总清算优先权$111,500 $111,500 
每股普通股的帐面价值$13.00 $13.31 
普通股份已发行79,294,324 57,038,247 



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综合损益表 （未经查核）
九个月结束了
结束于三个月的期间
（以千元为单位，除每股资料外，$s）2024年9月30日2024年6月30日2024年9月30日
利息收入（费用）
利息收入$83,458 $76,054 $231,038 
利息费用(82,564)(74,767)(232,048)
净利息收入（费用）
894 1,287 (1,010)
其他收益（损失）
投资出售实现损失，净额— (1,506)(1,506)
投资未实现收益（损失），净额
192,874 (41,977)80,873 
衍生工具净（损）益
(154,064)41,135 11,707 
其他全部损益(净额)
38,810 (2,348)91,074 
费用
总部及行政费用(8,271)(6,642)(25,793)
其他营运费用，净额(436)(601)(1,459)
营业费用总计
(8,707)(7,243)(27,252)
净利润（损失）
30,997 (8,304)62,812 
优先股股息(1,923)(1,923)(5,770)
普通股东的净利润(损失)
$29,074 $(10,227)$57,042 
其他综合收益：
可供出售投资未实现收益（损失），净额
41,667 (1,786)22,613 
所有其他综合收益（损失）之金额
41,667 (1,786)22,613 
综合收入（损失）归普通股股东
$70,741 $(12,013)$79,655 
基本普通股加权平均股数75,792,527 66,954,870 67,313,385 
稀释普通股加权平均股数76,366,487 66,954,870 67,808,892 
每股普通股基本净利润（损失）
$0.38 $(0.15)$0.85 
每股普通股稀释净利润（损失）
$0.38 $(0.15)$0.84 
每股普通股宣布的分红派息$0.39 $0.39 $1.17 

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讨论第三季度业绩
该公司2024年第三季度每普通股总经济回报为0.89美元，其中包括每普通股的净值增长0.50美元和每普通股宣布的分红派息为0.39美元。该公司投资组合的公平价值受惠于利差收窄和2024年第三季度美国10年期国库券利率下降。由于该公司的利率避险采取的是适应多头变陡的环境，即短期利率下降快于长期利率的安排，因此该公司投资组合的收益超过了利率避险组合的亏损。以下表格总结了该公司2024年第三季度财务状况的变化：
（以千为单位，除每股资料外）公允价值变动净额
综合收益的元件
普通股帐面价值的变化
每股普通股 (1)
2024年6月30日的余额 (1)
$933,763 $12.50 
净利息收益
$894 
营业费用
(8,707)
优先股股息(1,923)
公允价值变动：
MBS和贷款$234,541 
TBA72,191 
美国财政部期货(216,189)
利率掉期
(10,066)
公允价值总净变动80,477 
综合收益归普通股股东
70,741 
资本交易：
股票发行的净收益 (2)
56,753 
宣告的普通股股息(30,198)
2024年9月30日的结余 (1)
$1,031,059 $13.00 
(1)金额代表公司普通股东权益总额减去公司优先股的总清偿额111,500美元。
(2)普通股发行的净收益包括自ATm发行中的5620万美元，以及自股份报酬的摊提中的50万美元，减去补助。

The following table provides detail on the Company's MBS investments, including TBA securities as of September 30, 2024:
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September 30, 2024June 30, 2024
($ in millions)Par Value
Fair Value		% of
Portfolio		Par ValueFair Value% of
Portfolio
30-year fixed rate RMBS:
2.0% coupon$668,416 $559,167 6.0 %$682,622 $543,906 6.1 %
2.5% coupon571,513 499,128 5.4 %583,629 485,088 5.5 %
4.0% coupon331,722 321,575 3.5 %340,558 315,611 3.6 %
4.5% coupon1,354,851 1,337,957 14.4 %1,387,896 1,317,480 14.9 %
5.0% coupon2,062,913 2,074,274 22.2 %1,996,271 1,941,874 21.9 %
5.5% coupon1,950,064 1,987,567 21.3 %1,073,941 1,066,340 12.0 %
6.0% coupon
315,455 325,422 3.5 %288,922 292,118 3.3 %
TBA 4.0%462,000 443,447 4.8 %262,000 240,303 2.7 %
TBA 4.5%183,000 179,819 1.9 %183,000 172,821 2.0 %
TBA 5.0% (2)
767,000 766,161 8.2 %868,000 840,408 9.5 %
TBA 5.5% (2)
592,000 598,752 6.4 %1,389,000 1,371,677 15.5 %
TBA 6.0%
— — — %37,000 37,142 0.4 %
Total Agency RMBS$9,258,934 $9,093,269 97.6 %$9,092,839 $8,624,768 97.4 %
Agency CMBS$100,957 $98,026 1.1 %$102,299 $97,482 1.1 %
Agency CMBS IO
(1)
111,774 1.2 %
(1)
116,853 1.3 %
Non-Agency CMBS IO
(1)
12,754 0.1 %
(1)
16,386 0.2 %
  Total$9,359,891 $9,315,823 100.0 %$9,195,138 $8,855,489 100.0 %
(1)CMBS IO do not have underlying par values.
(2)Amounts shown for TBA 5.0% and TBA 5.5% coupons as of June 30, 2024 have been updated from the numbers reported last quarter.

The following table provides detail on the Company's repurchase agreement borrowings outstanding as of the dates indicated:
September 30, 2024
June 30, 2024
Remaining Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to MaturityBalanceWeighted
Average Rate		WAVG Original Term to Maturity
($s in thousands)
Less than 30 days$4,403,523 5.39 %59 $2,350,410 5.46 %99 
30 to 90 days2,020,367 5.40 %89 3,015,537 5.47 %89 
91 to 180 days— — %— 128,481 5.43 %113 
Total$6,423,890 5.40 %68 $5,494,428 5.46 %94 
The following table provides information about the performance of the Company's MBS (including TBA securities) and repurchase agreement financing for the third quarter of 2024 compared to the prior quarter:
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Three Months Ended
September 30, 2024June 30, 2024
($s in thousands)Interest Income/Expense
Average Balance (1)(2)
Effective Yield/
Financing Cost(3)(4)
Interest Income/Expense
Average Balance (1)(2)
Effective Yield/
Financing Cost(3)(4)
Agency RMBS$75,083 $6,627,198 4.53 %$67,927 $6,153,663 4.42 %
Agency CMBS770 101,771 2.96 %792 105,321 2.97 %
CMBS IO(5)
2,902 133,172 8.20 %2,868 146,161 7.25 %
Non-Agency MBS and other17 1,298 5.05 %19 1,437 5.00 %
78,772 6,863,439 4.58 %71,606 6,406,582 4.46 %
Cash equivalents4,686 4,448 
Total interest income$83,458 $76,054 
Repurchase agreement financing (6)
(82,564)5,943,805 (5.44)%(74,767)5,410,282 (5.47)%
Net interest income/net interest spread
$894 (0.86)%$1,287 (1.01)%
(1)Average balance for assets is calculated as a simple average of the daily amortized cost and excludes securities pending settlement if applicable.
(2)Average balance for liabilities is calculated as a simple average of the daily borrowings outstanding during the period.
(3)Effective yield is calculated by dividing interest income by the average balance of asset type outstanding during the reporting period. Unscheduled adjustments to premium/discount amortization/accretion, such as for prepayment compensation, are not annualized in this calculation.
(4)Financing cost is calculated by dividing annualized interest expense by the total average balance of borrowings outstanding during the period with an assumption of 360 days in a year.
(5)CMBS IO ("Interest only") includes Agency and non-Agency issued securities.
(6)Amounts exclude net periodic interest benefit from effective interest rate swaps of $4,162 and $17 for the three months ended September 30, 2024 and June 30, 2024, respectively, or 0.28% and 0%, respectively, as a percentage of repurchase agreement borrowings outstanding during the respective periods.

Hedging Portfolio
The Company uses derivative instruments to hedge exposure to interest rate risk arising from its investment and financing portfolio. As of September 30, 2024, the Company held short positions in 10-year U.S. Treasury futures with a notional amount of $3.9 billion, short positions in 30-year U.S. Treasury futures with a notional amount of $505.0 million, and short positions in 5-year and 7-year interest rate swaps with a notional amount of $1.5 billion.
For the Company, realized gains and losses on interest rate hedges are recognized in GAAP net income in the same reporting period in which the derivative instrument matures, is terminated or periodically settled (excluding daily margin requirements) by the Company. Maturities and terminations are not included in the Company's earnings available for distribution ("EAD"), a non-GAAP measure, during any reporting period, but the periodic interest settlement on interest rate swaps is included in EAD. As of September 30, 2024, all of the Company's interest rate swaps and all of its 10-year U.S. Treasury futures were designated as hedges for tax purposes. The realized gains and losses on derivative instruments designated as hedges for tax purposes, other than periodic interest rate swap
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settlements, are amortized into the Company's REIT taxable income over the original periods hedged by those derivatives. The benefit expected to be recognized in taxable income is estimated to be $26.7 million, or $0.35 per average common share outstanding, for the third quarter of 2024. The Company's remaining estimated net deferred tax hedge gains from its interest rate hedging portfolio was $625.4 million as of September 30, 2024. These hedge gains will be part of the Company's future distribution requirements along with net interest income and other ordinary gains and losses in future periods.
For the third quarter of 2024, the Company's net periodic interest benefit from interest rate swaps was $4.2 million, which is recorded in (loss) gain on derivative instruments, net on the consolidated comprehensive statement of income. Net periodic interest benefit from interest rate swap settlements is included in the Company's taxable income and EAD while changes in the fair value of remaining interest rate swap cashflows are excluded from EAD.
The table below provides the projected amortization of the Company's net deferred tax hedge gains that may be recognized as taxable income over the periods indicated given conditions known as of September 30, 2024; however, uncertainty inherent in the forward interest rate curve makes future realized gains and losses difficult to estimate, and as such, these projections are subject to change for any given period.
Projected Period of Recognition for Remaining Hedge Gains, NetSeptember 30, 2024
($ in thousands)
Fourth quarter 2024$21,981 
Fiscal year 202588,583 
Fiscal year 2026 and thereafter514,845 
$625,409 

Non-GAAP Financial Measures
In evaluating the Company’s financial and operating performance, management considers book value per common share, total economic return to common shareholders, and other operating results presented in accordance with GAAP as well as EAD to common shareholders (including per common share), a non-GAAP measure. Management believes this non-GAAP financial measure is useful to investors because it is viewed by management as a measure of the investment portfolio’s return based on the effective yield of its investments, net of financing costs and other normal recurring operating income and expenses. Drop income generated by TBA dollar roll positions, which is included in "gain (loss) on derivatives instruments, net" on the Company's consolidated statements of comprehensive income, is included in EAD because management views drop income as the economic equivalent of net interest income (interest income less implied financing cost) on the underlying Agency security from trade date to settlement date. Management also includes the net periodic interest benefit from its interest rate swaps, which is also included in "gain (loss) on derivatives instruments, net", in EAD because interest rate swaps are used by the Company to economically hedge the impact of changing interest rates on its borrowing costs from repurchase agreements, and including net periodic interest benefit from interest rate swaps is a helpful indicator of the Company’s total financing cost in addition to GAAP interest expense. However, non-GAAP financial measures
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are not a substitute for GAAP earnings and may not be comparable to similarly titled measures of other REITs because they may not be calculated in the same manner. Furthermore, though EAD is one of several factors management considers in determining the appropriate level of distributions to common shareholders, it should not be utilized in isolation, and it is not an accurate indication of the Company’s REIT taxable income nor its distribution requirements in accordance with the Internal Revenue Code of 1986, as amended.
The following table provides reconciliations of EAD to comparable GAAP financial measures for the periods indicated:
Three Months Ended
($s in thousands except per share data)September 30, 2024June 30, 2024
Comprehensive income (loss) to common shareholders
$70,741 $(12,013)
Less:
Change in fair value of investments, net (1)
(234,541)45,269 
Change in fair value of derivative instruments, net (2)
156,572 (41,351)
EAD to common shareholders$(7,228)$(8,095)
Weighted average common shares75,792,527 66,954,870 
EAD per common share$(0.10)$(0.12)
Net interest income
$894 $1,287 
Net periodic interest benefit from interest rate swaps
4,162 17 
TBA drop loss (3)
(1,654)(233)
Operating expenses
(8,707)(7,243)
Preferred stock dividends(1,923)(1,923)
EAD to common shareholders$(7,228)$(8,095)
(1)Amount includes realized and unrealized gains and losses from the Company's MBS.
(2)Amount includes unrealized gains and losses from changes in fair value of derivatives (including TBAs accounted for as derivative instruments) and realized gains and losses on terminated derivatives and excludes TBA drop income and net periodic interest benefit from interest rate swaps.
(3)TBA drop income/loss is calculated by multiplying the notional amount of the TBA dollar roll positions by the difference in price between two TBA securities with the same terms but different settlement dates.


Forward Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “forecast,” “anticipate,” “estimate,” “project,” “plan,” "may," "could," "will," "continue" and similar expressions identify forward-looking statements that are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements in this release, including statements made in Mr. Boston's and Ms. Popenoe's quotes, may include, without limitation, statements regarding the Company's financial performance in future periods, future interest rates, future market credit spreads, management's views on expected characteristics of future investment and macroeconomic environments, central bank strategies, prepayment rates and investment risks, future investment strategies, future leverage levels and financing strategies, the use of specific financing and hedging instruments and the future impacts of these strategies, future actions by the Federal Reserve, and the expected performance of the Company's investments. The Company's actual results and timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements as a result of unforeseen external factors. These factors may
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include, but are not limited to, ability to find suitable investment opportunities; changes in domestic economic conditions; geopolitical events, such as terrorism, war or other military conflict, including the wars between Russia and Ukraine and between Israel and Hamas and the related impacts on macroeconomic conditions as a result of such conflicts; changes in interest rates and credit spreads, including the repricing of interest-earning assets and interest-bearing liabilities; the Company’s investment portfolio performance, particularly as it relates to cash flow, prepayment rates and credit performance; the impact on markets and asset prices from changes in the Federal Reserve’s policies regarding purchases of Agency RMBS, Agency CMBS, and U.S. Treasuries; actual or anticipated changes in Federal Reserve monetary policy or the monetary policy of other central banks; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies including in particular China, Japan, the European Union, and the United Kingdom; uncertainty concerning the long-term fiscal health and stability of the United States; the cost and availability of financing, including the future availability of financing due to changes to regulation of, and capital requirements imposed upon, financial institutions; the cost and availability of new equity capital; changes in the Company’s use of leverage; changes to the Company’s investment strategy, operating policies, dividend policy or asset allocations; the quality of performance of third-party servicer providers, including the Company's sole third-party service provider for our critical operations and trade functions; the loss or unavailability of the Company’s third-party service provider’s service and technology that supports critical functions of the Company’s business related to the Company’s trading and borrowing activities due to outages, interruptions, or other failures; the level of defaults by borrowers on loans underlying MBS; changes in the Company’s industry; increased competition; changes in government regulations affecting the Company’s business; changes or volatility in the repurchase agreement financing markets and other credit markets; changes to the market for interest rate swaps and other derivative instruments, including changes to margin requirements on derivative instruments; uncertainty regarding continued government support of the U.S. financial system and U.S. housing and real estate markets, or to reform the U.S. housing finance system including the resolution of the conservatorship of Fannie Mae and Freddie Mac; the composition of the Board of Governors of the Federal Reserve; the political environment in the U.S.; systems failures or cybersecurity incidents; and exposure to current and future claims and litigation. For additional information on risk factors that could affect the Company's forward-looking statements, see the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and other reports filed with and furnished to the Securities and Exchange Commission.

All forward-looking statements are qualified in their entirety by these and other cautionary statements that the Company makes from time to time in its filings with the Securities and Exchange Commission and other public communications. The Company cannot assure the reader that it will realize the results or developments the Company anticipates or, even if substantially realized, that they will result in the consequences or affect the Company or its operations in the way the Company expects. Forward-looking statements speak only as of the date made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the Company.

Company Description
Dynex Capital, Inc. is a financial services company committed to ethical stewardship of stakeholders' capital, employing comprehensive risk management and disciplined capital allocation to generate dividend income and long-term total returns through the diversified financing of real estate assets in the United States. Dynex operates as a REIT and is internally managed to maximize stakeholder alignment. Additional information about Dynex Capital, Inc. is available at www.dynexcapital.com.
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