EX-99.1 2 a3q24earningsrelease.htm EX-99.1 Document

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新聞稿
立即發布聯絡人：Alison Griffin
2024年10月21日
(804) 217-5897

DYNEX CAPITAL, INC.宣佈
2024年第三季度業績

維吉尼亞州格倫艾倫鑒於Dynex Capital公司(NYSE: DX)今日公佈了2024年第三季度的財務業績。管理層將於今天東部時間上午10:00舉行業績發佈會，討論業績和業務展望。有關查看該看漲的詳細信息，請參見下文"業績發佈會"。
總體經濟動態
•每普通股的總經濟回報為每股$0.89，佔起始帳面價值的7.1%。
•2024年9月30日的每股普通股帳面價值為13.00美元
•每普通股0.93美元的綜合收益和每普通股0.38美元的凈利潤
•第三季度每普通股宣布分紅派息 $0.39
•購買11億美元的機構RMBS
•2024年9月30日的流動資金為70870萬美元
•杠杆，包括截至2024年9月30日時成本的待公布（"TBA"）證券，占股東權益的7.6倍。
•董事會宣布決定將每股普通股的月度股息提高至0.15美元

管理層備註
「我們本季7.1%的經濟回報持續突顯我們認為在當前環境中航行所需的技能和經驗。我們仍預期一個支持增加我們每股普通股股息從0.13美元至0.15美元的有利投資環境，」首席執行長兼聯席執行長拜倫·波士頓表示。
「我們相信Dynex團隊已將公司定位為實現穩健回報的關鍵 - 通過四種主要方式創造價值 - 管理現有組合、優化資本結構、增資和以增值ROE投資資本。」 Smriti Laxman Popenoe，聯席首席執行官，總裁及首席投資官表示。
業績發佈會看漲
如先前公告，公司將於今天東部時間上午10:00進行電話看漲來討論這些結果；美國境內可撥打1-888-330-2022，國際間則撥打1-646-960-0690，並提供ID 1957092，或點選公司網站首頁“Current Events”區域的“網路直播”按鈕進行現場音訊網路直播（網址為www.dynexcapital.com）。
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內容包括投影片演示。若要通過電話收聽即時電話會議，請至少在通話開始前十分鐘撥號。網路轉播的存檔將在即時通話結束後約兩小時後可在公司網站上瀏覽。

合併資產負債表 （未經審計）
（以千元為單位，除每股資料外）2024年9月30日2023年12月31日
資產
現金及現金等價物$268,296 $119,639 
提供給交易對手的現金擔保物137,296 118,225 
按揭支持證券（分別包括$6,767,948和$5,880,747的抵押）
7,327,643 6,038,948 
應收交易對手款項28,973 1,313 
衍生金融資產4,138 54,361 
應計利息應收款31,766 28,727 
其他資產，淨額18,062 8,537 
資產總額$7,816,174 $6,369,750 
負債和股東權益
負債：
回購協議$6,423,890 $5,381,104 
由於交易對手167,609 95 
衍生負債3,662 — 
交易對手提供的現金擔保7,895 46,001 
應計利息應付 48,570 53,194 
應付累積分紅派息13,684 10,320 
其他負債8,304 8,301 
總負債6,673,614 5,499,015 
股東權益：
優先股$107,843 107,843 
普通股票793 570 
資本公積額額外增資1,677,062 1,404,431 
累積其他全面損失(135,889)(158,502)
累積虧損(507,249)(483,607)
股東權益總額1,142,560 870,735 
總負債及股東權益$7,816,174 $6,369,750 
優先股總清算優先權$111,500 $111,500 
每股普通股的帳面價值$13.00 $13.31 
普通股份已發行79,294,324 57,038,247 



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綜合損益表 （未經查核）
九個月結束了
結束於三個月的期間
（以千元為單位，除每股資料外，$s）2024年9月30日2024年6月30日2024年9月30日
利息收入（費用）
利息收入$83,458 $76,054 $231,038 
利息費用(82,564)(74,767)(232,048)
淨利息收入（費用）
894 1,287 (1,010)
其他收益（損失）
投資出售實現損失，淨額— (1,506)(1,506)
投資未實現收益（損失），淨額
192,874 (41,977)80,873 
衍生工具淨（損）益
(154,064)41,135 11,707 
其他全部損益(淨額)
38,810 (2,348)91,074 
費用
總部及行政費用(8,271)(6,642)(25,793)
其他營運費用，淨額(436)(601)(1,459)
營業費用總計
(8,707)(7,243)(27,252)
凈利潤（損失）
30,997 (8,304)62,812 
優先股股息(1,923)(1,923)(5,770)
普通股東的凈利潤(損失)
$29,074 $(10,227)$57,042 
其他綜合收益：
可供出售投資未實現收益（損失），淨額
41,667 (1,786)22,613 
所有其他綜合收益（損失）之金額
41,667 (1,786)22,613 
綜合收入（損失）歸普通股股東
$70,741 $(12,013)$79,655 
基本普通股加權平均股數75,792,527 66,954,870 67,313,385 
稀釋普通股加權平均股數76,366,487 66,954,870 67,808,892 
每股普通股基本凈利潤（損失）
$0.38 $(0.15)$0.85 
每股普通股稀釋凈利潤（損失）
$0.38 $(0.15)$0.84 
每股普通股宣布的分紅派息$0.39 $0.39 $1.17 

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討論第三季度業績
該公司2024年第三季度每普通股總經濟回報為0.89美元，其中包括每普通股的淨值增長0.50美元和每普通股宣布的分紅派息為0.39美元。該公司投資組合的公平價值受惠於利差收窄和2024年第三季度美國10年期國庫券利率下降。由於該公司的利率避險采取的是適應多頭變陡的環境，即短期利率下降快於長期利率的安排，因此該公司投資組合的收益超過了利率避險組合的虧損。以下表格總結了該公司2024年第三季度財務狀況的變化：
（以千為單位，除每股資料外）公允價值變動淨額
綜合收益的元件
普通股帳面價值的變化
每股普通股 (1)
2024年6月30日的餘額 (1)
$933,763 $12.50 
淨利息收益
$894 
營業費用
(8,707)
優先股股息(1,923)
公允價值變動：
MBS和貸款$234,541 
TBA72,191 
美國財政部期貨(216,189)
利率掉期
(10,066)
公允價值總淨變動80,477 
綜合收益歸普通股股東
70,741 
資本交易：
股票發行的淨收益 (2)
56,753 
宣告的普通股股息(30,198)
2024年9月30日的結餘 (1)
$1,031,059 $13.00 
(1)金額代表公司普通股東權益總額減去公司優先股的總清償額111,500美元。
(2)普通股發行的淨收益包括自ATm發行中的5620萬美元，以及自股份報酬的攤提中的50萬美元，減去補助。

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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