Dynex Capital, Inc. Declares February 2019 Monthly Common Stock Dividend of $0.06 Per Share and Provides Market Update
Business Wire 28-Jan-2019 8:00 AM
Dynex Capital, Inc. (NYSE:DX) announced today the Company's Board of
Directors has declared a cash dividend of $0.06 per common share for
February 2019. The dividend is payable on February 28, 2019 to
shareholders of record on February 14, 2019.
As part of its monthly dividend announcements, the Company will
periodically provide updates on market activity and financial
information to enhance transparency for its shareholders, particularly
when market conditions are volatile. In that regard, Byron L. Boston,
President and CEO commented, "We expressed our view in the third quarter
that we believed the Federal Reserve was getting closer to the end of
its monetary policy tightening cycle. We also noted that gathering
macroeconomic headwinds from global debt, emerging stress in financial
markets, and government policy concerns would limit how high global
interest rates could go on a sustained basis. This view largely played
out during the fourth quarter as interest rates declined, volatility
increased, and credit spreads widened. Largely as a result of the spread
widening, our book value per common share declined to $6.02 (1)
at December 31, 2018 but has subsequently recovered to an estimated
$6.18 (1) at January 25, 2019. In response to market
conditions as we indicated in prior quarters, we increased balance sheet
leverage and deployed capital in Agency CMBS and RMBS at mid-teen
leveraged returns on invested capital during the fourth quarter."
As the Company previously announced, it is scheduled to release the
fourth quarter and full year 2018 financial results and host the
earnings conference call on Thursday, February 7, 2019.
Dynex Capital, Inc. is an internally managed real estate investment
trust, or REIT, which invests in mortgage assets on a leveraged basis.
The Company invests in Agency and non-Agency RMBS, CMBS, and CMBS IO.
Additional information about Dynex Capital, Inc. is available at www.dynexcapital.com.
(1) The estimated book value is unaudited and has not been verified
or reviewed by any third party. The Company undertakes no obligation to
update or revise its estimate of book value.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding the
business of Dynex Capital, Inc. that are not historical facts are
"forward-looking statements" that involve risks and uncertainties. For a
discussion of these risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see "Risk Factors" in the Company's Annual Report on Form
10-K and other reports filed with the Securities and Exchange Commission.
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