Dynex Capital, Inc.

Dynex Capital, Inc. is a real estate investment trust (REIT) that aims to provide dividends to shareholders through long-term returns from investments in mortgage assets backed by U.S. housing and commercial real estate. The company's common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol "DX," and its preferred stock trades under "DXPRC." Dynex Capital is internally managed and primarily invests in residential and commercial mortgage-backed securities (RMBS and CMBS). These securities are backed by residential and commercial mortgage loans and are Agency securities guaranteed by U.S. government-sponsored enterprises (GSEs). The company may also make opportunistic investments in other mortgage-related assets that align with its objectives. Dynex Capital actively manages various risks, including interest rate, prepayment, spread, liquidity, and counterparty risks. The company's approach focuses on risk management and disciplined capital allocation to preserve book value and support dividends across different market cycles. Dynex Capital operates to qualify as a REIT and is required to distribute at least 90% of its taxable income. It also seeks to maintain exclusion from registration under the Investment Company Act of 1940. The company's investment strategy is guided by a "top-down" framework that emphasizes risk management, scenario analysis, and expected risk-adjusted returns for each investment.