Company Quick10K Filing
Dynex Capital
Price14.70 EPS-9
Shares24 P/E-2
MCap355 P/FCF3
Net Debt-139 EBIT-100
TEV216 TEV/EBIT-2
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-03-05
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-15
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-08
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-12
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-04
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-08
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-02
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-08
8-K 2020-08-28 Officers, Exhibits
8-K 2020-08-07 Regulation FD, Exhibits
8-K 2020-08-04 Enter Agreement, Exhibits
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-06-09
8-K 2020-05-06
8-K 2020-04-27
8-K 2020-04-15
8-K 2020-03-19
8-K 2020-03-13
8-K 2020-02-27
8-K 2020-02-13
8-K 2020-02-06
8-K 2019-11-13
8-K 2019-10-31
8-K 2019-07-31
8-K 2019-06-20
8-K 2019-06-11
8-K 2019-05-31
8-K 2019-05-10
8-K 2019-05-01
8-K 2019-02-07
8-K 2019-01-28
8-K 2019-01-28
8-K 2019-01-01
8-K 2018-12-11
8-K 2018-10-31
8-K 2018-09-04
8-K 2018-08-02
8-K 2018-06-29
8-K 2018-05-15
8-K 2018-05-02
8-K 2018-03-12
8-K 2018-02-21

DX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization and Summary of Significant Accounting Policies
Note 2 - Mortgage - Backed Securities
Note 3 - Repurchase Agreements
Note 4 - Derivatives
Note 5 - Fair Value of Financial Instruments
Note 6 - Shareholders' Equity and Share - Based Compensation
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.41.1 exh10411non-employeedi.htm
EX-31.1 a2q20ex-311ceocertific.htm
EX-31.2 a2q20ex-312cfocertific.htm
EX-32.1 a2q20ex-321soxcertific.htm

Dynex Capital Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

dx-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 1-9819
DYNEX CAPITAL, INC.
(Exact name of registrant as specified in its charter)
Virginia52-1549373
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
4991 Lake Brook Drive, Suite 100
Glen Allen,Virginia23060-9245
(Address of principal executive offices)(Zip Code)
(804)217-5800 
(Registrant’s telephone number, including area code) 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareDXNew York Stock Exchange
7.625% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per shareDXPRBNew York Stock Exchange
6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per shareDXPRCNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes                   No           

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes                        No           

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes                      No            

On July 31, 2020, the registrant had 23,140,617 shares outstanding of common stock, $0.01 par value, which is the registrant’s only class of common stock.



DYNEX CAPITAL, INC.
FORM 10-Q
INDEX



Page
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
Consolidated Balance Sheets as of June 30, 2020 (unaudited) and December 31, 2019
Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended
June 30, 2020 (unaudited) and June 30, 2019 (unaudited)
Consolidated Statements of Shareholders' Equity for the six months ended
June 30, 2020 and June 30, 2019 (unaudited)
Consolidated Statements of Cash Flows for the six months ended
June 30, 2020 (unaudited) and June 30, 2019 (unaudited)
Notes to the Unaudited Consolidated Financial Statements
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II. OTHER INFORMATION
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
SIGNATURES



i


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

DYNEX CAPITAL, INC.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands except share data)
 June 30, 2020December 31, 2019
ASSETS(unaudited)
Cash and cash equivalents$147,243  $62,582  
Restricted cash59,150  71,648  
Receivable for securities sold, pledged to counterparties156,047    
Mortgage-backed securities (including pledged of $3,391,112 and $5,024,625 respectively), at fair value
3,496,925  5,188,163  
Mortgage loans held for investment (includes $7,366 and $8,857 at fair value, respectively); see Note 1
7,366  9,405  
Derivative assets7,926  4,290  
Accrued interest receivable16,620  26,209  
Other assets, net6,351  8,307  
Total assets$3,897,628  $5,370,604  
LIABILITIES AND SHAREHOLDERS’ EQUITY 
Liabilities:  
Repurchase agreements$3,314,991  $4,752,348  
Payable for unsettled securities  6,180  
Non-recourse collateralized financing1,282  2,733  
Derivative liabilities4,208  974  
Accrued interest payable907  15,585  
Accrued dividends payable5,735  6,280  
Other liabilities3,036  3,516  
 Total liabilities$3,330,159  $4,787,616  
Shareholders’ equity:  
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; 7,248,330 and 6,788,330 shares issued and outstanding, respectively ($181,208 and $169,708 aggregate liquidation preference, respectively)
$174,709  $162,807  
Common stock, par value $0.01 per share, 90,000,000 shares authorized;
23,140,617 and 22,945,993 shares issued and outstanding, respectively
231  229  
Additional paid-in capital858,451  858,347  
Accumulated other comprehensive income81,731  173,806  
Accumulated deficit(547,653) (612,201) 
 Total shareholders’ equity567,469  582,988  
 Total liabilities and shareholders’ equity$3,897,628  $5,370,604  
See notes to the unaudited consolidated financial statements.

1


DYNEX CAPITAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
 (amounts in thousands except per share data)
Three Months EndedSix Months Ended
June 30,June 30,
 2020201920202019
Interest income$19,853  $43,748  $59,676  $83,706  
Interest expense4,850  30,813  26,952  57,089  
  Net interest income15,003  12,935  32,724  26,617  
Loss on derivative instruments, net(8,563) (117,535) (204,130) (179,233) 
Gain (loss) on sale of investments, net193,099  (10,360) 277,882  (10,360) 
Fair value adjustments, net332  (16) (40) (29) 
Other operating (expense) income, net(222) 256  (645) 25  
General and administrative expenses:
Compensation and benefits(2,736) (1,747) (4,898) (3,645) 
Other general and administrative(2,075) (2,518) (4,534) (4,574) 
Net income (loss)194,838  (118,985) 96,359  (171,199) 
Preferred stock dividends(3,253) (3,206) (7,094) (6,265) 
Preferred stock redemption charge    (3,914)   
Net income (loss) to common shareholders$191,585  $(122,191) $85,351  $(177,464) 
Other comprehensive income:
Unrealized gain on available-for-sale investments, net$28,052  $100,767  $185,807  $187,399  
Reclassification adjustment for (gain) loss on sale of investments, net(193,099) 10,360  (277,882) 10,360  
Reclassification adjustment for de-designated cash flow hedges      (165) 
Total other comprehensive (loss) income(165,047) 111,127  (92,075) 197,594  
Comprehensive income (loss) to common shareholders$26,538  $(11,064) $(6,724) $20,130  
Net income (loss) per common share-basic and diluted$8.31  $(4.98) $3.71  $(7.49) 
Weighted average common shares-basic and diluted23,057  24,541  23,010  23,681  
See notes to the unaudited consolidated financial statements.
2


DYNEX CAPITAL, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(unaudited)
($ in thousands)
Preferred StockCommon StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total Shareholders’ Equity
SharesAmountSharesAmount
Balance as of
December 31, 2019
6,788,330  $162,807  22,945,993  $229  $858,347  $173,806  $(612,201) $582,988  
Cumulative effect of change in accounting principle—  —  —  —  —  —  (548) (548) 
Stock issuance4,460,000  107,988  —  —  —  —  —  107,988  
Redemption of preferred stock(4,000,000) (96,086) —  —  —  —  (3,914) (100,000) 
Restricted stock granted, net of amortization—  —  67,511  1  306  —  —  307  
Repurchase of common stock—  —  (18,782)   (206) —  —  (206) 
Adjustments for tax withholding on share-based compensation—  —  (12,744)   (235) —  —  (235) 
Stock issuance costs—  —  —  —  (9) —  —  (9) 
Net loss—  —  —  —  —  —  (98,479) (98,479) 
Dividends on preferred stock—  —  —  —  —  —  (3,841) (3,841) 
Dividends on common stock—  —  —  —  —  —  (10,330) (10,330) 
Other comprehensive income—  —  —  —  —  72,972  —  72,972  
Balance as of
March 31, 2020
7,248,330  $174,709  22,981,978  $230  $858,203  $246,778  $(729,313) $550,607  
Restricted stock granted, net of amortization—  —  172,782  1  422  —  —  423  
Repurchase of common stock—  —  (14,143) —  (166) —  —  (166) 
Stock issuance costs—  —  —  —  (8) —  —  (8) 
Net income—  —  —  —  —  —  194,838  194,838  
Dividends on preferred stock—  —  —  —  —  —  (3,253) (3,253) 
Dividends on common stock—  —  —  —  —  —  (9,925) (9,925) 
Other comprehensive income—  —  —  —  —  (165,047) —  (165,047) 
Balance as of
June 30, 2020
7,248,330  $174,709  23,140,617  $231  $858,451  $81,731  $(547,653) $567,469  
Balance as of December 31, 20185,954,594  $142,883  20,939,073  $209  $818,861  $(35,779) $(399,021) $527,153  
Stock issuance
213,468  5,015  3,109,047  31  53,841  —  —  58,887  
Restricted stock granted, net of amortization
—  —  50,821  1  297  —  —  298  
Adjustments for tax withholding on share-based compensation
—  —  (16,231)   (296) —  —  (296) 
Stock issuance costs
—  —  —  —  (212) —  —  (212) 
Net loss
—  —  —  —  —  —  (52,214) (52,214) 
Dividends on preferred stock
—  —  —  —  —  —  (3,059) (3,059) 
Dividends on common stock
—  —  —  —  —  —  (12,350) (12,350) 
Other comprehensive income
—  —  —  —  —  86,467  —  86,467  
3


Preferred StockCommon StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total Shareholders’ Equity
SharesAmountSharesAmount
Balance as of
March 31, 2019
6,168,062  $147,898  24,082,710  $241  $872,491  $50,688  $(466,644) $604,674  
Stock issuance
346,068  8,173  547,071  5  9,874  —  —  18,052  
Restricted stock granted, net of amortization
—  —  17,183    296  —  —  296  
Stock issuance costs
—  —  —  —  (28) —  —  (28) 
Net loss
—  —  —  —  —  —  (118,985) (118,985) 
Dividends on preferred stock
—  —  —  —  —  —  (3,206) (3,206) 
Dividends on common stock
—  —  —  —  —  —  (13,292) (13,292) 
Other comprehensive income
—  —  —  —  —  111,127  —  111,127  
Balance as of
June 30, 2019
6,514,130  $156,071  24,646,964  $246  $882,633  $161,815  $(602,127) $598,638  
See notes to the unaudited consolidated financial statements.
4


DYNEX CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
($ in thousands)
Six Months Ended
 June 30,
 20202019
Operating activities:  
Net income (loss)$96,359  $(171,199) 
Adjustments to reconcile net income (loss) to cash provided by operating activities: 
Decrease (increase) in accrued interest receivable9,589  (4,273) 
(Decrease) increase in accrued interest payable(14,678) 5,599  
Loss on derivative instruments, net204,130  179,233  
(Gain) loss on sale of investments, net(277,882) 10,360  
Fair value adjustments, net40  29  
Amortization of investment premiums, net63,789  63,239  
Other amortization and depreciation, net959  707  
Stock-based compensation expense731  593  
Change in other assets and liabilities, net432  642  
Net cash and cash equivalents provided by operating activities83,469  84,930  
Investing activities:  
Purchase of investments(2,818,863) (2,100,712) 
Principal payments received on investments249,766  195,061  
Proceeds from sales of investments4,226,321  432,552  
Principal payments received on mortgage loans held for investment1,519  1,199  
Net payments on derivatives, including terminations (210,712) (174,023) 
Other investing activities  (1,348) 
Net cash and cash equivalents provided by (used in) investing activities1,448,031  (1,647,271) 
Financing activities:  
Borrowings under repurchase agreements23,686,649  60,627,601  
Repayments of repurchase agreement borrowings(25,124,006) (59,080,133) 
Principal payments on non-recourse collateralized financing(1,467) (386) 
Proceeds from issuance of preferred stock107,988  13,188  
Proceeds from issuance of common stock  63,751  
Cash paid for redemption of preferred stock(100,000)   
Cash paid for stock issuance costs  (185) 
Cash paid for common stock repurchases(372)   
Payments related to tax withholding for stock-based compensation(235) (296) 
Dividends paid(27,894) (38,553) 
Net cash and cash equivalents (used in) provided by financing activities(1,459,337) 1,584,987  
Net increase in cash, cash equivalents, and restricted cash72,163  22,646  
Cash, cash equivalents, and restricted cash at beginning of period134,230  88,704  
Cash, cash equivalents, and restricted cash at end of period$206,393  $111,350