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Dec 31, 2019
Dynex Capital Q4 2019 Earnings Report
Reported fourth quarter and full year results.
Key Takeaways
Dynex Capital, Inc. reported a comprehensive income of $0.37 per common share for the fourth quarter of 2019, which included $2.26 net income per common share. Core net operating income, a non-GAAP measure, was $0.66 per common share. The company's leverage, including TBA long positions, was 9.0x shareholders’ equity at the end of the quarter.
Comprehensive income of $0.37 per common share comprised of $2.26 net income per common share and $(1.87) other comprehensive loss per common share on available-for-sale securities
Core net operating income, a non-GAAP measure, of $0.66 per common share
Net interest spread and adjusted net interest spread, a non-GAAP measure, of 1.10% and 1.53%, respectively
Quarterly economic return to common shareholders of 2.2% based on dividends declared of $0.45 per common share less the decline in book value per common share of $(0.06) to $18.01 at December 31, 2019
Forward Guidance
Management estimates book value as of January 31, 2020 to be in the range of $19.30 to $19.50 per common share, 7-8% higher than book value per common share as of December 31, 2019
Historical Earnings Impact
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Avg. Return Before/After Earnings
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