Dynex Capital, Inc. announced its third quarter 2024 financial results, reporting a net income to common shareholders of $29.074 million, or $0.38 per basic common share. The company achieved a total economic return of 7.1% for the quarter, reflecting effective management in the current market environment. Net interest income for the period stood at $894 thousand.
The company's book value per common share was $13.00 as of September 30, 2024, and its leverage ratio was 7.6 times. Dynex Capital's average earning assets reached $9.3 billion, with the investment portfolio's fair value also at $9.3 billion, predominantly comprising 98% Agency RMBS.
Management indicated an expectation to increase the monthly common stock dividend from $0.13 to $0.15 per share, signaling confidence in future performance. Additionally, the company raised $56.753 million in net proceeds from common stock issuances through its ATM program during the quarter. Dynex also reported $625.4 million in net deferred tax hedge gains as of September 30, 2024, with $21.981 million projected for recognition in the fourth quarter of 2024.
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