Dynex Capital, Inc. Declares Fourth Quarter 2018 Dividends
December 11 2018 - 8:00AM
Business Wire
Dynex Capital, Inc. (NYSE: DX) announced today the Company’s
Board of Directors has declared the 44th consecutive quarterly
common stock dividend since launching the new investment strategy
in 2008. The Company will pay a quarterly common dividend of $0.18
per common share for the fourth quarter of 2018 payable on January
31, 2019 to shareholders of record on December 31, 2018.
Preferred Stock Dividends
The Company also announced that it will pay the regular
quarterly dividend of $0.53125 per share on its 8.50% Series A
Cumulative Redeemable Preferred Stock (NYSE: DXPRA) and $0.4765625
per share on its 7.625% Series B Cumulative Redeemable Preferred
Stock (NYSE: DXPRB). Both dividends will be paid on January 15,
2019 to shareholders of record of the Series A and Series B
Preferred Stocks as of January 1, 2019.
Share Repurchase Program
Additionally, the Company announced today that its Board of
Directors has authorized the repurchase of up to $40 million of its
outstanding shares of common stock through December 31,
2020. The Company will only repurchase shares when the
repurchase price per share is less than the Company’s most recent
estimate of the current net book value of a share of common
stock.
As part of the share repurchase program, shares may be purchased
in open market transactions, including through block purchases,
through privately negotiated transactions, or pursuant to any
trading plan that may be adopted in accordance with Rule 10b5-1 of
the Securities Exchange Act of 1934 (the “Exchange Act”). The
timing, manner, price and amount of any repurchases will be
determined in the Company’s discretion and the share repurchase
program may be suspended, terminated or modified at any time for
any reason. The repurchase program does not obligate the
Company to acquire any specific number of shares, and all open
market repurchases will be made in accordance with Exchange Act
Rule 10b-18, which sets certain restrictions on the method, timing,
price and volume of open market stock repurchases.
This new authorization replaces the Company’s prior share
repurchase program, which was to expire on December 31,
2018.
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.
“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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Alison Griffin804-217-5897
Dynex Capital (NYSE:DX)
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