$DX
DYNEX CAPITAL INC

2023 Q4 Form 10-Q Financial Statement

#000082667523000107 Filed on November 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $71.19M $63.27M
YoY Change 133.19% 210.09%
Cost Of Revenue $73.47M $65.53M
YoY Change 202.08% 393.4%
Gross Profit -$2.277M -$2.262M
YoY Change -136.68% -131.76%
Gross Profit Margin -3.2% -3.58%
Selling, General & Admin $8.318M $7.841M
YoY Change 5.33% 5.3%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $576.0K $546.0K
YoY Change -10.7% -4.88%
% of Gross Profit
Operating Expenses $8.808M $8.642M
YoY Change 5.67% 9.68%
Operating Profit -$11.09M -$10.90M
YoY Change 421.16% 1340.42%
Interest Expense $35.39M $65.53M
YoY Change -22.08% -251.64%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $24.30M -$43.05M
YoY Change -43.86% -7.76%
Income Tax
% Of Pretax Income
Net Earnings $22.38M -$43.05M
YoY Change -45.89% -7.76%
Net Earnings / Revenue 31.44% -68.04%
Basic Earnings Per Share -$0.82
Diluted Earnings Per Share $0.39 -$0.82
COMMON SHARES
Basic Shares Outstanding 56.65M shares 54.20M shares
Diluted Shares Outstanding 54.56M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.6M $271.2M
YoY Change -63.97% 4.14%
Cash & Equivalents $119.6M $271.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $30.04M $26.76M
Other Receivables $0.00 $0.00
Total Short-Term Assets $149.7M $297.9M
YoY Change -58.15% -52.62%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.039B $5.584B
YoY Change 93.85% 77.07%
Other Assets $118.2M $145.3M
YoY Change 0.33% -40.99%
Total Long-Term Assets $6.220B $5.743B
YoY Change 91.53% 67.88%
TOTAL ASSETS
Total Short-Term Assets $149.7M $297.9M
Total Long-Term Assets $6.220B $5.743B
Total Assets $6.370B $6.041B
YoY Change 76.68% 49.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $53.19M $43.17M
YoY Change 223.37% 779.36%
Deferred Revenue
YoY Change
Short-Term Debt $5.381B $5.002B
YoY Change 103.49% 66.23%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.445B $5.055B
YoY Change 103.93% 67.27%
LONG-TERM LIABILITIES
Long-Term Debt $46.00M $0.00
YoY Change 10474.94%
Other Long-Term Liabilities $8.301M $181.1M
YoY Change -75.23% 67.59%
Total Long-Term Liabilities $54.30M $181.1M
YoY Change 59.96% 67.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.445B $5.055B
Total Long-Term Liabilities $54.30M $181.1M
Total Liabilities $5.499B $5.236B
YoY Change 103.37% 59.73%
SHAREHOLDERS EQUITY
Retained Earnings -$483.6M -$483.6M
YoY Change 26.2% 19.33%
Common Stock $1.404B $1.397B
YoY Change 3.46% 10.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $870.7M $804.3M
YoY Change
Total Liabilities & Shareholders Equity $6.370B $6.041B
YoY Change 76.68% 49.17%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $22.38M -$43.05M
YoY Change -45.89% -7.76%
Depreciation, Depletion And Amortization $576.0K $546.0K
YoY Change -10.7% -4.88%
Cash From Operating Activities $16.57M $10.40M
YoY Change -44.9% -59.27%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$556.0M -$834.3M
YoY Change -369.85% 5.91%
Cash From Investing Activities -$556.0M -$834.3M
YoY Change -369.85% 5.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 360.8M 807.6M
YoY Change -223.24% -2.9%
NET CHANGE
Cash From Operating Activities 16.57M 10.40M
Cash From Investing Activities -556.0M -834.3M
Cash From Financing Activities 360.8M 807.6M
Net Change In Cash -178.6M -16.32M
YoY Change 215.08% -123.5%
FREE CASH FLOW
Cash From Operating Activities $16.57M $10.40M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Nature Of Operations
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Organization</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dynex Capital, Inc. (the “Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company is an internally managed mortgage real estate investment trust, or mortgage REIT, which primarily earns income from investing on a leveraged basis in Agency mortgage-backed securities (“Agency MBS”) and in to-be-announced securities (“TBAs” or “TBA securities”). Agency MBS have a guaranty of principal and interest payments by a U.S. government-sponsored entity (“GSE”) such as Fannie Mae and Freddie Mac, which are in conservatorship and are currently supported by a senior preferred stock purchase agreement from the U.S. Treasury. As of September 30, 2023, the majority of the Company’s Agency MBS are secured by residential real property (“Agency RMBS”). The remainder of the Company’s investments are in Agency commercial MBS (“Agency CMBS”) and in both Agency and non-Agency CMBS interest-only (“CMBS IO”). Non-Agency MBS do not have a GSE guaranty of principal or interest payments.</span></div>
us-gaap Use Of Estimates
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Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. The most significant estimates used by management include, but are not limited to, amortization of premiums and discounts and fair value measurements of its investments, including TBA securities accounted for as derivative instruments. These items are discussed further below within this note to the consolidated financial statements. The Company believes the estimates and assumptions underlying the consolidated financial statements included herein are reasonable and supportable based on the information available as of September 30, 2023.
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