GLEN ALLEN, Va. -- (Business Wire)
Dynex Capital, Inc. (NYSE: DX) (“Dynex” or the “Company”) announced
today that its Board of Directors has authorized the repurchase of up to
$50 million of its outstanding shares of common stock through December
31, 2014. The Company will only repurchase shares when the repurchase
price per share is less than the Company’s estimate of the current net
book value of a share of common stock. When Dynex purchases its stock at
a discount to book value, it increases the per share book value of the
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.
Dynex Capital, Inc. is an internally managed mortgage real estate
investment trust, or mortgage REIT, which invests in mortgage assets on
a leveraged basis. The Company invests in Agency MBS, non-Agency MBS,
and CMBS. The Company also has investments in securitized single-family
residential and commercial mortgage loans originated or purchased by the
Company during the 1990s. 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.
Dynex Capital, Inc.
Alison Griffin, 804-217-5897
Source: Dynex Capital, Inc.
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