- Book value per common share was $10.31 at September 30, 2012 versus $9.66 at June 30, 2012 and $9.20 at December 31, 2011.
- Annualized return on average common equity was 13.6% during the third quarter of 2012 compared to 14.3% for the second quarter of 2012.
- Net interest spread was 2.00% for the third quarter of 2012 versus 2.18% for the second quarter of 2012 and 2.43% for the third quarter of 2011.
- Interest earning assets were $4,316.2 million at September 30, 2012. Average interest earning assets for the third quarter of 2012 were $3,729.1 million versus $3,339.5 million for the second quarter of 2012 and $2,494.7 million for the third quarter of 2011. As of September 30, 2012, RMBS assets were $2,814.3 million and CMBS assets were $1,423.3 million. On an actual invested capital basis, approximately 39% of the Company's shareholders' capital is invested in RMBS with the balance in CMBS, cash and other assets.
- Issued 2.3 million shares of 8.50% Series A Preferred Stock for net proceeds of $55.4 million after expenses.
- Net interest income was $19.1 million for the third quarter of 2012 versus $19.0 million in the second quarter of 2012 and $14.6 million in the third quarter of 2011.
- Gain on sale of investments, net during the third quarter of 2012 was $3.5 million which includes $3.3 million from the sale of $15.0 million in non-Agency CMBS and $56.1 million in Agency RMBS.
- The investment portfolio (excluding CMBS interest only securities, or IOs) prepaid at a constant prepayment rate, or CPR, of 18.7% for the third quarter of 2012 versus 16.0% for the second quarter of 2012.
- Dividend per common share for the third quarter of 2012 was $0.29 for an annualized dividend yield of 11.7% based on the October 31, 2012 closing stock price of $9.92.
- Overall leverage was 6.1 times equity capital at September 30, 2012 the same as at June 30, 2012. Average leverage during the quarter was an estimated 5.9 times equity capital.
Dynex Capital, Inc. Reports Third Quarter 2012
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