Mortgage REIT Dynex drops on stock offering

Dynex Capital

06/06/2024 14:22

** Dynex Capital's  DX.N  shares down 3.4% at $12.05 before
the bell after overnight follow-on priced
    ** Co, which invests in agency and non-agency residential
and commercial mortgage-backed securities, announced 10.5 mln
shares for approx $126 mln gross proceeds
    ** Offering price equates to $12, 3.8% discount to stock's
last close
    ** BTIG sole bookrunner
    ** Dynex on Apr 22 reported its book value/sh was $13.20 as
of Mar 31. On the subsequent earnings call, Co-Chief Investment
Officer Smriti Popenoe said most recent BV estimate was $12.26
    ** Co has ~64.2 mln shares outstanding for $800 mln market
cap
    ** Shares off 0.4% YTD through Weds and up about 5% over the
past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))