Dynex Capital Inc. (NYSE:DX) Q4 2018 Earnings Conference Call Transcript

Feb 07, 2019 • 10:00 am ET


Dynex Capital Inc. (NYSE:DX) Q4 2018 Earnings Conference Call Transcript


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Good morning. My name is Jacqueline and I will be your conference operator today. At this time, I would like to welcome everyone to the Dynex Capital Inc. Fourth Quarter 2018 Earning Results and Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

Thank you. Alison Griffin, Vice President of Investor Relations, you may begin your conference.

Alison G. Griffin

Thank you, Jacqueline. Good morning, everyone, and thank you for joining us today. With me on the call, I have Byron Boston, President and Chief Executive Officer; Smriti Popenoe, Chief Investment Officer; and Steve Benedetti, Chief Financial Officer and Chief Operating Officer. The press release associated with today's call was issued and filed with the SEC this morning, February 7, 2019. You may view the press release on the homepage of the Dynex website at dynexcapital.com as well as on the SEC's website at sec.gov. Before we begin, we wish to remind you that this conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words believe, expect, forecast, anticipate, estimate, project, plan, and similar expressions identify forward-looking statements that are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified.

The Company's actual results and timing of certain events could differ considerably from those projected and/or contemplated by those forward-looking statements as a result of unforeseen external factors or risks. For additional information on these factors or risks, please refer to the Annual Report on Form 10-K for the period ending December 31, 2017 as filed with the SEC. The document may be found on the Dynex website under Investor Center as well as on the SEC's website. This call is being broadcast live over the Internet with a streaming slide presentation, which can be found through our webcast link on the homepage of our website. The slide presentation may also be referenced under Quarterly Reports on the Investor Center page.

I would now like to turn the call over to our CEO, Byron Boston.

Byron L. Boston

Thank you, Alison. Good morning and thank you all so much for joining our call. Let me start by saying that we have made a great effort to expand our presentation to include as much information as possible to help you understand how we are thinking about the global macro environment and our current portfolio construction, our earnings, and the risks that we have chosen to take to generate income for our shareholders. Please look closely at the entire deck, including the appendix, to gain better insight on our thoughts today. Regarding our current investment thesis, it is important to note that our disciplined thought process remains valuable as it has over the past decade. In today's presentation, we have tried to be more specific about certain details to help you better understand. However, don't misunderstand that we have written -- what we have written or what we