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Dynex Capital Inc | 6.90% Series C Fix/Float Cumulative Redeemable Preferred Stock (DX.PRC)
Prospectus excerpt: We are offering 4,000,000 shares of our 6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”). We will pay cumulative dividends on our Series C Preferred Stock in the amount of $1.725 per share each year, which is equivalent to the rate of 6.900% of the $25.00 liquidation preference per share. Dividends on our Series C Preferred Stock will be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing April 15, 2020, to holders of record on the applicable record date (provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date (as defined herein) may be paid on the next succeeding business day) (i) from, and including, the date of original issuance to, but excluding, April 15, 2025, at a fixed rate equal to 6.900% of the $25.00 liquidation preference per share of the Series C Preferred Stock per annum and (ii) from and including April 15, 2025, at a floating rate equal to three-month LIBOR plus a spread of 5.461% per annum of the $25.00 liquidation preference per share of the Series C Preferred Stock per annum. The Series C Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased or converted into common stock pursuant to its terms. Except under circumstances intended to preserve our qualification as a real estate investment trust (“REIT”), for federal income tax purposes, or, in accordance with our articles of incorporation, to avoid penalty taxes in respect of, or protect the tax status of, any real estate mortgage investment conduit (“REMIC”) in which we have or plan to take an interest, the Series C Preferred Stock is not redeemable prior to April 15, 2025. On or after April 15, 2025, at any time and from time to time the Series C Preferred Stock will be redeemable in whole, or in part, at our option, at a cash redemption price of $25.00 per share, plus any accumulated and unpaid dividends (whether or not declared) to, but not including, the redemption date. Full Prospectus PDF », Secondary Prospectus PDF », DX Page »
Series: | C | Alternate symbology: | DX-C, DX-PC, DXprC | Redeemable?: | Yes | Call Date: | 4/15/2025 | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 4,000,000 | Overallotment: | 600,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $24.48 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-0.52 (-2.08%) | Annualized Dividend: | 1.725 | Recent Ex-Date: | 3/28/2024 | Current Yield: | 7.05% | Original Coupon: | 6.90% until 4/15/2025, then dividends will be paid at a floating rate of the Three-Month LIBOR plus 5.461% per annum | Pay Period: | Quarterly | Pay Dates: | 15-Jan, 15-Apr, 15-Jul, 15-Oct | CDx3 Compliance Rating: |
Learn DX.PRC's Rating
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Dynex Capital is an internally managed mortgage real estate investment trust, which primarily invests in residential and commercial mortgage-backed securities (MBS). Co. finances its investments principally with borrowings under repurchase agreements. Co. is primarily invested in Agency MBS including residential MBS, commercial MBS (CMBS) and CMBS interest-only (IO) securities. Agency MBS have an implicit guaranty of principal payment by an agency of the U.S. government or a U.S. government-sponsored entity. Co. also has investments in non-Agency MBS, which consist mainly of CMBS IO. Non-Agency MBS are issued by non-governmental enterprises and do not have a guaranty of principal payment. Preferreds: DX.PRA, DX.PRB, DX.PRC Open the DX Information Page »
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Name: |
Dynex Capital Inc |
Website: |
www.dynexcapital.com |
Sector: |
REITs |
Number of ETFs Holding DX: |
23 (see which ones) |
Total Market Value Held by ETFs: |
$75,605,347.94 |
Total Market Capitalization: |
$749,000,000 |
% of Market Cap. Held by ETFs: |
10.09% |
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