GLEN ALLEN, VA - Dynex Capital Inc . (NYSE:DX), a real estate investment trust with a market capitalization of $1.44 billion and a notable 14.29% dividend yield according to InvestingPro data, has issued a correction regarding a misstatement made by its Co-Chief Executive Officer and Chairman of the Board of Directors, Byron L. Boston. The correction was disclosed in a Form 8-K filed with the Securities and Exchange Commission today.
On Monday, Mr. Boston posted inaccurate financial metrics related to the company's total capital and total assets on his personal LinkedIn account. The company clarified that these figures were incorrectly stated and did not reflect any new financial information or results of operations for the recently completed fiscal year.
The incorrect data has since been removed from Mr. Boston's LinkedIn content. Dynex Capital emphasized that Mr. Boston's personal social media account is not recognized as an official channel for communicating Regulation FD material information to the public.
The company's securities, including its common stock and 6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, are listed on the New York Stock Exchange under the tickers DX and DXPRC, respectively. InvestingPro analysis indicates the company has maintained dividend payments for 18 consecutive years, though current metrics suggest the stock may be trading above its Fair Value.
This announcement serves as a reminder to investors and the market that official company information should be obtained from verified sources, and personal social media accounts of executives may not always provide accurate data. For comprehensive and verified financial metrics, investors can access detailed analysis and 8 additional ProTips through InvestingPro's research reports.
The information provided in this article is based on a press release statement.
In other recent news, Dynex Capital Inc. has reported a series of significant developments. The company has announced Ernst & Young LLP as their new auditor for the fiscal year ending December 31, 2025, following the completion of BDO USA, P.C.'s audit of the company's consolidated financial statements for the fiscal year ending December 31, 2024. This change is subject to the completion of Ernst & Young's standard client acceptance procedures and the execution of an engagement letter.
Moreover, Dynex Capital has expanded its at-the-market equity offering program. This expansion increases the number of shares available for sale to a total of 69,353,243, with 35,468,000 shares still available for issuance. The company has also added Janney Montgomery Scott LLC, Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC, UBS Securities LLC, and Wells Fargo (NYSE:WFC) Securities, LLC as additional sales agents for the offering.
In terms of financial performance, Dynex Capital's third-quarter results showcased a 7% economic return and a 6.5% return year-to-date, leading to a 15% increase in its common dividend from $0.13 to $0.15 per share. The company also raised $56 million in new capital and reported a book value of $13 per share. These are all recent developments, providing a snapshot of Dynex Capital's current state and future outlook.
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