Dynex Capital, Inc. (DX) is a public company. Dynex is a financial services company committed to ethical stewardship of stakeholders' capital, expert risk management, disciplined capital allocation, and social responsibility. We generate dividend income and long-term total returns through the financing of real estate assets, and by doing so, support the growth and revitalization of communities in the United States. Our goal is to manage our capital to provide shareholders with attractive and consistent risk-adjusted returns over the long term. Founded in 1988. It has 54 employees. IPO 1988.

Transcript

Operator

Good Day, and welcome to the Dynex Capital, Inc. second quarter earnings conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Kaitlyn Mauritz, Head of Capital Markets and Investor Relations. Please go ahead.

Kaitlyn Mauritz — Head of Capital Markets and Investor Relations

Thank you, operator, and thank you to everyone joining us today for Dynex's second quarter 2026 earnings conference call. Joining me on today's call are Smriti Popenoe, Co-Chief Executive Officer and President, Byron Boston, Chairman and Co-Chief Executive Officer, Mike Sartori, Chief Financial Officer, and T.J. Connelly, Chief Investment Officer. Before we begin, I'd like to remind you that today's discussion may include forward-looking statements. These statements are based on current expectations, forecasts, and assumptions and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially. For additional information regarding these risks and factors, please refer to our filings with the SEC, available in the Investors section of our website and on the SEC's website. Dynex undertakes no obligation to update or revise any forward-looking statements. Our earnings press release was issued and filed with the SEC earlier today and is available in the Investors section of our website at dynexcapital.com, as well as on the SEC's website. We might also reference our earnings presentation during today's call, which is available on our Investors page. With that, I'll turn the call over to Smriti for opening remarks.

Smriti Popenoe — Co-CEO and President

Thank you, Kait, and good morning, everyone. I'm pleased to report a strong performance quarter for Dynex. Our total economic return of 6.4% was achieved alongside