Dynex Capital, Inc.

Ladies and gentlemen, thank you for standing by and welcome to Dynex Capital Inc's first quarter 2020 earnings results and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star one on your telephone. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Alison Griffin, Vice President, Investor Relations. Thank you. Please go ahead.

Thank you, Operator. Good morning, everyone, and thank you for joining us today. With me on the call, I have Byron Boston, President and Chief Executive Officer, Murthy Papano, Executive Vice President and Chief Investment Officer, and Steve Benedetti, Executive Vice President, Chief Financial Officer, and Chief Operating Officer. The press release associated with today's call was issued and filed with the SEC this morning, May 6, 2020. 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, 2019, as filed with the SEC. The document may be found on the DYNAC's 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 a webcast link on the homepage of our website. The slide presentation may also be referenced under quarterly reports on the Investor Center page. I now have the pleasure of turning the call over to our CEO, Byron Boston.

Thank you, Allison, and thank you all for joining us this morning. At Dynex Capital, we operate with a long-term vision. In 2019, we celebrated 30 years as a listed company on the New York Stock Exchange, and we formed a new 30-year vision for the future. Such a long-term view where management is tied and totally committed to the success of Dynex is very much aligned with the interests of our shareholders, creditors, and other stakeholders. To succeed in managing a mortgage REIT over such a long time horizon, it is imperative that we adjust our risk posture as necessary to fit the complexity of the overall global environment, and that we allocate our capital in a very disciplined manner. Multiple years ago, we went up in credit and up in liquidity, and we maintain that posture today. Furthermore, we have reduced our leverage in the short term as we assess the currently evolving health and economic crisis. This current global situation is very different than the great financial crash of 2006 to 2008, and the next several months will be extremely important in assessing our best risk and capital allocation strategies. It is too early to discern the broad-based impact of the current exogenous shocks across the global economy. On our call today, we will cover the first quarter, our macroeconomic view, our view on the economy, business model, and we will give you an outlook for our dividend. I will now turn it back to Allison, who will lead us through a series of Q&A.