Dynex Capital, Inc.

Good morning. My name is David and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Dynex Capital second quarter 2023 earnings conference call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer session. If you'd like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one once again. Thank you, Allison Griffin, Vice President of Investor Relations. You may begin your conference.

Good morning, and thank you for joining us today for Dynex Capital's second quarter 2023 earnings call. The press release associated with today's call was issued and filed with the SEC this morning, July 24th. 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. As 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 our disclosures filed with the SEC, which may be found on the Dynex website under Investor Center as well as on the SEC's website. This conference 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. Joining me on the call is Byron Boston, Chief Executive Officer and Co-Chief Investment Officer, Smriti Papano, President and Co-Chief Investment Officer, and Rob Colligan, Executive Vice President, Chief Financial Officer. And with that, it is my pleasure to turn the call over to Byron.

Thank you, Allison. Good morning, and thank you for joining us for our second quarter earnings call. Our total economic return for the quarter was 5.7%, and year to date, we have generated 1.7%. These results are being delivered in a period of unprecedented market volatility. Like a well-balanced boat, Dynex continues to navigate the evolving global environment. We have structured our portfolio to emphasize liquidity, which we believe is essential to manage through the many potential outcomes in the future. We use a very patient and flexible mindset as we take care of your capital and profit from the attractive returns offered in the market today. As I lean on my 40 years of investing experience leading Dynex in for the next decade, Several factors stand out to me. Tailwinds for housing from demographics and supply are very strong. Our thesis for growing investment capital and high-quality sectors of housing is highly supported. The Federal Reserve and banks are reducing their footprint in this sector of the economy, creating a generational opportunity for private capital. This investment opportunity is happening in an environment that is complex and evolving. and needs discipline processes, skill list management, and capital allocation. These are foundational elements of how the team at Dynex manages your money and are a big part of how we generate long-term results. Our view, income will continue to be in demand with aging global populations and will become more important as the baby boom generation finally retires. This generation, in particular, is highly levered to housing and equities and has the potential to significantly impact and be impacted by valuation changes in both asset classes. We believe income continues to be undervalued in the global markets. You can see that in the price of bonds and agency RMBS, even in dynamic stock relative to more risky asset classes. At Dynex, we're managing our portfolio to generate high quality economic earnings that support the level of our dividend, which can be a reliable source of income for shareholders for many years to come. As I mentioned on these calls in the past, we're at a big moment in history and we're managing our business as such. From our perspective, the global landscape demands a high degree of focus and preparation. That's what the team is working on every day And to discuss the results of their efforts, I'll now turn it over to Rob and Smirti to provide details.