Dynex Capital, Inc.

Thank you for standing by. My name is Carly and I will be your conference operator today. At this time, I would like to welcome everyone to the Dynex Capital, Inc. Second Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Allison Griffin, Vice President, Investor Relations. You may begin.

Good morning. The press release associated with today's call was issued and filed with the SEC this morning, July 21st, 2025. 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 are 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, 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 the webcast link on the website. The slide presentation may also be referenced under quarterly reports on the Investor Center page. Joining me on the call today are Byron Boston, Chairman and Co-Chief Executive Officer, Smriti Papano, Co-Chief Executive Officer and President, Rob Colligan, Chief Financial Officer and Chief Operating Officer, and TJ Connolly, Chief Investment Officer. I will now turn the call over to Smriti.

Thank you, Alison, and good morning, everyone. I'd like to recognize and congratulate my colleagues Bob Nielsen, Chief Risk Officer of Dynex, Wayne Brockwell, our Senior Vice President of Asset Liability Management and Richmond Office Executive, Alison Griffin, our Head of Investor Relations, Mark Warner, our Head of Financing, and Jeff Childress, our Chief Accounting Officer, for each completing over 20 years of service to Dynex. Their careers have evolved with the company, and their contributions continue to be a significant factor in our success. I'm also pleased to announce the appointment of Michael Angelo as our Chief Legal Officer and Corporate Secretary. Michael brings a great attitude, outstanding credentials, and highly relevant experience from a variety of financial institutions, and I look forward to working with him closely in his new role. Last quarter saw tremendous market volatility, and yet our investment opportunity set for solid long-term total return generation remains largely intact. We are growing our company in a highly dynamic macroeconomic and business environment. The breadth and scale of change domestically and globally across a comprehensive set of factors is enormous. Demographics are evolving to play a major role in politics and policy. Human conflict is escalating and rapidly reshaping the world of the last 50 years. The government policies we have relied on as a backdrop to decision making are facing fundamental and foundational shifts. Technology is now poised to be a major factor in the transformation of daily life, impacting economies and societies at a global scale. As we navigate this as long-term investors, the most important aspect of our process is our mindset, our approach to the environment. We are focused on keeping that clear, protecting shareholder value, and taking advantage of what opportunities present themselves. We continue to execute our strategy of raising capital, deploying it into a historically cheap and liquid investment opportunity, and managing our portfolio carefully through any volatile periods. I'm excited about the accelerating growth of the company and our delivering of meaningful operating leverage. This quarter Dynex crossed another milestone. Our market capitalization as of June 30th is over $1.5 billion, representing nearly 50% growth since June 2024. The discipline, experience, and expertise of the team was on full display in April, and will continue to be a differentiator for Dynex in the future. Rob and TJ will now give you further details on the quarter and the outlook. I'll turn it over to Rob.