Dynex Capital, Inc.

Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Dynex Capital, Inc. Third 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 conference over to Alison Griffin, VP of Investor Relations. You may begin. Thank you, and good morning.

The press release associated with today's call was issued and filed with the SEC this morning, October 20, 2025. You may view the press release on the website of 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 T.J. Connolly, Chief Investment Officer. I now have the pleasure of turning the call over to Smriti.

Thank you, Allison. Good morning, everyone, and thank you for joining us today. We continue to execute our strategy to build a resilient company at the intersection of capital markets and housing finance. We believe in the long-term shareholder value creation potential of our differentiated platforms. investing in residential and commercial mortgage-backed securities managed with Dynexis through the cycle mindset, risk discipline, liquidity, and capital management expertise. Our offering is unique, and our strategy continues to generate strong returns. Year-to-date shareholder returns were 20% as of last Friday's close, 23% over the last year, In the last three years, our shareholders have seen returns of nearly 72% with dividends reinvested in Dynex. Our total economic return of 10.3% for the quarter and then 11.5% year-to-date reflect the discipline management of the generational opportunity in agency RMBS we have been talking about since 2022. Keeping book value stable, we have paid out a substantial dividend. Agency RMBS spreads continue to offer returns to support our growth and investment strategy. The strong investment environment fueled capital raising and we crossed another milestone. Our common equity market cap is now above 1.8 billion as we continue to broaden the scope of individuals who trust us with their savings and institutions who trust us with their capital. The operating environment remains highly complex. The global economy is vulnerable to persistent inflation as geopolitics shape investment at the national level. In the U.S., we are still passing through tariff-related price shocks, a labor market slowdown, and a government shutdown. Risk assets, especially equities, have shrugged off most of these concerns. We are watching for quick shifts in market sentiment as trends in the fundamental economy become more clear. The Federal Reserve appears committed to bringing rates down to more neutral levels, and even so, the uncertainty in the rate path is significant. TJ will go into more detail during his comments. Our principles of holding liquidity and investing in liquid assets are highly appropriate for this environment. I'll say a word about private credit markets. At Dynex, we have always taken the view that total system risk is like a balloon. You squeeze it on one end, and it shows up somewhere else. The private credit market is a reflection of this. The U.S. economy is highly financialized and operates on a great deal of leverage being available. In the private credit sector, much of that leverage is hidden in funds that do not mark the market like Dynex. Sometimes it's not even possible to get a mark or sell those assets. Even as cracks in this market develops, we are prepared for surprises that could prove much more persistent than they have at similar points in other cycles in history. As I've emphasized, our growth is deliberate. It's anchored in strategy, opportunistic investing, and focused value creation. The team is operating with preparedness, discipline, and tactical agility. Our results are a direct outcome of that approach. I remain focused on strengthening our market position and expanding our ability to capture future opportunities. Rob and TJ will now give you further details on the quarter and the outlook. I'll turn it over to Rob.