Dynex Capital, Inc.

Good day and welcome to the Dynex Capital Inc. Fourth Quarter and Full Year 2025 Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Alison Griffin, Vice President, Investor Relations. Please go ahead.

Good morning. The press release associated with today's call was issued and filed with the SEC this morning, January 26, 2026. 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 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, TJ Connolly, Chief Investment Officer, and Mike Sartori, Head of Capital Markets. It is now my pleasure to turn the call over to Byron and Smriti.

Good morning, and thank you for joining us today. As we start 2026, let me anchor where we are in our company's evolution. Since I joined Dynex in 2008, the team and I have always operated and competed with a performance-first mentality and with the ethical stewardship of our shareholders' capital at the core of our decision-making. This focus has created a repeatable and sustainable performance edge, delivering industry-beating returns for our shareholders. Our principles, risk management first, treating liquidity and reputation as a strategic asset, and a culture grounded in learning, kindness, trust, and curiosity continue to differentiate us. What sets our approach apart is not the ability to predict every environment, but the discipline to adapt in many environments. Resilience is what ultimately enables Dynex shareholders to enjoy compounding over decades. Our framework gives us the confidence to lean into the right moments of opportunity and endure turbulence without being forced to retreat. We can even advance during periods of dislocation while others pull back. Over time, those small behavioral advantages have compounded into meaningful performance differences, creating the foundation to propel us to this phase of Dynex at the start of this decade.