Dynex Capital, Inc.

Good day and welcome to the Dynex Capital Incorporated First Quarter Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Alison Griffin, Vice President of Investor Relations. Please go ahead. Thank you, Operator, and good morning, everyone.

The press release associated with today's call was issued and filed with the SEC this morning, April 20th, 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 on the Investor's page. Joining me on the call today are Smriti Papano, Co-Chief Executive Officer and President, Byron Boston, Chairman and Co-Chief Executive Officer, Mike Sartori, Chief Financial Officer, and T.J. Connolly, Chief Investment Officer. I now have the pleasure to turn the call over to Smriti.

Thank you, Allison, and good morning, everyone. We continue to build our company at the intersection of two powerful demographic tailwinds, the need for income and the need for housing. Dynex continues to deliver differentiated top-tier performance. Our track record, now combined with the significant growth in our capital base over the last 15 months, propels value creation by delivering scale and resilience to our shareholders. The team is focused on methodically building durability across investments, finance, technology, risk, and operations. Growing an enduring platform reinforces the value of our business meaningfully beyond the valuation of our balance sheet, further driving long-term shareholder returns. Turning now to the global macroeconomic environment, government policy is squarely in the driver's seat, defining and driving outcomes. Scenario planning for us has evolved to mapping policy pathways. What policymakers could do next, how markets may transmit those decisions, and how we position ourselves for those moves. More than ever, mindset and preparedness are the key factors for successful decision-making because the policy paths aren't always foreseeable. Flexibility and openness in our team's mindsets something we actively teach and practice, are now essential parts of navigating the investment landscape. In the first quarter, we added value by executing our plan. We managed the portfolio through a short burst of volatility, which we used to opportunistically raise and deploy capital. We grew the total capital base by 18%, deploying the funds during the quarter as MBS spreads lightened. Since quarter end, MBS spreads have tightened and book value is higher. Mike and T.J. will now review the detailed quarterly results and our outlook.