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April 28 , 2021 DYNEX CAPITAL INC . Dynex Capital , Inc. Reports First Quarter 2021 Results GLEN ALLEN , Va .-- ( BUSINESS WIRE ) -- Dynex Capital , Inc. ( NYSE : DX ) reported its first quarter 2021 results today . Management will host a call today at 10:00 a.m. Eastern Time to discuss the results and business outlook . Details to access the call can be found below under " Earnings Conference Call " . Management Remarks " I am extremely pleased with our first quarter results , as we continued to demonstrate the power of our investment strategy and the exceptional skills and experience of our team , ” stated Byron L. Boston , Chief Executive Officer . " We generated a total economic return of 7.2 % for our common shareholders for the first quarter of 2021 and 34.8 % over the last four quarters , averaging 8.0 % per quarter during periods of high volatility . We also continued to position the company for long - term success by raising a total of $ 128 million in common equity through two public offerings during the first quarter while growing our book value . " Mr. Boston continued , " We anticipate continued volatility in the macroeconomic environment , which will demand ongoing active management of mortgage portfolios . We believe Dynex's track record demonstrates that we can thrive and deliver returns across wide - ranging investment environments . With our leverage ratio remaining under 7.0x , we believe we have positioned our balance sheet to take advantage of accretive capital deployment opportunities . As always , our disciplined investment process remains focused on delivering long - term value to our shareholders . " First Quarter 2021 Financial Performance Highlights • Total economic return to common shareholders of 7.2 % comprised of $ 0.39 in dividends declared and an increase of $ 0.99 in book value per common share to $ 20.07 as of March 31 , 2021 • Comprehensive income of $ 1.76 per common share and net income of $ 4.20 per common share • Core net operating income , a non - GAAP measure , of $ 0.46 per common share Leverage including TBA dollar roll positions increased to 6.9x times shareholders ' equity as of March 31 , 2021 compared to 6.3x as of December 31 , 2020 Other Highlights of the First Quarter of 2021 • Total economic return to common shareholders is 22.8 % since December 31 , 2019 and 34.8 % since March 31 , 2020 • Raised capital of $ 128.2 million through two public offerings of common stock , resulting in total issuance of approximately 7.2 million common shares • Redeemed the remaining 2.8 million shares of 7.625 % Series B Cumulative Redeemable Preferred Stock ( the " Series B Preferred Stock " ) at an aggregate