Dynex Capital Does a Surprise Partial Call

mREIT Dynex Capital (DX) announced a surprise partial call of their 7.625% DX-B shares of preferred stock late today.

DX which just sold a new issue of 6.90% perpetual preferred (4 million shares plus 600,000 for over allotment) had announced with the sale of this new issue they were calling for redemption their 8.50% DX-A issue for 3/14/20. There was no mention of a partial redemption of the 7.625% DX-B issue.

Lo and Behold late today commenter Ralph happened upon a press release stating the intention of the company to redeem 1.7 million shares of the DX-B issue on 3/16/2020.

The press release can be read here.

The DX-B issue closed Fridays trading at $25.55. This partial call should now peg the remaining shares closer to $25 plus accrued dividends for the future.

One thought on “Dynex Capital Does a Surprise Partial Call”

  1. Thanks, Tim, will check it out, 7+ percent near par for as long as it lasts sounds attractive these days

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