Dynex Capital book value slips 3.9%

Core NOI per share of $0.27 is off 10% from last quarter, but covers dividend of $0.27.

Adjusted net interest spread of 1.65% is off 7 basis points from Q2, off 33 bps from a year ago. CPR of 19.5% is off from 21% in Q2.

Book value per share of $8.59 is off 3.9% from the end of Q2 and compares to last night's close of $8.49, putting the shares as just a 1.2% discount to book (slim for mREIT-land nowadays).

CEO Akin: "With the steeper yield curve, we expect to benefit from an improving credit environment and slower prepayments and a portfolio which continues to roll down the yield curve."

CC at 11 ET.

DX -1.7% premarket.

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