Dynex Capital (DX) Subsidiary Completes Acuisition of Joint Venture Interest
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Dynex Capital, Inc. (NYSE: DX) announced that its wholly-owned subsidiary Issued Holdings Capital Corporation has completed a purchase of a Deutsche Bank affiliate's 49.875% interest in their joint venture for $9.5 million in cash. Through its subsidiary, the Company now owns 99.75% of the venture which will be included in the Company's consolidated financial statements as a result of the purchase. The joint venture currently holds subordinated CMBS with a par value of $38.7 million and redemption rights for approximately $182.5 million of callable CMBS. These CMBS are collateralized principally by seasoned multifamily housing loans originated by the Company from 1996 to 1998. The Company expects to record a noncash charge of an estimated $3.0 million during the fourth quarter related to the joint venture's activities through the purchase date and the actual purchase itself. The Company expects that shareholders' equity and book value per common share will largely be unaffected as $2.9 million of this amount had been previously recognized in shareholders' equity in prior periods.
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