GLEN ALLEN, Va.--(BUSINESS WIRE)--October 20, 2025--
Dynex Capital, Inc. (the "Company") $(DX)$ reported its third quarter 2025 financial 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."
Third Quarter Financial Performance and Other Highlights
-- Total economic return of $1.23 per common share, or 10.3% of beginning
book value, comprised of an increase in book value of $0.72 per common
share and dividends declared of $0.51 per common share
-- Book value per common share of $12.67 as of September 30, 2025
-- Comprehensive income of $1.20 per common share and net income of $1.09
per common share
-- Raised equity capital of $254 million, net of issuance costs, through
at-the-market ("ATM") common stock issuances
-- Purchased $2.4 billion in Agency RMBS and $464 million in Agency CMBS
-- Liquidity of over $1 billion as of September 30, 2025
-- Leverage including to-be-announced ("TBA") securities at cost was 7.5
times shareholders' equity as of September 30, 2025
Management Remarks
"In the third quarter, we continued to execute on our strategy of raising and deploying capital. The results this quarter reflect our opportunistic positioning, expert risk management and the opportunity in a leveraged Agency mortgage-backed securities portfolio. We continue to invest in highly liquid, transparent, and readily valued securities while maintaining a focus on effective risk management and a disciplined investment process," said Smriti Laxman Popenoe, Co-Chief Executive Officer and President.
Earnings Conference Call
As previously announced, the Company's conference call to discuss these results is today at 10:00 a.m. Eastern Time and may be accessed via telephone by dialing 1-888-330-2022 for North America or 1-646-960-0690 for International and providing the conference ID 1957092 or by live audio webcast by clicking the "Webcast" button on the Investors page of the Company's website (www.dynexcapital.com), which includes a slide presentation. To listen to the live conference call via telephone, please dial in at least 10 minutes before the call begins. An archive of the webcast will be available on the Company's website approximately 2 hours after the live call ends.
Consolidated Balance Sheets
(unaudited)
---------------------------------
($s in thousands except per share
data) September 30, 2025 June 30, 2025
-------------------- ---------------
ASSETS
Cash and cash equivalents $ 490,989 $ 387,520
Cash collateral posted to
counterparties 332,818 318,317
Mortgage-backed securities
(including pledged of
$12,382,611 and $9,066,756,
respectively) 13,230,145 10,510,006
Due from counterparties 25,255 12,349
Derivative assets 14,100 31,816
Accrued interest receivable 55,931 43,309
Other assets, net 9,456 7,948
--------------- -----------
Total assets $ 14,158,694 $ 11,311,265
=============== ===========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities:
Repurchase agreements $ 11,753,522 $ 8,600,143
Due to counterparties 270,719 976,506
Derivative liabilities 4,635 31
Cash collateral posted by
counterparties 18,424 29,323
Accrued interest payable 110,517 60,855
Accrued dividends payable 30,688 26,125
Other liabilities 12,641 8,289
--------------- -----------
Total liabilities 12,201,146 9,701,272
Shareholders' equity:
Preferred stock $ 107,843 $ 107,843
Common stock 1,457 1,253
Additional paid-in capital 2,524,286 2,268,143
Accumulated other
comprehensive loss (134,069) (149,035)
Accumulated deficit (541,969) (618,211)
--------------- -----------
Total shareholders' equity 1,957,548 1,609,993
--------------- -----------
Total liabilities and
shareholders' equity $ 14,158,694 $ 11,311,265
=============== ===========
Preferred stock aggregate
liquidation preference $ 111,500 $ 111,500
Book value per common share $ 12.67 $ 11.95
Common shares outstanding 145,714,136 125,358,375
Consolidated Comprehensive Statements of Income
(Loss) (unaudited)
---------------------------------------------------
Nine Months
Three Months Ended Ended
----------------------------
($s in thousands
except per share September 30, September 30,
data) 2025 June 30, 2025 2025
------------- ------------- ---------------
INTEREST INCOME
Interest income $ 149,679 $ 111,746 $ 356,484
Interest expense (119,068) (88,618) (285,612)
----------- ----------- -----------
Net interest income 30,611 23,128 70,872
OTHER GAINS (LOSSES)
Unrealized gain on
investments, net 142,469 33,652 286,118
Loss on
derivatives, net (10,694) (58,093) (186,875)
----------- ----------- -----------
Total other gains
(losses), net 131,775 (24,441) 99,243
EXPENSES
General and
administrative
expenses (11,464) (11,913) (35,140)
Other operating
expense, net (534) (380) (1,268)
----------- ----------- -----------
Total operating
expenses (11,998) (12,293) (36,408)
Net income (loss) 150,388 (13,606) 133,707
Preferred stock
dividends (2,827) (2,680) (7,431)
----------- ----------- -----------
Net income (loss) to
common shareholders $ 147,561 $ (16,286) $ 126,276
=========== =========== ===========
Other comprehensive
income:
Unrealized gain on
available-for-sale
investments, net 14,966 4,064 38,420
----------- ----------- -----------
Total other
comprehensive
income 14,966 4,064 38,420
----------- ----------- -----------
Comprehensive income
(loss) to common
shareholders $ 162,527 $ (12,222) $ 164,696
=========== =========== ===========
Weighted average
common shares-basic 135,952,339 113,177,331 113,373,853
Weighted average
common
shares-diluted 136,927,985 113,177,331 114,202,402
Net income (loss) per
common share-basic $ 1.09 $ (0.14) $ 1.11
Net income (loss) per
common
share-diluted $ 1.08 $ (0.14) $ 1.11
Dividends declared
per common share $ 0.51 $ 0.51 $ 1.49
Summary of Third Quarter 2025 Results
The Company's increase in book value of $0.72 per common share for the third quarter of 2025 was largely driven by asset appreciation resulting from the decline in the 10-year U.S. Treasury rate and the tightening of mortgage spreads to U.S. Treasuries. Asset appreciation also partially drove the decline in the Company's leverage during the third quarter. The Company's net interest income and net interest spread continued to improve as a result of higher yielding investments added to the portfolio while financing costs as a percentage of average borrowings have remained steady. Management anticipates continued improvement in the Company's financing rate during the fourth quarter of 2025 due to the Federal Open Market Committee's lowering of the targeted Federal Funds rate by 25 basis points in September of 2025. The Company continues to raise capital through its ATM program.
The following table summarizes the changes in the Company's financial position during the third quarter of 2025:
($s in thousands Components of Common
except per share Net Changes Comprehensive Equity
data) in Fair Value Income Rollforward
----------------- -------------- --------------- ----------------
Balance as of June
30, 2025 (1) $ 1,498,493
Net interest
income $ 30,611
Net periodic
interest from
interest rate
swaps 14,265
Operating
expenses (11,998)
Preferred stock
dividends (2,827)
Changes in fair
value:
MBS and
other $ 157,435
TBAs 27,571
U.S.
Treasury
futures (20,423)
Options on
U.S.
Treasury
futures (508)
Interest
rate swaps (30,320)
Interest
rate
swaptions (1,279)
---------
Total net change
in fair value 132,476
--- ---------
Comprehensive
income to common
shareholders 162,527
Capital
transactions:
Net proceeds
from stock
issuance (2) 256,347
Common dividends
declared (71,319)
---------
Balance as of
September 30,
2025 (1) $ 1,846,048
=========
(1) Amounts represent total shareholders' equity less the aggregate
liquidation preference of the Company's preferred stock of $111,500.
(2) Net proceeds from common stock issuances include approximately $254
million from ATM issuances and approximately $2 million from
amortization of share-based compensation, net of grants.
Investment Portfolio and Financing
The following table provides detail on the Company's MBS investments, including TBA securities, as of the periods indicated:
September 30, 2025 June 30, 2025
------------------------------------- ---------------------------------------
Amortized Unrealized Amortized
Cost/Implied Gain Cost/Implied Unrealized
($ in thousands) Cost Basis Fair Value (Loss) Cost Basis Fair Value Gain (Loss)
----------------- ------------ ----------- ---------- ------------ ----------- ------------
Fixed rate Agency RMBS:
2.0% coupon $ 626,357 $ 505,258 $(121,099) $ 639,437 $ 506,027 $(133,410)
2.5% coupon 546,065 451,782 (94,283) 561,012 455,838 (105,174)
4.0% coupon 300,076 286,028 (14,048) 309,469 291,063 (18,406)
4.5% coupon (1) 1,749,387 1,764,268 14,881 1,766,385 1,755,138 (11,247)
5.0% coupon 3,402,253 3,464,184 61,931 2,814,838 2,831,069 16,231
5.5% coupon 5,153,380 5,220,402 67,022 3,787,911 3,801,864 13,953
6.0% coupon 505,328 511,272 5,944 292,046 295,837 3,791
TBA 4.0% 1,183,947 1,184,816 869 1,178,398 1,192,572 14,174
TBA 4.5% (2) 833,230 834,619 1,389 849,450 858,382 8,932
TBA 5.0% 252,163 251,912 (251) 900,205 903,920 3,715
TBA 5.5% 251,709 251,953 244 723,974 727,943 3,969
----------- ---------- -------- ----------- ---------- --------
Total Agency RMBS $ 14,803,895 $14,726,494 $ (77,401) $ 13,823,125 $13,619,653 $(203,472)
=========== ========== ======== =========== ========== ========
Agency CMBS $ 929,273 $ 933,839 $ 4,566 $ 470,882 $ 472,426 $ 1,544
CMBS IO 94,227 93,112 (1,115) 101,670 100,746 (924)
----------- ---------- -------- ----------- ---------- --------
Total $ 15,827,395 $15,753,445 $ (73,950) $ 14,395,677 $14,192,825 $(202,852)
(1) Includes a par value of $9 million of 4.5% 15-year Agency RMBS at September 30, 2025.
(2) Includes notional of $690 million and $700 million of 4.5% 15-year TBA securities at September
30, 2025 and June 30, 2025, respectively.
The following table provides detail on the Company's repurchase agreement borrowings outstanding as of the dates indicated:
September 30, 2025 June 30, 2025
---------------------------------- --------------------------------
WAVG WAVG
Weighted Original Weighted Original
Remaining Term Average Term to Average Term to
to Maturity Balance Rate Maturity Balance Rate Maturity
------------------ ----------- ---------- --------- ---------- ---------- --------
($s in thousands)
Less than 30 days $ 7,845,206 4.44% 86 $7,037,298 4.49% 67
30 to 90 days 3,130,470 4.44% 117 -- --% --
91 to 180 days 777,846 4.42% 177 1,562,845 4.37% 184
---------- ----- --------- --------- ----- --------
Total $11,753,522 4.44% 100 $8,600,143 4.47% 88
========== ===== ========= ========= ===== ========
The following table provides details on the performance of the Company's MBS, repurchase agreement financing, and interest rate swaps for the third quarter of 2025 compared to the prior quarter:
Three Months Ended
-------------------------------------------------------------------------------------------
September 30, 2025 June 30, 2025
--------------------------------------------- --------------------------------------------
Effective Effective
Average Yield/ Average Yield/
Interest Balance Financing Interest Balance Financing
($s in thousands) Income/Expense (1)(2) Cost(3)(4) Income/Expense (1)(2) Cost(3)(4)
------------------ ----------- ------------ ------------------ ---------- ------------
Agency RMBS $ 136,921 $11,137,193 4.92% $ 102,738 $8,663,590 4.74%
Agency CMBS 5,380 488,441 4.32% 1,945 189,815 4.05%
CMBS IO(5) 1,740 97,693 7.02% 2,612 105,162 9.62%
Other investments 16 841 3.84% 12 940 4.40%
--------- --- ---------- ------ --- -------- ---- --------- ------ ---
Subtotal 144,057 11,724,168 4.91% 107,307 8,959,507 4.79%
Cash equivalents 5,622 4,439
--------- --- -------- ----
Total interest
income $ 149,679 $ 111,746
Repurchase
agreement
financing (119,068) 10,468,568 (4.45)% (88,618) 7,871,627 (4.45)%
--------- ------ -------- --- ------
Net interest
income/net
interest
spread $ 30,611 0.46% $ 23,128 0.33%
========= === ====== === ======== ==== ====== ===
Net periodic
interest from
interest rate
swaps 14,265 0.54% 12,349 0.63%
--------- --- ------ --- -------- ---- ------ ---
Economic net
interest income
(6) $ 44,876 1.00% $ 35,477 0.96%
========= === ====== === ======== ==== ====== ===
*Table Note: Data may not foot due to rounding.
(1) Average balance for assets is calculated as a simple average of the
daily amortized cost and excludes securities pending settlement if
applicable.
(2) Average balance for liabilities is calculated as a simple average of
the daily borrowings outstanding during the period.
(3) Effective yield is calculated by dividing annualized interest income
by the average balance of asset type outstanding during the reporting
period. Unscheduled adjustments to premium/discount
amortization/accretion, such as for prepayment compensation, are not
annualized in this calculation.
(4) Financing cost is calculated by dividing annualized interest expense
by the total average balance of borrowings outstanding during the
period with an assumption of 360 days in a year.
(5) CMBS IO ("Interest only") includes Agency and non-Agency issued
securities.
(6) Represents a non-GAAP measure. See "Non-GAAP Financial Measures" below
for a reconciliation to the most comparable GAAP financial measure.
Hedging Portfolio
The following tables provide details on the Company's interest rate hedging portfolio as of the dates indicated:
September 30, 2025 June 30, 2025
----------------------- -------------------
WAVG
Notional WAVG Notional Fixed
Amount Long Fixed Pay Amount Long Pay
Derivative Type (Short) Rate (Short) Rate
------------------ ------------ --------- ------------ -----
($s in thousands)
5-year U.S.
Treasury futures $ (30,000) n/a $ -- n/a
10-year U.S.
Treasury futures (1,190,000) n/a (1,521,500) n/a
30-year U.S.
Treasury futures (953,500) n/a (953,500) n/a
---------- ----------
$(2,173,500) $(2,475,000)
---------- ----------
3-5 year interest
rate swaps $(1,550,000) 3.42% $(1,275,000) 3.42%
5-7 year interest
rate swaps (3,760,000) 3.67% (3,760,000) 3.67%
7-10 year interest
rate swaps (2,550,000) 3.90% (1,875,000) 3.93%
10-15 year interest
rate swaps -- --% (250,000) 3.73%
---------- ----------
$(7,860,000) $(7,160,000)
========== ==========
September 30, 2025 June 30, 2025
----------------------- ----------------------
Average Average
Fixed Fixed
Notional Receive Notional Receive
($s in thousands) Amount Rate Amount Rate
---------- ----------- -------- ------------
1-2 year interest
rate swaption $ 750,000 3.25% $500,000 3.25%
3-month options on 1,000,000 n/a -- n/a
U.S. Treasury
futures
The following table provides detail on the Company's "gain (loss) on derivatives, net" recognized in the Company's consolidated statements of comprehensive income (loss) during the periods indicated:
Three Months Ended
-----------------------------------------
September 30, 2025 June 30, 2025
---------------------- -----------------
Unrealized gain (loss):
TBA securities $ (28,541) $ 28,622
U.S. Treasury futures 41,174 (51,950)
Options on U.S. Treasury
futures (508) --
Interest rate swaps (30,320) (84,552)
Interest rate swaptions (1,279) 182
-------------- ----------
(19,474) (107,698)
Realized gain (loss) upon
settlement, maturity or
termination:
TBA securities 56,112 (21,014)
U.S. Treasury futures (61,597) 58,270
Interest rate swaps -- --
-------------- ----------
(5,485) 37,256
Net periodic interest:
Interest rate swaps 14,265 12,349
-------------- ----------
Loss on derivatives, net $ (10,694) $ (58,093)
============== ==========
The Company typically designates certain of its interest rate derivatives as hedges for tax purposes. Gains and losses realized upon maturity or termination of derivatives designated as hedges for tax purposes are amortized into the Company's REIT taxable income over the original periods hedged by those derivatives. These hedge gains are not included in the Company's current or future earnings available for distribution ("EAD"), a non-GAAP measure, but will be part of the Company's future distribution requirements. The table below provides the projected amortization of the Company's net deferred tax hedge gains that may be recognized as taxable income over the periods indicated, given conditions known as of September 30, 2025; however, uncertainty inherent in the forward interest rate curve makes future realized gains and losses difficult to estimate, and as such, these projections are subject to change for any given period.
Projected Period of Recognition for Tax Hedge Gains,
Net September 30, 2025
----------------------------------------------------- --------------------
($ in thousands)
Fiscal year 2025 $ 99,310
Fiscal year 2026 97,916
Fiscal year 2027 93,327
Fiscal year 2028 and thereafter 396,988
--- ---------------
$ 687,541
=== ===============
Non-GAAP Financial Measures
In evaluating the Company's financial and operating performance, management considers book value per common share, total economic return to common shareholders, and other operating results presented in accordance with GAAP as well as certain non-GAAP financial measures, which include earnings available for distribution ("EAD") to common shareholders (including per common share) and economic net interest income (and the related metric economic net interest spread). Management believes these non-GAAP financial measures may be useful to investors because they are viewed by management as a measure of the investment portfolio's return based on the effective yield of its investments, net of financing costs and, with respect to EAD, net of other normal recurring operating income/expenses.
Drop income/loss generated by TBA dollar roll positions, which is included in "gain (loss) on derivatives instruments, net" on the Company's consolidated statements of comprehensive income, is included in EAD because management views drop income/loss as the economic equivalent of net interest income on the underlying Agency security from trade date to settlement date. However, drop income/loss does not represent the total realized gain/loss from the Company's TBA securities.
Management also includes net periodic interest from its interest rate swaps, which is included in "gain (loss) on derivatives instruments, net", in each of these non-GAAP measures because interest rate swaps are used by the Company to economically hedge the impact of changing interest rates on its borrowing costs from repurchase agreements, and including net periodic interest from interest rate swaps is a helpful indicator of the Company's total financing cost in addition to GAAP interest expense.
Non-GAAP financial measures are not a substitute for GAAP earnings and may not be comparable to similarly titled measures of other REITs because they may not be calculated in the same manner. Furthermore, though EAD is one of several factors our management considers in determining the appropriate level of distributions to common shareholders, it should not be utilized in isolation, and it is not an accurate indication of the Company's REIT taxable income or its distribution and dividend requirements in accordance with the Internal Revenue Code.
Reconciliations of each non-GAAP measure to certain GAAP financial measures are provided below.
Three Months Ended
----------------------------------
($s in thousands except per share September 30,
data) 2025 June 30, 2025
---------------- ----------------
Comprehensive income (loss) to
common shareholders (GAAP) $ 162,527 $ (12,222)
Less:
Change in fair value of
investments, net (1) (157,435) (37,716)
Change in fair value of derivative
instruments, net (2) 28,507 75,200
----------- -----------
EAD to common shareholders
(non-GAAP) $ 33,599 $ 25,262
=========== ===========
Weighted average common shares 135,952,339 113,177,331
EAD per common share (non-GAAP) $ 0.25 $ 0.22
Net interest income (GAAP) $ 30,611 $ 23,128
Net periodic interest from
interest rate swaps 14,265 12,349
----------- -----------
Economic net interest income 44,876 35,477
TBA drop income (3) 3,548 4,758
Operating expenses (11,998) (12,293)
Preferred stock dividends (2,827) (2,680)
----------- -----------
EAD to common shareholders
(non-GAAP) $ 33,599 $ 25,262
=========== ===========
Net interest spread (GAAP) 0.46% 0.33%
Net periodic interest as a
percentage of average repurchase
borrowings 0.54% 0.63%
----------- -----------
Economic net interest spread
(non-GAAP) 1.00% 0.96%
=========== ===========
(1) Amount includes realized and unrealized gains and losses from the
Company's MBS.
(2) Amount includes unrealized gains and losses from changes in fair value
of derivatives (including TBAs accounted for as derivative
instruments) and realized gains and losses on terminated derivatives
and excludes TBA drop income and net periodic interest from interest
rate swaps.
(3) TBA drop income/loss is calculated by multiplying the notional amount
of the TBA dollar roll positions by the difference in price between
two TBA securities with the same terms but different settlement
dates.
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe, " "expect," "forecast," "anticipate," "estimate," "project," "plan," "may," "could," "will," "continue" and similar expressions identify forward-looking statements that are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements in this release, including statements made in Ms. Popenoe's quote, may include, without limitation, statements regarding the Company's financial performance in future periods, future interest rates, future market credit spreads, management's views on expected characteristics of future investment and macroeconomic environments, central bank strategies, prepayment rates and investment risks, future investment strategies, future leverage levels and financing strategies, the use of specific financing and hedging instruments and the future impacts of these strategies, future actions by the Federal Reserve, and the expected performance of the Company's investments. The Company's actual results and timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements as a result of unforeseen external factors. These factors may include, but are not limited to, the Company's ability to find suitable investment opportunities; changes in domestic economic conditions; geopolitical events, such as terrorism, war, or other military conflict, including the war between Russia and Ukraine and the conflict in the Middle East and the related impacts on macroeconomic conditions as a result of such conflicts; tariffs that the U.S. imposes on trading partners or tariffs imposed on the U.S. from trading partners; global government policy changes and the ability or inability to react to rapidly changing global economic policies; changes in interest rates and credit spreads, including the repricing of interest-earning assets and interest-bearing liabilities; the Company's investment portfolio performance, particularly as it relates to cash flow, prepayment rates, and credit performance; the impact on markets and asset prices from changes in the Federal Reserve's policies regarding purchases of Agency RMBS, Agency CMBS, and U.S. Treasuries; actual or anticipated changes in Federal Reserve monetary policy or the monetary policy of other central banks; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; uncertainty concerning the long-term fiscal health and stability of the United States; the cost and availability of financing, including the future availability of financing due to changes to regulation of, and capital requirements imposed upon, financial institutions; the cost and availability of new equity capital; changes in the Company's use of leverage; changes to the Company's investment strategy, operating policies, dividend policy, or asset allocations; the quality of performance of third-party servicer providers, including the Company's sole third-party service provider for our critical operations and trade functions; the loss or unavailability of the Company's third-party service provider's service and technology that supports critical functions of the Company's business related to the Company's trading and borrowing activities due to outages, interruptions, or other failures; the level of defaults by borrowers on loans underlying MBS; changes in the Company's industry; increased competition; changes in government regulations affecting the Company's business; changes or volatility in the repurchase agreement financing markets and other credit markets; changes to the market for interest rate swaps and other derivative instruments, including changes to margin requirements on derivative instruments; uncertainty regarding continued government support of the U.S. financial system and U.S. housing and real estate markets, or to reform the U.S. housing finance system including the resolution of the conservatorship of Fannie Mae and Freddie Mac; the composition of the Board of Governors of the Federal Reserve; the political environment in the U.S.; the effect of the U.S. federal government shutdown on economic conditions; systems failures or cybersecurity incidents; and exposure to current and future claims and litigation. For additional information on risk factors that could affect the Company's forward-looking statements, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with and furnished to the Securities and Exchange Commission.
All forward-looking statements are qualified in their entirety by these and other cautionary statements that the Company makes from time to time in its filings with the Securities and Exchange Commission and other public communications. The Company cannot assure the reader that it will realize the results or developments the Company anticipates or, even if substantially realized, that they will result in the consequences or affect the Company or its operations in the way the Company expects. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the Company. Forward-looking statements speak only as of the date made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
Company Description
Dynex Capital delivers value at the intersection of capital markets and housing finance, using our expertise to transform residential real estate into compelling long-term yields for our shareholders. We are committed to ethical stewardship of stakeholders' capital, expert risk management, disciplined capital allocation, and social responsibility. We generate dividend income and long-term total returns through the financing of real estate assets, and by doing so, support the growth and vitality of housing communities in the United States. Dynex Capital operates as a real estate investment trust $(REIT)$ and is internally managed to maximize stakeholder alignment. Additional information is available at www.dynexcapital.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251020792741/en/
CONTACT: Alison Griffin
(804) 217-5897
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October 20, 2025 08:00 ET (12:00 GMT)