Preferred shareholders will receive $0.2925 per share on Series A and Series B preferred stock and $0.3649 per share on Series C preferred stock in respect to accrued and unpaid dividends on such shares. The dividends will be paid on July 20, 2001 and shareholders will receive their dividend regardless of whether or not their preferred shares were tendered in connection with Dynex's tender offer for each such series of preferred stock.
A spokesperson for Dynex explains, "The dividend, which totals approximately $1.6 million in the aggregate, related to 'excess inclusion' income the company received during the year 2000 on certain REMIC residual interests owned by the company. The dividend equates to 50% of the quarterly divided accrual. After the payment of this dividend, each series of preferred stock will be 6.5 quarters in arrears on its stated dividend."
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