Introduction
As there was a pause of around 2 months where no fixed-to-floating securities were issued, at the moment 3 such fixed-to-floating preferred stocks have been issued in the last 10 days, all from mREITs. New Residential Investment Corp. (NRZ) and AGNC Investment Corp. (AGNC) have issued their 6.375% and 6.125% preferred stocks, and now Dynex Capital, Inc. (DX) is the third mortgage REIT to issue its Series C fixed-to-floating preferred stock. In this article, we want to shed light on the newest fixed-to-floating preferred stock. Our main goal is to