DYNEX CAPITAL INC current report, 22 September 2026

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Business Context and Reporting Period

Dynex Capital, Inc. filed a Form 8-K dated September 22, 2026, reporting entry into an underwriting agreement for a public offering of Series D Preferred Stock. The filing was signed on September 25, 2026.

Material Transaction and Key Metrics

  • Offering: 4,800,000 shares of 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock.
  • Liquidation preference: $25.00 per share.
  • Expected net proceeds: Approximately $116.22 million after underwriting discounts, before estimated expenses, assuming no exercise of the over-allotment option.
  • Over-allotment option: Underwriters may purchase up to an additional 720,000 shares within 30 days on the same terms.
  • Expected closing: On or about September 29, 2026, subject to customary closing conditions.
  • Use of proceeds: The filing references intended use of proceeds but does not provide a clear detailed allocation in the supplied text.

Changes Versus Prior Comparable Period

The filing does not report revenue, net income, earnings per share, cash flow, margins, debt balances, liquidity ratios, book value, or other operating results. It therefore does not provide a comparable-period financial analysis.

Guidance, Outlook, Risks, and Unusual Items

  • The transaction is subject to customary closing conditions and may not close on the expected date.
  • The expected proceeds and other statements concerning the offering and intended use of proceeds are forward-looking and subject to risks and uncertainties.
  • The Company refers investors to the risk factors in its Annual Report on Form 10-K and other SEC filings.
  • The offering increases the Company’s outstanding preferred equity and creates an additional 9.375% cumulative dividend obligation on the issued Series D shares.
  • The underwriting agreement includes customary representations, warranties, covenants, and indemnification provisions.

Important Facts for Investors to Verify

  1. Whether the offering closed on or about September 29, 2026 and the final number of shares issued.
  2. Whether the underwriters exercised any portion of the 720,000-share over-allotment option.
  3. The final net proceeds after all underwriting discounts and offering expenses.
  4. The detailed intended use of proceeds and the effect on leverage, liquidity, and capital structure.
  5. The terms governing dividends, redemption, ranking, and other rights of the Series D Preferred Stock.
  6. The underwriting agreement and pricing press release filed as Exhibits 1.1 and 99.1.