Dynex Capital prices $120 million offering of 4.8 million 9.375% Series D preferred shares

DYNEX CAPITAL INC

Dynex Capital priced a public offering of 4,800,000 shares of 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock at $25.00 liquidation preference.
Expected gross proceeds are $120 million; net proceeds are approximately $116,220,000 after underwriting discount and before estimated expenses, assuming no over-allotment exercise.
Underwriters received a 30-day option to purchase up to 720,000 additional Series D preferred shares; the offering is expected to close on or about September 29, 2026.
Underwriting Agreement dated Sept. 22, 2026, with Morgan Stanley, J.P. Morgan, RBC, UBS, Wells Fargo, Citigroup, Goldman Sachs and KBW as representatives.
Dynex intends to list the Series D preferred on NYSE as DXPRD and use net proceeds to finance acquisitions of Agency and other investment securities and general corporate purposes.

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