Dynex Capital Inc. Announces $120M Series D Preferred Stock Offering

What Happened
Dynex Capital, Inc. announced an underwritten public offering of 4,800,000 shares of 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock (Series D Preferred) on September 22, 2026. The company granted the underwriters a 30‑day option to purchase up to an additional 720,000 shares. The Offering is expected to close on or about September 29, 2026, and a press release announcing the pricing was issued the same day.

Key Details

• Offering size: 4,800,000 shares of Series D Preferred Stock; liquidation preference $25.00 per share (gross proceeds of $120.0M before underwriting discount).
• Dividend terms: 9.375% fixed-rate, cumulative preferred (per share liquidation preference $25.00).
• Over-allotment: Underwriters have a 30‑day option to buy up to 720,000 additional shares (15% of the base offering).
• Net proceeds: Estimated approximately $116,220,000 (after underwriting discount, before estimated expenses, assuming no exercise of the option).
• Administrative: Shares will be created by Articles of Amendment to the company’s Restated Articles of Incorporation; the underwriting agreement contains customary representations, covenants and indemnities.

Why It Matters
This is a material capital raise for Dynex that will add a fixed, high‑coupon preferred stock obligation (9.375%) to the company’s capital structure. Preferred shares rank ahead of common stock in liquidation and carry cumulative dividend rights, which can affect cash dividend priorities and financing flexibility. The offering’s size (and the 30‑day option) could meaningfully increase the company’s equity-like capital base; the company did not specify use of proceeds in this filing. Investors should note the expected close date (on or about Sept. 29, 2026) and that final economic impact depends on underwriting fees, any exercise of the over‑allotment option, and future corporate actions.