DX Prices ﹩120 Million Series D Preferred Offering

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Dynex Capital, Inc. (DX) priced 4.8 million shares of new 9.375% Series D cumulative preferred stock on September 22, 2026. At the ﹩25 liquidation preference, the base offering represents ﹩120 million of preferred capital.

The company expects approximately ﹩116.2 million of proceeds before offering expenses and before any exercise of the underwriters’ option. The shares are perpetual unless redeemed or converted under specified conditions. Cumulative preferred dividends equal ﹩2.34375 per share annually and must be satisfied before common dividends.

For common shareholders, the offering adds permanent capital but also creates a relatively expensive senior dividend obligation. The economic effect will depend on the earnings produced by assets funded with the proceeds compared with the preferred dividend cost. The pricing does not by itself establish a change in common-share earnings or dividends.

Sources

• Dynex Capital final pricing term sheet filed September 22, 2026
• Dynex Capital preliminary prospectus supplement filed September 22, 2026

This article is general information, not personalized investment advice. Fly High Investing may hold securities discussed in this article.