Dynex Capital prices $120M preferred stock offering at 9.375%

Dynex Capital, Inc. (NYSE: DX) has priced a public offering of 4,800,000 shares of 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock at a liquidation preference of $25.00 per share, according to a company statement.

The offering is expected to generate gross proceeds of $120 million before underwriting discounts, commissions, and offering expenses. Dynex has also granted underwriters a 30-day option to purchase up to an additional 720,000 shares.

The offering is expected to close on September 29, 2026, subject to customary closing conditions. The company intends to apply to list the Series D Preferred Stock on the New York Stock Exchange under the ticker symbol "DXPRD."

Dynex said it plans to use the net proceeds to finance the acquisition of Agency and other investment securities, as well as for general corporate purposes.

Morgan Stanley, J.P. Morgan Securities, RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities, Citigroup Global Markets, Goldman Sachs, and Keefe, Bruyette & Woods are serving as joint book-running managers for the offering.

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