DYNEX CAPITAL INC (DX) Form 424B5 — Sep 23, 2026
Dynex Capital is pricing a $120 million offering of 4,800,000 shares of 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock at $25.00 per share, with a 720,000-share over-allotment option. Net proceeds of approximately $115.9 million will fund purchases of Agency and other investment securities and general corporate purposes. The new preferred pays $2.34375 per share annually, is not redeemable before October 15, 2031, and is expected to list on the NYSE under "DXPRD" within 30 days of the September 29, 2026 issuance. It ranks senior to common stock and on parity with Dynex's Series C preferred.
Key figures
- Greenshoe
- 720000
- Total Debt
- 23244535000
- Cash Position
- 607562000
- Dividend Rate
- 9.375% on $25.00 liquidation preference ($2.34375 per share annually)
- Gross Proceeds
- 120000000
- Offering Price
- 25
- Shares Offered
- 4800000
- Net Proceeds
- $115,920,000 (or $133,353,000 with full over-allotment)
- Redemption Date
- October 15, 2031
- Total Liabilities
- $23.2 billion (as of June 30, 2026)
- Underwriting Discount
- $3,780,000 ($0.7875 per share)
- First Dividend Per Share
- $0.69010 payable January 15, 2027
- Change Of Control Share Cap
- 4.1425
- Aggregate Liquidation Preference
- $120,000,000
- Total Shareholders Equity Adjusted
- $3,290,987 thousand
AI analysis
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