[8-K] Dynex Capital, Inc. Reports Material Event

Rhea-AI Filing Summary

Dynex Capital (DX) filed an 8-K announcing Amendment No. 7 to its 2018 at-the-market (ATM) equity distribution agreement with ten sales agents, including J.P. Morgan, UBS and Wells Fargo. The amendment raises the share capacity by 61,939,730 shares, lifting the total amount that can be issued under the program to 161,292,973 common shares. After prior issuances, approximately 75 million shares remain available for sale.

The new shares are registered on the Company’s Form S-3 (File No. 333-289004). Sales will be made from time to time through the agents as "at-the-market offerings" under Rule 415(a)(4); the agents will receive customary fees and commissions. Dynex also filed (i) the full text of Amendment No. 7 (Ex. 10.1) and (ii) a legal opinion from Mayer Brown LLP regarding the shares’ validity (Ex. 5.1/23.1).

Implications for investors:

• Liquidity boost: Expanding the ATM program provides management with flexibility to raise cash quickly without a traditional follow-on offering.
• Dilution risk: Issuing up to 75 million additional shares would materially dilute existing shareholders if fully placed.
• No operating metrics: The filing does not include earnings, leverage or book-value updates; the amendment solely concerns capital-raising capacity.

Insights

Equity Capital Markets Analyst

TL;DR: Dynex increases ATM size to 161 M shares, giving liquidity flexibility but creating potential dilution overhang; impact depends on issuance pace.

The 61.9 M-share expansion nearly doubles the program versus the original 99.4 M limit, signalling management’s willingness to tap equity markets amid volatile mortgage-REIT funding conditions. With ~75 M shares still unissued, the company could raise roughly $750-$800 M at the recent $10/share price—equal to ~55-60% of current market cap. While added capital may support portfolio growth or debt reduction, continual ATM issuance typically weighs on per-share book value and dividend capacity. Because the amendment does not mandate issuance timing, short-term impact is neutral; long-term share count creep could pressure valuation multiples.
Impact rating: 0 (neutral—benefits liquidity but dilutive risk is contingent).

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2025

___________

DYNEX CAPITAL, INC.

(Exact name of registrant as specified in its charter)

Virginia

001-09819

52-1549373

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

4991 Lake Brook Drive, Suite 100

Glen Allen, Virginia

23060-9245

(Address of principal executive offices)

(Zip Code)

(804)

217-5800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

DX

New York Stock Exchange

6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share

DXPRC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 1.01 Entry into a Material Definitive Agreement.

On July 29, 2025, Dynex Capital, Inc. (the “Company”), entered into amendment no. 7 (“Amendment No. 7”) to the distribution agreement, dated June 29, 2018, as amended on May 31, 2019, August 3, 2021, June 3, 2022, February 10, 2023, October 29, 2024, and May 1, 2025 (the “Agreement” and, as amended by Amendment No. 7, the “Amended Agreement”), by and among the Company, on the one hand, and BTIG, LLC, Citizens JMP Securities, LLC, Janney Montgomery Scott LLC, JonesTrading Institutional Services LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC, UBS Securities LLC, and Wells Fargo Securities, LLC (collectively the “Sales Agents” and each individually a “Sales Agent”), on the other hand, pursuant to which shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), may be offered and sold through the Sales Agents in transactions that are deemed to be “at the market offerings” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended.

Amendment No. 7 increases the number of shares of Common Stock available for sale under the Agreement by 61,939,730 shares of Common Stock to 161,292,973 shares of Common Stock, 75,000,000 shares of which remain available for issuance (the “Shares”).

The Shares will be issued pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-289004). The Company filed a prospectus supplement, dated July 29, 2025 to the prospectus, dated July 28, 2025, with the Securities and Exchange Commission in connection with the offer and sale of the Shares from time to time pursuant to the Amended Agreement.

The Sales Agents and their affiliates have provided, and may in the future provide, investment banking, brokerage, and other services to the Company in the ordinary course of business, and the Company paid, and expects to pay, customary fees and commissions for their services, respectively.

The foregoing summary does not purport to be a complete description of the Amended Agreement and is qualified in its entirety by reference to the full text of Amendment No. 7, which is attached as Exhibit 10.1 hereto and incorporated by reference herein.

In connection with the filing of Amendment No. 7, the Company is filing as Exhibit 5.1 hereto an opinion of its counsel, Mayer Brown LLP, with respect to the legality of the shares.

Item 9.01  Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.						Description of Exhibit
5.1						Opinion of Mayer Brown LLP with respect to the legality of common stock.
10.1						Amendment No. 7, dated July 29, 2025 to the Distribution Agreement, dated June 29, 2018, as amended on May 31, 2019, August 3, 2021, June 3, 2022, February 10, 2023, October 29, 2024, and May 1, 2025, by and among Dynex Capital, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Janney Montgomery Scott LLC, JonesTrading Institutional Services LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC.
23.1						Consent of Mayer Brown LLP (included in Exhibit 5.1).
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						DYNEX CAPITAL, INC.
Date:			July 29, 2025			By:			/s/ Michael A. Angelo
									Michael A. Angelo
									Chief Legal Officer and Corporate Secretary

FAQ

What did Dynex Capital (DX) announce in its July 29 2025 8-K?

The company increased its at-the-market equity program by 61.9 M shares to a total of 161.3 M common shares.

How many DX shares remain available for issuance after Amendment No. 7?

Approximately 75 million shares can still be issued under the amended ATM agreement.

Why is the amendment considered material to investors?

It gives Dynex a large equity-raising capacity, which can improve liquidity but may dilute existing shareholdings.

Which sales agents are involved in Dynex’s expanded ATM program?

BTIG, Citizens JMP, Janney, JonesTrading, J.P. Morgan, KBW, RBC, UBS and Wells Fargo act as sales agents.

Does the 8-K include any earnings or book-value information?

No. The filing is limited to the capital-raising amendment and related legal exhibits.