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Dynex Capital (NYSE: DX) approves $350M common and preferred stock buyback

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Dynex Capital, Inc. disclosed that its Board approved a new share repurchase program authorizing buybacks of up to $300 million of common stock and up to $50 million of preferred stock. The program runs through April 30, 2028 and replaces a prior plan expiring April 30, 2026.

Repurchases may be executed through open market or privately negotiated transactions, including trading plans under Rule 10b5-1. The company is not obligated to repurchase any shares, and the Board may modify, suspend, or terminate the program at any time.

Positive

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Negative

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Insights

Dynex authorizes sizable, flexible common and preferred stock buybacks.

Dynex Capital authorized a share repurchase program of up to $300 million for common stock and $50 million for preferred stock. Repurchases can occur via open market or privately negotiated transactions, and may use Rule 10b5-1 trading plans for pre-scheduled activity.

The authorization extends through April 30, 2028 and replaces a prior plan set to expire on April 30, 2026. The board can change or terminate the program, and the company is not required to buy any shares, so actual impact depends on future repurchase execution and market conditions.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Common stock repurchase authorization $300 million Maximum common stock buybacks under new program
Preferred stock repurchase authorization $50 million Maximum preferred stock buybacks under new program
Program end date April 30, 2028 Authorization period for repurchase program
Prior program expiry April 30, 2026 End date of the previous repurchase program
Announcement date April 21, 2026 Date Dynex Capital announced the new program
share repurchase program financial
"approved a new share repurchase program (the “Program”) authorizing the repurchase"
A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.
preferred stock financial
"up to $50 million of its preferred stock, $0.01 par value per share"
Preferred stock is a type of ownership in a company that typically offers investors higher and more consistent dividend payments than common stock. Unlike regular shares, preferred stock usually doesn’t come with voting rights but provides a priority claim on the company’s assets and profits, making it a more stable and predictable investment option. This makes preferred stock attractive to those seeking steady income with lower risk.
open market transactions financial
"repurchases may be made from time to time through open market transactions, privately negotiated"
Open market transactions are the buying and selling of a company’s shares or other securities conducted on public exchanges or through the wider market rather than through private deals or negotiated placements. They matter to investors because these trades change supply and demand in real time—like shoppers affecting a store’s inventory—and so can move prices, signal management or investor sentiment, affect liquidity, and alter ownership stakes that influence future returns and risk.
privately negotiated transactions financial
"through open market transactions, privately negotiated transactions, or other means"
Privately negotiated transactions are deals made directly between parties without involving a public marketplace or open auction. They are like private sales between two individuals rather than items sold at a busy marketplace open to everyone. For investors, these transactions can offer more tailored terms and privacy, but they may also carry different risks and less transparency compared to public exchanges.
Rule 10b5-1 regulatory
"including, without limitation, trading plans adopted in accordance with Rule 10b5-1"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
Understanding 8-K Material Events →
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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): April 16, 2026
___________

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.)
140 Eastshore Drive, Suite 100
Glen Allen, Virginia
23059-5755
(Address of principal executive offices)(Zip Code)
(804)217-5800 
(Registrant’s telephone number, including area code) 


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 shareDXPRCNew 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 8.01 Other Events

On April 21, 2026, Dynex Capital, Inc. (the “Company”) announced that its Board of Directors (the “Board”) approved a new share repurchase program (the “Program”) authorizing the repurchase of up to $300 million of its common stock, $0.01 par value per share (the “Common Stock”), and up to $50 million of its preferred stock, $0.01 par value per share, including any series thereof currently or hereafter authorized (the “Preferred Stock”). Under the Program, repurchases may be made from time to time through open market transactions, privately negotiated transactions, or other means, including, without limitation, trading plans adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The actual means and timing of any repurchases under the Program will depend on a variety of factors, including, without limitation, the market prices of the Common Stock and the Preferred Stock, as applicable, general market and economic conditions, and applicable legal and regulatory requirements. The Program is authorized through April 30, 2028, and replaces the Company’s prior repurchase program, which was set to expire on April 30, 2026. The Program does not require the Company to purchase any shares and may be modified, suspended, or terminated by the Board at any time.



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:April 21, 2026By:/s/ Michael A. Sartori
   Michael A. Sartori
   Chief Financial Officer


 
 




Source: View Original Filing on SEC EDGAR

FAQ

What did Dynex Capital (DX) announce regarding share repurchases?

Dynex Capital announced Board approval of a new share repurchase program. It authorizes buybacks of up to $300 million of common stock and up to $50 million of preferred stock, providing flexibility to return capital through open market or privately negotiated transactions.

How large is Dynex Capital’s new share repurchase authorization?

The new authorization permits Dynex Capital to repurchase up to $300 million of common stock and up to $50 million of preferred stock. These amounts cap total potential buybacks under the program but do not obligate the company to complete any specific volume.

How long will Dynex Capital’s new repurchase program be in effect?

The share repurchase program is authorized through April 30, 2028. Within this period, Dynex Capital may choose when and how to execute repurchases, subject to market conditions, legal requirements, and Board decisions on continuing, modifying, or terminating the program.

What types of transactions can Dynex Capital use for its share repurchases?

Dynex Capital may conduct repurchases through open market purchases, privately negotiated transactions, or other methods. It may also use trading plans adopted under Rule 10b5-1, which allow pre-arranged trades executed according to preset parameters and regulatory requirements.

Does the new Dynex Capital program replace an existing repurchase plan?

Yes. The new repurchase program replaces Dynex Capital’s prior plan, which was scheduled to expire on April 30, 2026. The updated authorization extends the timeframe for potential buybacks and increases clarity on the maximum amounts reserved for common and preferred stock repurchases.

Is Dynex Capital required to repurchase shares under this program?

No. The program does not require Dynex Capital to repurchase any shares. It simply authorizes potential buybacks up to stated limits, and the Board may modify, suspend, or terminate the program depending on market prices, economic conditions, and regulatory considerations.

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