Dynex Capital co-CEO buys 10,000 common shares

Her reported direct position after the purchases includes 541,098 common shares and 2,000 Series D preferred shares.

Rhea-AI Filing Summary

Dynex Capital Inc. Co-CEO and President Smriti Laxman Popenoe purchased 10,000 common shares at $10.62 per share and 2,000 shares of 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock at $25.18 per share on October 20, 2026. After the purchases, she reported directly holding 541,098 common shares, including unvested restricted stock units, and 2,000 preferred shares. The reported indirect common-share holdings include 4,780 shares held by her spouse and 325 held by her son. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Net Buyer: 12,000 shares

Net Buy 4 txns

Insider Popenoe Smriti Laxman

Role Co-CEO and President

Bought 12,000 shs ($157K)

Type	Security	Shares	Price	Value
Purchase	Common Stock F1	10,000	$10.62	$106K
Purchase	Series D Fixed-Rate Preferred Stock F2	2,000	$25.18	$50K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 541,098 shares (Direct); Series D Fixed-Rate Preferred Stock — 2,000 shares (Direct); Common Stock — 4,780 shares (Indirect, By spouse); Common Stock — 325 shares (Indirect, By son)

Footnotes (2)

1. F1. Includes unvested restricted stock units.
2. F2. The full name of the Series D Preferred Stock is "9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock."

Key Figures

Common shares purchased: 10,000 shares Common stock purchase price: $10.62 per share Direct common shares following purchase: 541,098 shares +5 more

8 metrics

Common shares purchased 10,000 shares October 20, 2026

Common stock purchase price $10.62 per share October 20, 2026

Direct common shares following purchase 541,098 shares Includes unvested restricted stock units

Series D preferred shares purchased 2,000 shares October 20, 2026

Series D preferred stock purchase price $25.18 per share October 20, 2026

Direct Series D preferred shares following purchase 2,000 shares October 20, 2026

Common shares held by spouse 4,780 shares Reported indirect holding on October 20, 2026

Common shares held by son 325 shares Reported indirect holding on October 20, 2026

Key Terms

unvested restricted stock units, 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock, open market or private transaction

3 terms

unvested restricted stock units financial

"Includes unvested restricted stock units."

9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock financial

"The full name of the Series D Preferred Stock is "9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock.""

open market or private transaction financial

"Purchase in open market or private transaction"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many shares did DX Co-CEO Smriti Laxman Popenoe buy, and at what prices?

On October 20, 2026, Smriti Laxman Popenoe purchased 10,000 common shares at $10.62 per share and 2,000 Series D preferred shares at $25.18 per share. No Rule 10b5-1 plan is reported.

What DX holdings were reported after Smriti Laxman Popenoe's purchases?

Her reported direct holdings were 541,098 common shares, including unvested restricted stock units, and 2,000 Series D preferred shares. The reported indirect holdings included 4,780 common shares held by her spouse and 325 held by her son.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/20/2026 - 05:49 PM EDT Accepted by SEC EDGAR 10/20/2026 - 05:49 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Popenoe Smriti Laxman

(Last) (First) (Middle)

C/O DYNEX CAPITAL, INC.

140 EASTSHORE DRIVE, SUITE 100

(Street)

GLEN ALLEN VIRGINIA 23059

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
DYNEX CAPITAL INC [ DX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-CEO and President

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/20/2026		P		10,000	A	$10.62	541,098(1)	D
Common Stock								4,780	I	By spouse
Common Stock								325	I	By son
Series D Fixed-Rate Preferred Stock	10/20/2026		P		2,000	A	$25.18	2,000(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes unvested restricted stock units.

2. The full name of the Series D Preferred Stock is "9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock."

Remarks:

	/s/ Kathy E. Rhodes, as attorney-in-fact for Smriti L. Popenoe	10/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)