[Form 4] DYNEX CAPITAL INC Insider Trading Activity

Rhea-AI Filing Summary

Smriti L. Popenoe, Co-CEO, President and Director of Dynex Capital Inc. (DX), reported two open-market purchases on 09/26/2025. The Form 4 shows an acquisition of 4,200 shares at $12.1564 and 60 shares at $12.12. Following these purchases the filing reports beneficial ownership of 407,278 and 407,338 shares, respectively, with the filing noting that the total includes unvested restricted stock units.

The Form 4 was signed by an attorney-in-fact on 09/29/2025. No derivative transactions, dispositions, or additional compensatory awards are disclosed in this filing.

Positive

• Insider purchases reported: Reporting person acquired a total of 4,260 shares on 09/26/2025
• Transparent disclosure: Form 4 lists transaction details, ownership after transactions, and notes inclusion of unvested restricted stock units

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchased 4,260 DX shares at about $12, reported as direct ownership including unvested RSUs.

The filing documents routine open-market purchases totaling 4,260 shares executed on 09/26/2025 at prices of $12.1564 and $12.12. These transactions increased the reporting person’s beneficial stake to roughly 407k shares, per the form. The disclosure is straightforward and contains no derivative activity or sales. From a liquidity perspective the sizes disclosed are concrete but the filing does not provide company-context metrics (market cap, percent ownership), so materiality relative to total outstanding shares cannot be assessed from this document alone.

Corporate Governance Expert

TL;DR: Director and executive made direct purchases; disclosure appears complete and includes note on unvested RSUs.

The Form 4 identifies the reporting person as both an officer (Co-CEO and President) and a director, and it lists direct beneficial ownership after the purchases. The form includes the required attorney-in-fact signature and an explicit remark that unvested restricted stock units are included in the ownership counts. There are no indicated amendments, dispositions, or related-party transfers in this filing.

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

1. Name and Address of Reporting Person^*

Popenoe Smriti Laxman

(Last) (First) (Middle)

C/O DYNEX CAPITAL, INC.

140 EAST SHORE DRIVE, SUITE 100

(Street)

GLEN ALLEN VA 23059

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

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

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

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

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	09/26/2025		P		4,200	A	$12.1564	407,278(1)	D
Common Stock	09/26/2025		P		60	A	$12.12	407,338(1)	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.

Remarks:

	/s/ Michael Angelo, as attorney-in-fact for Smriti L. Popenoe	09/29/2025
	** 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.

FAQ

What insider trades did Dynex Capital (DX) report on 09/26/2025?

The Form 4 reports two purchases on 09/26/2025: 4,200 shares at $12.1564 and 60 shares at $12.12.

How many shares does Smriti L. Popenoe beneficially own after these transactions?

The filing reports beneficial ownership of 407,278 shares after the first purchase and 407,338 shares after the second; the counts include unvested restricted stock units.

What is Smriti L. Popenoe’s role at Dynex Capital as stated in the Form 4?

The Form 4 identifies Smriti L. Popenoe as a Director and an Officer with the title Co-CEO and President.

Were any derivative securities or dispositions reported in this Form 4?

No. The filing contains entries only in the non-derivative table for purchases; Table II for derivatives shows no transactions.

Does the Form 4 state whether the ownership includes restricted stock units?

Yes. The explanation notes that the reported beneficial ownership includes unvested restricted stock units.