Dynex Capital (NYSE: DX) co-CEO boosts stake with 4,260-share buy

Rhea-AI Filing Summary

Smriti Laxman Popenoe, Co-CEO and President of Dynex Capital, purchased a total of 4,260 shares of common stock on September 26, 2025 in transactions reported as open-market or private purchases at prices of $12.1564 and $12.1200 per share.

Following these purchases, she directly owns 407,338 Dynex Capital common shares, a balance that includes unvested restricted stock units.

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.

Insider Trade Summary

Net Buyer: 4,260 shares

Net Buy 2 txns

Insider Popenoe Smriti Laxman

Role Co-CEO and President

Bought 4,260 shs ($52K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	4,200	$12.1564	$51K
Purchase	Common Stock	60	$12.12	$727.20

Holdings After Transaction: Common Stock — 407,338 shares (Direct)

Footnotes (1)

1. F1. Includes unvested restricted stock units.

Key Figures

Shares purchased: 4260 shares Purchase prices: $12.1564 and $12.1200 per share Direct holdings after transaction: 407,338 shares

3 metrics

Shares purchased 4260 shares Total Dynex Capital common stock bought on September 26, 2025

Purchase prices $12.1564 and $12.1200 per share Per-share prices for the reported open-market or private purchases

Direct holdings after transaction 407,338 shares Direct Dynex Capital common stock owned by Smriti Laxman Popenoe after the reported purchases

Key Terms

restricted stock units, open market, Common Stock

3 terms

restricted stock units financial

"Includes unvested restricted stock units."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

open market financial

"Purchase in open market or private transaction"

An open market is a system where buying and selling of goods, services, or financial assets happen freely without restrictions or special controls. For investors, it means they can trade assets easily and quickly, which helps determine fair prices based on supply and demand. This environment encourages transparency and competition, making it easier to buy or sell with confidence.

Common Stock financial

"security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 09/29/2025 - 04:05 PM Learn about SEC filing dates

FAQ

What insider transaction did Dynex Capital (DX) disclose in this Form 4?

Dynex Capital reported that Smriti Laxman Popenoe, its Co-CEO and President, purchased 4,260 shares of common stock. The purchases occurred on September 26, 2025 and were reported as open-market or private transactions at prices just above $12 per share.

How many Dynex Capital (DX) shares did Smriti Laxman Popenoe buy and at what prices?

Smriti Laxman Popenoe bought 4,260 Dynex Capital common shares. The purchases were split between 4,200 shares at $12.1564 per share and 60 shares at $12.1200 per share, all reported as open-market or private transactions.

What is Smriti Laxman Popenoe’s total Dynex Capital (DX) direct holding after this transaction?

After these purchases, Smriti Laxman Popenoe directly owns 407,338 Dynex Capital common shares. This reported balance includes unvested restricted stock units, reflecting both vested and certain unvested equity awards in her direct ownership position.

Were the Dynex Capital (DX) shares bought by Smriti Laxman Popenoe held directly or indirectly?

The reported 4,260 Dynex Capital shares were acquired as direct ownership by Smriti Laxman Popenoe. The Form 4 characterizes the ownership type as direct, and her post-transaction holding of 407,338 common shares is likewise reported as directly owned.

Do Smriti Laxman Popenoe’s Dynex Capital (DX) holdings include restricted stock units?

Yes. A footnote states that her reported holdings include unvested restricted stock units. This means the post-transaction balance of 407,338 Dynex Capital common shares reflects both currently vested shares and certain unvested equity awards counted in her direct ownership.

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).

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.