Co-CEO of Dynex Capital (NYSE: DX) granted 136,006 RSUs

Rhea-AI Filing Summary

Dynex Capital Inc reported that Co-CEO and President Smriti Laxman Popenoe acquired 136,006 shares of common stock on a grant or award basis. These are restricted stock units granted under the 2025 Stock and Incentive Plan at a stated price of $0.00 per share.

The restricted stock units will vest in three equal installments on February 28, 2027, February 28, 2028, and February 28, 2029. Following this award, Popenoe directly owns 548,626 shares, which includes unvested restricted stock units, and has additional indirect holdings of 4,780 shares by spouse and 325 shares by son.

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

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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).

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 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)
03/04/2026

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	03/04/2026		A		136,006(1)	A	$0	548,626(2)	D
Common Stock								4,780	I	By spouse
Common Stock								325	I	By son

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. Restricted stock units granted under the 2025 Stock and Incentive Plan that will vest in equal installments on February 28, 2027, February 28, 2028, and February 28, 2029.

2. Includes unvested restricted stock units.

Remarks:

	/s/ Michael Angelo, as attorney-in-fact for Smriti L. Popenoe	03/06/2026
	** 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.

FAQ

What insider transaction did Dynex Capital (DX) report for Smriti Laxman Popenoe?

Dynex Capital reported that Co-CEO and President Smriti Laxman Popenoe received a grant of 136,006 restricted stock units of common stock. The award was recorded at a price of $0.00 per share and represents equity-based compensation rather than an open-market purchase.

When do Smriti Laxman Popenoe’s new Dynex Capital (DX) restricted stock units vest?

The 136,006 restricted stock units granted to Smriti Laxman Popenoe vest in three equal installments. They are scheduled to vest on February 28, 2027, February 28, 2028, and February 28, 2029 under the company’s 2025 Stock and Incentive Plan, subject to applicable award conditions.

How many Dynex Capital (DX) shares does Smriti Laxman Popenoe own after this Form 4?

After the reported grant, Smriti Laxman Popenoe directly owns 548,626 shares of Dynex Capital common stock, including unvested restricted stock units. In addition, there are indirect holdings of 4,780 shares attributed to a spouse and 325 shares attributed to a son.

Was Smriti Laxman Popenoe’s Dynex Capital (DX) Form 4 transaction a market purchase or a grant?

The Form 4 shows a grant or award acquisition, not a market purchase. Smriti Laxman Popenoe received 136,006 restricted stock units at a stated price of $0.00 per share under the 2025 Stock and Incentive Plan as part of her equity compensation.

What plan governs the restricted stock units granted to Dynex Capital (DX) Co-CEO Popenoe?

The restricted stock units granted to Smriti Laxman Popenoe were issued under Dynex Capital’s 2025 Stock and Incentive Plan. The Form 4 notes that these units are restricted stock units and that they vest in equal installments over three years beginning February 28, 2027.