[Form 4] DYNEX CAPITAL INC Insider Trading Activity

Rhea-AI Filing Summary

Robert S. Colligan, listed as CFO and COO, reported an insider purchase of Dynex Capital Inc. (DX) common stock. On 09/26/2025 he acquired 4,200 shares at a price of $12.12 per share. After the reported transaction he beneficially owned 120,857 shares, held in a direct ownership form. The total includes unvested restricted stock units as noted in the explanation. The Form 4 filing was signed by an attorney-in-fact on 09/29/2025.

Positive

• Insider purchase disclosed: Reporting person acquired 4,200 shares on 09/26/2025 at $12.12
• Direct beneficial ownership reported: Post-transaction ownership of 120,857 shares
• Transparency on equity composition: Filing notes that total includes unvested restricted stock units

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider reported a small open-market purchase of 4,200 shares at $12.12, increasing direct beneficial ownership to 120,857 shares.

The Form 4 discloses a straightforward open-market acquisition by an executive officer (CFO and COO). The transaction date is 09/26/2025, purchase price $12.12, and the post-transaction beneficial ownership is 120,857 shares, which the filer states includes unvested restricted stock units. The filing identifies the ownership form as direct and provides an attorney-in-fact signature dated 09/29/2025. This is a routine Section 16 disclosure documenting a purchase; the filing contains no additional commentary on intent, planned disposition, or derivative activity.

Corporate Governance Expert

TL;DR: Filing documents a direct insider acquisition with disclosure of unvested RSUs; no derivative or disposition activity reported.

The report clearly labels the reporting person as an officer (CFO and COO) and shows a single non-derivative acquisition (code P) of 4,200 common shares on 09/26/2025 at $12.12. The explanation notes inclusion of unvested restricted stock units in the total beneficial ownership figure. There are no derivative securities reported in Table II and no amendments indicated. The submission conforms to Section 16 reporting requirements and is signed via attorney-in-fact on 09/29/2025.

09/29/2025 - 04:05 PM

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^*

COLLIGAN ROBERT S

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO and COO

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	$12.12	120,857(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 Rob S. Colligan	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 did DX insider Robert S. Colligan purchase and when?

He acquired 4,200 shares of Dynex Capital Inc. common stock on 09/26/2025 at a price of $12.12 per share.

How many Dynex (DX) shares does Robert S. Colligan beneficially own after the transaction?

Following the reported purchase he beneficially owned 120,857 shares, held in a direct form.

Does the Form 4 disclose any derivative transactions for DX by this reporting person?

No. Table II for derivative securities contains no entries; only a non-derivative purchase is reported in Table I.

Does the ownership total include unvested awards?

Yes. The filing explanation states the total of 120,857 shares includes unvested restricted stock units.

When was the Form 4 signed and by whom?

The form was signed by Michael Angelo, as attorney-in-fact for Rob S. Colligan on 09/29/2025.