[144] Natera, Inc. SEC Filing

Rhea-AI Filing Summary

Dynex Capital (DX) filed an 8-K announcing Amendment No. 7 to its 2018 at-the-market (ATM) equity distribution agreement with ten sales agents, including J.P. Morgan, UBS and Wells Fargo. The amendment raises the share capacity by 61,939,730 shares, lifting the total amount that can be issued under the program to 161,292,973 common shares. After prior issuances, approximately 75 million shares remain available for sale.

The new shares are registered on the Company’s Form S-3 (File No. 333-289004). Sales will be made from time to time through the agents as "at-the-market offerings" under Rule 415(a)(4); the agents will receive customary fees and commissions. Dynex also filed (i) the full text of Amendment No. 7 (Ex. 10.1) and (ii) a legal opinion from Mayer Brown LLP regarding the shares’ validity (Ex. 5.1/23.1).

Implications for investors:

• Liquidity boost: Expanding the ATM program provides management with flexibility to raise cash quickly without a traditional follow-on offering.
• Dilution risk: Issuing up to 75 million additional shares would materially dilute existing shareholders if fully placed.
• No operating metrics: The filing does not include earnings, leverage or book-value updates; the amendment solely concerns capital-raising capacity.

Insights

Equity Capital Markets Analyst

TL;DR: Dynex increases ATM size to 161 M shares, giving liquidity flexibility but creating potential dilution overhang; impact depends on issuance pace.

The 61.9 M-share expansion nearly doubles the program versus the original 99.4 M limit, signalling management’s willingness to tap equity markets amid volatile mortgage-REIT funding conditions. With ~75 M shares still unissued, the company could raise roughly $750-$800 M at the recent $10/share price—equal to ~55-60% of current market cap. While added capital may support portfolio growth or debt reduction, continual ATM issuance typically weighs on per-share book value and dividend capacity. Because the amendment does not mandate issuance timing, short-term impact is neutral; long-term share count creep could pressure valuation multiples.
Impact rating: 0 (neutral—benefits liquidity but dilutive risk is contingent).

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
COMMON	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	3045	420210.00	136546580	07/29/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/26/2025	Restricted Stock Units	Issuer			3045	07/26/2025	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales Plan for MICHAEL BURKES BROPHY 13011 McCallen Pass Building A Suite 100 Austin TX 78753	COMMON	07/24/2025	755	105320.01
MICHAEL BURKES BROPHY 13011 McCallen Pass Building A Suite 100 Austin TX 78753	Common	07/23/2025	495	69933.60
10b5-1 Sales Plan for MICHAEL BURKES BROPHY 13011 McCallen Pass Building A Suite 100 Austin TX 78753	COMMON	07/22/2025	920	128415.07
MICHAEL BURKES BROPHY 13011 McCallen Pass Building A Suite 100 Austin TX 78753	Common	07/21/2025	602	83852.58

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did Dynex Capital (DX) announce in its July 29 2025 8-K?

The company increased its at-the-market equity program by 61.9 M shares to a total of 161.3 M common shares.

How many DX shares remain available for issuance after Amendment No. 7?

Approximately 75 million shares can still be issued under the amended ATM agreement.

Why is the amendment considered material to investors?

It gives Dynex a large equity-raising capacity, which can improve liquidity but may dilute existing shareholdings.

Which sales agents are involved in Dynex’s expanded ATM program?

BTIG, Citizens JMP, Janney, JonesTrading, J.P. Morgan, KBW, RBC, UBS and Wells Fargo act as sales agents.

Does the 8-K include any earnings or book-value information?

No. The filing is limited to the capital-raising amendment and related legal exhibits.