Dynex Capital Prices Preferred Stock Offering

By Tamara Parker • Saturday, September 26 16:06 • Permanent Link

Dynex Capital priced a public offering of 4.8 million shares of its 9.375% Series D fixed-rate cumulative redeemable preferred stock, with each share carrying a $25 liquidation preference.

The offering is expected to raise about $120 million in gross proceeds before underwriting discounts, commissions and expenses. Dynex also granted underwriters a 30-day option to buy up to 720,000 additional shares, which would lift the share count by 15%.

The company said the preferred stock offering is expected to close on September 29, 2026. It plans to list the new preferred shares on the New York Stock Exchange under the symbol DXPRD.

Dynex said it will use the proceeds to finance acquisitions of agency and other investment securities and for general corporate purposes.

The deal is being led by Morgan Stanley, J.P. Morgan, RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities, Citigroup, Goldman Sachs and Keefe, Bruyette & Woods. The market has reacted to these announcements by moving the company's shares -3.33% to a price of $11.34. For the full picture, make sure to review DYNEX CAPITAL INC's 8-K report.

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