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Get filing alertsDynex Capital adds Goldman Sachs, Morgan Stanley to equity sales program
Filed April 28, 2026 · Period ending April 28, 2026 · ~1 min read
Key Changes
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Dynex expanded its at-the-market equity offering program by adding Goldman Sachs and Morgan Stanley as sales agents, giving the company access to broader institutional networks for future stock sales at prevailing market prices.
Item 1.01 verify on EDGAR → -
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This marks the ninth amendment to Dynex's distribution agreement since 2018, with the sales agent roster now including 10 major broker-dealers such as J.P. Morgan, UBS, and Wells Fargo.
Item 1.01 verify on EDGAR →
Summary
Dynex Capital, a mortgage REIT, amended its at-the-market equity offering program on April 28, 2026, to add two heavyweight investment banks—Goldman Sachs and Morgan Stanley—to its existing roster of sales agents. This brings the total number of broker-dealers authorized to sell Dynex shares under the ATM program to ten.
ATM programs allow companies to raise capital incrementally by selling small amounts of stock into the market over time, rather than through large one-time offerings. For retail shareholders, this is a routine expansion that provides management with more flexibility and potentially better execution when raising equity capital.
The addition of Goldman and Morgan Stanley suggests Dynex wants access to their institutional client bases. However, any future stock sales under this program would dilute existing shareholders. Watch for actual equity issuances disclosed in future filings—the amendment itself doesn't mean shares will be sold immediately, but it sets the stage for potential dilution if Dynex needs to raise capital.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On April 28, 2026, Dynex Capital, Inc. (the “Company”), entered into amendment no. 9 (“Amendment No. 9”) to the distribution agreement, dated June 29, 2018, as amended on May 31, 2019, August 3, 2021, June 3, 2022, February 10, 2023, October 29, 2024, May 1, 2025, July 29, 2025, and January 27, 2026 (the “Agreement” and, as amended by Amendment No. 9, the “Amended Agreement”), by and among the Company, on the one hand, and BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC (“Goldman Sachs”), JonesTrading Institutional Services LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC (“Morgan Stanley”), RBC Capital Markets, LLC, UBS Securities LLC, and Wells Fargo Securities, LLC (collectively the “Sales Agents” and each individually a “Sales Agent”), on the other hand, pursuant to which shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), may be offered and sold through the Sales Agents in transactions that are deemed to be “at the market offerings” as defined in Rule 415(a) (4) under the Securities Act of 1933, as amended.
Dynex Capital amended its at-the-market equity offering program to add Goldman Sachs and Morgan Stanley as sales agents. This expands the roster of broker-dealers authorized to sell the company's common stock in small increments at prevailing market prices. The amendment provides Dynex with additional distribution channels for raising equity capital on an as-needed basis.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
Amendment No. 9 updates the definition of Agent and Agents in the Agreement to include Goldman Sachs and Morgan Stanley.
The amendment specifically adds two major investment banks to the existing group of sales agents. This gives Dynex access to broader institutional investor networks and potentially more favorable execution for future equity issuances under the ATM program.
Event · Item 9.01 — Financial Statements and Exhibits
Item 9.01 — Financial Statements and Exhibits filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Amendment No. 9, dated April 28, 2026 to the Distribution Agreement, dated June 29, 2018, as amended on May 31, 2019, August 3, 2021, June 3, 2022, February 10, 2023, October 29, 2024, May 1, 2025, July 29, 2025, and January 27, 2026, by and among Dynex Capital, Inc., J.P. Morgan Securities LLC, Citizens JMP Securities, LLC, JonesTrading Institutional Services LLC, BTIG, LLC, Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC
Dynex Capital executed the ninth amendment to its Distribution Agreement with eight broker-dealers including J.P. Morgan, UBS, Wells Fargo, and others. Distribution agreements typically govern at-the-market equity offerings or other securities sales programs. The specific terms of this amendment are not disclosed in the 8-K itself, only that the agreement has been modified for the ninth time since its 2018 inception.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 2, 2026 · How we verify