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Get filing alertsDynex Capital expands ATM equity program by 80M shares to 301.3M total authorized
Filed July 28, 2026 · Period ending July 28, 2026 · ~1 min read
Key Changes
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Added 80 million shares to at-the-market offering program, bringing total authorized to 301.3 million shares with 99.3 million remaining available for issuance
Item 1.01 verify on EDGAR → -
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Tenth amendment to 2018 distribution agreement since inception, with most recent prior amendment in April 2026, indicating active use of ATM as capital-raising tool
Item 1.01 verify on EDGAR →
Summary
Dynex Capital expanded its at-the-market equity offering program by 80 million shares, bringing total authorized shares under the distribution agreement to 301.3 million. Approximately 99.3 million shares remain available for future issuance through ten broker-dealer sales agents including Goldman Sachs and Morgan Stanley. This is the tenth amendment to the ATM program since its 2018 inception, with the prior amendment occurring just three months ago in April 2026.
The frequency of amendments—averaging more than one per year—suggests Dynex actively uses the ATM as a capital-raising mechanism. For a mortgage REIT like Dynex, ATM programs provide flexible access to equity capital to fund asset purchases and maintain leverage ratios, but the dilution from 99.3 million potential new shares represents meaningful overhang for existing shareholders. The filing does not disclose pricing terms or intended use of proceeds.
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 July 28, 2026, Dynex Capital, Inc. (the “Company”), entered into amendment no. 10 (“Amendment No. 10”) 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, January 27, 2026, and April 28, 2026
This is the tenth amendment to the company's ATM distribution agreement since its inception in 2018, with the most recent prior amendment occurring in April 2026. The frequent amendments suggest active use of the ATM program as a capital-raising tool. The shares will be sold through ten broker-dealer sales agents in transactions deemed at-the-market offerings under SEC rules.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 29, 2026 · How we verify