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- Subordination to $23.2 Billion Liabilities (new) — The preferred stock ranks junior to approximately $23.2 billion in liabilities, mostly repurchase agreement borrowings, meaning preferred holders would be paid only after all creditors in a liquidation.
- Change of Control Conversion Cap (new) — Conversion upon a change of control is capped at 4.14250 common shares per preferred share, which may result in a value below the $25 liquidation preference if the common stock price is below $6.035.
Dynex Capital offers 4.8M shares of 9.375% Series D preferred stock at $25 liquidation preference
Filed September 23, 2026 · ~2 min read
Key Changes
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Dynex Capital is offering 4.8 million shares of 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock at $25 per share liquidation preference.
The Offering verify on EDGAR → -
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Net proceeds to the company are estimated at $115.9 million, or $133.4 million if underwriters fully exercise their option to purchase 720,000 additional shares.
Use of Proceeds verify on EDGAR → -
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Proceeds will be used to finance acquisition of Agency and other investment securities and for general corporate purposes, including repayment of maturing obligations.
Use of Proceeds verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 26, 2026 · How we verify