DYNEX CAPITAL, INC. ANNOUNCES PRICING OF PUBLIC OFFERING OF SERIES D FIXED-RATE CUMULATIVE REDEEMABLE PREFERRED STOCK (Form 8-K)

DYNEX CAPITAL, INC. ANNOUNCES
PRICING OF PUBLIC OFFERING OF SERIES D FIXED-RATE CUMULATIVE
REDEEMABLE PREFERRED STOCK

GLEN ALLEN, Va. -- Dynex Capital, Inc. (NYSE: DX) (the "Company") announced today that it has priced a public offering of 4,800,000 shares of 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock (the "Series D Preferred Stock"),liquidation preference $25.00 per share (the "Series D Preferred Stock"), for total expected gross proceeds of $120 million before underwriting discounts and commissions and offering expenses. The Company has granted the underwriters in the offering a 30-day option to purchase up to an additional 720,000 shares of the Series D Preferred Stock. The offering is subject to customary closing conditions and is expected to close on September 29, 2026. The Company intends to apply to list the Series D Preferred Stock on the New York Stock Exchange under the symbol "DXPRD".

The Company intends to use the net proceeds it receives from the offering to finance the acquisition of Agency and other investment securities and for general corporate purposes.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC, UBS Investment Bank, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Keefe, Bruyette & Woods, Inc. are acting as the joint book-running managers for the offering.

The offering is being made pursuant to the Company's existing shelf registration statement on Form S-3, which became effective upon filing with the Securities and Exchange Commission ("SEC"). The offering of these securities will be made only by means of a base prospectus and a related prospectus supplement that should be read prior to investing. Copies of the preliminary prospectus supplement and the accompanying base prospectus related to the offering, and the final prospectus supplement, once available, may be obtained by visiting EDGAR on the SEC website at www.sec.gov or by contacting Morgan Stanley & Co. LLC, toll-free at 1-866-718-1649; J.P. Morgan Securities LLC, collect at 1-212-834-4533; RBC Capital Markets, LLC, toll-free at 1-866-375-6829; UBS Investment Bank, toll-free at 1-833-481-0269; Wells Fargo Securities, LLC, toll-free at 1-800-645-3751; Citigroup Global Markets Inc., toll-free at 1-800-831-9146; Goldman Sachs & Co. LLC, toll-free at 1-866-471-2526; or Keefe, Bruyette & Woods, Inc., toll-free at 1-800-966-1559.