Dynex Capital Prices $120M Series D Preferred Offering at 9.375%
DX is trading near its 52-week low of $11.825 (2.2% above the low).
Summary
Dynex Capital priced 4.8 million shares of 9.375% Series D preferred stock at $25.00 per share, raising approximately $116.2 million in net proceeds. The perpetual preferred is callable after October 15, 2031, and will list on the NYSE under symbol DXPRD.
Key Events · Financing and Capital Events · DX
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Series D Preferred Priced at $25.00
4,800,000 shares of 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock priced at $25.00 liquidation preference per share, totaling $120,000,000 in aggregate liquidation preference.
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Net Proceeds of $116.2M
After underwriting discount of $0.7875 per share ($3.78M total), net proceeds to Dynex are $116,220,000 before expenses, or $133,653,000 if the underwriters' 720,000-share option is exercised in full.
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9.375% Fixed Dividend Rate
Quarterly cumulative dividends at 9.375% per annum ($2.34375 per share annually), with first payment of $0.69010 per share due January 15, 2027.
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Callable After October 15, 2031
Perpetual security not redeemable before October 15, 2031, except for REIT qualification or special optional redemption upon a Change of Control.
Analysis · DX · Real Estate & Construction
The Series D preferred offering has been finalized, bringing in $116.2 million in net proceeds at a fixed dividend rate of 9.375%. With the stock trading near its 52-week low, this preferred dividend rate is notably higher than the common dividend yield, underscoring the current cost of capital. The offering adds a new layer to the capital stack following aggressive ATM equity raises earlier this year, providing non-dilutive capital to common shareholders but at a premium cost.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.2% of the 1644 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, DX was trading at $12.09 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3B. The 52-week trading range was $11.83 to $14.93. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.