Dynex Prices $120M Preferred Offering at 9.375% Yield
DX is trading near its 52-week low of $11.825 (2.5% above the low).
Summary
Dynex Capital priced a public offering of 4.8 million shares of 9.375% Series D preferred stock at $25.00 per share, raising $120 million before expenses. Underwriters have a 30-day option for 720,000 additional shares. The offering is expected to close September 29, 2026, and the shares will list on NYSE under DXPRD. Proceeds will fund Agency and other investment securities and general corporate purposes. This follows the preliminary prospectus supplement filed earlier today and the company's recent aggressive portfolio expansion. The 9.375% coupon is relatively high, reflecting the current rate environment and the company's capital needs. The offering is modest relative to the company's $3 billion market cap and existing ATM programs, but it adds a new preferred layer to the capital structure.
At the time of this announcement, DX was trading at $12.13 on NYSE in the Finance sector, with a market capitalization of approximately $3B. The 52-week trading range was $11.83 to $14.93. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: BusinessWire.