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<title>dx-20210303</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl80L2ZyYWc6M2ExMTQzMTk2MDM1NDZiMDllOTA3ODBhYWFhNTQxYzAvdGFibGU6Y2NkM2ZjNmQ3Nzc3NGU1ZGJhOGI2ZmY1YmVmZDg5MTIvdGFibGVyYW5nZTpjY2QzZmM2ZDc3Nzc0ZTVkYmE4YjZmZjViZWZkODkxMl8xLTEtMS0xLTA_ec1955ff-cbc0-4582-b844-31be4a782f51">0000826675</ix:nonNumeric><ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" format="ixt:booleanfalse" name="dei:AmendmentFlag" 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scheme="http://www.sec.gov/CIK">0000826675</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2021-03-03</xbrli:startDate><xbrli:endDate>2021-03-03</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="i9839dd795cfd4123b1cbd709e6226914_D20210303-20210303"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0000826675</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesBPreferredStockMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2021-03-03</xbrli:startDate><xbrli:endDate>2021-03-03</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="i368d48e9fc634b61b66dcbeb932fea06_D20210303-20210303"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0000826675</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesCPreferredStockMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2021-03-03</xbrli:startDate><xbrli:endDate>2021-03-03</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="i1294ed73edae4d14b9dc3e66f8708ef6_1"></div><div style="min-height:63pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Washington, D.C. 20549</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">___________</span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">FORM <ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" name="dei:DocumentType" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGV4dHJlZ2lvbjo1ZWM2ZTc4YTBjNTE0NGRhOWY3MzlhMWI1YjIwZTkzNF8xMTE0_7886541c-fdd7-45c1-b892-6af6a79a25dc">8-K</ix:nonNumeric> </span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CURRENT REPORT</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date of Report (Date of earliest event reported):  <ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGV4dHJlZ2lvbjo1ZWM2ZTc4YTBjNTE0NGRhOWY3MzlhMWI1YjIwZTkzNF8yMzk_613ec2e0-afb9-4d5b-9f80-aa2c7902ce1c">March 3, 2021</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">___________</span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" name="dei:EntityRegistrantName" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGV4dHJlZ2lvbjo1ZWM2ZTc4YTBjNTE0NGRhOWY3MzlhMWI1YjIwZTkzNF8xMTE1_39aef534-c1df-48ac-b6ad-13b978190f12">DYNEX CAPITAL, INC.</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Exact name of registrant as specified in its charter)</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:10.278%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.714%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.111%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.592%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.921%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:39.287%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" 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id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6OTYxZDMxOWY4ZmE0NGE3NGIxOTBkNTMwNmQ2N2M4YzQvdGFibGVyYW5nZTo5NjFkMzE5ZjhmYTQ0YTc0YjE5MGQ1MzA2ZDY3YzhjNF8zLTAtMS0xLTAvdGV4dHJlZ2lvbjpmY2RhZWY4M2UxYTE0ZjAzYmFjZDQyNmUwMWUwMzliY184_2df126de-fb7e-4aa8-b164-c60f12a2c7ff">Virginia</ix:nonNumeric></span></div></td><td colspan="12" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" name="dei:EntityAddressPostalZipCode" 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colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" name="dei:CityAreaCode" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6OTYxZDMxOWY4ZmE0NGE3NGIxOTBkNTMwNmQ2N2M4YzQvdGFibGVyYW5nZTo5NjFkMzE5ZjhmYTQ0YTc0YjE5MGQ1MzA2ZDY3YzhjNF81LTQtMS0xLTA_e7e20452-4c1c-4246-bb62-ee254296cf51">(804)</ix:nonNumeric></span></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6OTYxZDMxOWY4ZmE0NGE3NGIxOTBkNTMwNmQ2N2M4YzQvdGFibGVyYW5nZTo5NjFkMzE5ZjhmYTQ0YTc0YjE5MGQ1MzA2ZDY3YzhjNF81LTUtMS0xLTA_5bba279e-5abb-4b77-9e1b-df6e63995f24">217-5800</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Registrant&#8217;s telephone number, including area code)&#160;</span></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Not Applicable</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Former name or former address, if changed since last report)</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:2.746%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:95.054%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6ODM4YTgwYzIyMjQxNDI3MGI4MzgwMjdiNzZhZjJlYTkvdGFibGVyYW5nZTo4MzhhODBjMjIyNDE0MjcwYjgzODAyN2I3NmFmMmVhOV8wLTAtMS0xLTA_c2a77be3-edf5-4b74-a6bb-9e7c26669473">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6ODM4YTgwYzIyMjQxNDI3MGI4MzgwMjdiNzZhZjJlYTkvdGFibGVyYW5nZTo4MzhhODBjMjIyNDE0MjcwYjgzODAyN2I3NmFmMmVhOV8xLTAtMS0xLTA_54374137-0800-4041-a75f-a1947dd801ba">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6ODM4YTgwYzIyMjQxNDI3MGI4MzgwMjdiNzZhZjJlYTkvdGFibGVyYW5nZTo4MzhhODBjMjIyNDE0MjcwYjgzODAyN2I3NmFmMmVhOV8yLTAtMS0xLTA_bf5ebb44-8595-4066-b2cc-9319086e5151">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="ia2f651e9cb234118a940c964a6a5f746_D20210303-20210303" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6ODM4YTgwYzIyMjQxNDI3MGI4MzgwMjdiNzZhZjJlYTkvdGFibGVyYW5nZTo4MzhhODBjMjIyNDE0MjcwYjgzODAyN2I3NmFmMmVhOV8zLTAtMS0xLTA_0107aa87-8b2f-46cb-a2dd-f454233509cd">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr></table></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:39.444%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.284%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:41.370%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Securities registered pursuant to Section 12(b) of the Act: </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:1pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title of each class</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:1pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trading Symbol(s)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:1pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name of each exchange on which registered</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:1pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i2ba5ff1409e04b3ab75b008cd4092b00_D20210303-20210303" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6MTQwOGVjNTM1NTU4NDUwNGI0MWUxZjJmNzA0MjRlY2MvdGFibGVyYW5nZToxNDA4ZWM1MzU1NTg0NTA0YjQxZTFmMmY3MDQyNGVjY18yLTAtMS0xLTA_02d26f80-feef-4775-80c3-e63f7491e564">Common Stock, par value $0.01 per share</ix:nonNumeric></span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:1pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i2ba5ff1409e04b3ab75b008cd4092b00_D20210303-20210303" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6MTQwOGVjNTM1NTU4NDUwNGI0MWUxZjJmNzA0MjRlY2MvdGFibGVyYW5nZToxNDA4ZWM1MzU1NTg0NTA0YjQxZTFmMmY3MDQyNGVjY18yLTItMS0xLTA_7fa825e4-bcf2-4cb6-8c1c-97b90317240d">DX</ix:nonNumeric></span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:1pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i2ba5ff1409e04b3ab75b008cd4092b00_D20210303-20210303" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6MTQwOGVjNTM1NTU4NDUwNGI0MWUxZjJmNzA0MjRlY2MvdGFibGVyYW5nZToxNDA4ZWM1MzU1NTg0NTA0YjQxZTFmMmY3MDQyNGVjY18yLTQtMS0xLTA_f2cd4b46-8dca-45e1-a81d-83c1c50b15ba">New York Stock Exchange</ix:nonNumeric></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:1pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i9839dd795cfd4123b1cbd709e6226914_D20210303-20210303" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6MTQwOGVjNTM1NTU4NDUwNGI0MWUxZjJmNzA0MjRlY2MvdGFibGVyYW5nZToxNDA4ZWM1MzU1NTg0NTA0YjQxZTFmMmY3MDQyNGVjY18zLTAtMS0xLTA_79bd3f40-765d-489d-bf9c-ab54b3fb6ebb">7.625% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share</ix:nonNumeric></span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:1pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">N/A</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:1pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">None</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i368d48e9fc634b61b66dcbeb932fea06_D20210303-20210303" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6MTQwOGVjNTM1NTU4NDUwNGI0MWUxZjJmNzA0MjRlY2MvdGFibGVyYW5nZToxNDA4ZWM1MzU1NTg0NTA0YjQxZTFmMmY3MDQyNGVjY180LTAtMS0xLTA_e5ba3550-8260-4778-b513-6fe4c2c3ecae">6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i368d48e9fc634b61b66dcbeb932fea06_D20210303-20210303" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjEyOTRlZDczZWRhZTRkMTRiOWRjM2U2NmY4NzA4ZWY2L3NlYzoxMjk0ZWQ3M2VkYWU0ZDE0YjlkYzNlNjZmODcwOGVmNl8xL2ZyYWc6NWVjNmU3OGEwYzUxNDRkYTlmNzM5YTFiNWIyMGU5MzQvdGFibGU6MTQwOGVjNTM1NTU4NDUwNGI0MWUxZjJmNzA0MjRlY2MvdGFibGVyYW5nZToxNDA4ZWM1MzU1NTg0NTA0YjQxZTFmMmY3MDQyNGVjY180LTItMS0xLTA_ba7bee8e-30f1-47ae-9b0a-a94d5d0b0299">DXPRC</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New 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(the &#8220;Company&#8221;) entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;), between the Company and J.P. Morgan Securities LLC, as the representative of the several underwriters listed on Schedule 1 thereto (the &#8220;Underwriters&#8221;), for the issuance and sale by the Company of 3,500,000 shares of its common stock, par value $0.01 per share (the &#8220;Common Stock&#8221;). The Underwriters agreed to purchase the Common Stock from the Company at a price of $18.01 per share, resulting in net proceeds of approximately $62.8 million, after deducting the estimated expenses of this offering, to the Company. In addition, the Company granted the Underwriters an option for 30 days to purchase up to an additional 525,000 shares of Common Stock.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Underwriting Agreement includes customary representations, warranties, covenants and closing conditions. It also provides for customary indemnification by each of the Company and certain affiliated entities and the Underwriters against certain liabilities and customary contribution provisions in respect of those liabilities. The transaction contemplated by the Underwriting Agreement is expected to close on March 8, 2021.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The offering and sale of Common Stock were made pursuant to a preliminary prospectus supplement related to the Company&#8217;s effective shelf registration statement on Form S-3 (File No. 333-222354), which has been filed with the Securities and Exchange Commission. A copy of the Underwriting Agreement is filed as Exhibit 1.1 hereto and incorporated herein by reference.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The foregoing summary does not purport to be a complete description and is qualified in its entirety by reference to the Underwriting Agreement.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the filing of the Underwriting Agreement, the Company is filing as Exhibit 5.1 hereto an opinion of its counsel, Mayer Brown LLP, with respect to the legality of the Shares and as Exhibit 8.1 hereto an opinion of Mayer Brown LLP with respect to certain tax matters.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Item 8.01 &#8211; Other Events.</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 3, 2021, the Company issued a press release announcing the pricing of the offering. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated by reference into this Item 8.01.</span></div><div><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 9.01&#160;&#160;Financial Statements and Exhibits.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:144%">(d) Exhibits</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.440%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit No.</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Description of Exhibit</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.1</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit11march2021underwri.htm">Underwriting Agreement, dated March 3, 2021, between the Company and J.P. Morgan Securities LLC, as the representative of the underwriters named therein.</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.1</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit51opinion.htm">Opinion of Mayer Brown LLP with respect to the legality of common stock.</a></span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.1</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit81taxopinion.htm">Opinion of Mayer Brown LLP with respect to certain tax matters.</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23.1</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consent of Mayer Brown LLP (included in </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit51opinion.htm">Exhibit 5.1</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> and </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit81taxopinion.htm">8.1</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">).</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">99.1</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit991pressreleaseanno.htm">Press Release Announcing the Pricing of the Offering, dated March 3, 2021</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr></table></div><div><span><br/></span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i1294ed73edae4d14b9dc3e66f8708ef6_13"></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURE</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:96.474%"><tr><td style="width:1.0%"></td><td style="width:4.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.620%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.547%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:53.553%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">DYNEX CAPITAL, INC.</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 5, 2021</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Stephen J. Benedetti</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Stephen J. Benedetti</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Executive Vice President, Chief Financial Officer<br/> and Chief Operating Officer</span></td></tr></table></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#160;</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#160;</span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div></body></html>
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dx-20210303
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 3, 2021
___________
DYNEX CAPITAL, INC.
(Exact name of registrant as specified in its charter)
Virginia
1-9819
52-1549373
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
4991 Lake Brook Drive
,
Suite 100
Glen Allen
,
Virginia
23060-9245
(Address of principal executive offices)
(Zip Code)
(804)
217-5800
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
DX
New York Stock Exchange
7.625% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share
N/A
None
6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
DXPRC
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Item 1.01 Entry into a Material Definitive Agreement.
On March 3, 2021, Dynex Capital, Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement"), between the Company and J.P. Morgan Securities LLC, as the representative of the several underwriters listed on Schedule 1 thereto (the "Underwriters"), for the issuance and sale by the Company of 3,500,000 shares of its common stock, par value $0.01 per share (the "Common Stock"). The Underwriters agreed to purchase the Common Stock from the Company at a price of $18.01 per share, resulting in net proceeds of approximately $62.8 million, after deducting the estimated expenses of this offering, to the Company. In addition, the Company granted the Underwriters an option for 30 days to purchase up to an additional 525,000 shares of Common Stock.
The Underwriting Agreement includes customary representations, warranties, covenants and closing conditions. It also provides for customary indemnification by each of the Company and certain affiliated entities and the Underwriters against certain liabilities and customary contribution provisions in respect of those liabilities. The transaction contemplated by the Underwriting Agreement is expected to close on March 8, 2021.
The offering and sale of Common Stock were made pursuant to a preliminary prospectus supplement related to the Company's effective shelf registration statement on Form S-3 (File No. 333-222354), which has been filed with the Securities and Exchange Commission. A copy of the Underwriting Agreement is filed as Exhibit 1.1 hereto and incorporated herein by reference.
The foregoing summary does not purport to be a complete description and is qualified in its entirety by reference to the Underwriting Agreement.
In connection with the filing of the Underwriting Agreement, the Company is filing as Exhibit 5.1 hereto an opinion of its counsel, Mayer Brown LLP, with respect to the legality of the Shares and as Exhibit 8.1 hereto an opinion of Mayer Brown LLP with respect to certain tax matters.
Item 8.01 – Other Events.
On March 3, 2021, the Company issued a press release announcing the pricing of the offering. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated by reference into this Item 8.01.
Item 9.01  Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description of Exhibit
1.1
Underwriting Agreement, dated March 3, 2021, between the Company and J.P. Morgan Securities LLC, as the representative of the underwriters named therein.
5.1
Opinion of Mayer Brown LLP with respect to the legality of common stock.
8.1
Opinion of Mayer Brown LLP with respect to certain tax matters.
23.1
Consent of Mayer Brown LLP (included in
Exhibit 5.1
and
8.1
).
99.1
Press Release Announcing the Pricing of the Offering, dated March 3, 2021
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DYNEX CAPITAL, INC.
Date:
March 5, 2021
By:
/s/ Stephen J. Benedetti
Stephen J. Benedetti
Executive Vice President, Chief Financial Officer
and Chief Operating Officer