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<title>dx-20210323</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY180L2ZyYWc6MmYxOWFmNzg1ZDlhNGQzZmJlYjBhM2E5YTFmOGMyNWIvdGFibGU6OTY1NmM5NTNlYWQ4NGIxZjlkYzYzNzRmMTVlNDkzODYvdGFibGVyYW5nZTo5NjU2Yzk1M2VhZDg0YjFmOWRjNjM3NGYxNWU0OTM4Nl8xLTEtMS0xLTA_67065fe1-de13-43f7-a7f1-c6b804ac8fb6">0000826675</ix:nonNumeric><ix:nonNumeric contextRef="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" format="ixt:booleanfalse" name="dei:AmendmentFlag" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY180L2ZyYWc6MmYxOWFmNzg1ZDlhNGQzZmJlYjBhM2E5YTFmOGMyNWIvdGFibGU6OTY1NmM5NTNlYWQ4NGIxZjlkYzYzNzRmMTVlNDkzODYvdGFibGVyYW5nZTo5NjU2Yzk1M2VhZDg0YjFmOWRjNjM3NGYxNWU0OTM4Nl8yLTEtMS0xLTA_68f3970a-7e5b-47e2-b1aa-6c659a0a0c94">FALSE</ix:nonNumeric></ix:hidden><ix:references xml:lang="en-US"><link:schemaRef xlink:type="simple" xlink:href="dx-20210323.xsd"></link:schemaRef></ix:references><ix:resources><xbrli:context id="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0000826675</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2021-03-23</xbrli:startDate><xbrli:endDate>2021-03-23</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="i5e55b921870449ac856f3b9483bbfa2b_D20210323-20210323"><xbrli:entity><xbrli:identifier 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>2021-03-23</xbrli:startDate><xbrli:endDate>2021-03-23</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="i3469e07df08041ea9ba11eb5acab7569_D20210323-20210323"><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>2021-03-23</xbrli:startDate><xbrli:endDate>2021-03-23</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="i88658a8c55c541c88874249bec264cb7_D20210323-20210323"><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>2021-03-23</xbrli:startDate><xbrli:endDate>2021-03-23</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="i0c521122ce4848cfb2abb3d01199c81c_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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:DocumentType" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGV4dHJlZ2lvbjozNDI4MGI0MzA1NWM0Yjc4ODcyMTE1ZTY3MjkwODkwY18xMTEz_38f116f3-04f9-4635-a55a-200a9fb49ae1">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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGV4dHJlZ2lvbjozNDI4MGI0MzA1NWM0Yjc4ODcyMTE1ZTY3MjkwODkwY18yMzk_6191852e-b614-4f27-b550-a9d0b83262ff">March 23, 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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:EntityRegistrantName" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGV4dHJlZ2lvbjozNDI4MGI0MzA1NWM0Yjc4ODcyMTE1ZTY3MjkwODkwY18xMTE0_a9d9ffe9-3a3c-4320-b275-9417a53de45f">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" 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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OTlmZjYxZTEyMDgzNDgwYzkyMzJkODY4ODk5MTZlNmIvdGFibGVyYW5nZTo5OWZmNjFlMTIwODM0ODBjOTIzMmQ4Njg4OTkxNmU2Yl8wLTAtMS0xLTA_658a6c48-b5e4-48ce-83be-26411006803e">Virginia</ix:nonNumeric></span></td><td colspan="12" 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%"><ix:nonNumeric contextRef="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:EntityFileNumber" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OTlmZjYxZTEyMDgzNDgwYzkyMzJkODY4ODk5MTZlNmIvdGFibGVyYW5nZTo5OWZmNjFlMTIwODM0ODBjOTIzMmQ4Njg4OTkxNmU2Yl8wLTQtMS0xLTA_97afcf53-9463-425a-80d6-0a0e36b95eba">1-9819</ix:nonNumeric></span></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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:EntityTaxIdentificationNumber" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OTlmZjYxZTEyMDgzNDgwYzkyMzJkODY4ODk5MTZlNmIvdGFibGVyYW5nZTo5OWZmNjFlMTIwODM0ODBjOTIzMmQ4Njg4OTkxNmU2Yl8wLTgtMS0xLTA_5f448eb4-562c-44f2-9529-c6fd7dbf2306">52-1549373</ix:nonNumeric></span></td></tr><tr><td colspan="12" 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:400;line-height:100%">(State or other jurisdiction of incorporation)</span></td><td colspan="12" 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:400;line-height:100%">(Commission File Number)</span></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:400;line-height:100%">(IRS Employer Identification No.)</span></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:EntityAddressAddressLine1" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OTlmZjYxZTEyMDgzNDgwYzkyMzJkODY4ODk5MTZlNmIvdGFibGVyYW5nZTo5OWZmNjFlMTIwODM0ODBjOTIzMmQ4Njg4OTkxNmU2Yl8yLTAtMS0xLTAvdGV4dHJlZ2lvbjpiZjgyMjM1YWVhZTA0MTNiYWM3NGY1YzkwYzRjNjllMl80_237ee96e-af8b-4ffe-8100-ff11a82faed0">4991 Lake Brook Drive</ix:nonNumeric>, <ix:nonNumeric contextRef="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:EntityAddressAddressLine2" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OTlmZjYxZTEyMDgzNDgwYzkyMzJkODY4ODk5MTZlNmIvdGFibGVyYW5nZTo5OWZmNjFlMTIwODM0ODBjOTIzMmQ4Njg4OTkxNmU2Yl8yLTAtMS0xLTAvdGV4dHJlZ2lvbjpiZjgyMjM1YWVhZTA0MTNiYWM3NGY1YzkwYzRjNjllMl84_a6b7ef3b-6dd4-40c3-813e-0f67fe3213c2">Suite 100</ix:nonNumeric></span></div></td><td colspan="12" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:EntityAddressCityOrTown" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OTlmZjYxZTEyMDgzNDgwYzkyMzJkODY4ODk5MTZlNmIvdGFibGVyYW5nZTo5OWZmNjFlMTIwODM0ODBjOTIzMmQ4Njg4OTkxNmU2Yl8zLTAtMS0xLTAvdGV4dHJlZ2lvbjo1NWU2MDUyMzI4OTc0ZjI4OTA3Y2ZiYTFlOTg2YTNjN180_b5f94741-901c-436d-af71-e4300d52e12d">Glen Allen</ix:nonNumeric>, <ix:nonNumeric contextRef="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OTlmZjYxZTEyMDgzNDgwYzkyMzJkODY4ODk5MTZlNmIvdGFibGVyYW5nZTo5OWZmNjFlMTIwODM0ODBjOTIzMmQ4Njg4OTkxNmU2Yl8zLTAtMS0xLTAvdGV4dHJlZ2lvbjo1NWU2MDUyMzI4OTc0ZjI4OTA3Y2ZiYTFlOTg2YTNjN184_9b46f6b0-ee90-4a48-8d38-8137c1c80929">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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:EntityAddressPostalZipCode" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OTlmZjYxZTEyMDgzNDgwYzkyMzJkODY4ODk5MTZlNmIvdGFibGVyYW5nZTo5OWZmNjFlMTIwODM0ODBjOTIzMmQ4Njg4OTkxNmU2Yl8zLTgtMS0xLTA_c869d7ef-9152-4dbd-a22e-bf39ec77a5d6">23060-9245</ix:nonNumeric></span></td></tr><tr><td colspan="12" 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:400;line-height:100%">(Address of principal executive offices)</span></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:400;line-height:100%">(Zip Code)</span></td></tr><tr><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><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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:CityAreaCode" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OTlmZjYxZTEyMDgzNDgwYzkyMzJkODY4ODk5MTZlNmIvdGFibGVyYW5nZTo5OWZmNjFlMTIwODM0ODBjOTIzMmQ4Njg4OTkxNmU2Yl81LTQtMS0xLTA_8a972351-9cc9-4bd5-bb74-5a83bb323fbf">(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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OTlmZjYxZTEyMDgzNDgwYzkyMzJkODY4ODk5MTZlNmIvdGFibGVyYW5nZTo5OWZmNjFlMTIwODM0ODBjOTIzMmQ4Njg4OTkxNmU2Yl81LTUtMS0xLTA_e34866a4-85d0-491d-9536-dedabe327067">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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6ZDI2ZTc0MTM5YTEzNDgxZTg0Mzc3MDU3MTkzNjVhNWYvdGFibGVyYW5nZTpkMjZlNzQxMzlhMTM0ODFlODQzNzcwNTcxOTM2NWE1Zl8wLTAtMS0xLTA_b1de2582-1258-41f4-a8a8-e93444dd2d52">&#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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6ZDI2ZTc0MTM5YTEzNDgxZTg0Mzc3MDU3MTkzNjVhNWYvdGFibGVyYW5nZTpkMjZlNzQxMzlhMTM0ODFlODQzNzcwNTcxOTM2NWE1Zl8xLTAtMS0xLTA_6a35c990-565f-4f5a-b69f-453ddba3a441">&#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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6ZDI2ZTc0MTM5YTEzNDgxZTg0Mzc3MDU3MTkzNjVhNWYvdGFibGVyYW5nZTpkMjZlNzQxMzlhMTM0ODFlODQzNzcwNTcxOTM2NWE1Zl8yLTAtMS0xLTA_e8f3990d-fe53-4354-a838-478097e97546">&#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="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6ZDI2ZTc0MTM5YTEzNDgxZTg0Mzc3MDU3MTkzNjVhNWYvdGFibGVyYW5nZTpkMjZlNzQxMzlhMTM0ODFlODQzNzcwNTcxOTM2NWE1Zl8zLTAtMS0xLTA_c7b221f7-af33-4469-aa50-e9e2a55949d9">&#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="i5e55b921870449ac856f3b9483bbfa2b_D20210323-20210323" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OGExYTI3MTAwYWQ3NDZkN2E3YjA2NWExZGY3MWFlYWUvdGFibGVyYW5nZTo4YTFhMjcxMDBhZDc0NmQ3YTdiMDY1YTFkZjcxYWVhZV8yLTAtMS0xLTA_f434cfcf-9058-4eaa-8066-4fd2fb01e3c8">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="i5e55b921870449ac856f3b9483bbfa2b_D20210323-20210323" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OGExYTI3MTAwYWQ3NDZkN2E3YjA2NWExZGY3MWFlYWUvdGFibGVyYW5nZTo4YTFhMjcxMDBhZDc0NmQ3YTdiMDY1YTFkZjcxYWVhZV8yLTItMS0xLTA_7eab23d6-c2fa-4dc5-a908-57d627bbe3a1">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="i5e55b921870449ac856f3b9483bbfa2b_D20210323-20210323" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OGExYTI3MTAwYWQ3NDZkN2E3YjA2NWExZGY3MWFlYWUvdGFibGVyYW5nZTo4YTFhMjcxMDBhZDc0NmQ3YTdiMDY1YTFkZjcxYWVhZV8yLTQtMS0xLTA_d03b8969-34cf-42cd-b1ac-0960a4a3383f">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="i3469e07df08041ea9ba11eb5acab7569_D20210323-20210323" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OGExYTI3MTAwYWQ3NDZkN2E3YjA2NWExZGY3MWFlYWUvdGFibGVyYW5nZTo4YTFhMjcxMDBhZDc0NmQ3YTdiMDY1YTFkZjcxYWVhZV8zLTAtMS0xLTA_1c668f30-e8e5-4775-91a6-a2446e7c4142">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="i88658a8c55c541c88874249bec264cb7_D20210323-20210323" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OGExYTI3MTAwYWQ3NDZkN2E3YjA2NWExZGY3MWFlYWUvdGFibGVyYW5nZTo4YTFhMjcxMDBhZDc0NmQ3YTdiMDY1YTFkZjcxYWVhZV80LTAtMS0xLTA_aa63195a-3725-41be-8022-09d14ddfabdd">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="i88658a8c55c541c88874249bec264cb7_D20210323-20210323" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OGExYTI3MTAwYWQ3NDZkN2E3YjA2NWExZGY3MWFlYWUvdGFibGVyYW5nZTo4YTFhMjcxMDBhZDc0NmQ3YTdiMDY1YTFkZjcxYWVhZV80LTItMS0xLTA_84221d8a-997e-487e-8549-5c6e160382c1">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 Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i88658a8c55c541c88874249bec264cb7_D20210323-20210323" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGFibGU6OGExYTI3MTAwYWQ3NDZkN2E3YjA2NWExZGY3MWFlYWUvdGFibGVyYW5nZTo4YTFhMjcxMDBhZDc0NmQ3YTdiMDY1YTFkZjcxYWVhZV80LTQtMS0xLTA_afcef596-23c9-4d70-a591-3f0cd416869a">New York Stock Exchange</ix:nonNumeric></span></td></tr></table></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%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).   Emerging growth company  <ix:nonNumeric contextRef="ic103cef053c74d31a745fbd49f279d34_D20210323-20210323" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="id3VybDovL2RvY3MudjEvZG9jOjBjNTIxMTIyY2U0ODQ4Y2ZiMmFiYjNkMDExOTljODFjL3NlYzowYzUyMTEyMmNlNDg0OGNmYjJhYmIzZDAxMTk5YzgxY18xL2ZyYWc6MzQyODBiNDMwNTVjNGI3ODg3MjExNWU2NzI5MDg5MGMvdGV4dHJlZ2lvbjozNDI4MGI0MzA1NWM0Yjc4ODcyMTE1ZTY3MjkwODkwY18xMTE1_a6bcb4de-84ca-428f-ab22-b13649af16ec">&#9744;</ix:nonNumeric></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%">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. </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> o</span></div><div style="text-align:justify"><span><br/></span></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i0c521122ce4848cfb2abb3d01199c81c_10"></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="-sec-extract:summary"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 7.01 Regulation FD Disclosure.</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%">Representatives of Dynex Capital, Inc. (the &#8220;Company&#8221;) plan to present to investors sponsored by representatives of BTIG, LLC on March 23, 2021. During the presentation, the Company will disclose the following information:</span></div><div><span><br/></span></div><div style="padding-left:32.4pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Core net operating income per common share for the first quarter of 2021 is estimated to exceed the common stock dividends declared during the period of $0.39 per common share.</span></div><div style="padding-left:32.4pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The Company has partially deployed the proceeds of its capital raises during the quarter in primarily 2.0% and 2.5% coupon TBA securities. </span></div><div style="padding-left:32.4pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">As of March 19, 2021, the Company&#8217;s investment portfolio was approximately $5.0 billion, consisting of $4.4 billion of Agency RMBS including TBA securities, $250 million in Agency CMBS, and $370 million in CMBS IOs.</span></div><div style="padding-left:32.4pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Total shareholders&#8217; equity now exceeds $700 million versus $633 million at December 31, 2020.</span></div><div style="padding-left:32.4pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Leverage as measured by total liabilities plus the cost basis of TBA securities divided by total shareholders&#8217; equity is approximately 6.7x at March 19, 2021.</span></div><div style="padding-left:32.4pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Book value per common share is currently estimated to be in the range of $19.25-$19.80.</span></div><div style="padding-left:32.4pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The Company&#8217;s interest rate risk hedge position continues to reflect the Company&#8217;s macroeconomic view of higher rates and a steeper yield curve. </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 information is unaudited and has not been verified or reviewed by any third party. The Company undertakes no obligation to update or revise its estimate of core net operating income or book value. The Company will provide additional details about the results for the first quarter of 2021 and material investment and other activity for the first quarter in the Company&#8217;s quarterly earnings release and investor call in early April 2021. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">FORWARD LOOKING STATEMENTS</span></div><div style="text-align:justify;text-indent:36pt"><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-style:italic;font-weight:400;line-height:120%">This Current Report on Form 8-K may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words believe, expect, forecast, anticipate, estimate, project, plan, and similar expressions, such as financial estimates or forecasts, including forecasted leverage and liquidity, identify forward-looking statements that are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. The Company&#8217;s actual results, timing of certain events and the impact of the market events could differ considerably from those projected and/or contemplated by those forward-looking statements, including as a result of unforeseen external factors or risks. For additional information on these factors or risks, see the Company&#8217;s Annual Report on Form 10-K for the period ending December 31, 2020, as filed with the SEC. The document may be found on the Company&#8217;s website (www.dynexcapital.com) under Investor Center, as well as on the SEC&#8217;s website (www.sec.gov).</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-style:italic;font-weight:400;line-height:120%">Forward-looking statements speak only as of the date made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the Company.</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><div id="i0c521122ce4848cfb2abb3d01199c81c_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 23, 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-20210323
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 23, 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 7.01 Regulation FD Disclosure.
Representatives of Dynex Capital, Inc. (the "Company") plan to present to investors sponsored by representatives of BTIG, LLC on March 23, 2021. During the presentation, the Company will disclose the following information:
•
Core net operating income per common share for the first quarter of 2021 is estimated to exceed the common stock dividends declared during the period of $0.39 per common share.
•
The Company has partially deployed the proceeds of its capital raises during the quarter in primarily 2.0% and 2.5% coupon TBA securities.
•
As of March 19, 2021, the Company's investment portfolio was approximately $5.0 billion, consisting of $4.4 billion of Agency RMBS including TBA securities, $250 million in Agency CMBS, and $370 million in CMBS IOs.
•
Total shareholders' equity now exceeds $700 million versus $633 million at December 31, 2020.
•
Leverage as measured by total liabilities plus the cost basis of TBA securities divided by total shareholders' equity is approximately 6.7x at March 19, 2021.
•
Book value per common share is currently estimated to be in the range of $19.25-$19.80.
•
The Company's interest rate risk hedge position continues to reflect the Company's macroeconomic view of higher rates and a steeper yield curve.
The information is unaudited and has not been verified or reviewed by any third party. The Company undertakes no obligation to update or revise its estimate of core net operating income or book value. The Company will provide additional details about the results for the first quarter of 2021 and material investment and other activity for the first quarter in the Company's quarterly earnings release and investor call in early April 2021.
FORWARD LOOKING STATEMENTS
This Current Report on Form 8-K may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words believe, expect, forecast, anticipate, estimate, project, plan, and similar expressions, such as financial estimates or forecasts, including forecasted leverage and liquidity, identify forward-looking statements that are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. The Company's actual results, timing of certain events and the impact of the market events could differ considerably from those projected and/or contemplated by those forward-looking statements, including as a result of unforeseen external factors or risks. For additional information on these factors or risks, see the Company's Annual Report on Form 10-K for the period ending December 31, 2020, as filed with the SEC. The document may be found on the Company's website (www.dynexcapital.com) under Investor Center, as well as on the SEC's website (www.sec.gov).
Forward-looking statements speak only as of the date made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the Company.
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 23, 2021
By:
/s/ Stephen J. Benedetti
Stephen J. Benedetti
Executive Vice President, Chief Financial Officer
and Chief Operating Officer