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Dynex Capital, Inc. Announces Pricing Of Series A Cumulative Preferred Stock Offering

Dynex Capital, Inc. (NYSE: DX) (the “Company”) announced today that it has priced a public offering of two million shares of an original issuance of its 8.50% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, for gross proceeds of $50 million. The Company has granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of the Series A Preferred Stock to cover any overallotments. The offering is subject to customary closing conditions and is expected to close on or about August 1, 2012. The Company intends to apply to list the Series A Preferred Stock on the New York Stock Exchange.

The Company intends to use the net proceeds from this offering to acquire additional investments, consistent with its investment strategy, and for general corporate purposes, which may include, among other things, repayment of maturing obligations, capital expenditures and working capital.

J.P. Morgan Securities LLC, Barclays Capital Inc., Jefferies & Company, Inc. and Stifel, Nicolaus & Company, Incorporated are acting as the joint book running managers for the offering. Sterne, Agee & Leach, Inc., Ladenburg Thalmann & Co. Inc., and MLV & Co LLC are acting as co-managers for the offering.

The offering is being made pursuant to the Company’s existing shelf registration statement that has been declared effective by the SEC. The offering of these securities may be made only by means of a prospectus and a related prospectus supplement that should be read prior to investing, a copy of which may be obtained by visiting EDGAR on the SEC website at when available or contacting:
J.P. Morgan Securities LLC     Barclays Capital Inc.
383 Madison Avenue c/o Broadridge Financial Solutions
New York, New York 10179 1155 Long Island Avenue
Attn: Investment Grade Syndicate Desk – 3rd floor Edgewood, New York 11717
Telephone: 1-212-834-4533
Telephone: 1-888-603-5847
Jefferies & Company, Inc. Stifel, Nicolaus & Company, Incorporated
Attn: Debt Capital Markets 1 South Street, 15(th) Floor
520 Madison Avenue Baltimore, Maryland 21202
New York, New York 10022 Toll-free Prospectus Number: 1- 855-300-7136
Telephone: 201-761-7610

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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