DYNEX CAPITAL INC (DX) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: April 27, 2026

Risk Assessment Details

Potential Dilution: 0.0% of current shares
Recent Dilution: 163.32% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
200M
Potential Supply
0
Additional shares possible
Splits
None
Past 2 years

Summary

DX currently has 200M outstanding shares. with minimal authorized share overhang for future dilution. The company has significantly diluted shareholders by 163.32% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Apr 27, 2026

10-Q filing | 200.1M shares outstanding

200M 0
Jan 27, 2026

8-K filing: Dynex Capital, Inc. entered into amendment no. 8 to the distribution agreement, increasing the number of shares of Common Stock available for sale by 60,000,000 shares to 221,292,973 shares, with 67,354,187 shares remaining available for issuance.

220M 0
Jul 29, 2025

8-K filing: Dynex Capital, Inc. entered into amendment no. 7 to the distribution agreement, increasing the number of shares of Common Stock available for sale by 61,939,730 shares to 161,292,973 shares, with 75,000,000 shares remaining available for issuance.

130M 0
Jul 28, 2025

10-Q filing | 129.9M shares outstanding

130M 0
May 01, 2025

8-K filing: Dynex Capital, Inc. entered into amendment no. 6 to the distribution agreement, increasing the number of shares of Common Stock available for sale by 30,000,000 shares to 99,353,243 shares of Common Stock, 37,768,692 shares of which remain available for issuance.

99M 0
Apr 30, 2025

10-Q filing | 105.3M shares outstanding

110M 0
Feb 28, 2025

10-K filing | 90.5M shares outstanding

90M 0
Oct 29, 2024

8-K filing: Dynex Capital, Inc. entered into amendment no. 5 to the distribution agreement, increasing the number of shares of Common Stock available for sale by 33,235,621 shares to 69,353,243 shares, 35,468,000 shares of which remain available for issuance.

76M 0
Oct 28, 2024

10-Q filing | 76.4M shares outstanding

76M 0
Oct 22, 2024

S-3/A filing: The filing registers an indeterminate number of shares of common stock, preferred stock, debt securities, warrants, and units with an aggregate initial offering price not to exceed $750,000,000, also carrying forward $107,929,493 of unsold securities from a prior registration statement and registering new securities with an aggregate initial offering price of $642,070,345.

75M 0
Aug 01, 2024

S-3 filing: The filing registers an indeterminate number of shares of common stock, preferred stock, debt securities, warrants and units of the registrant as shall have an aggregate initial offering price not to exceed $750,000,000, and carries forward $145,399,493 of unsold securities from a prior registration statement.

75M 0
Jul 26, 2024

10-Q filing | 74.7M shares outstanding

75M 0
Jun 07, 2024

8-K filing: Dynex Capital, Inc. completed an offering of 10,500,000 shares of its common stock at a price of $11.88 per share, resulting in net proceeds of approximately $124.54 million. The underwriter also has an option to purchase up to an additional 1,575,000 shares. ($124.54M proceeds)

60M 0
Apr 26, 2024

10-Q filing | 59.7M shares outstanding

60M 0
Feb 26, 2024

10-K filing | 54.8M shares outstanding

55M 0
Nov 06, 2023

10-Q filing | 54.6M shares outstanding

55M 0
Jul 28, 2023

10-Q filing | 54.1M shares outstanding

54M 0
Apr 28, 2023

10-Q filing | 53.8M shares outstanding

54M 0
Feb 27, 2023

10-K filing | 53.8M shares outstanding

54M 0
Oct 31, 2022

10-Q filing | 45.3M shares outstanding

45M 0
Aug 01, 2022

10-Q filing | 44.5M shares outstanding

45M 0
Jun 03, 2022

8-K filing: Dynex Capital, Inc. entered into amendment no. 3 to the distribution agreement, increasing the number of shares of the Company's common stock available for sale under the Agreement by 15,000,000 shares.

37M 0
May 02, 2022

10-Q filing | 37.1M shares outstanding

37M 0
Feb 28, 2022

10-K filing | 36.7M shares outstanding

37M 0
Nov 02, 2021

10-Q filing | 35.1M shares outstanding

35M 0
Aug 03, 2021

8-K filing: Dynex Capital, Inc. entered into amendment no. 2 to the distribution agreement, increasing the number of shares of the Company's common stock available for sale under the Agreement by 7,000,000 shares.

32M 0
Aug 03, 2021

S-3/A filing: This S-3/A filing registers common stock, preferred stock, debt securities, warrants, and units with a total proposed offering amount of $750,000,000.

32M 0
Aug 02, 2021

10-Q filing | 32.0M shares outstanding

32M 0
Jun 23, 2021

S-3 filing: Dynex Capital, Inc. is offering common stock, preferred stock, debt securities, warrants, and units with a total offering price not exceeding $750,000,000.

31M 0
May 03, 2021

10-Q filing | 30.9M shares outstanding

31M 0
Mar 05, 2021

8-K filing: Dynex Capital, Inc. entered into an underwriting agreement to issue and sell 3,500,000 shares of its common stock at a price of $18.01 per share, resulting in net proceeds of approximately $62.8 million. The underwriters also have an option to purchase up to an additional 525,000 shares. ($62.8M proceeds)

27M 0
Mar 01, 2021

10-K filing | 26.9M shares outstanding

27M 0
Jan 29, 2021

8-K filing: Dynex Capital, Inc. entered into an underwriting agreement to issue and sell 2,750,000 shares of common stock at $17.60 per share, with an option for the underwriters to purchase an additional 412,500 shares. ($0.0M proceeds)

23M 0
Jan 15, 2021

8-K filing: Dynex Capital, Inc. announced the redemption of all approximately 2.8 million shares of its 7.625% Series B Cumulative Redeemable Preferred Stock, with each share being cancelled on February 15, 2021, and representing the right to receive cash.

23M 0
Nov 03, 2020

10-Q filing | 23.1M shares outstanding

23M 0
Aug 03, 2020

10-Q filing | 23.1M shares outstanding

23M 0
May 11, 2020

10-Q filing | 23.0M shares outstanding

23M 0
Feb 25, 2020

10-K filing | 22.9M shares outstanding

23M 0
Feb 19, 2020

8-K filing: Dynex Capital, Inc. issued and sold 4,000,000 shares of 6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock in an underwritten public offering and granted the underwriters a 30-day option to purchase up to an additional 600,000 shares. ($96.85M proceeds)

N/A 0
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