DYNEX CAPITAL INC

There have been no material changes from the risk factors discussed in Part I, Item 1A, “Risk Factors” of

our 2025 Form 10-K. Risks and uncertainties identified in our forward-looking statements contained in this

Quarterly Report on Form 10-Q together with those previously disclosed in the 2025 Form 10-K or those that are

presently unforeseen could result in significant adverse effects on our financial condition, results of operations and

cash flows. See “Forward-Looking Statements” contained in Part I, Item 2, “Management’s Discussion and Analysis

of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q as well as Part I, Item 1A,

“Risk Factors” in our 2025 Form 10-K.

Issuer Purchases of Equity Securities

The Company’s Board of Directors approved a new share repurchase program (the “Program”) authorizing

the repurchase of up to $300 million of its common stockand up to $50 million of its preferred stock, including any

series thereof currently or hereafter authorized. Under the Program, repurchases may be made from time to time

through open market transactions, privately negotiated transactions, or other means, including, without limitation,

trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act. The actual means and timing of any

repurchases under the Program will depend on a variety of factors, including, without limitation, the market prices of

its common stock and preferred stock, as applicable, general market and economic conditions, and applicable legal

and regulatory requirements. The Program is authorized through April 30, 2028, and replaces the Company’s prior

repurchase program, which expired April 30, 2026. The Program does not require the Company to purchase any

shares and may be modified, suspended, or terminated by the Board at any time.

The Company did not repurchase any shares of its common or preferred stocks during the three months

ended September 30, 2026. Employees have forfeited 341,986 common shares to cover payroll tax withholding on

share-based compensation that vested during thenine months ended September 30, 2026.

None.

None.