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A&O Shearman advises the underwriters of Dynex Capital’s preferred stock offering

A&O Shearman advises the underwriters of Dynex Capital’s preferred stock offering
Published Date
Oct 1, 2026
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Image of Ryan Robski
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Tianwei LiuAssociate, New York
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Joe TambascoAssociate, New York
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Ayako NarukeLaw Clerk, New York
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Lorenz HaselbergerPartner, New York
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Taylor PuglieseCounsel, New York
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Anna ArmaoAssociate, New York

A&O Shearman represented Morgan Stanley, as left-lead bookrunner, and the other underwriters of Dynex Capital, Inc.’s (NYSE: DX) public offering of 4.8 million shares of its newly-designated 9.375% Series D Fixed-Rate Cumulative Redeemable Preferred Stock, at a public offering price of USD25.00 per share. The Series D Preferred Stock has been registered and listed on the New York Stock Exchange under the symbol “DXPRD.”

Dynex Capital is a real estate investment trust structured to deliver dividends to shareholders supported by long-term returns from investments in mortgage assets backed by U.S. housing and commercial real estate. Dynex Capital is internally managed and invests primarily in mortgage-backed securities backed by residential and commercial mortgage loans, which are primarily agency securities guaranteed by U.S. government-sponsored enterprises.

The A&O Shearman team was led by Capital Markets partners Ryan Robski and Michael Kim, together with associates Tianwei Liu and Joe Tambasco, and law clerk Ayako Naruke. The team also included partners Lorenz Haselberger and Derek Kershaw, counsel Taylor Pugliese, and associate Anna Armao.

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