<SEC-DOCUMENT>0000826675-19-000029.txt : 20190516
<SEC-HEADER>0000826675-19-000029.hdr.sgml : 20190516
<ACCEPTANCE-DATETIME>20190516162449
ACCESSION NUMBER:		0000826675-19-000029
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190510
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190516
DATE AS OF CHANGE:		20190516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNEX CAPITAL INC
		CENTRAL INDEX KEY:			0000826675
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521549373
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09819
		FILM NUMBER:		19832567

	BUSINESS ADDRESS:	
		STREET 1:		4991 LAKE BROOK DRIVE
		STREET 2:		STE 100
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		8042175800

	MAIL ADDRESS:	
		STREET 1:		4991 LAKE BROOK DRIVE
		STREET 2:		STE 100
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RESOURCE MORTGAGE CAPITAL INC/VA
		DATE OF NAME CHANGE:	19930722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RESOURCE MORTGAGE INVESTMENT CORP
		DATE OF NAME CHANGE:	19930505

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RAC MORTGAGE INVESTMENT CORP /VA/
		DATE OF NAME CHANGE:	19930505
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>form8-kaxitems101507901.htm
<DESCRIPTION>ITEMS 1.01, 5.07, 9.01- AMENDED
<TEXT>
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<title>Document</title></head><body><div id="i_0_1"></div><div style="height:36pt;width:100%;"><div><font><br></font></div></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">UNITED STATES</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">Washington, D.C. 20549</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">___________</font></div><div style="text-align:center;"><font><br></font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">FORM 8-K</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">&#47;A</font></div><div style="text-align:center;"><font><br></font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">CURRENT REPORT</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div><div style="text-align:center;"><font><br></font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;line-height:120%;">Date of Report (Date of earliest event reported)&#58; May&#160;10, 2019 </font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">___________</font></div><div style="text-align:center;"><font><br></font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">DYNEX CAPITAL, INC.</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;line-height:120%;">(Exact name of registrant as specified in its charter)</font></div><div style="text-align:center;"><font><br></font></div><div style="text-align:center;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:98.611111%;"><tr><td style="width:1.0%;"></td><td style="width:31.333333%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:14.744914%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:13.023474%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:32.898279%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Virginia</font></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">1-9819</font></td><td colspan="3" style="display:none;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">52-1549373</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(State or other jurisdiction of incorporation)</font></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(Commission File Number)</font></td><td colspan="3" style="display:none;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(I.R.S. Employer Identification No.)</font></td></tr><tr><td colspan="6" style="padding-top:2px;padding-bottom:2px;height:26pt;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">4991 Lake Brook Drive, Suite 100 <br>Glen Allen, Virginia</font></td><td colspan="3" style="display:none;"></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;height:26pt;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">23060-9245</font></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="6" style="padding-top:2px;padding-bottom:2px;height:15pt;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(Address of principal executive offices)</font></td><td colspan="3" style="display:none;"></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;height:15pt;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(Zip Code)</font></td><td colspan="3" style="display:none;"></td></tr></table></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;line-height:120%;">Registrant's telephone number, including area code&#58; </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">(804) 217-5800</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">Not Applicable</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;line-height:120%;">(Former name or former address, if changed since last report)</font></div><div style="text-align:center;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;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&#58;</font></div><div style="margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.990000%;"><tr><td style="width:0.1%;"></td><td style="width:2.783951%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:93.216049%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Wingdings;color:#000000;background-color:rgb(255,255,255, 0.0);">o</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Wingdings;color:#000000;background-color:rgb(255,255,255, 0.0);">o</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Wingdings;color:#000000;background-color:rgb(255,255,255, 0.0);">o</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Wingdings;color:#000000;background-color:rgb(255,255,255, 0.0);">o</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table></div><div><font><br></font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;line-height:120%;">Securities registered pursuant to Section 12(b) of the Act&#58; </font></div><div style="margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.990000%;"><tr><td style="width:1.0%;"></td><td style="width:42.290123%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:12.043210%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:39.666667%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Title of each class</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Trading Symbol(s)</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;border-right:1pt solid #000;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Name of each exchange on which registered</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Common Stock, $.01 par value</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">DX</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;border-right:1pt solid #000;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">New York Stock Exchange</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">8.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">DXPRA</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;border-right:1pt solid #000;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">New York Stock Exchange</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">7.625% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">DXPRB</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;border-left:1pt solid #000;padding-left:1pt;border-right:1pt solid #000;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">New York Stock Exchange</font></td></tr></table></div><div><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;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  </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Wingdings;font-size:11pt;line-height:120%;">o</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;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. </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Wingdings;font-size:11pt;line-height:120%;"> o</font></div><div id="i_0_4"></div><div style="text-align:center;-sec-extract:summary;"></div><div style="position:relative;width:100%;height:36pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="height:72pt;width:100%;"><div><font><br></font></div></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">Explanatory Note</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">This Current Report on Form 8-K&#47;A is being filed by Dynex Capital, Inc. (the &#8220;Company&#8221;) as an amendment (the &#8220;Amendment&#8221;) to the Current Report on Form 8-K that the Company filed with the Securities and Exchange Commission on May 16, 2019. This Amendment is being filed to include the date of the Company&#8217;s 2019 Annual Meeting of shareholders discussed in Item 5.07</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">.</font></div><div><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">Item 1.01</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">Entry into a Material Definitive Agreement. </font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">Effective May 10, 2019, Issued Holdings Capital Corporation (&#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;text-decoration: underline;">IHCC</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#8221;), a direct, wholly-owned subsidiary of Dynex Capital, Inc. (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;text-decoration: underline;">Company</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#8221;), and the Company, as guarantor, entered into an Amendment No. 5 (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;text-decoration: underline;">Amendment</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#8221;) to IHCC&#8217;s Master Repurchase and Securities Contract (as amended, the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;text-decoration: underline;">Repurchase Agreement</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#8221;) with Wells Fargo Bank, N. A. (&#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;text-decoration: underline;">Wells Fargo</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#8221;). </font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">The Amendment extends the maturity date of the Repurchase Agreement to June 12, 2019, subject to early termination provisions contained in the Repurchase Agreement. No changes were made to the guarantee agreement (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;text-decoration: underline;">Guarantee Agreement</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#8221;) under which the Company fully guarantees all of IHCC&#8217;s payment and performance obligations under the Repurchase Agreement. </font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">See the Company&#8217;s Current Reports on Form 8-K filed with the Securities and Exchange Commission on August 8, 2012, October 7, 2013, February 11, 2015, May 3, 2016 and May 17, 2017 for additional disclosure regarding the terms of the Repurchase Agreement, as previously amended, and the Guarantee Agreement. The Repurchase Agreement, as amended, and the Guarantee Agreement contain representations, warranties, covenants, events of default and indemnities that are customary for agreements of this type. The Guarantee Agreement also contains financial covenants that require the Company to meet at all times minimum consolidated net worth, minimum liquidity, and maximum indebtedness to consolidated net worth requirements. </font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which has been filed with this Current Report on Form 8-K as Exhibit 10.23.5.</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:115%;">Item 5.07</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:115%;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:115%;">Submission of Matters to a Vote of Security Holders.</font></div><div><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">The Company held its annual meeting of shareholders on May 14, 2019 (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;text-decoration: underline;">2019 Annual Meeting</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#8221;), at which five proposals were submitted to the Company&#8217;s shareholders. The proposals are described in detail in the Company&#8217;s proxy statement for the 2019 Annual Meeting filed with the Securities and Exchange Commission on March 28, 2019 (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;text-decoration: underline;">2019 Proxy Statement</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#8221;). A quorum of the Company&#8217;s common shares was present for the 2019 Annual Meeting, and the final results for the votes regarding the proposals are set forth below.</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:134%;">Proposal 1</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;"> &#8211; Shareholders elected six directors of the Company to hold office until the next annual meeting and until their successors have been elected and duly qualified. The name of each director elected and the votes cast for such individuals are set forth below&#58;</font></div><div style="text-align:justify;"><font><br></font></div><div style="position:relative;width:100%;height:72pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="height:72pt;width:100%;"><div><font><br></font></div></div><div style="text-align:justify;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.358974%;"><tr><td style="width:1.0%;"></td><td style="width:18.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:18.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:18.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:18.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:18.000000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Name</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">For</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Against</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Abstentions</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Broker Non-Votes</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Byron L. Boston</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">37,367,151&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">611,428&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">184,777&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">25,483,205&#160;</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Michael R. Hughes</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">37,246,883&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">708,477&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">207,996&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">25,483,205&#160;</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Barry A. Igdaloff</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">36,693,040&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">1,256,068&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">214,248&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">25,483,205&#160;</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Valerie A. Mosley</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">37,012,130&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">951,412&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">199,814&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">25,483,205&#160;</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Robert A. Salcetti</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">37,099,761&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">861,661&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">201,934&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">25,483,205&#160;</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">David H. Stevens</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">37,403,636&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">542,702&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">217,018&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">25,483,205&#160;</font></td></tr></table></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:134%;">Proposal 2&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#8211; Shareholders approved, in an advisory and non-binding vote, the compensation of the Company&#8217;s named executive officers as disclosed in the 2019 Proxy Statement. The votes regarding Proposal 2 were as follows&#58;</font></div><div style="margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:98.076923%;"><tr><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">For</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Against</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Abstentions</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Broker Non-Votes</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">35,470,323&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">2,057,948&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">635,085&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">25,483,205&#160;</font></td></tr></table></div><div><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:134%;">Proposal 3&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#8211; Shareholders approved an amendment to the Company&#8217;s Articles of Incorporation to permit, but not require, the Board of Directors to effect a reverse stock split of the Company&#8217;s common stock at a reverse stock split ratio of 1-for-3 no later than May 14, 2020. The votes regarding Proposal 3 were as follows&#58;</font></div><div style="text-align:justify;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:98.076923%;"><tr><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">For</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Against</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Abstentions</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Broker Non-Votes</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">52,707,276&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">10,210,978&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">728,307&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">&#8212;&#160;</font></td></tr></table></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:134%;">Proposal 4</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:134%;"> &#8211; Shareholders approved an amendment to the Company&#8217;s Articles of Incorporation to reduce the number of shares of the Company&#8217;s common stock authorized from 200,000,000 shares to 90,000,000, subject to approval of Proposal 3 by the Company's shareholders and actual implementation of the reverse stock split described in Proposal 3 by the Board of Directors. The votes regarding Proposal 4 were as follows&#58;</font></div><div style="text-align:justify;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:98.076923%;"><tr><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">For</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Against</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Abstentions</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Broker Non-Votes</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">53,429,913&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">8,914,262&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">1,302,386&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">&#8212;&#160;</font></td></tr></table></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">Proposal 5</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;"> &#8211; Shareholders approved a proposal to ratify the Company&#8217;s selection of BDO USA, LLP, independent certified public accountants, as auditors for the Company for the 2019 fiscal year. The votes regarding Proposal 5 were as follows&#58;</font></div><div style="text-align:justify;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:98.076923%;"><tr><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.000000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">For</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Against</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Abstentions</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Broker Non-Votes</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">61,480,118&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">1,300,735&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">865,708&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">&#8212;&#160;</font></td></tr></table></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font><br></font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">Item 9.01</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:120%;">Financial Statements and Exhibits. </font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:115%;">(d) Exhibits. </font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.990000%;"><tr><td style="width:1.0%;"></td><td style="width:17.871795%;"></td><td style="width:1.0%;"></td><td style="width:0.1%;"></td><td style="width:1.883333%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:76.044872%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Exhibit No.</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Description</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:100%;text-decoration: underline;"><a href="exhibit10235mrawellsfa.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:100%;text-decoration: underline;-sec-extract:exhibit;">10.23.5</a></font></div></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:100%;text-decoration: underline;"><a href="exhibit10235mrawellsfa.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000FF;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:100%;text-decoration: underline;-sec-extract:exhibit;">Amendment No. 5 to Master Repurchase and Securities Contract dated as of May 10, 2019, between Issued Holdings Capital Corporation, Dynex Capital, Inc. (as guarantor) and Wells Fargo Bank, N.A.</a></font></div></td></tr></table></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font><br></font></div><div style="position:relative;width:100%;height:72pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="height:72pt;width:100%;"><div><font><br></font></div></div><div id="i_0_7"></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:700;line-height:115%;">SIGNATURE</font></div><div style="text-align:center;"><font><br></font></div><div style="text-indent:36pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:115%;">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. </font></div><div style="text-indent:36pt;"><font><br></font></div><div style="margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:98.397436%;"><tr><td style="width:1.0%;"></td><td style="width:5.980456%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:18.195440%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:18.195440%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:5.328990%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:42.299674%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">DYNEX CAPITAL, INC.</font></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Date&#58;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">May 16, 2019</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">By&#58;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47;  Stephen J. Benedetti</font></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Stephen J. Benedetti</font></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Executive Vice President, Chief Financial Officer and Chief Operating Officer</font></td></tr></table></div><div style="text-indent:36pt;"><font><br></font></div><div style="position:relative;width:100%;height:72pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.23.5
<SEQUENCE>2
<FILENAME>exhibit10235mrawellsfa.htm
<DESCRIPTION>WELLS FARGO AMENDMENT NO. 5
<TEXT>
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<title>Document</title></head><body><div id="i_0_1"></div><div style="height:72pt;width:100%;"><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">Exhibit 10.23.5</font></div><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">EXECUTION VERSION</font></div></div><div style="text-align:center;margin-top:24pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">AMENDMENT NO.&#160;5 TO MASTER REPURCHASE AND SECURITIES CONTRACT</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">AMENDMENT NO.&#160;5 TO MASTER REPURCHASE AND SECURITIES CONTRACT, dated as of May 9, 2019 (this &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Amendment</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;), between and among </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">ISSUED HOLDINGS CAPITAL CORPORATION</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">,</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;"> </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">a Virginia corporation (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Seller</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;), </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">WELLS FARGO BANK,&#160;N.A.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">, a national banking association, as buyer (in such capacity, the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Buyer</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;) and </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">DYNEX CAPITAL,&#160;INC.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">, a Virginia corporation having its principal place of business at 4991&#160;Lake Brook Drive, Suite&#160;100, Glen Allen, VA 23060 (&#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Guarantor</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;).  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement.</font></div><div style="text-align:center;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">RECITALS</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">WHEREAS, Seller and Buyer are parties to that certain Master Repurchase and Securities Contract, dated as of August&#160;6, 2012 (as amended by that certain Amendment No.&#160;1 to Master Repurchase and Securities Contract, dated as of October&#160;1, 2013, as further amended by that certain Amendment No.&#160;2 to Master Repurchase and Securities Contract, dated as of February&#160;5, 2015, as further amended by that certain Amendment No.&#160;3 to Master Repurchase and Securities Contract, dated as of April 29, 2016, as further amended by that certain Amendment No. 4 to Master Repurchase and Securities Contract, dated as of May 12, 2017, as amended hereby, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Repurchase Agreement</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;)&#59;</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">WHEREAS, in connection with the Repurchase Agreement, (i)&#160;Guarantor executed and delivered to Buyer a Guarantee Agreement, dated as of August&#160;6, 2012 (as amended by that certain Amendment No. 1 to Guarantee Agreement, dated as of September 13, 2018, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Guarantee</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;), and (ii)&#160;Buyer and Seller executed and delivered a Fee and Pricing Letter dated as of August&#160;6, 2012 (as amended by that certain Amendment No.&#160;1 to Fee and Pricing Letter, dated as of October&#160;1, 2013, as further amended by Amendment No.&#160;2 to Fee and Pricing Letter, dated as of February&#160;5, 2015, as further amended by Amendment No.&#160;3 to Fee and Pricing Letter, dated as of April&#160;29, 2016, and as further amended by Amendment No.&#160;4 to Fee and Pricing Letter, dated as of May 12, 2017, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Fee and Pricing Letter</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;)&#59; and</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">WHEREAS, Seller, Buyer and Guarantor have agreed to amend certain provisions of the Repurchase Agreement in the manner set forth herein.</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller, Guarantor and Buyer each hereby agree as follows&#58;</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font><br></font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font><br></font></div><div style="position:relative;width:100%;height:64.8pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SECTION 1.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;padding-left:6.02pt;">Amendments to Repurchase Agreement</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">.</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">(a)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">The following new defined terms &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">BHC Act Affiliate</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;, &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Default Right</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221; and &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">U.S. Special Resolution Regime</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221; are each hereby added to </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Section 2.01</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;"> of the Repurchase Agreement in correct alphabetical order&#58;</font></div><div style="text-indent:36pt;padding-left:36pt;padding-right:36pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">BHC Act Affiliate</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167; 1841(k).</font></div><div style="text-indent:36pt;padding-left:36pt;padding-right:36pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Default Right</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable.</font></div><div style="text-indent:36pt;padding-left:36pt;padding-right:36pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">U.S. Special Resolution Regime</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">(b)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">The defined term &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Facility Termination Date</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;, as set forth in </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">ARTICLE&#160;2</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;"> of the Repurchase Agreement, is hereby amended and restated in its entirety to read as follows&#58;</font></div><div style="text-indent:36pt;padding-left:36pt;padding-right:36pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Facility Termination Date</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;&#58;  The earliest of (a)&#160;June 12, 2019, (b)&#160;any Accelerated Repurchase Date and (c)&#160;any date on which the Facility Termination Date shall otherwise occur in accordance with the Repurchase Documents or Requirements of Law.</font></div><div style="text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">(c) </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Article 17</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;"> of the Repurchase Agreement is hereby amended by inserting the following new </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Section 17.24</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;"> in correct numerical order&#58;</font></div><div style="text-indent:31.5pt;padding-left:40.5pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;"></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8220;Section 17.24&#160; </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Recognition of the U.S. Special Resolution Regimes</font></div><div style="text-indent:31.5pt;padding-left:40.5pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#160;</font></div><div style="text-indent:31.5pt;padding-left:40.5pt;padding-right:36pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">(a) In the event that Buyer becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from Buyer of this Agreement and&#47;or the Repurchase Documents,</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-style:italic;line-height:120%;"> </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">and any interest and obligation in or under this Agreement and&#47;or the Repurchase Documents, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement and&#47;or the Repurchase Documents, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="padding-left:36pt;padding-right:36pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">(b) In the event that Buyer or a BHC Act Affiliate of Buyer becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement and&#47;or the Repurchase Documents that may be exercised against Buyer are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement and&#47;or the Repurchase Documents were governed by the laws of the United States or a state of the United States.&#8221;</font></div><div style="position:relative;width:100%;height:64.8pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">2</font></div></div></div><hr style="page-break-after:always"><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SECTION 2.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;padding-left:6.02pt;">Conditions Precedent</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">  This Amendment and its provisions shall become effective on the first date on which this Amendment is executed and delivered by a duly authorized officer of each of Seller, Buyer and Guarantor (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Amendment Effective Date</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;).</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SECTION 3.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;padding-left:6.02pt;">Representations, Warranties and Covenants</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">  Each of Seller and Guarantor hereby represents and warrants to Buyer, as of the date hereof and as of the Amendment Effective Date, that (i)&#160;each is in compliance with all of the terms and provisions set forth in each Repurchase Document to which it is a party on its part to be observed or performed, and (ii)&#160;no Default or Event of Default has occurred or is continuing.  Seller hereby confirms and reaffirms its representations, warranties and covenants contained in the Repurchase Agreement.</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SECTION 4.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;padding-left:6.02pt;">Acknowledgement of Seller</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">  Seller hereby acknowledges that Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement and the other Repurchase Documents.</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SECTION 5.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;padding-left:6.02pt;">Acknowledgement of Guarantor</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;"> Guarantor hereby acknowledges (a)&#160;the execution and delivery of this Amendment and agrees that it continues to be bound by the Guarantee to the extent of the Obligations (as defined therein), as such obligations may be prolonged pursuant to this Amendment, and (b)&#160;that Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement, the Guarantee Agreement and each of the other Repurchase Documents.</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SECTION 6.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;padding-left:6.02pt;">Limited Effect</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">  Except as expressly amended and modified by Amendment, the Repurchase Agreement and each of the other Repurchase Documents shall continue to be, and shall remain, in full force and effect in accordance with their respective terms&#59; </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">provided</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">, </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">however</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">, that upon the Amendment Effective Date, each (x)&#160;reference therein and herein to the &#8220;Repurchase Documents&#8221; shall be deemed to include, in any event, this Amendment, (y)&#160;each reference to the &#8220;Repurchase Agreement&#8221; in any of the Repurchase Documents shall be deemed to be a reference to the Repurchase Agreement, as amended hereby, and (z)&#160;each reference in the Repurchase Agreement to &#8220;this Agreement&#8221;, this &#8220;Repurchase Agreement&#8221;, &#8220;hereof&#8221;, &#8220;herein&#8221; or words of similar effect in referring to the Repurchase Agreement shall be deemed to be references to the Repurchase Agreement, as amended by this Amendment.</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SECTION 7.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;padding-left:6.02pt;">No Novation, Effect of Agreement.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">  Seller and Buyer have entered into this Amendment solely to amend the terms of the Repurchase Agreement and do not intend this Amendment or the transactions contemplated hereby to be, and this Amendment and the transactions contemplated hereby shall not be construed to be, a novation of any of the obligations owing by Seller, Guarantor or any of their respective Affiliates (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Repurchase Parties</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#8221;) under or in connection with the Repurchase Agreement or any of the other Repurchase Documents.  It is the intention of each of the parties hereto that (i) the perfection and priority of all security interests securing the payment of the Repurchase Obligations of the Repurchase Parties under the Repurchase Agreement are preserved, (ii) the liens and security interests granted under the Repurchase Agreement continue in full force and effect, and (iii) any reference to the Repurchase Agreement in any such Repurchase Document shall be deemed to also reference this Amendment.</font></div><div style="position:relative;width:100%;height:64.8pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">3</font></div></div></div><hr style="page-break-after:always"><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SECTION 8.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;padding-left:6.02pt;">Counterparts</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">. </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;"> This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof.</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SECTION 9.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;padding-left:6.02pt;">Expenses</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">  Seller and Guarantor agree to pay and reimburse Buyer for all out</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;"> </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">of</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;"> </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">pocket costs and expenses incurred by Buyer in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the fees and disbursements of Cadwalader, Wickersham&#160;&#38; Taft&#160;LLP, counsel to Buyer.</font></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SECTION 10.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;padding-left:0.02pt;"> </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">GOVERNING LAW</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">.  THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND&#47;OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW&#160;YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION&#160;5</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">-</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">1401 OF THE NEW&#160;YORK GENERAL OBLIGATIONS LAW.</font></div><div style="text-align:center;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#91;SIGNATURES FOLLOW&#93;</font></div><div><font><br></font></div><div id="i_0_4"></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"></div><div style="position:relative;width:100%;height:64.8pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Arial;font-size:10pt;line-height:120%;">4</font></div></div></div><hr style="page-break-after:always"><div style="height:72pt;width:100%;"><div style="text-align:right;"><font><br></font></div></div><div style="text-indent:72pt;text-align:justify;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first above written.</font></div><div style="text-indent:-18pt;padding-left:216pt;margin-top:24pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">SELLER</font></div><div style="text-indent:-18pt;padding-left:216pt;margin-top:24pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:700;line-height:120%;">ISSUED HOLDINGS CAPITAL CORPORATION</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">, a Virginia corporation</font></div><div style="text-indent:-18pt;padding-left:216pt;"><font><br></font></div><div style="text-indent:-18pt;padding-left:216pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">By&#58;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">&#47;s&#47; Stephen J.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;"> </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">Benedetti</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;"> </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;text-decoration: underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="text-indent:-18pt;padding-left:252pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:12pt;line-height:120%;">Name&#58; Stephen J. 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