<SEC-DOCUMENT>0001104659-20-020282.txt : 20200213
<SEC-HEADER>0001104659-20-020282.hdr.sgml : 20200213
<ACCEPTANCE-DATETIME>20200213170202
ACCESSION NUMBER:		0001104659-20-020282
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200213
DATE AS OF CHANGE:		20200213

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-222354
		FILM NUMBER:		20611788

	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

FILED BY:		

	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:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>tm208039-1_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Dated February 13, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No. 333-222354</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Relating to the Preliminary Prospectus
Supplement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Dated February 13, 2020, to the Prospectus
Dated June 28, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DYNEX CAPITAL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6.900% Series C Fixed-to-Floating Rate
Cumulative Redeemable Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Liquidation Preference $25.00 per share)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FINAL PRICING TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Terms used but not defined herein have
the meanings assigned to such terms in the Preliminary Prospectus Supplement.&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; width: 36%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="text-indent: 0; width: 64%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dynex Capital, Inc. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.900% Series C Fixed-to-Floating Cumulative Redeemable Preferred Stock (the &ldquo;Series C Preferred Stock&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Shares:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,000,000 shares (or 4,600,000 shares if the underwriters&rsquo; option is exercised in full)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public Offering Price:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00 liquidation preference per share; $100,000,000 in aggregate liquidation preference (assuming the underwriters&rsquo; option is not exercised)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting Discount:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.7875 per share; $3,150,000 total (assuming the underwriters&rsquo; option is not exercised)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchase Price by Underwriters:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$24.2125 per share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Proceeds to the Issuer, Before Expenses:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$24.2125 per share; $96,850,000 total (assuming the underwriters&rsquo; option is not exercised); $111,377,500 total (if the underwriters&rsquo; option is exercised in full)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Perpetual (unless redeemed by the Issuer pursuant to its optional redemption or its special optional redemption rights or under circumstances intended to preserve the Issuer&rsquo;s qualification as a real estate investment trust (&ldquo;REIT&rdquo;) or, in accordance with the Issuer&rsquo;s articles of incorporation, to avoid the direct or indirect imposition of a penalty tax in respect of, or protect the tax status of, any of the Issuer&rsquo;s real estate mortgage investment conduit (&ldquo;REMIC&rdquo;) interests, or converted by an investor in connection with a Change of Control).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 13, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 21, 2020 (T+5)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend Rate:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From and including the original issue date to, but excluding, April 15, 2025, at a fixed rate equal to 6.900% per annum of the $25.00 liquidation preference (equivalent to $1.725 per annum per share of Series C Preferred Stock), and from and including April 15, 2025, at a floating rate equal to three-month LIBOR plus a spread of 5.461% per annum of the $25.00 liquidation preference per share of the Series C Preferred Stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend Payment Dates:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 15, April 15, July 15 and October 15. The first quarterly dividend payment will be April 15, 2020 and will be for the dividend period from February 21, 2020 to April 15, 2020.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change of Control:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-left: 0; width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deemed to occur when, after the original issuance of the Series
        C Preferred Stock, the following have occurred and are continuing:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        the acquisition by any person, including any syndicate or group deemed to be a &ldquo;person&rdquo; under Section 13(d)(3) of the
        Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series
        of purchases, mergers or other acquisition transactions of the Issuer&rsquo;s stock entitling that person to exercise more than
        50% of the total voting power of all the Issuer&rsquo;s stock entitled to vote generally in the election of the Issuer&rsquo;s
        directors (except that such person will be deemed to have beneficial ownership of all securities that such person has the right
        to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition);
        and</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        following the closing of any transaction referred to in the bullet point above, neither the Issuer nor the acquiring or surviving
        entity has a class of common securities (or American Depositary Receipts representing such securities) listed on the New York Stock
        Exchange (the &ldquo;NYSE&rdquo;), the NYSE American LLC (the &ldquo;NYSE American&rdquo;) or the Nasdaq Stock Market (&ldquo;Nasdaq&rdquo;),
        or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or Nasdaq.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conversion Rights:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the occurrence of a Change of Control, each holder of Series
        C Preferred Stock will have the right, subject to the Issuer&rsquo;s election prior to the Change of Control Conversion Date to
        redeem the Series C Preferred Stock in whole or part, to convert some or all of the Series C Preferred Stock held by such holder
        on the Change of Control Conversion Date into a number of shares of the Issuer&rsquo;s common stock per share of Series C Preferred
        Stock equal to the lesser of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of Series C Preferred Stock plus the
        amount of any accumulated and unpaid dividends thereon to but not including, the Change of Control Conversion Date (unless the
        Change of Control Conversion Date is after a dividend record date and prior to the corresponding dividend payment date for the
        Series C Preferred Stock, in which case no additional amount for such accumulated and unpaid dividends thereon will be included
        in this sum) by (ii) the Common Stock Price; and</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        2.63852 (the &ldquo;Share Cap&rdquo;), subject to adjustments to the Share Cap for any splits, subdivisions or combinations of
        the Issuer&rsquo;s common stock;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in each case, on the terms and subject to the conditions described
        in the Preliminary Prospectus Supplement, including provisions for the receipt, under specified circumstances, of alternative consideration
        as described in the Preliminary Prospectus Supplement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The &ldquo;Change of Control Conversion Date&rdquo; is the date
        the Series C Preferred Stock is to be converted, which will be a business day selected by the Issuer that is no fewer than 20 days
        nor more than 35 days after the date on which the Issuer provides the notice described above to the holders of Series C Preferred
        Stock.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The &ldquo;Common Stock Price&rdquo; is (i) if the consideration
        to be received in the Change of Control by the holders of the Issuer&rsquo;s common stock is solely cash, the amount of cash consideration
        per share of the Issuer&rsquo;s common stock or (ii) if the consideration to be received in the Change of Control by holders of
        the Issuer&rsquo;s common stock is other than solely cash (x) the average of the closing sale prices per share of the Issuer&rsquo;s
        common stock (or, if no closing sale price is reported, the average of the closing bid and ask prices per share or, if more than
        one in either case, the average of the average closing bid and the average closing ask prices per share) for the ten consecutive
        trading days immediately preceding, but not including, the date on which such Change of Control occurred as reported on the principal
        United States securities exchange on which the Issuer&rsquo;s common stock is then traded, or (y) the average of the last quoted
        bid prices for the Issuer&rsquo;s common stock in the over-the-counter market as reported by Pink OTC Markets Inc. or similar organization
        for the ten consecutive trading days immediately preceding, but not including, the date on which such Change of Control occurred,
        if the Issuer&rsquo;s common stock is not then listed for trading on a United States securities exchange.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The &ldquo;Exchange Cap&rdquo; is the aggregate number of shares
        of the Issuer&rsquo;s common stock (or equivalent Alternative Conversion Consideration (as defined below), as applicable) issuable
        or deliverable, as applicable, in connection with the exercise of the Change of Control Conversion Right. For the avoidance of
        doubt, subject to certain adjustments, the Exchange Cap will not exceed 10,554,080 shares of the Issuer&rsquo;s common stock (or
        equivalent Alternative Conversion Consideration, as applicable), subject to proportionate increase to the extent the underwriters&rsquo;
        option to purchase additional shares of Series C Preferred Stock is exercised, not to exceed 12,137,192 shares of the Issuer&rsquo;s
        common stock in total (or equivalent Alternative Conversion Consideration, as applicable).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of a Change of Control pursuant to which our common
        stock is or will be converted into cash, securities or other property or assets (including any combination thereof) (the &ldquo;Alternative
        Form Consideration&rdquo;), a holder of Series C Preferred Stock will receive upon conversion of such Series C Preferred Stock
        the kind and amount of Alternative Form Consideration which such holder would have owned or been entitled to receive upon the Change
        of Control had such holder held a number of shares of our common stock equal to the Common Stock Conversion Consideration immediately
        prior to the effective time of the Change of Control (the &ldquo;Alternative Conversion Consideration&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0; width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Series C Preferred Stock is not redeemable by the Issuer prior to April 15, 2025, except under circumstances intended to preserve the Issuer&rsquo;s qualification as a REIT or, in accordance with the Issuer&rsquo;s articles of incorporation, to avoid the direct or indirect imposition of a penalty tax in respect of, or protect the tax status of, any of the Issuer&rsquo;s REMIC interests and except as described below under &ldquo;&mdash;Special Optional Redemption.&rdquo; On and after April 15, 2025, the Issuer may, at its option, redeem the Series C Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the redemption date. See the section entitled &ldquo;Description of the Series C Preferred Stock&mdash;Redemption&mdash;Optional Redemption&rdquo; in the Preliminary Prospectus Supplement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Special Optional Redemption:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the occurrence of a Change of Control, the Issuer may, at its option, redeem the Series C Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the redemption date. If, prior to the Change of Control Conversion Date, the Issuer has provided notice of its election to redeem some or all of the shares of Series C Preferred Stock (whether pursuant to its optional redemption right described above or this special optional redemption right), the holders of Series C Preferred Stock will not have the conversion right described above under &ldquo;&mdash;Conversion Rights&rdquo; with respect to the shares of Series C Preferred Stock called for redemption. Please see the section entitled &ldquo;Description of the Series C Preferred Stock&mdash;Redemption&mdash;Special Optional Redemption&rdquo; in the Preliminary Prospectus Supplement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Book-Running Managers:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Keefe, Bruyette &amp; Woods, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladenburg Thalmann &amp; Co. Inc. and JonesTrading Institutional Services LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed Listing/Symbol</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Issuer intends to apply to list the Series C Preferred Stock on the NYSE under the symbol &ldquo;DXPrC&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ISIN:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US26817Q8785</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP:</B></FONT></TD>
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26817Q878</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Issuer has filed a registration statement (including
a prospectus dated June 28, 2018 and a preliminary prospectus supplement dated February 13, 2020) with the SEC for the offering
to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the related
preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the
Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,
the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and preliminary
prospectus supplement if you request it by calling J. P. Morgan Securities LLC collect at 1-212-834-4533, RBC Capital Markets,
LLC toll-free at 1-866-375-6829 or Keefe, Bruyette &amp; Woods, Inc. toll-free at (800) 966-1559.</B></P>



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