<SEC-DOCUMENT>0001104659-20-022487.txt : 20200218
<SEC-HEADER>0001104659-20-022487.hdr.sgml : 20200218
<ACCEPTANCE-DATETIME>20200218171523
ACCESSION NUMBER:		0001104659-20-022487
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20200218
DATE AS OF CHANGE:		20200218

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-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09819
		FILM NUMBER:		20626386

	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-A12B
<SEQUENCE>1
<FILENAME>tm209286d1_8a12b.htm
<DESCRIPTION>8-A12B
<TEXT>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-A </B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FOR REGISTRATION OF CERTAIN CLASSES OF
SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO SECTION 12(b) OR (g) OF THE
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>DYNEX
CAPITAL, INC.</B></FONT><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact name of registrant as specified
in its charter) </B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>Virginia</B></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>52-1549373</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State of incorporation or organization)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>4991 Lake Brook Drive, Suite 100</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Glen Allen, Virginia</B></P></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>23060</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Securities to be registered pursuant
to Section 12(b) of the Act: </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 48%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Title of each class</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">to be so registered</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 48%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Name of each exchange on which each class</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">is to be registered</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>6.900% Series C Fixed-to-Floating Rate
        Cumulative</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Redeemable Preferred Stock</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font-size: 10pt"></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><B>New York Stock Exchange</B></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this form relates to the registration of a class of securities
pursuant to Section 12(b) of the Exchange Act and is effective pursuant to General Instruction A.(c) or (e), check the following
box. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></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">If this form relates to the registration of a class of securities
pursuant to Section 12(g) of the Exchange Act and is effective pursuant to General Instruction A.(d) or (e), check the following
box. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></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">If this form relates to the registration of a class of securities
concurrently with a Regulation A offering, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></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">Securities Act registration statement or Regulation A offering
statement file number to which this form relates: 333-222354 (if 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">Securities to be registered pursuant to Section 12(g) of the
Act: None</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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"><B>INFORMATION REQUIRED IN REGISTRATION STATEMENT </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; font-size: 10pt"><B>Item 1.</B></TD>
    <TD STYLE="font-size: 10pt"><B>Description of Registrant&rsquo;s Securities to be Registered. </B></TD></TR>
</TABLE>
<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 description of the 6.900% Series C Fixed-to-Floating
Rate Cumulative Redeemable Preferred Stock (the &ldquo;Series C Preferred Stock&rdquo;), par value $0.01 per share and
liquidation value $25.00 per share, of Dynex Capital, Inc. (&ldquo;Dynex&rdquo; or the &ldquo;Registrant&rdquo;) to be registered hereunder is
contained under the heading &ldquo;<A HREF="http://www.sec.gov/Archives/edgar/data/826675/000110465920019793/tm207608-2_424b5.htm#tDOTS">Description
of the Series C Preferred Stock</A>&rdquo; in the Registrant&rsquo;s prospectus supplement dated February 13, 2020, as filed
with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on February 14, 2020 pursuant to Rule 424(b), and
under &ldquo;<A HREF="http://www.sec.gov/Archives/edgar/data/826675/000110465920019793/tm207608-2_424b5.htm#tDOOP">Description
of our Preferred Stock</A>&rdquo; in the accompanying prospectus that constitutes a part of the Registrant's Shelf
Registration Statement on Form S-3 (File No. 333-222354), which was declared effective by the SEC on June 28, 2018, which
descriptions are incorporated herein by reference.</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 1in; font-size: 10pt; text-indent: 0"><B>Item 2.</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibits. </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 12%; text-indent: 0"><B><U>Exhibit No.</U></B></TD>
    <TD STYLE="padding: 0; width: 88%; text-align: center; text-indent: 0"><B><U>Description</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/826675/000119312514344122/d790978dex31.htm" STYLE="-sec-extract: exhibit">3.1</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/826675/000119312514344122/d790978dex31.htm" STYLE="-sec-extract: exhibit">Restated Articles of Incorporation, effective June 2, 2014 (incorporated herein by reference to Exhibit 3.1 to Dynex&rsquo;s Registration Statement on Form S-8 filed September 17, 2014).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm209286d1_ex3-2.htm" STYLE="-sec-extract: exhibit">3.2</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm209286d1_ex3-2.htm" STYLE="-sec-extract: exhibit">Articles of Amendment to the Restated Articles of Incorporation, effective February 18, 2020 (filed herewith).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/826675/000082667519000012/a2018form10-kexx32amendeda.htm" STYLE="-sec-extract: exhibit">3.3</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/826675/000082667519000012/a2018form10-kexx32amendeda.htm" STYLE="-sec-extract: exhibit">Amended and Restated Bylaws, effective January 1, 2019 (incorporated herein by reference to Exhibit 3.2 to Dynex&rsquo;s Annual Report on Form 10-K filed February 27, 2019).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/826675/000082667519000037/exhibit41commonstockcertif.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/826675/000082667519000037/exhibit41commonstockcertif.htm" STYLE="-sec-extract: exhibit">Specimen of Common Stock Certificate (incorporated herein by reference to Dynex&rsquo;s Amendment No. 1 on Form 8-A filed June 24, 2019).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/826675/000119312512326391/d388464dex42.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/826675/000119312512326391/d388464dex42.htm" STYLE="-sec-extract: exhibit">Specimen of 8.50% Series A Cumulative Redeemable Preferred Stock Certificate (incorporated herein by reference to Exhibit 4.2 to Dynex&rsquo;s Form 8-A filed August 1, 2012).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/826675/000119312513156320/d521995dex41.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/826675/000119312513156320/d521995dex41.htm" STYLE="-sec-extract: exhibit">Specimen of 7.625% Series B Cumulative Redeemable Preferred Stock Certificate (incorporated herein by reference to Exhibit 4.1 to Dynex&rsquo;s Current Report on Form 8-K filed <FONT STYLE="background-color: white">April 16, 2013</FONT>).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm209286d1_ex4-4.htm" STYLE="-sec-extract: exhibit">4.4</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm209286d1_ex4-4.htm" STYLE="-sec-extract: exhibit">Specimen of 6.900% Series C Fixed-to Floating Rate Cumulative Redeemable Preferred Stock Certificate (filed herewith).</A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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


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<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; text-align: center"><B>SIGNATURE</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-indent: 17.3pt">Pursuant to the requirements of Section
12 of the Securities Exchange Act of 1934, the Registrant has duly caused this registration statement to be signed on its behalf
by the undersigned, thereto duly authorized.</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><B>DYNEX CAPITAL, INC.</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 55%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 26%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0">/s/ Stephen J. Benedetti</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; text-indent: 0">Stephen J. Benedetti</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Executive Vice President, Chief Financial Officer and Chief Operating Officer</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: February 18, 2020</P>
</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>2
<FILENAME>tm209286d1_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.2</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF </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-indent: 17.25pt">1. <U>Name of Corporation</U>. The name
of the Corporation is Dynex Capital, Inc. (the &ldquo;Corporation&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">2. <U>Text of Amendments</U>. Article
III of the Corporation&rsquo;s Restated Articles of Incorporation (the &ldquo;Articles of Incorporation&rdquo;) shall be amended
to add Article IIIC as set forth in <U>Appendix A</U> attached hereto, stating the terms, including the preferences, limitations
and relative rights, of the Corporation&rsquo;s 6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the
 &ldquo;Series C Preferred Stock&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">3. <U>Adoption and Date of Adoption</U>.
Pursuant to Section 13.1-639A of the Virginia Stock Corporation Act (the &ldquo;Act&rdquo;), Article III of the Articles of Incorporation
permits the Corporation&rsquo;s Board of Directors to amend the Articles of Incorporation in order to establish the terms, including
preferences, limitations and relative rights, of one or more series of the Corporation&rsquo;s authorized class of serial preferred
stock without the approval of the Corporation&rsquo;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">The Corporation certifies that the foregoing
amendments were adopted on February 13, 2020 by the Corporation&rsquo;s Board of Directors without shareholder approval pursuant
to the above referenced sections of the Act and Articles of Incorporation. The Corporation has not issued any shares of the Series
C Preferred Stock as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">4. <U>Effective Date and Time</U>. Pursuant
to Section 13.1-606 of the Code of Virginia, the effective time and date of these Articles of Amendment shall be 11:59 p.m. Eastern
Time on February 18, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of Page Intentionally Left
Blank</I>]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Articles of Amendment]</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Dated: February 13, 2020</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">DYNEX CAPITAL, INC.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Stephen J. Benedetti</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Stephen J. Benedetti</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Executive Vice President, Chief Operating Officer and Chief Financial Officer</FONT></TD></TR>
</TABLE>

<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"></P>

<!-- Field: Page; Sequence: 2 -->
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<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; text-align: right"><B><U>Appendix A </U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IIIC. <U>SERIES C PREFERRED</U>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">Section 1. <U>Designation and Number of
Shares</U>. This series of Preferred Stock shall be designated as 6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable
Preferred Stock (the &ldquo;Series C Preferred Stock&rdquo;) and six million six hundred thousand (6,600,000) shall be the maximum
number of shares constituting this series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">Section 2. <U>Definitions</U>. For purposes
of the Series C Preferred Stock, the following terms shall have the meanings indicated: <B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&ldquo;<U>Board of Directors</U>&rdquo;
or &ldquo;<U>Board</U>&rdquo; shall mean the Board of Directors of the Corporation or any committee duly authorized by such Board
of Directors to perform any of its responsibilities with respect to the Series C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&ldquo;<U>Business Day</U>&rdquo; shall
mean any day other than a Saturday, Sunday or a day on which state or federally chartered banking institutions in New York, New
York are not required to be open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&ldquo;<U>Common Stock</U>&rdquo; shall
mean the common stock, $.01 par value per share, of the Corporation or such shares of the Corporation&rsquo;s capital stock into
which such Common Stock shall be reclassified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Calculation Agent</U>&rdquo;
shall mean a third party independent financial institution of national standing with experience providing such services, which
has been selected by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Dividend Determination Date</U>&rdquo;
means the London Business Day immediately preceding the first date of the applicable Dividend Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Dividend Period</U>&rdquo; means
the period from, and including, a Dividend Payment Date (as defined below) to, but excluding, the next succeeding Dividend Payment
Date, except for the initial Dividend Period, which will be the period from, and including, the Original Issue Date (as defined
below)of the Series C Preferred Stock to, but excluding, April 15, 2020 (short Dividend Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&ldquo;<U>Fixed Rate Period</U>&rdquo;
shall mean the period from and including the Original Issue Date to, but not including, April 15, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&ldquo;<U>Floating Rate Period</U>&rdquo;
shall mean the period on and after April 15, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>London Business Day</U>&rdquo;
means any day on which dealings in deposits in U.S. dollars are transacted in the London interbank market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&ldquo;<U>Person</U>&rdquo; shall mean
any individual, firm, partnership, corporation or other entity and shall include any successor (by merger or otherwise) of such
entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<U>Reuters Page LIBOR01</U>&rdquo;
means the display so designated on the Reuters 3000 Xtra (or such other page as may replace the LIBOR01 page on that service, or
such other service as may be nominated by the ICE Benchmark Administration Limited, or ICE, or its successor, or such other entity
assuming the responsibility of ICE or its successor in the event ICE or its successor no longer does so, as the successor service,
for the purpose of displaying London interbank offered rates for U.S. dollar deposits).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&ldquo;<U>Set apart for payment</U>&rdquo;
shall be deemed to include, without any action other than the following, the recording by the Corporation in its accounting ledgers
of any accounting or bookkeeping entry which indicates, pursuant to a declaration of dividends or other distribution by the Board
of Directors, the allocation of funds to be paid on any series or class of capital stock of the Corporation; <I>provided</I>, <I>however</I>,
that if any funds for any class or series of capital stock of the Corporation raking junior to the Series C Preferred Stock as
to payment of dividends or distribution of assets upon liquidation, dissolution or winding up of the Corporation are placed in
a separate account of the Corporation or delivered to a disbursing, paying or other similar agent, then &ldquo;set apart for payment&rdquo;
with respect to the Series C Preferred Stock shall mean placing such funds in a separate account or delivering such funds to a
disbursing, paying or other similar agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">Section 3. <U>Maturity</U>. The Series
C Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption, and will remain outstanding
unless (i) the Corporation decides to redeem or otherwise repurchase the Series C Preferred Stock or (ii) the Series C Preferred
Stock becomes convertible and is actually converted pursuant to Section 8 hereof. The Corporation is not required to set aside
funds to redeem the Series C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.3pt">Section 4. <U>Ranking</U>. The Series C
Preferred Stock will rank, with respect to rights to the payment of dividends and the distribution of assets in the event of any
liquidation, dissolution or winding up of the Corporation, (i) senior to all classes or series of the Corporation&rsquo;s Common
Stock and to all other equity securities issued by the Corporation other than equity securities referred to in clauses (ii) and
(iii) of this Section 4, (ii) on a parity with the Corporation&rsquo;s 7.625% Series B Cumulative Redeemable Preferred Stock (the
 &ldquo;Series B Preferred Stock&rdquo;) and all equity securities issued by the Corporation with terms specifically providing that
those equity securities rank on a parity with the Series C Preferred Stock with respect to rights to the payment of dividends and
the distribution of assets upon any liquidation, dissolution or winding up of the Corporation (assuming all of the Corporation&rsquo;s
8.50% Series A Cumulative Redeemable Preferred Stock is redeemed), (iii) junior to all equity securities issued by the Corporation
with terms specifically providing that those equity securities rank senior to the Series C Preferred Stock with respect to rights
to the payment of dividends and the distribution of assets upon any liquidation, dissolution or winding up of the Corporation,
and (iv) junior to all of our existing and future indebtedness (including indebtedness convertible to our common stock or preferred
stock), including under our repurchase agreements, and effectively junior to the indebtedness of our existing subsidiaries and
any future subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">Section 5. <U>Dividends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(a) The holders of Series C Preferred Stock
shall be entitled to receive, when, as and if declared by the Board of Directors, out of funds legally available for that purpose,
cumulative dividends payable in cash. The initial dividend rate for the Series C Preferred Stock during the Fixed Rate Period will
be at the rate of 6.900%% of the $25.00 per share of Series C Preferred Stock per annum (equivalent to $1.725 per year per share).
During the Floating Rate Period, dividends on the Series C Preferred Stock will accumulate at a percentage of the $25.00 liquidation
preference per share of Series C Preferred Stock equal to an annual floating rate of the Three-Month LIBOR Rate (as defined below)
plus a spread of 5.461%. Dividends on the Series C Preferred Stock shall accrue daily and shall be cumulative from, and including,
February 21, 2020 (the &ldquo;Original Issue Date&rdquo;) and shall be payable quarterly in arrears on January 15, April 15, July
15 and October 15 of each year (each, a &ldquo;Dividend Payment Date&rdquo;); <I>provided</I>, that if any Dividend Payment Date
is not a Business Day, then the dividend which would otherwise have been payable on that Dividend Payment Date may be paid on the
next succeeding Business Day with the same force and effect as if paid on such Dividend Payment Date and no interest, additional
dividends or other sums will accrue on the amount so payable for the period from and after such Dividend Payment Date to such next
succeeding Business Day. Any dividend payable on the Series C Preferred Stock, including dividends payable for any partial dividend
period, will be computed on the basis of a 360-day year consisting of twelve 30-day months (it being understood that the dividend
payable on April 15, 2020 will be for less than the full quarterly dividend period). Dividends will be payable to holders of record
as they appear in the stock records of the Corporation for the Series C Preferred Stock at the close of business on the applicable
record date, which shall be the first day of the calendar month, whether or not a Business Day, in which the applicable Dividend
Payment Date falls (each, a &ldquo;Dividend Record Date&rdquo;). The dividends payable on any Dividend Payment Date shall include
dividends accumulated to, but not including, such Dividend Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">For each Dividend Period during the Floating
Rate Period, LIBOR (the London interbank offered rate) (&ldquo;<U>Three-Month LIBOR Rate</U>&rdquo;) will be determined by us or
a Calculation Agent, as of the applicable Dividend Determination Date, in accordance with the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>LIBOR will be the rate (expressed as a percentage per year) for deposits in U.S. dollars having an index maturity of three
months, in amounts of at least $1,000,000, as such rate appears on &ldquo;Reuters Page LIBOR01&rdquo; at approximately 11:00 a.m.
(London time) on the relevant Dividend Determination Date; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if no such rate appears on &ldquo;Reuters Page LIBOR01&rdquo; or if the &ldquo;Reuters Page LIBOR01&rdquo; is not available
at approximately 11:00 a.m.(London time) on the relevant Dividend Determination Date, then we will select four nationally-recognized
banks in the London interbank market and request that the principal London offices of those four selected banks provide us with
their offered quotation for three-month deposits in U.S. dollars, commencing on the first day of the applicable Dividend Period,
to prime banks in the London interbank market at approximately 11:00 a.m. (London time) on that Dividend Determination Date for
the applicable Dividend Period. Offered quotations must be based on a principal amount equal to an amount that, in our discretion,
is representative of a single transaction in U.S. dollars in the London interbank market at that time. If at least two quotations
are provided, the Three-Month LIBOR Rate for such Dividend Period will be the arithmetic mean (rounded upward if necessary, to
the nearest 0.00001 of 1%) of those quotations. If fewer than two quotations are provided, the Three-Month LIBOR Rate for such
Dividend Period will be the arithmetic mean (rounded upward if necessary, to the nearest 0.00001 of 1%) of the rates quoted at
approximately 11:00 a.m. (New York City time) on that Dividend Determination Date for such Dividend Period by three nationally-recognized
banks in New York, New York selected by us, for loans in U.S. dollars to nationally-recognized European banks (as selected by us),
for a period of three months commencing on the first day of such Dividend Period. The rates quoted must be based on an amount that,
in our discretion, is representative of a single transaction in U.S. dollars in that market at that time. If no quotation is provided
as described above, then if a Calculation Agent has not been appointed at such time, we will appoint a Calculation Agent who shall,
after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or any such source as
it deems reasonable from which to estimate LIBOR or any of the foregoing lending rates or display page, shall determine LIBOR for
the second London Business Day immediately preceding the first day of such distribution period in its sole discretion. If the Calculation
Agent is unable or unwilling to determine LIBOR as provided in the immediately preceding sentence, then LIBOR will be equal to
Three-Month LIBOR for the then current Dividend Period, or, in the case of the first Dividend Period in the Floating Rate Period,
the most recent dividend rate that would have been determined based on the last available Reuters Page LIBOR01 had the Floating
Rate Period been applicable prior to the first Dividend Period in the Floating Rate Period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">Notwithstanding the foregoing, if we determine
on the relevant Dividend Determination Date that LIBOR has been discontinued, then we will appoint a Calculation Agent and the
Calculation Agent will consult with an investment bank of national standing to determine whether there is an industry accepted
substitute or successor base rate to Three-Month LIBOR Rate. If, after such consultation, the Calculation Agent determines that
there is an industry accepted substitute or successor base rate, the Calculation Agent shall use such substitute or successor base
rate. In such case, the Calculation Agent in its sole discretion may (without implying a corresponding obligation to do so) also
implement changes to the business day convention, the definition of business day, the Dividend Determination Date and any method
for obtaining the substitute or successor base rate or spread thereon if such rate is unavailable on the relevant Business Day,
in a manner that is consistent with industry accepted practices for such substitute or successor base rate. Unless the Calculation
Agent determines that there is an industry accepted substitute or successor base rate as so provided above, the Calculation Agent
will, in consultation with us, follow the steps specified in the second bullet point in the immediately preceding paragraph in
order to determine Three-Month LIBOR Rate for the applicable Dividend Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(b) No dividends on shares of Series C
Preferred Stock shall be authorized by the Board or paid or set apart for payment by the Corporation at any time when the terms
and provisions of any agreement of the Corporation, including any agreement relating to any indebtedness of the Corporation, prohibit
the authorization, payment or setting apart for payment thereof or provide that the authorization, payment or setting apart for
payment thereof would constitute a breach of the agreement or a default under the agreement, or if the authorization, payment
or setting apart for payment shall be restricted or prohibited by law.</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; text-indent: 34.5pt">(c) Notwithstanding anything to the contrary
contained herein, dividends on the Series C Preferred Stock will accrue whether or not the Corporation has earnings, whether or
not there are funds legally available for the payment of those dividends and whether or not those dividends are declared. No interest,
or sum in lieu of interest, will be payable in respect of any dividend payment or payments on the Series C Preferred Stock which
may be in arrears, and holders of the Series C Preferred Stock will not be entitled to any dividends in excess of full cumulative
dividends described in Section 5(a). Any dividend payment made on the Series C Preferred Stock shall first be credited against
the earliest accumulated but unpaid dividend due with respect to the Series C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(d) Except as provided in Section 5(e),
unless full cumulative dividends on the Series C Preferred Stock have been or contemporaneously are declared and paid or declared
and a sum sufficient for the payment thereof is set apart for payment for all past dividend periods, (i) no dividends (other than
in shares of Common Stock or in shares of any series of preferred stock (&ldquo;Preferred Stock&rdquo;) that the Corporation may
issue ranking junior to the Series C Preferred Stock as to dividends and upon liquidation) shall be declared or paid or set aside
for payment upon shares of Common Stock or Preferred Stock that the Corporation may issue ranking junior to or on a parity with
the Series C Preferred Stock (including, while outstanding, the Series B Preferred Stock) as to dividends or upon liquidation,
(ii) no other distribution shall be declared or made upon shares of Common Stock or Preferred Stock that the Corporation may issue
ranking junior to or on a parity with the Series C Preferred Stock (including, while outstanding, the Series B Preferred Stock)
as to dividends or upon liquidation, and (iii) any shares of Common Stock and Preferred Stock that the Corporation may issue ranking
junior to or on a parity with the Series C Preferred Stock (including, while outstanding, the Series B Preferred Stock) as to dividends
or upon liquidation shall not be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made
available for a sinking fund for the redemption of any such shares) by the Corporation (except (x) by conversion into or exchange
for other capital stock of the Corporation that it may issue ranking junior to the Series C Preferred Stock as to dividends and
upon liquidation, (y) for surrenders of shares of Common Stock to the Corporation to satisfy tax withholding or similar obligations
in connection with restricted stock granted under an equity compensation or incentive plan, or (z) for redemptions made pursuant
to the provisions of Article VI or Article VII of the Articles of Incorporation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(e) When dividends are not paid in full
(or a sum sufficient for such full payment is not so set apart) upon the Series C Preferred Stock, the Series B Preferred Stock
(while outstanding) and the shares of any other series of Preferred Stock that the Corporation may issue ranking on a parity as
to dividends with the Series C Preferred Stock, all dividends declared upon the Series C Preferred Stock and any other series
of Preferred Stock ranking on a parity that the Corporation may issue as to dividends with the Series C Preferred Stock shall
be declared <I>pro rata</I> so that the amount of dividends declared per share of Series C Preferred Stock and such other series
of Preferred Stock that the Corporation may issue shall in all cases bear to each other the same ratio that accrued dividends
per share on the Series C Preferred Stock and such other series of Preferred Stock that the Corporation may issue (which shall
not include any accrual in respect of unpaid dividends for prior dividend periods if such Preferred Stock does not have a cumulative
dividend) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment
or payments on the Series C Preferred Stock which may be in arrears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">Section 6. <U>Liquidation Preference</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(a) In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation, the holders of shares of Series C Preferred Stock will be entitled to
be paid out of the assets the Corporation has legally available for distribution to its shareholders, subject to the preferential
rights of the holders of any class or series of stock of the Corporation it may issue ranking senior to the Series C Preferred
Stock with respect to the distribution of assets upon liquidation, dissolution or winding up, a liquidation preference per share
of $25.00, plus an amount equal to any accumulated and unpaid dividends thereon to, but not including, the date of payment, before
any distribution of assets is made to holders of Common Stock or any other class or series of stock of the Corporation it may issue
that ranks junior to the Series C Preferred Stock as to liquidation rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(b) In the event that, upon any such voluntary
or involuntary liquidation, dissolution or winding up, the available assets of the Corporation are insufficient to pay the amount
of the liquidating distributions on all outstanding shares of Series C Preferred Stock, the Series B Preferred Stock (while outstanding)
and the corresponding amounts payable on all shares of other classes or series of capital stock of the Corporation that it may
issue ranking on a parity with the Series C Preferred Stock in the distribution of assets, then the holders of the Series C Preferred
Stock, the Series B Preferred Stock (while outstanding) and all other such classes or series of capital stock shall share ratably
in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively
entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(c) Holders of Series C Preferred Stock
will be entitled to written notice of any such liquidation no fewer than 30 days and no more than 60 days prior to the payment
date. After payment of the full amount of the liquidating distributions to which they are entitled, the holders of Series C Preferred
Stock will have no right or claim to any of the remaining assets of the Corporation. The consolidation or merger of the Corporation
with or into any other corporation, trust or entity or of any other entity with or into the Corporation, or the sale, lease, transfer
or conveyance of all or substantially all of the property or business the Corporation, shall not be deemed to constitute a liquidation,
dissolution or winding up of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">Section 7. <U>Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(a) The Series C Preferred Stock is not
redeemable prior to April 15, 2025 except as described in this Section 7 and except that, as provided in Article VI and Article
VII, respectively, (i) the Corporation may purchase or redeem shares of the Series C Preferred Stock prior to that date in order
to preserve the Corporation&rsquo;s qualification as a real estate investment trust (&ldquo;REIT&rdquo;) for federal income tax
purposes, and (ii) the Corporation may purchase or redeem shares of the Series C Preferred Stock prior to that date in order to
protect the tax status of one or more real estate mortgage conduits (&ldquo;REMICs&rdquo;) in which the Corporation has acquired
or plans to acquire an interest or avoid the direct or indirect imposition of a penalty tax on the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(b) <U>Optional Redemption Right</U>. On
and after April 15, 2025, the Corporation may, at its option, upon not less than 30 nor more than 60 days&rsquo; written notice,
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 per
share of $25.00, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. If the
Corporation elects to redeem any shares of Series C Preferred Stock as described in this Section 7(b), it may use any available
cash to pay the redemption price, and it will not be required to pay the redemption price only out of the proceeds from the issuance
of other equity securities or any other specific source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(c) <U>Special Optional Redemption Right</U>.
Notwithstanding anything to the contrary contained in Section 7(a), upon the occurrence of a Change of Control (as defined below),
the Corporation may, at its option, upon not less than 30 nor more than 60 days&rsquo; written notice, 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 per share of $25.00, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption.
If, prior to the Change of Control Conversion Date (as hereinafter defined), the Corporation has provided notice of its election
to redeem some or all of the shares of Series C Preferred Stock pursuant to this Section 7, the holders of Series C Preferred Stock
will not have the Change of Control Conversion Right (as hereinafter defined) with respect to the shares called for redemption.
If the Corporation elects to redeem any shares of Series C Preferred Stock as described in this Section 7(c), it may use any available
cash to pay the redemption price, and it will not be required to pay the redemption price only out of the proceeds from the issuance
of other equity securities or any other specific source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(d) A &ldquo;Change of Control&rdquo; is
deemed to occur when, after the Original Issue Date, the following have occurred and are continuing: (i) the acquisition by any
person, including any syndicate or group deemed to be a &ldquo;person&rdquo; under Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), of beneficial ownership, directly or indirectly, through a purchase,
merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of stock of the Corporation
entitling that person to exercise more than 50% of the total voting power of all stock of the Corporation entitled to vote generally
in the election of directors of the Corporation (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 (ii) following the closing of any transaction referred to in clause (i), neither the Corporation
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 Equities (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.</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; text-indent: 34.5pt">(e) In the event the Corporation elects
to redeem Series C Preferred Stock, the notice of redemption will be mailed by the Corporation, postage prepaid, not less than
30 nor more than 60 days prior to the redemption date, to each holder of record of Series C Preferred Stock called for redemption
at such holder&rsquo;s address as it appears on the stock transfer records of the Corporation and shall state: (i) the redemption
date; (ii) the number of shares of Series C Preferred Stock to be redeemed; (iii) the redemption price; (iv) the place or places
where certificates (if any) for the Series C Preferred Stock are to be surrendered for payment of the redemption price; (v) that
dividends on the shares to be redeemed will cease to accumulate on the redemption date; (vi) whether such redemption is being made
pursuant to Section 7(a), Section 7(b) or Section 7(c); (vii) if applicable, that such redemption is being made in connection with
a Change of Control and, in that case, a brief description of the transaction or transactions constituting such Change of Control;
and (viii) if such redemption is being made in connection with a Change of Control, that the holders of the shares of Series C
Preferred Stock being so called for redemption will not be able to tender such shares of Series C Preferred Stock for conversion
in connection with the Change of Control and that each share of Series C Preferred Stock tendered for conversion that is called,
prior to the Change of Control Conversion Date (as defined below), for redemption will be redeemed on the related date of redemption
instead of converted on the Change of Control Conversion Date. If less than all of the Series C Preferred Stock held by any holder
are to be redeemed, the notice mailed to such holder shall also specify the number of shares of Series C Preferred Stock held by
such holder to be redeemed. No failure to give such notice or any defect thereto or in the mailing thereof shall affect the validity
of the proceedings for the redemption of any shares of Series C Preferred Stock except as to the holder to whom notice was defective
or not given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(f) Holders of Series C Preferred Stock
to be redeemed shall surrender the Series C Preferred Stock at the place designated in the notice of redemption and shall be entitled
to the redemption price and any accumulated and unpaid dividends thereon payable upon the redemption following the surrender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(g) If notice of redemption of any shares
of Series C Preferred Stock has been given and if the Corporation irrevocably sets aside the funds necessary for redemption in
trust for the benefit of the holders of the shares of Series C Preferred Stock so called for redemption, then from and after the
redemption date (unless the Corporation shall default in providing for the payment of the redemption price plus accumulated and
unpaid dividends, if any), dividends will cease to accrue on those shares of Series C Preferred Stock, those shares of Series C
Preferred Stock shall no longer be deemed outstanding and all rights of the holders of those shares will terminate, except the
right to receive the redemption price plus accumulated and unpaid dividends thereon, if any, payable upon redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(h) If any redemption date is not a Business
Day, then the redemption price and accumulated and unpaid dividends thereon, if any, payable upon redemption may be paid on the
next Business Day and no interest, additional dividends or other sums will accrue on the amount payable for the period from and
after that redemption date to that next Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(i) If less than all of the outstanding
Series C Preferred Stock is to be redeemed, the Series C Preferred Stock to be redeemed shall be selected pro rata (as nearly as
may be practicable without creating fractional shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(j) Immediately prior to any redemption
of Series C Preferred Stock, the Corporation shall pay, in cash, any accumulated and unpaid dividends thereon through and including
the redemption date, unless a redemption date falls after a Dividend Record Date and prior to the corresponding Dividend Payment
Date, in which case each holder of Series C Preferred Stock at the close of business on such Dividend Record Date shall be entitled
to the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the redemption of such shares
before such Dividend Payment Date. Except as provided in this Section 7(j), the Corporation will make no payment or allowance for
unpaid dividends, whether or not in arrears, on shares of the Series C Preferred Stock to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(k) Unless full cumulative dividends on
all shares of Series C Preferred Stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient
for the payment thereof has been or contemporaneously is set apart for payment for all past dividend periods, no shares of Series
C Preferred Stock shall be redeemed unless all outstanding shares of Series C Preferred Stock are simultaneously redeemed and the
Corporation shall not purchase or otherwise acquire directly or indirectly any shares of Series C Preferred Stock (except by exchanging
it for its capital stock ranking junior to the Series C Preferred Stock as to dividends and upon liquidation); provided, however,
that the foregoing shall not prevent the purchase, redemption or acquisition by the Corporation of shares of Series C Preferred
Stock (i) to preserve the Corporation&rsquo;s status as a REIT for federal income tax purposes, as provided by Article VI, (ii)
to protect the tax status of one or more REMICs in which the Corporation has acquired or plans to acquire an interest or avoid
the direct or indirect imposition of a penalty tax on the Corporation, as provided by Article VII or (iii) pursuant to a purchase
or exchange offer made on the same terms to holders of all outstanding shares of Series C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">Section 8. <U>Conversion Rights</U>. Shares
of Series C Preferred Stock are not convertible into or exchangeable for any other property or securities of the Corporation, except
as provided in this Section 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(a) Upon the occurrence of a Change of
Control, each holder of Series C Preferred Stock will have the right (unless, prior to the Change of Control Conversion Date,
the Corporation has provided notice of its election to redeem some or all of the shares of Series C Preferred Stock held by such
holder pursuant to Section 7, in which case such holder will have the right only with respect to shares of Series C Preferred
Stock that are not called for redemption) to convert some or all of the Series C Preferred Stock held by such holder (the &ldquo;Change
of Control Conversion Right&rdquo;) on the Change of Control Conversion Date into a number of shares of Common Stock per share
of Series C Preferred Stock (the &ldquo;Common Stock Conversion Consideration&rdquo;) equal to the lesser of: (i) the quotient
obtained by dividing (x) the sum of the $25.00 liquidation preference per share of the 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 accrued and unpaid dividends will be included in this sum) by (y)
the Common Stock Price (as defined below) (such quotient, the &ldquo;Conversion Rate&rdquo;); and (ii) 2.63852 (the &ldquo;Share
Cap&rdquo;), subject to adjustments provided in Section 8(b) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(b) The Share Cap is subject to pro rata
adjustments for any share splits (including those effected pursuant to a distribution of Common Stock to existing holders of Common
Stock), subdivisions or combinations (in each case, a &ldquo;Share Split&rdquo;) with respect to Common Stock as follows: the adjusted
Share Cap as the result of a Share Split will be the number of shares of Common Stock that is equivalent to the product obtained
by multiplying (i) the Share Cap in effect immediately prior to such Share Split by (ii) a fraction, the numerator of which is
the number of shares of Common Stock outstanding immediately after giving effect to such Share Split and the denominator of which
is the number of shares of Common Stock outstanding immediately prior to such Share Split. For the avoidance of doubt, subject
to the immediately succeeding sentence, the aggregate number of shares of 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 will not exceed 17,414,232 shares of Common Stock (or equivalent Alternative Consideration, as applicable) (the
 &ldquo;Exchange Cap&rdquo;). The Exchange Cap is subject to pro rata adjustments for any Share Splits on the same basis as the
corresponding adjustment to the Share Cap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(c) 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 Corporation
that is no fewer than 20 days nor more than 35 days after the date on which it provides the notice described in Section 8(h) to
the holders of Series C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(d) The &ldquo;Common Stock Price&rdquo;
is (i) if the consideration to be received in the Change of Control by the holders of Common Stock is solely cash, the amount of
cash consideration per share of Common Stock or (ii) if the consideration to be received in the Change of Control by holders of
Common Stock is other than solely cash (x) the average of the closing sale prices per share of 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 U.S. securities exchange on which
Common Stock is then traded, or (y) the average of the last quoted bid prices for 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 Common Stock is not then listed for trading on a U.S. securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(e) In the case of a Change of Control
pursuant to which 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">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 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;; the Common Stock Conversion Consideration or the Alternative Conversion Consideration, whichever
shall be applicable to a Change of Control, is referred to as the &ldquo;Conversion Consideration&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(f) If the holders of Common Stock have
the opportunity to elect the form of consideration to be received in the Change of Control, the Conversion Consideration in respect
of such Change of Control will be deemed to be the kind and amount of consideration actually received by holders of a majority
of the outstanding shares of Common Stock that made or voted for such an election (if electing between two types of consideration)
or holders of a plurality of the outstanding shares of Common Stock that made or voted for such an election (if electing between
more than two types of consideration), as the case may be, and will be subject to any limitations to which all holders of Common
Stock are subject, including, without limitation, <I>pro rata</I> reductions applicable to any portion of the consideration payable
in such Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(g) No fractional shares of Common Stock
upon the conversion of the Series C Preferred Stock in connection with a Change of Control will be issued. Instead, the Corporation
will make a cash payment equal to the value of such fractional shares based upon the Common Stock Price used in determining the
Common Stock Conversion Consideration for such Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(h) Within 15 days following the occurrence
of a Change of Control, provided that the Corporation has not then exercised its right to redeem all shares of Series C Preferred
Stock pursuant to Section 7, the Corporation will provide to holders of Series C Preferred Stock a notice of occurrence of the
Change of Control that describes the resulting Change of Control Conversion Right, which notice shall be delivered to the holders
of record of the shares of the Series C Preferred Stock in their addresses as they appear on the stock transfer records of the
Corporation and shall state: (i) the events constituting the Change of Control; (ii) the date of the Change of Control; (iii) the
last date on which the holders of Series C Preferred Stock may exercise their Change of Control Conversion Right; (iv) the method
and period for calculating the Common Stock Price; (v) the Change of Control Conversion Date; (vi) that if, prior to the Change
of Control Conversion Date, the Corporation has provided notice of its election to redeem all or any shares of Series C Preferred
Stock, holders will not be able to convert the shares of Series C Preferred Stock called for redemption and such shares will be
redeemed on the related redemption date, even if such shares have already been tendered for conversion pursuant to the Change of
Control Conversion Right; (vii) if applicable, the type and amount of Alternative Conversion Consideration entitled to be received
per share of Series C Preferred Stock; (viii) the name and address of the paying agent, transfer agent and conversion agent for
the Series C Preferred Stock; (ix) the procedures that the holders of Series C Preferred Stock must follow to exercise the Change
of Control Conversion Right (including procedures for surrendering shares for conversion through the facilities of a Depositary
(as defined below)), including the form of conversion notice to be delivered by such holders as described below; and (x) the last
date on which holders of Series C Preferred Stock may withdraw shares surrendered for conversion and the procedures that such holders
must follow to effect such a withdrawal.</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; text-indent: 34.5pt">(i) The Corporation shall also issue a
press release containing such notice provided for in Section 8(h) for publication on Dow Jones &amp; Company, Inc., Wall Street
Journal, Business Wire, PR Newswire or Bloomberg Business News (or, if these organizations are not in existence at the time of
issuance of the press release, such other news or press organization as is reasonably calculated to broadly disseminate the relevant
information to the public), and post a notice on its website, in any event prior to the opening of business on the first Business
Day following any date on which it provides the notice provided for in Section 8(h) to the holders of Series C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(j) To exercise the Change of Control Conversion
Right, the holders of Series C Preferred Stock will be required to deliver, on or before the close of business on the Change of
Control Conversion Date, the certificates (if any) representing the shares of Series C Preferred Stock to be converted, duly endorsed
for transfer (or, in the case of any shares of Series C Preferred Stock held in book-entry form through a Depositary (as defined
below), to deliver, on or before the close of business on the Change of Control Conversion Date, the shares of Series C Preferred
Stock to be converted through the facilities of such Depositary), together with a written conversion notice in the form provided
by the Corporation, duly completed, to its transfer agent. The conversion notice must state: (i) the relevant Change of Control
Conversion Date; (ii) the number of shares of Series C Preferred Stock to be converted; and (iii) that the Series C Preferred Stock
is to be converted pursuant to the applicable provisions of the Series C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(k) Holders of Series C Preferred Stock
may withdraw any notice of exercise of a Change of Control Conversion Right (in whole or in part) by a written notice of withdrawal
delivered to the transfer agent of the Corporation prior to the close of business on the Business Day prior to the Change of Control
Conversion Date. The notice of withdrawal delivered by any holder must state: (i) the number of withdrawn shares of Series C Preferred
Stock; (ii) if certificated Series C Preferred Stock has been surrendered for conversion, the certificate numbers of the withdrawn
shares of Series C Preferred Stock; and (iii) the number of shares of Series C Preferred Stock, if any, which remain subject to
the holder&rsquo;s conversion notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(l) Notwithstanding anything to the contrary
contained in Sections 8(j) and 8(k), if any shares of Series C Preferred Stock are held in book-entry form through The Depository
Trust Company (&ldquo;DTC&rdquo;) or a similar depositary (each, a &ldquo;Depositary&rdquo;), the conversion notice and/or the
notice of withdrawal, as applicable, must comply with applicable procedures, if any, of the applicable Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(m) Series C Preferred Stock as to which
the Change of Control Conversion Right has been properly exercised and for which the conversion notice has not been properly withdrawn
will be converted into the applicable Conversion Consideration in accordance with the Change of Control Conversion Right on the
Change of Control Conversion Date, unless prior to the Change of Control Conversion Date the Corporation has provided notice of
its election to redeem some or all of the shares of Series C Preferred Stock pursuant to Section 7, in which case only the shares
of Series C Preferred Stock properly surrendered for conversion and not properly withdrawn that are not called for redemption
will be converted as aforesaid. If the Corporation elects to redeem shares of Series C Preferred Stock that would otherwise be
converted into the applicable Conversion Consideration on a Change of Control Conversion Date, such shares of Series C Preferred
Stock will not be so converted and the holders of such shares will be entitled to receive on the applicable redemption date the
redemption price as provided in Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(n) The Corporation shall deliver all securities,
cash and any other property owing upon conversion no later than the third Business Day following the Change of Control Conversion
Date. Notwithstanding the foregoing, the persons entitled to receive any shares of Common Stock or other securities delivered on
conversion will be deemed to have become the holders of record thereof as of the Change of Control Conversion Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(o) In connection with the exercise of
any Change of Control Conversion Right, the Corporation shall comply with all federal and state securities laws and stock exchange
rules in connection with any conversion of Series C Preferred Stock into shares of Common Stock or other property. Notwithstanding
any other provision of the Series C Preferred Stock, no holder of Series C Preferred Stock will be entitled to convert such Series
C Preferred Stock into shares of Common Stock to the extent that (i) receipt of such Common Stock would cause such holder (or any
other person) to exceed the share ownership Limit contained in Article VI of the Articles of Incorporation, unless the Board of
Directors provides an exemption, or (ii) receipt of such Common Stock would endanger the tax status of one or more REMICs in which
the Corporation has acquired or plans to acquire an interest or would cause the direct or indirect imposition of a penalty tax
on the Corporation as provided in Article VII of the Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(p) Notwithstanding anything to the contrary
herein and except as otherwise required by law, the persons who are the holders of record of shares of Series C Preferred Stock
at the close of business on a Dividend Record Date will be entitled to receive the dividend payable on the corresponding Dividend
Payment Date notwithstanding the conversion of those shares after such Dividend Record Date and on or prior to such Dividend Payment
Date and, in such case, the full amount of such dividend shall be paid on such Dividend Payment Date to the persons who were the
holders of record at the close of business on such Dividend Record Date. Except as provided in this Section 8(p), the Corporation
will make no allowance for unpaid dividends that are not in arrears on the shares of Series C Preferred Stock to be converted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">Section 9. <U>Series C Preferred Stock
Reacquired</U>. All shares of Series C Preferred Stock which shall have been issued and reacquired in any manner by the Corporation
shall be restored to the status of authorized but unissued shares of Preferred Stock, without designation as to class or series,
and may thereafter be reissued as any class or series of Preferred Stock. The Corporation may also retire any unissued shares of
Series C Preferred Stock, and such shares shall then be restored to the status of authorized but unissued shares of Preferred Stock,
without designation as to class or series, and may thereafter be reissued as any class or series of 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; text-indent: 17.25pt">Section 10. <U>Voting Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(a) Holders of the Series C Preferred Stock
will not have any voting rights, except as set forth in this Section 10 or as otherwise required by law. On each matter on which
holders of Series C Preferred Stock are entitled to vote, each share of Series C Preferred Stock will be entitled to one vote,
except that when shares of any other class or series of the Preferred Stock have the right to vote with the Series C Preferred
Stock as a single voting group on any matter, the Series C Preferred Stock and the shares of each such other class or series will
have one vote for each $25.00 of liquidation preference (excluding accumulated dividends).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(b) Whenever dividends on any shares of
Series C Preferred Stock are in arrears for six or more quarterly dividend periods, whether or not consecutive, the number of directors
constituting the Board will be automatically increased by two (if not already increased by two by reason of the election of directors
by the holders of any other class or series of Preferred Stock the Corporation may issue upon which like voting rights have been
conferred and are exercisable and with which the Series C Preferred Stock is entitled to vote as a voting group with respect to
the election of those two directors) and the holders of Series C Preferred Stock (voting separately as a voting group with all
other classes or series of Preferred Stock the Corporation may issue upon which like voting rights have been conferred and are
exercisable (including holders of the Series B Preferred Stock, if applicable) and which are entitled to vote as a voting group
with the Series C Preferred Stock in the election of those two directors) will be entitled to vote for the election of those two
additional directors at a special meeting called by the Corporation at the request of the holders of record of at least 25% of
the outstanding shares of Series C Preferred Stock or by the holders of any other class or series of Preferred Stock upon which
like voting rights have been conferred and are exercisable and which are entitled to vote as a voting group with the Series C Preferred
Stock in the election of those two directors (unless the request is received less than 90 days before the date fixed for the next
annual or special meeting of shareholders of the Corporation, in which case, such vote will be held at the earlier of the next
annual or special meeting of shareholders of the Corporation), and at each subsequent annual meeting until all dividends accumulated
on the Series C Preferred Stock for all past dividend periods and the then current dividend period shall have been fully paid or
declared and a sum sufficient for the payment thereof set aside for payment. In that case, the right of holders of the Series C
Preferred Stock to elect any directors will cease and, unless there are other classes or series of Preferred Stock upon which like
voting rights have been conferred and are exercisable, any directors elected by holders of the Series C Preferred Stock shall immediately
resign and the number of directors constituting the Board shall be reduced accordingly. For the avoidance of doubt, in no event
shall the total number of directors elected by holders of the Series C Preferred Stock (voting separately as a voting group with
all other classes or series of Preferred Stock the Corporation may issue upon which like voting rights have been conferred and
are exercisable and which are entitled to vote as a voting group with the Series C Preferred Stock in the election of such directors)
pursuant to the voting rights under this Section 10 exceed two.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(c) If a special meeting at a place within
the United States designated by the Corporation is not called by the Corporation within 30 days after request from the holders
of Series C Preferred Stock as described in Section 10(b), then the holders of record of at least 25% of the outstanding Series
C Preferred Stock may designate a holder to call the meeting at the expense of the Corporation and such meeting may be called by
the holder so designated upon notice similar to that required for annual meetings of shareholders and shall be held at the place
<FONT STYLE="font-family: Times New Roman, Times, Serif">wi</FONT>thin the United States designated by the holder calling such
meeting. The Corporation shall pay all costs and expenses of calling and holding any meeting and of electing directors pursuant
to Section 10(b), including, without limitation, the cost of preparing, reproducing and mailing the notice of such meeting, the
cost of renting a room for such meeting to be held, and the cost of collecting and tabulating votes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(d) If, at any time when the voting rights
conferred upon the Series C Preferred Stock pursuant to Section 10(b) are exercisable, any vacancy in the office of a director
elected pursuant to Section 10(b) shall occur, then such vacancy may be filled only by the remaining such director or by vote of
the holders of record of the outstanding Series C Preferred Stock and any other classes or series of Preferred Stock upon which
like voting rights have been conferred and are exercisable (including holders of the Series B Preferred Stock, if applicable) and
which are entitled to vote as a voting group with the Series C Preferred Stock in the election of directors pursuant to Section
10(b). Any director elected or appointed pursuant to Section 10(b) may be removed only by the affirmative vote of holders of the
outstanding Series C Preferred Stock and any other classes or series of Preferred Stock upon which like voting rights have been
conferred and are exercisable (including the holders of the Series B Preferred Stock, if applicable) and which classes or series
of Preferred Stock are entitled to vote as a voting group with the Series C Preferred Stock in the election of directors pursuant
to Section 10(b), such removal to be effected by the affirmative vote of a majority of the votes entitled to be cast by the holders
of the outstanding Series C Preferred Stock and any such other classes or series of Preferred Stock, and may not be removed by
the holders of the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(e) So long as any shares of Series C Preferred
Stock remain outstanding, the Corporation will not, without the affirmative vote or consent of the holders of at least two-thirds
of the shares of the Series C Preferred Stock outstanding at the time, given in person or by proxy, either in writing or at a meeting
(voting together as a voting group with the Series B Preferred Stock (while outstanding) and all series of parity Preferred Stock
that the Corporation may issue upon which like voting rights have been conferred and are exercisable), (i) authorize or create,
or increase the authorized or issued amount of, any class or series of capital stock ranking senior to the Series C Preferred Stock
with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up or reclassify any
of the authorized capital stock of the Corporation into such shares, or create, authorize or issue any obligation or security convertible
into or evidencing the right to purchase any such shares; or (ii) amend, alter or repeal the provisions of the Articles of Incorporation,
whether by merger, consolidation or otherwise, so as to materially and adversely affect any right, preference, privilege or voting
power of the Series C Preferred Stock (each, an &ldquo;Event&rdquo;); provided, however, with respect to the occurrence of any
Event set forth in clause (ii), so long as the Series C Preferred Stock remains outstanding with the terms thereof materially unchanged,
taking into account that, upon an occurrence of an Event, the Corporation may not be the surviving entity, the occurrence of any
such Event shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting power of holders
of the Series C Preferred Stock and, provided further, that any increase in the amount of the authorized Common Stock or Preferred
Stock, including the Series C Preferred Stock, or the creation or issuance of any additional shares of Common Stock or Series C
Preferred Stock or other series of Preferred Stock that the Corporation may issue, or any increase in the amount of authorized
shares of such series, in each case ranking on a parity with or junior <FONT STYLE="font-family: Times New Roman, Times, Serif">t</FONT>o
the Series C Preferred Stock that the Corporation may issue with respect to payment of dividends or the distribution of assets
upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges
or voting powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(f) Notwithstanding Section 10(e)(ii) above,
if any amendment, alteration or repeal of the provisions of the Articles of Incorporation, whether by merger, consolidation or
otherwise, would materially and adversely affect any right, preference, privilege or voting power of the Series C Preferred Stock
but not all series of parity Preferred Stock that the Corporation may issue upon which like voting rights have been conferred and
are exercisable (excluding the Series B Preferred Stock), the affirmative vote or consent of the holders of at least two-thirds
of the shares of the Series C Preferred Stock and all such other similarly affected series (excluding the Series B Preferred Stock),
at the time outstanding (voting together as a single voting group), given in person or by proxy, either in writing or at a meeting
called for the purpose, shall be required in lieu of the vote or consent that would otherwise be required by Section 10(e)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(g) The voting rights provided for in this
Section 10 will not apply if, at or prior to the time when the act with respect to which voting by holders of the Series C Preferred
Stock would otherwise be required pursuant to this Section 10 shall be effected, all outstanding shares of Series C Preferred Stock
shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to
effect such redemption pursuant to Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(h) Except as expressly stated in this
Section 10 or as may be required by applicable law, the Series C Preferred Stock will not have any relative, participating, optional
or other special voting rights or powers and the consent of the holders thereof shall not be required for the taking of any corporate
action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt">(i) Subject to applicable law, at any time
when the voting rights conferred upon the Series C Preferred Stock pursuant to this Section 10 are exercisable, the presence in
person or by proxy of one-third of the shares of the Series C Preferred Stock outstanding and entitled to vote on such matter shall
constitute a quorum of the Series C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">Section 11. <U>Information Rights</U>.
During any period in which the Corporation is not subject to Section 13 or 15(d) of the Exchange Act and any shares of Series
C Preferred Stock are outstanding, the Corporation will use its best efforts to (i) transmit by mail (or other permissible means
under the Exchange Act) to all holders of Series C Preferred Stock, as their names and addresses appear on the record books of
the Corporation and without cost to such holders, copies of the annual reports on Form 10-K and quarterly reports on Form 10-Q,
respectively, that the Corporation would have been required to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
pursuant to Section 13 or 15(d) of the Exchange Act if it were subject thereto (other than any exhibits that would have been required);
and (ii) promptly, upon request, supply copies of such reports to any holders or prospective holder of Series C Preferred Stock.
The Corporation will use its best efforts to mail (or otherwise provide) the information to the holders of the Series C Preferred
Stock within 15 days after the respective dates by which a periodic report on Form 10-K or Form 10-Q, as the case may be, in respect
of such information would have been required to be filed with the SEC, if the Corporation were subject to Section 13 or 15(d)
of the Exchange Act, in each case, based on the dates on which the Corporation would be required to file such periodic reports
if it were a &ldquo;non-accelerated filer&rdquo; within the meaning of the Exchange Act.</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; text-indent: 17.25pt">Section 12. <U>Record Holders</U>. The
Corporation and the transfer agent for the Series C Preferred Stock may deem and treat the record holder of any share of Series
C Preferred Stock as the true and lawful owner thereof for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">Section 13. <U>No Preemptive Rights</U>.
No holders of the Series C Preferred Stock will, as holders of Series C Preferred Stock, have any preemptive rights to purchase
or subscribe for Common Stock or any other security of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">Section 14. <U>Restrictions on Ownership
and Transfer</U>. For the avoidance of doubt, in order to protect the Corporation&rsquo;s status as a REIT for federal income tax
purposes, and protect the tax status of one or more REMICs in which the Corporation has acquired or plans to acquire an interest
or avoid the direct or indirect imposition of a penalty tax on the Corporation, the Series C Preferred Stock shall be subject to
the provisions of Article VI and Article VII, respectively, of the Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.25pt">Section 15. <U>Office or Agency</U>. For
so long as any shares of Series C Preferred Stock are outstanding, the Corporation shall at all times maintain an office or agency
in one of the 48 contiguous States of the United States of America where shares of Series C Preferred Stock may be surrendered
for payment (including upon redemption), registration of transfer or exchange.</P>



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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>tm209286d1_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.4</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CERTIFICATE OF STOCK</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="dxpressreleasedynexel_image1.jpg" STYLE="height: 63px; width: 230px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">INCORPORATED UNDER THE LAWS OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">THE COMMONWEALTH OF VIRGINIA</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 64%"><FONT STYLE="font-size: 10pt">NUMBER C-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 35%"><FONT STYLE="font-size: 10pt">SHARES</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">($25 Liquidation Preference)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">THIS CERTIFICATE MAY BE PRESENTED</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">FOR TRANSFER IN CHARLOTTE, N.C.
        OR</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">IN NEW YORK, N.Y.</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 9pt; text-indent: -9pt">TRANSFER RESTRICTIONS ON REVERSE
        SIDE</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SEE REVERSE FOR</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTAIN DEFINITIONS</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; text-align: center">CUSIP 26817Q878</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<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">THIS CERTIFIES THAT __________________ is the record
holder of __________________ FULLY PAID AND NONASSESSABLE SHARES OF THE 6.900% SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED
STOCK, $0.01 PAR VALUE, OF DYNEX CAPITAL, INC. (the &ldquo;Corporation&rdquo;) transferable on the books of the Corporation
in person or by duly authorized attorney upon surrender of this Certificate properly endorsed. This Certificate is not valid
unless countersigned by the Transfer Agent and registered by the Registrar.</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">WITNESS the facsimile signatures of the Corporation&rsquo;s
duly authorized officers.</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">Dated:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 40%; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ Byron L. Boston</FONT></TD>
    <TD STYLE="padding: 0; width: 60%; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ Stephen J. Benedetti</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Byron L. Boston</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Stephen J. Benedetti</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">PRESIDENT</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">SECRETARY</FONT></TD></TR>
</TABLE>
<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">COUNTERSIGNED AND REGISTERED:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">COMPUTERSHARE SHAREOWNER SERVICES LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TRANSFER AGENT AND REGISTRAR</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">By: /s/</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">AUTHORIZED SIGNATURE</P>

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


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<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; text-align: center">TRANSFER RESTRICTIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE SHARES OF CAPITAL STOCK REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO RESTRICTIONS ON TRANSFER. IN ACCORDANCE WITH THE CORPORATION&rsquo;S ARTICLES OF INCORPORATION, ANY ACQUISITION
OF SHARES OF THE CORPORATION&rsquo;S CAPITAL STOCK THAT COULD OR WOULD (I) CAUSE THE CORPORATION TO BE DISQUALIFIED AS A REAL ESTATE
INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (&ldquo;REIT&rdquo;), (II) RESULT IN THE IMPOSITION OF A PENALTY
TAX (A &ldquo;PENALTY TAX&rdquo;) ON THE CORPORATION (INCLUDING THE IMPOSITION OF AN ENTITY-LEVEL TAX ON ONE OR MORE REAL ESTATE
MORTGAGE INVESTMENT CONDUITS (&ldquo;REMICS&rdquo;) IN WHICH THE CORPORATION HAS ACQUIRED OR PLANS TO ACQUIRE AN INTEREST) OR (III)
ENDANGER THE TAX STATUS OF ONE OR MORE REMICS IN WHICH THE CORPORATION HAS ACQUIRED OR PLANS TO ACQUIRE AN INTEREST WILL BE NULL
AND VOID TO THE FULLEST EXTENT PERMITTED BY LAW, AND THE INTENDED TRANSFEREE WILL BE DEEMED NEVER TO HAVE HAD AN INTEREST IN SUCH
SHARES.</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">FOR THE PURPOSE OF THE CORPORATION&rsquo;S MAINTENANCE OF ITS
STATUS AS A REIT, THE CORPORATION&rsquo;S ARTICLES OF INCORPORATION PROHIBIT ANYONE FROM OWNING IN THE AGGREGATE, DIRECTLY OR INDIRECTLY,
MORE THAN 9.8% OF THE OUTSTANDING SHARES OF THE CORPORATION&rsquo;S CAPITAL STOCK, UNLESS AN EXEMPTION IS APPROVED BY THE CORPORATION&rsquo;S
BOARD OF DIRECTORS.</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 CORPORATION MAY REQUIRE EVIDENCE OF A PROPOSED TRANSFEREE&rsquo;S
STATUS AND OWNERSHIP INTEREST BEFORE PERMITTING ANY TRANSFER AND MAY REDEEM ANY SHARES HELD IN VIOLATION OF THE PRECEDING PARAGRAPHS.
THE CORPORATION WILL FURNISH TO ANY STOCKHOLDER WITHOUT CHARGE A FULL STATEMENT OF THE TRANSFER RESTRICTIONS UPON REQUEST TO THE
SECRETARY OF THE CORPORATION AT ITS PRINCIPAL OFFICE.</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 CORPORATION WILL FURNISH TO THE STOCKHOLDER INFORMATION
REGARDING THE DESIGNATIONS, RELATIVE RIGHTS, PREFERENCES, AND LIMITATIONS APPLICABLE TO EACH CLASS OF ITS CAPITAL STOCK ON REQUEST
AND WITHOUT CHARGE. SUCH REQUEST MAY BE DIRECTED TO THE SECRETARY OF THE CORPORATION AT ITS PRINCIPAL OFFICE.</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">KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN
OR DESTROYED THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.</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 17.25pt">The following abbreviations, when used in the inscription
on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 ROWSPAN="3" STYLE="padding: 0; width: 10%; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TEN COM</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TEN ENT</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JT TEN</P></TD>
    <TD ROWSPAN="3" STYLE="padding: 0; width: 25%; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">-as tenants in common</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">-as tenants by the entireties</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: -0.05in">-as joint tenants with right</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: -0.05in">of survivorship and not as</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: -0.05in">tenants in common</P></TD>
    <TD STYLE="white-space: nowrap; padding: 0; width: 25%; text-align: right; text-indent: 0">UNIF GIFT MIN ACT -</TD>
    <TD STYLE="padding: 0; width: 40%; text-indent: 0">&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>Custodian<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;
        (Cust)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (Minor)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">under Uniform Gifts to Minors Act</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0; text-indent: 0">
        <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(State)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding: 0; text-indent: 0">UNIF TRANS MIN ACT-</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>Custodian<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;
        (Cust)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;(Minor)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding: 0; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">under Uniform Transfers to Minors Act</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.75in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(State)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">FOR VALUE RECEIVED, </FONT><I>____________________________</I> <FONT STYLE="font-size: 10pt">hereby
sell, assign and transfer unto</FONT></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">PLEASE INSERT SOCIAL SECURITY OR OTHER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IDENTIFYING NUMBER OF ASSIGNEE<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-size: 8pt"><BR></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">
_____________________&nbsp;Shares of the preferred stock represented by the within Certificate, and do hereby irrevocably
constitute and appoint</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">_____________________
Attorney to transfer the said stock on the books of the within-named Corporation with full power of substitution in the
premises.</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"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Dated  ________________</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">NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH
THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.</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">Signature(s) Guaranteed:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 4%; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; width: 96%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
