X0306 4 2022-02-23 0000826675 DYNEX CAPITAL INC DX 0001235663 BENEDETTI STEPHEN J C/O DYNEX CAPITAL, INC. 4991 LAKE BROOK DRIVE, SUITE 100 GLEN ALLEN VA 23060 0 1 0 0 EVP, CFO and COO Common Stock 2022-02-23 4 A 0 15746 0 A 177484.149 D Common Stock 2022-02-23 4 A 0 3166 0 A 180650.149 D Common Stock 29204.463 I Through 401(k) Plan Restricted stock units awarded under the Dynex Capital, Inc. 2020 Stock and Incentive Plan. The units vest in three equal installments on February 23, 2023, February 23, 2024 and February 23, 2025. Includes unvested restricted stock units. Includes additional shares not previously reported that were acquired by the reporting person through dividend reinvestment. Restricted shares awarded under the Dynex Capital, Inc. 2020 Stock and Incentive Plan. The shares vest in three equal installments on February 23, 2023, February 23, 2024 and February 23, 2025. Includes additional shares not previously reported that were acquired by the reporting person through the Dynex Capital, Inc. 401(k) Plan. /s/ Stephen J. Benedetti 2022-02-25