UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 11-K
 
(Mark One)
þANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2022
 
OR
oTRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                      to                     

Commission file number: 001-09819
 
A.Full title of the plan and the address of the plan, if different from that of the issuer named below:
 
Dynex Capital, Inc. 401(k) Plan
(as restated effective October 3, 2016)

B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
Dynex Capital, Inc.
4991 Lake Brook Drive, Suite 100
Glen Allen, Virginia 23060-9245



Dynex Capital, Inc. 401(k) Plan
(as restated effective October 3, 2016)
Glen Allen, Virginia 23060-9245




 
Table of Contents
 
Items 1-3
Item 4
Statements of Net Assets Available for Benefits
Statement of Changes in Net Assets Available for Benefits
Signatures




Required Information

Items 1-3.  The Dynex Capital, Inc. 401(k) Plan (as restated effective October 3, 2016) (the “Plan”) is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, attached are the financial statements of the Plan as of and for the fiscal year ended December 31, 2022, which have been prepared in accordance with the financial reporting requirements of ERISA.

Item 4.  Pursuant to Sections 103 and 104 of ERISA, and the regulations thereunder, the Plan is not required to file audited financial statements because the Plan has fewer than 100 participants.

 

1


Dynex Capital, Inc. 401(k) Plan
(as restated effective October 3, 2016)

Statements of Net Assets Available for Benefits

December 31, 2022December 31, 2021
Assets 
Mutual funds$9,855,446 $11,282,922 
Corporate stocks (employer stock)1,053,636 1,154,970 
Participant loan receivable58,982 67,140 
Total assets10,968,064 12,505,032 
Liabilities 
Other liabilities— — 
Total liabilities— — 
Net assets available for benefits$10,968,064 $12,505,032 

2






Dynex Capital, Inc. 401(k) Plan
(as restated effective October 3, 2016)

Statement of Changes in Net Assets Available for Benefits
Year Ended
December 31,
2022
Additions to net assets:
Contributions – Employer$243,709 
Contributions – Participant356,871 
Net depreciation in fair value of investments(2,391,613)
Interest and dividends278,346 
Interest on participant loans3,567 
Total reduction to net assets(1,509,120)
Deductions from net assets:
Benefits paid to participants654 
Administrative expenses27,194 
Total deductions from net assets27,848 
Decrease in net assets available for benefits(1,536,968)
Net assets available for benefits:
Beginning of year12,505,032 
End of year$10,968,064 
3

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the administrators of the Dynex Capital, Inc. 401(k) Plan (as restated effective October 3, 2016) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
  DYNEX CAPITAL, INC. 401(k) PLAN
(as restated effective October 3, 2016)
   
   
Date: June 30, 2023By:/s/ Robert S. Colligan
  Robert S. Colligan
Executive Vice President & Chief Financial Officer
Dynex Capital, Inc., Plan Administrator

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