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<SEC-DOCUMENT>0000826675-10-000037.txt : 20100917
<SEC-HEADER>0000826675-10-000037.hdr.sgml : 20100917
<ACCEPTANCE-DATETIME>20100917155213
ACCESSION NUMBER:		0000826675-10-000037
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100913
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20100917
DATE AS OF CHANGE:		20100917

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:			0709

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09819
		FILM NUMBER:		101078268

	BUSINESS ADDRESS:	
		STREET 1:		4991 LAKE BROOK DRIVE
		STREET 2:		STE 100
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		8042175830

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RAC MORTGAGE INVESTMENT CORP /VA/
		DATE OF NAME CHANGE:	19930505
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<DESCRIPTION>FORM 8K - PREFERRED STOCK REDEMPTION
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington, D.C. 20549</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 8.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other Events.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: normal">On September&#160;13, 2010, Dynex Capital, Inc. (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; TEXT-DECORATION: underline">Company</font>&#8221;) announced that its Board of Directors has authorized the Company to redeem all 4,221,539 outstanding shares of the Company&#8217;s Series&#160;D 9.50% Cumulative Convertible Preferred Stock (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; TEXT-DECORATION: underline">Series D Preferred Stock</font>&#8221;). In the redemption, which is expected to be completed on October 15, 2010, each holder of a share of Series&#160;D Preferred Stock will receive one share of the Company&#8217;s Common Stock. On September&#160;15, 2010, the Company mailed the notice of redemption to the holders of sha
res of Series D Preferred Stock. This redemption is taking place pursuant to provisions of the Company&#8217;s articles of incorporation, which provide for the redemption of the Series&#160;D Preferred Stock once the closing price of the Company&#8217;s Common Stock has equaled or exceeded $10.00 per share for at least 20 out of 30 consecutive trading days. As of the close of the market on September&#160;13, 2010, the Company&#8217;s Common Stock had closed at or above $10.00 per share for 20 out of the most recent 28 trading days, including September&#160;13, 2010. The Company noted that based on its reported June 30, 2010 book value, the redemption will be modestly accretive to book value per common share and post-redemption, reported basic and diluted earnings per share for the Company will be essentially identical.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The Company previously announced a dividend on the Series&#160;D Preferred Stock payable for the third quarter of 2010 for which the record date is September&#160;30, 2010 and the payment date is October&#160;29, 2010. Because the redemption will not be effective until October, after the record date for the dividend, each of the holders of Series&#160;D Preferred Stock on September 30, 2010 will receive the announced preferred stock dividend of $0.25 per share on October 29, 2010 as if the Series D Preferred Stock were still outstanding. Shareholders will receive any future dividends declared and paid on the Common Stock of the Company to the extent they remain holders of Common Stock. For the third quarter of 2010, the Company declared a Common Stock dividend of $0.25 on the same record date and payment date terms a
s the Series D Preferred Stock.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: normal">Dynex Capital, Inc. is a&#160;real estate investment trust, or REIT, which invests in mortgage assets on a leveraged basis. The Company&#160;invests in Agency and non-Agency RMBS and CMBS. The Company&#160;also has investments in securitized single-family residential and commercial mortgage loans&#160;originated by the Company&#160;from 1992 to 1998. Additional information about Dynex Capital, Inc. is available at <font style="DISPLAY: inline; FONT-WEIGHT: normal; TEXT-DECORATION: underline">www.dynexcapital.com</font>.</font></font></div>

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