<SEC-DOCUMENT>0001504140-12-000010.txt : 20120319
<SEC-HEADER>0001504140-12-000010.hdr.sgml : 20120319
<ACCEPTANCE-DATETIME>20120319193239
ACCESSION NUMBER:		0001504140-12-000010
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120315
FILED AS OF DATE:		20120319
DATE AS OF CHANGE:		20120319

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BENEDETTI STEPHEN J
		CENTRAL INDEX KEY:			0001235663

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09819
		FILM NUMBER:		12701879

ISSUER:		

	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

	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>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0304</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2012-03-15</periodOfReport>

    <issuer>
        <issuerCik>0000826675</issuerCik>
        <issuerName>DYNEX CAPITAL INC</issuerName>
        <issuerTradingSymbol>DX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001235663</rptOwnerCik>
            <rptOwnerName>BENEDETTI STEPHEN J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O DYNEX CAPITAL, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>4991 LAKE BROOK DRIVE, SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>GLEN ALLEN</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>23060</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>EVP, COO and CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2012-03-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>12571</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>120337.89</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>21605.2005</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through 401(k) Plan</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Restricted shares issued to the reporting person under the company's Performance Bonus Program for 2011 performance that will vest in equal installments on each of the first three anniversaries of March 15, 2012.</footnote>
        <footnote id="F2">Includes 38.0744 shares acquired under the Dynex Capital, Inc. 401(k) Plan since the last report.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Stephen J. Benedetti</signatureName>
        <signatureDate>2012-03-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>poabenedetti.txt
<DESCRIPTION>BENEDETTI POA
<TEXT>
SECTION 16
POWER OF ATTORNEY


	I, Stephen J. Benedetti, do hereby constitute and
appoint Alison G. Griffin, Susan S. Ancarrow and Shannon V.
Patterson my true and lawful attorneys-in-fact, any of whom
acting singly is hereby authorized, for me and in my name
and on my behalf as a director, officer and/or shareholder
of Dynex Capital, Inc., to (i) prepare, execute in my name
 and on my behalf, and submit to the U.S. Securities and
Exchange Commission (the "SEC") a Form ID, including any
necessary amendments thereto, and any other documents
necessary or appropriate to obtain codes and passwords
enabling me to make electronic filings with the SEC of
reports required by Section 16(a) of the Securities Exchange
Act of 1934 or any rule or regulation of the SEC in respect
thereof; and (ii) prepare, execute and file any and all
forms, instruments or documents, including any necessary
amendments thereto, as such attorneys or attorney deems
necessary or advisable to enable me to comply with Section
16 of the Securities Exchange Act of 1934 or any rule or
regulation of the SEC in respect thereof (collectively,
"Section 16").

	I do hereby ratify and confirm all acts my said
attorney shall do or cause to be done by virtue hereof.  I
acknowledge that the foregoing attorneys-in-fact, serving in
such capacity at my request, are not assuming, nor is Dynex
Capital, Inc. assuming, any of my responsibilities to comply
with Section 16.

	This power of attorney shall remain in full force and
effect until it is revoked by the undersigned in a signed
writing delivered to each such attorney-in-fact or the
undersigned is no longer required to comply with Section 16,
whichever occurs first.

	WITNESS the execution hereof this 18th day of March, 2010.


			/s/ Stephen J. Benedetti
			Stephen J. Benedetti







</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
