<SEC-DOCUMENT>0000910680-12-000134.txt : 20120601
<SEC-HEADER>0000910680-12-000134.hdr.sgml : 20120601
<ACCEPTANCE-DATETIME>20120531205348
ACCESSION NUMBER:		0000910680-12-000134
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120531
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120601
DATE AS OF CHANGE:		20120531

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:		12881678

	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-K
<SEQUENCE>1
<FILENAME>f8k05312012.htm
<DESCRIPTION>CURRENT REPORT
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<div style="LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PURSUANT TO SECTION 13 OR 15(d) OF THE</font></div>

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<div style="LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Date of Report (Date of earliest event reported):<font style="DISPLAY: inline; FONT-WEIGHT: bold"> May&#160;31, 2012</font></font></div>

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<div style="LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4991 Lake Brook Drive, Suite 100</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<div style="LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 8.01.&#160;&#160;&#160;&#160;&#160;&#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="LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="FONT-FAMILY: Times New Roman; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On May&#160;31, 2012, Dynex Capital, Inc. (the &#8220;Company&#8221;) issued a press release announcing a restructuring of the ownership of certain legacy securities in the Company&#8217;s investment portfolio by contributing these securities to its taxable REIT subsidiary. This restructuring is expected to eliminate excess inclusion income to the Company, which may be characterized as unrelated business taxable income (&#8220;UBTI&#8221;) to the Company&#8217;s tax-exempt investors. The restructuring is intended to remove the exposure of UBTI to the Company&#8217;s tax-exempt investors and to enable the Company&#8217;s common stock to continue to be eligible for inclusion in the Russell Indexes.</font></font></div>

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<div align="left"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="ex99_1-05312012.htm">Press release, dated May&#160;31, 2012</a></font></font></div>
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<td colspan="3" width="25%"><font size="3" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">DYNEX CAPITAL, INC.</font></font></td>
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<div style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Exhibit 99.1</font></div>

<div>&#160;</div>

<div>&#160;</div>

<div><img src="dynex-logo.jpg" alt=""></div>

<div><br>
&#160;</div>

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&#160;</div>

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<div style="LINE-HEIGHT: 11pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

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<td width="50%"><font size="3" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FOR IMMEDIATE RELEASE&#160;&#160;&#160;&#160;</font></font></td>
<td width="50%" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3">CONTACT:&#160;&#160;&#160;&#160;Alison Griffin</font></font></font></td>
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<td width="50%"><font size="3" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">May 31, 2012&#160;</font></font></td>
<td width="50%" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3">804-217-5897</font></font></font></td>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>
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<div style="LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 13pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DYNEX CAPITAL, INC. TO ELIMINATE</font></div>

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<div style="LINE-HEIGHT: 22.55pt; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 18.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">GLEN ALLEN, Va.--Dynex Capital, Inc. (NYSE: DX) announced today that the Company is implementing a restructuring of the ownership of certain legacy securities in the Company&#8217;s investment portfolio by contributing these securities to its taxable REIT subsidiary (&#8220;TRS&#8221;).&#160;&#160;This contribution is expected to eliminate excess inclusion income to the Company.&#160;&#160;Excess inclusion income may be characterized as unrelated business taxable income (&#8220;UBTI&#8221;) to the Company&#8217;s tax-exempt investors although the determination of whether such income is UBTI is based on a facts and circumstances analysis by the investor.&#160;&#160;&#160;The Company will pay income taxes due on any excess inclusion income generated by these legacy securities and such amount is not expected to be material to the Company.</font></div>

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