<?xml version="1.0" encoding="US-ASCII"?>
<!--XBRL Document Created with Wdesk from Workiva, formerly WebFilings-->
<!-- -->
<linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <roleRef roleURI="http://www.dynexcapital.com/role/ConsolidatedBalanceSheets" xlink:href="dx-20150331.xsd#ConsolidatedBalanceSheets" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/ConsolidatedBalanceSheetsParenthetical" xlink:href="dx-20150331.xsd#ConsolidatedBalanceSheetsParenthetical" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/ConsolidatedStatementsOfCashFlows" xlink:href="dx-20150331.xsd#ConsolidatedStatementsOfCashFlows" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/ConsolidatedStatementsOfComprehensiveIncome" xlink:href="dx-20150331.xsd#ConsolidatedStatementsOfComprehensiveIncome" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/ConsolidatedStatementsOfShareholdersEquityStatement" xlink:href="dx-20150331.xsd#ConsolidatedStatementsOfShareholdersEquityStatement" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/Derivatives" xlink:href="dx-20150331.xsd#Derivatives" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/DerivativesDerivativeEffectOnAccumulatedOtherComprehensiveIncomeDetails" xlink:href="dx-20150331.xsd#DerivativesDerivativeEffectOnAccumulatedOtherComprehensiveIncomeDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/DerivativesDetails" xlink:href="dx-20150331.xsd#DerivativesDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/DerivativesTables" xlink:href="dx-20150331.xsd#DerivativesTables" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/DocumentAndEntityInformation" xlink:href="dx-20150331.xsd#DocumentAndEntityInformation" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsFairValueOnRecurringBasisDetails" xlink:href="dx-20150331.xsd#FairValueOfFinancialInstrumentsFairValueOnRecurringBasisDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsLevel3Details" xlink:href="dx-20150331.xsd#FairValueOfFinancialInstrumentsLevel3Details" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsNotes" xlink:href="dx-20150331.xsd#FairValueOfFinancialInstrumentsNotes" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsRecordedBasisAndFairValueDetails" xlink:href="dx-20150331.xsd#FairValueOfFinancialInstrumentsRecordedBasisAndFairValueDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsSignificantUnobservableInputsLevel3Details" xlink:href="dx-20150331.xsd#FairValueOfFinancialInstrumentsSignificantUnobservableInputsLevel3Details" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsTables" xlink:href="dx-20150331.xsd#FairValueOfFinancialInstrumentsTables" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/MortgageBackedSecuritiesMortgageBackedSecuritiesDesignatedAsAfsDetails" xlink:href="dx-20150331.xsd#MortgageBackedSecuritiesMortgageBackedSecuritiesDesignatedAsAfsDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/MortgageBackedSecuritiesMortgageBackedSecuritiesNotes" xlink:href="dx-20150331.xsd#MortgageBackedSecuritiesMortgageBackedSecuritiesNotes" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/MortgageBackedSecuritiesMortgageBackedSecuritiesTables" xlink:href="dx-20150331.xsd#MortgageBackedSecuritiesMortgageBackedSecuritiesTables" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/OffsettingAssetsAndLiabilitiesOffsettingAssetsDetails" xlink:href="dx-20150331.xsd#OffsettingAssetsAndLiabilitiesOffsettingAssetsDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/OffsettingAssetsAndLiabilitiesOffsettingAssetsTables" xlink:href="dx-20150331.xsd#OffsettingAssetsAndLiabilitiesOffsettingAssetsTables" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/OffsettingAssetsAndLiabilitiesOffsettingLiabilitiesTables" xlink:href="dx-20150331.xsd#OffsettingAssetsAndLiabilitiesOffsettingLiabilitiesTables" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/OffsettingAssetsAndLiabilitiesOffsetttingLiabilitiesDetails" xlink:href="dx-20150331.xsd#OffsettingAssetsAndLiabilitiesOffsetttingLiabilitiesDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/RepurchaseAgreementsDetails" xlink:href="dx-20150331.xsd#RepurchaseAgreementsDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/RepurchaseAgreementsNotes" xlink:href="dx-20150331.xsd#RepurchaseAgreementsNotes" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/RepurchaseAgreementsRepurchaseAgreementsCounterpartyInformationDetails" xlink:href="dx-20150331.xsd#RepurchaseAgreementsRepurchaseAgreementsCounterpartyInformationDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/RepurchaseAgreementsRepurchaseAgreementsTables" xlink:href="dx-20150331.xsd#RepurchaseAgreementsRepurchaseAgreementsTables" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/RepurchaseAgreementsRepurchaseAgreementsTermToOriginalMaturityDetails" xlink:href="dx-20150331.xsd#RepurchaseAgreementsRepurchaseAgreementsTermToOriginalMaturityDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/ShareholdersEquity" xlink:href="dx-20150331.xsd#ShareholdersEquity" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/ShareholdersEquityDetails" xlink:href="dx-20150331.xsd#ShareholdersEquityDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/ShareholdersEquityShareBasedCompensationDetails" xlink:href="dx-20150331.xsd#ShareholdersEquityShareBasedCompensationDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/ShareholdersEquityTables" xlink:href="dx-20150331.xsd#ShareholdersEquityTables" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/SubsequentEvents" xlink:href="dx-20150331.xsd#SubsequentEvents" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/SubsequentEventsNonrecognizedSubsequentEventDetails" xlink:href="dx-20150331.xsd#SubsequentEventsNonrecognizedSubsequentEventDetails" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/SummaryOfSignificantAccountingPolicies" xlink:href="dx-20150331.xsd#SummaryOfSignificantAccountingPolicies" xlink:type="simple" />
  <roleRef roleURI="http://www.dynexcapital.com/role/SummaryOfSignificantAccountingPoliciesPolicies" xlink:href="dx-20150331.xsd#SummaryOfSignificantAccountingPoliciesPolicies" xlink:type="simple" />
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" xlink:type="simple" />
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" xlink:type="simple" />
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" xlink:type="simple" />
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" xlink:type="simple" />
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" xlink:type="simple" />
  <roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" xlink:type="simple" />
  <roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" xlink:type="simple" />
  <presentationLink xlink:role="http://www.dynexcapital.com/role/ConsolidatedBalanceSheets" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_0CEEC69E0F232D9CE6568F7F4FECC03C" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_D2269EB93342F405D2738F7F4FECECB3" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0CEEC69E0F232D9CE6568F7F4FECC03C" xlink:to="loc_us-gaap_StatementTable_D2269EB93342F405D2738F7F4FECECB3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_64882B00CFDF2FDAA0F88F7F4FEC5402" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_D2269EB93342F405D2738F7F4FECECB3" xlink:to="loc_us-gaap_StatementClassOfStockAxis_64882B00CFDF2FDAA0F88F7F4FEC5402" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_CE1007C45CF8BB42D5808F7F4FEC50C3" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_64882B00CFDF2FDAA0F88F7F4FEC5402" xlink:to="loc_us-gaap_ClassOfStockDomain_CE1007C45CF8BB42D5808F7F4FEC50C3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_F7887DF834853EE2EE218F7F4FECE640" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_CE1007C45CF8BB42D5808F7F4FEC50C3" xlink:to="loc_us-gaap_SeriesAPreferredStockMember_F7887DF834853EE2EE218F7F4FECE640" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="loc_us-gaap_SeriesBPreferredStockMember_DADA76984D39184782C08F7F4FEC7AAF" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_CE1007C45CF8BB42D5808F7F4FEC50C3" xlink:to="loc_us-gaap_SeriesBPreferredStockMember_DADA76984D39184782C08F7F4FEC7AAF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_7472248F5BA862536F718F7F4FEC9470" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_D2269EB93342F405D2738F7F4FECECB3" xlink:to="loc_us-gaap_StatementLineItems_7472248F5BA862536F718F7F4FEC9470" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_7472248F5BA862536F718F7F4FEC9470" xlink:to="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue_2DA7764B8BD5B50E669F8F7F4FEC6456" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:to="loc_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue_2DA7764B8BD5B50E669F8F7F4FEC6456" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LoansAndLeasesReceivableNetReportedAmount" xlink:label="loc_us-gaap_LoansAndLeasesReceivableNetReportedAmount_6ADBE35F02B03C41685D8F7F4FEC0B67" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:to="loc_us-gaap_LoansAndLeasesReceivableNetReportedAmount_6ADBE35F02B03C41685D8F7F4FEC0B67" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_CCEA85A4CAA68DC593BE8F7F4FEC7BA3" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_CCEA85A4CAA68DC593BE8F7F4FEC7BA3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_6C0646C04B8B162A5D738F7F4FEC570B" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents_6C0646C04B8B162A5D738F7F4FEC570B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeAssets" xlink:label="loc_us-gaap_DerivativeAssets_C3F2123C71E2C00357608F7F4FEDF135" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:to="loc_us-gaap_DerivativeAssets_C3F2123C71E2C00357608F7F4FEDF135" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherReceivablesFromBrokerDealersAndClearingOrganizations" xlink:label="loc_us-gaap_OtherReceivablesFromBrokerDealersAndClearingOrganizations_653C2C37D05CAE0363AA8F7F4FED88A5" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:to="loc_us-gaap_OtherReceivablesFromBrokerDealersAndClearingOrganizations_653C2C37D05CAE0363AA8F7F4FED88A5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestReceivable" xlink:label="loc_us-gaap_InterestReceivable_626B87DAA5D48E6EB7968F7F4FED40AF" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:to="loc_us-gaap_InterestReceivable_626B87DAA5D48E6EB7968F7F4FED40AF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="loc_us-gaap_EquityMethodInvestments_03FC8FDA7E8D649667258F7F4FEDA093" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:to="loc_us-gaap_EquityMethodInvestments_03FC8FDA7E8D649667258F7F4FEDA093" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssets" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssets_73AE9F6EF604515CD62D8F7F4FEDE62F" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssets_73AE9F6EF604515CD62D8F7F4FEDE62F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_2F5BF6DD18A1251F1C7C8F7F4FEDEB24" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_B727B71708F828A7D5868F7F4FECB31F" xlink:to="loc_us-gaap_Assets_2F5BF6DD18A1251F1C7C8F7F4FEDEB24" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_98AFADD95A404C89374D8F7F4FF20F55" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_7472248F5BA862536F718F7F4FEC9470" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_98AFADD95A404C89374D8F7F4FF20F55" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="loc_us-gaap_LiabilitiesAbstract_681A88E1736AC40C9CE98F7F4FF22F15" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_98AFADD95A404C89374D8F7F4FF20F55" xlink:to="loc_us-gaap_LiabilitiesAbstract_681A88E1736AC40C9CE98F7F4FF22F15" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_6141A95D83E944A8A7CC8F7F4FF2334D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_681A88E1736AC40C9CE98F7F4FF22F15" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_6141A95D83E944A8A7CC8F7F4FF2334D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PayablesToBrokerDealersAndClearingOrganizations" xlink:label="loc_us-gaap_PayablesToBrokerDealersAndClearingOrganizations_4DECBE7431383BDDC8488F7F4FF2001A" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_681A88E1736AC40C9CE98F7F4FF22F15" xlink:to="loc_us-gaap_PayablesToBrokerDealersAndClearingOrganizations_4DECBE7431383BDDC8488F7F4FF2001A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherSecuredFinancings" xlink:label="loc_us-gaap_OtherSecuredFinancings_6E552417F07984C33E908F7F4FF21A20" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_681A88E1736AC40C9CE98F7F4FF22F15" xlink:to="loc_us-gaap_OtherSecuredFinancings_6E552417F07984C33E908F7F4FF21A20" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="loc_us-gaap_DerivativeLiabilities_81C3B59F334BE5EE0B458F7F4FF24C22" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_681A88E1736AC40C9CE98F7F4FF22F15" xlink:to="loc_us-gaap_DerivativeLiabilities_81C3B59F334BE5EE0B458F7F4FF24C22" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent_668A87500832216D14C08F7F4FF283B1" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_681A88E1736AC40C9CE98F7F4FF22F15" xlink:to="loc_us-gaap_InterestPayableCurrentAndNoncurrent_668A87500832216D14C08F7F4FF283B1" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_5457A273080B66D302A88F7F4FF2218E" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_681A88E1736AC40C9CE98F7F4FF22F15" xlink:to="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_5457A273080B66D302A88F7F4FF2218E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherLiabilities" xlink:label="loc_us-gaap_OtherLiabilities_D0700D64F4037F4466E58F7F4FF2F0D8" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_681A88E1736AC40C9CE98F7F4FF22F15" xlink:to="loc_us-gaap_OtherLiabilities_D0700D64F4037F4466E58F7F4FF2F0D8" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_2708E5EE9D9B5D64DA298F7F4FF2D2BF" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_681A88E1736AC40C9CE98F7F4FF22F15" xlink:to="loc_us-gaap_Liabilities_2708E5EE9D9B5D64DA298F7F4FF2D2BF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaap_StockholdersEquityAbstract_C60762995021B9EDB2678F7F4FF28449" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_98AFADD95A404C89374D8F7F4FF20F55" xlink:to="loc_us-gaap_StockholdersEquityAbstract_C60762995021B9EDB2678F7F4FF28449" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaap_PreferredStockValue_081D3E4FB5AD0D91101C8F7F4FF2EE71" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_C60762995021B9EDB2678F7F4FF28449" xlink:to="loc_us-gaap_PreferredStockValue_081D3E4FB5AD0D91101C8F7F4FF2EE71" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaap_PreferredStockValue_C70971BA3E8D89DE1BC58F7F4FF2D2FB" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_C60762995021B9EDB2678F7F4FF28449" xlink:to="loc_us-gaap_PreferredStockValue_C70971BA3E8D89DE1BC58F7F4FF2D2FB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_0986021F3C033768AF3C8F7F4FF255D9" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_C60762995021B9EDB2678F7F4FF28449" xlink:to="loc_us-gaap_CommonStockValue_0986021F3C033768AF3C8F7F4FF255D9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock_A8EC44DA3B9DAB1DE93C8F7F4FF26F9D" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_C60762995021B9EDB2678F7F4FF28449" xlink:to="loc_us-gaap_AdditionalPaidInCapitalCommonStock_A8EC44DA3B9DAB1DE93C8F7F4FF26F9D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_CE451D5ACC5D027DADF48F7F4FF2E4A8" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_C60762995021B9EDB2678F7F4FF28449" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_CE451D5ACC5D027DADF48F7F4FF2E4A8" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_D8B3DDEC36F37DFC46358F7F4FF3B3E9" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_C60762995021B9EDB2678F7F4FF28449" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_D8B3DDEC36F37DFC46358F7F4FF3B3E9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_92D128DAF1FA916D0DA78F7F4FF37BC4" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_C60762995021B9EDB2678F7F4FF28449" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_92D128DAF1FA916D0DA78F7F4FF37BC4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_2B4A874DD72A751C03A48F7F4FF39F7E" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_98AFADD95A404C89374D8F7F4FF20F55" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquity_2B4A874DD72A751C03A48F7F4FF39F7E" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/ConsolidatedBalanceSheetsParenthetical" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_3F68C3D85008D0B01D920EEED1D42112" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_A34794931D238C4CA8BE0EEED1D4A2C2" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_3F68C3D85008D0B01D920EEED1D42112" xlink:to="loc_us-gaap_StatementTable_A34794931D238C4CA8BE0EEED1D4A2C2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_782422B9A9C38C903D130EEED1D4C983" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_A34794931D238C4CA8BE0EEED1D4A2C2" xlink:to="loc_us-gaap_StatementClassOfStockAxis_782422B9A9C38C903D130EEED1D4C983" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_F1F44C4985431A3AE5090EEED1D4B0A9" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_782422B9A9C38C903D130EEED1D4C983" xlink:to="loc_us-gaap_ClassOfStockDomain_F1F44C4985431A3AE5090EEED1D4B0A9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_38A109A0B8ABD1A8B7760EEED1D4ADAA" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_F1F44C4985431A3AE5090EEED1D4B0A9" xlink:to="loc_us-gaap_SeriesAPreferredStockMember_38A109A0B8ABD1A8B7760EEED1D4ADAA" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="loc_us-gaap_SeriesBPreferredStockMember_39EFA6212A39DC47D36B0EEED1D576C2" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_F1F44C4985431A3AE5090EEED1D4B0A9" xlink:to="loc_us-gaap_SeriesBPreferredStockMember_39EFA6212A39DC47D36B0EEED1D576C2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_1777B4F3677F61C7F33D0EEED1D5C46A" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_A34794931D238C4CA8BE0EEED1D4A2C2" xlink:to="loc_us-gaap_StatementScenarioAxis_1777B4F3677F61C7F33D0EEED1D5C46A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_5577C08CDE778A559A2E0EEED1D5AA26" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementScenarioAxis_1777B4F3677F61C7F33D0EEED1D5C46A" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_5577C08CDE778A559A2E0EEED1D5AA26" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_A34794931D238C4CA8BE0EEED1D4A2C2" xlink:to="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_C4A76EA50D6A0D31D8FC0EEED1D58B4B" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:to="loc_us-gaap_AssetsAbstract_C4A76EA50D6A0D31D8FC0EEED1D58B4B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue_B03AEB845E7AEC9406F60EEED1D5B43C" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_C4A76EA50D6A0D31D8FC0EEED1D58B4B" xlink:to="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue_B03AEB845E7AEC9406F60EEED1D5B43C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare_3D6D44D8443EF13CA6990EEED1D5C4E6" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:to="loc_us-gaap_PreferredStockParOrStatedValuePerShare_3D6D44D8443EF13CA6990EEED1D5C4E6" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized_708EC8A90188489203910EEED1D53DB9" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:to="loc_us-gaap_PreferredStockSharesAuthorized_708EC8A90188489203910EEED1D53DB9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaap_PreferredStockSharesIssued_D6B3B77B40F3903353F00EEED1D5F0ED" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:to="loc_us-gaap_PreferredStockSharesIssued_D6B3B77B40F3903353F00EEED1D5F0ED" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding_069B6F6918E3138040440EEED1D54CD6" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:to="loc_us-gaap_PreferredStockSharesOutstanding_069B6F6918E3138040440EEED1D54CD6" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockLiquidationPreferenceValue" xlink:label="loc_us-gaap_PreferredStockLiquidationPreferenceValue_966343458CE45330B7BE0EEED1D51232" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:to="loc_us-gaap_PreferredStockLiquidationPreferenceValue_966343458CE45330B7BE0EEED1D51232" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_F5699400915501C91C6B0EEED1D5D1E1" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:to="loc_us-gaap_CommonStockParOrStatedValuePerShare_F5699400915501C91C6B0EEED1D5D1E1" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_DFC92321E9A9A3DDA31A0EEED1D58033" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_DFC92321E9A9A3DDA31A0EEED1D58033" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_94AC53AE3C0E00B82DB50EEED1D56A07" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:to="loc_us-gaap_CommonStockSharesIssued_94AC53AE3C0E00B82DB50EEED1D56A07" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_10CCAC81BBF23FF55CCF0EEED1D5A2BA" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_989941F68DA2971494070EEED1D52012" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_10CCAC81BBF23FF55CCF0EEED1D5A2BA" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/ConsolidatedStatementsOfCashFlows" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract_7775CEB314059DE7FF6234B2164A66A2" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_2CDCFA3051D2C4C2A7A134B2164A3AC7" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract_7775CEB314059DE7FF6234B2164A66A2" xlink:to="loc_us-gaap_StatementTable_2CDCFA3051D2C4C2A7A134B2164A3AC7" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_5923598C45472E788CD034B2164A404E" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_2CDCFA3051D2C4C2A7A134B2164A3AC7" xlink:to="loc_us-gaap_StatementScenarioAxis_5923598C45472E788CD034B2164A404E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_F118B0F8D332F621549A34B2164A1902" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementScenarioAxis_5923598C45472E788CD034B2164A404E" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_F118B0F8D332F621549A34B2164A1902" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_9263802E474E01559A5134B2164AE4AD" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_2CDCFA3051D2C4C2A7A134B2164A3AC7" xlink:to="loc_us-gaap_StatementLineItems_9263802E474E01559A5134B2164AE4AD" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_ACFA50FAC32B9B448C3D34B2164A3F1D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_9263802E474E01559A5134B2164AE4AD" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_ACFA50FAC32B9B448C3D34B2164A3F1D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_608EA388386B2D28C28234B2164A8830" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_ACFA50FAC32B9B448C3D34B2164A3F1D" xlink:to="loc_us-gaap_ProfitLoss_608EA388386B2D28C28234B2164A8830" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_ACFA50FAC32B9B448C3D34B2164A3F1D" xlink:to="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_92BD5BAF838F7258E18134B2164A5E97" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_92BD5BAF838F7258E18134B2164A5E97" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInInterestPayableNet_BC87276AF7C2ED20EAAD34B2164A3BE4" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:to="loc_us-gaap_IncreaseDecreaseInInterestPayableNet_BC87276AF7C2ED20EAAD34B2164A3BE4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProvisionForLoanLossesExpensed" xlink:label="loc_us-gaap_ProvisionForLoanLossesExpensed_979B347475A1AF9C0A7A34B2164A49F7" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:to="loc_us-gaap_ProvisionForLoanLossesExpensed_979B347475A1AF9C0A7A34B2164A49F7" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xlink:label="loc_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities_801016F8B767CD4BAE1734B2164A4C05" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:to="loc_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities_801016F8B767CD4BAE1734B2164A4C05" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments" xlink:label="loc_us-gaap_MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments_E923D7C566C0709A009634B2164AB434" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:to="loc_us-gaap_MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments_E923D7C566C0709A009634B2164AB434" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TradingSecuritiesUnrealizedHoldingGainLoss" xlink:label="loc_us-gaap_TradingSecuritiesUnrealizedHoldingGainLoss_AD9A243FCAB510B6EDCB34B2164AA88D" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:to="loc_us-gaap_TradingSecuritiesUnrealizedHoldingGainLoss_AD9A243FCAB510B6EDCB34B2164AA88D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentForAmortization" xlink:label="loc_us-gaap_AdjustmentForAmortization_C48F14B51BDA2A95AA9734B2164ADF79" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:to="loc_us-gaap_AdjustmentForAmortization_C48F14B51BDA2A95AA9734B2164ADF79" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherDepreciationAndAmortization" xlink:label="loc_us-gaap_OtherDepreciationAndAmortization_EA9E34B163562FB3DC0D34B2164AF693" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:to="loc_us-gaap_OtherDepreciationAndAmortization_EA9E34B163562FB3DC0D34B2164AF693" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation_B45D4324C80C9360C4FD34B2164A428E" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:to="loc_us-gaap_ShareBasedCompensation_B45D4324C80C9360C4FD34B2164A428E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet_D9CCA1B933265E2D023634B2164ACF10" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_86C6426B4FFF41711A4034B2164A1020" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet_D9CCA1B933265E2D023634B2164ACF10" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_D3146226BAF3D9FABCB734B2164A78A4" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_ACFA50FAC32B9B448C3D34B2164A3F1D" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_D3146226BAF3D9FABCB734B2164A78A4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_437C8163E367C3C0401C34B2164A9551" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_9263802E474E01559A5134B2164AE4AD" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_437C8163E367C3C0401C34B2164A9551" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireInvestments_6CE72C9C7BD76687454E34B2164AFDEF" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_437C8163E367C3C0401C34B2164A9551" xlink:to="loc_us-gaap_PaymentsToAcquireInvestments_6CE72C9C7BD76687454E34B2164AFDEF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities" xlink:label="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities_A3097FB0613AE59D58A534B2164BBC96" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_437C8163E367C3C0401C34B2164A9551" xlink:to="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities_A3097FB0613AE59D58A534B2164BBC96" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities" xlink:label="loc_us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities_0A13E79BDCB43A3F3DAE34B2164B1BD4" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_437C8163E367C3C0401C34B2164A9551" xlink:to="loc_us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities_0A13E79BDCB43A3F3DAE34B2164B1BD4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromCollectionOfFinanceReceivables" xlink:label="loc_us-gaap_ProceedsFromCollectionOfFinanceReceivables_02551EAB7A356737B8ED34B2164B2021" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_437C8163E367C3C0401C34B2164A9551" xlink:to="loc_us-gaap_ProceedsFromCollectionOfFinanceReceivables_02551EAB7A356737B8ED34B2164B2021" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsToAcquireLimitedPartnershipInterests" xlink:label="loc_us-gaap_PaymentsToAcquireLimitedPartnershipInterests_5D46E9BB634740FAF6A634B2164B9933" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_437C8163E367C3C0401C34B2164A9551" xlink:to="loc_us-gaap_PaymentsToAcquireLimitedPartnershipInterests_5D46E9BB634740FAF6A634B2164B9933" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities" xlink:label="loc_us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities_20D4B5787C7BAA7A75D934B2164BD601" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_437C8163E367C3C0401C34B2164A9551" xlink:to="loc_us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities_20D4B5787C7BAA7A75D934B2164BD601" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:label="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_EAB5807D9D6E9C24349B34B2164B7796" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_437C8163E367C3C0401C34B2164A9551" xlink:to="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_EAB5807D9D6E9C24349B34B2164B7796" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_28F1E07A9D55AD63C3E134B2164BEFF8" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_437C8163E367C3C0401C34B2164A9551" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_28F1E07A9D55AD63C3E134B2164BEFF8" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_1D6088FBB504331F53FC34B2164BD8B8" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_9263802E474E01559A5134B2164AE4AD" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_1D6088FBB504331F53FC34B2164BD8B8" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfShortTermDebt" xlink:label="loc_us-gaap_ProceedsFromRepaymentsOfShortTermDebt_4AAEDF57C036D7D8E4DE34B2164B0EB6" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_1D6088FBB504331F53FC34B2164BD8B8" xlink:to="loc_us-gaap_ProceedsFromRepaymentsOfShortTermDebt_4AAEDF57C036D7D8E4DE34B2164B0EB6" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfSecuredDebt" xlink:label="loc_us-gaap_ProceedsFromRepaymentsOfSecuredDebt_E716AF7D3B529BFE94E234B2164BEC50" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_1D6088FBB504331F53FC34B2164BD8B8" xlink:to="loc_us-gaap_ProceedsFromRepaymentsOfSecuredDebt_E716AF7D3B529BFE94E234B2164BEC50" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseInRestrictedCash" xlink:label="loc_us-gaap_IncreaseInRestrictedCash_9BF7D3FCDF8C818DE53E34B2164BAA81" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_1D6088FBB504331F53FC34B2164BD8B8" xlink:to="loc_us-gaap_IncreaseInRestrictedCash_9BF7D3FCDF8C818DE53E34B2164BAA81" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_20D914B6A60A53A8867834B2164B7862" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_1D6088FBB504331F53FC34B2164BD8B8" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_20D914B6A60A53A8867834B2164B7862" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_2BDAF3DD5C8B3A44C66F34B2164B3A0D" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_1D6088FBB504331F53FC34B2164BD8B8" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_2BDAF3DD5C8B3A44C66F34B2164B3A0D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:label="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_7FFCB9D68F12DF56337834B2164BAA14" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_1D6088FBB504331F53FC34B2164BD8B8" xlink:to="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_7FFCB9D68F12DF56337834B2164BAA14" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaap_PaymentsOfDividends_26BEFAE008B57779595934B2164BE9C1" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_1D6088FBB504331F53FC34B2164BD8B8" xlink:to="loc_us-gaap_PaymentsOfDividends_26BEFAE008B57779595934B2164BE9C1" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_98FA86EF4DE6DEC8EFEA34B2164B1590" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_1D6088FBB504331F53FC34B2164BD8B8" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_98FA86EF4DE6DEC8EFEA34B2164B1590" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_501147D70A67C083332E34B2164B009F" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_9263802E474E01559A5134B2164AE4AD" xlink:to="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_501147D70A67C083332E34B2164B009F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_549D35A06642F41DB80434B2164B8528" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_9263802E474E01559A5134B2164AE4AD" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_549D35A06642F41DB80434B2164B8528" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_E49613AF47E8D2597A2C34B2164BDEF6" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_9263802E474E01559A5134B2164AE4AD" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_E49613AF47E8D2597A2C34B2164BDEF6" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract_9A602BBD2A83B497CD0534B2164BF056" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_9263802E474E01559A5134B2164AE4AD" xlink:to="loc_us-gaap_SupplementalCashFlowInformationAbstract_9A602BBD2A83B497CD0534B2164BF056" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestPaid" xlink:label="loc_us-gaap_InterestPaid_255BC41EC1583C7CC15434B2164BDBA1" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract_9A602BBD2A83B497CD0534B2164BF056" xlink:to="loc_us-gaap_InterestPaid_255BC41EC1583C7CC15434B2164BDBA1" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/ConsolidatedStatementsOfComprehensiveIncome" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_A202111D8C65B94CB85C4495D89829B8" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_3534B6F0B0A1176B142F4495D8981A84" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_A202111D8C65B94CB85C4495D89829B8" xlink:to="loc_us-gaap_StatementTable_3534B6F0B0A1176B142F4495D8981A84" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_18FE7EB421E2893EF7B84495D8984619" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_3534B6F0B0A1176B142F4495D8981A84" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_18FE7EB421E2893EF7B84495D8984619" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_CFAC78394270BE3089614495D898C90B" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_18FE7EB421E2893EF7B84495D8984619" xlink:to="loc_us-gaap_EquityComponentDomain_CFAC78394270BE3089614495D898C90B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_CA3B99096070F6138A784495D898192B" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_3534B6F0B0A1176B142F4495D8981A84" xlink:to="loc_us-gaap_StatementScenarioAxis_CA3B99096070F6138A784495D898192B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_3236A01CB9FB1B21022D4495D8984F3E" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementScenarioAxis_CA3B99096070F6138A784495D898192B" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_3236A01CB9FB1B21022D4495D8984F3E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_3534B6F0B0A1176B142F4495D8981A84" xlink:to="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:label="loc_us-gaap_InterestAndDividendIncomeOperatingAbstract_CDA96ABE470F7E5C111F4495D8983F73" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_InterestAndDividendIncomeOperatingAbstract_CDA96ABE470F7E5C111F4495D8983F73" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestIncomeSecuritiesMortgageBacked" xlink:label="loc_us-gaap_InterestIncomeSecuritiesMortgageBacked_BBC4E5133F7AE8BC2BD24495D89840D0" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InterestAndDividendIncomeOperatingAbstract_CDA96ABE470F7E5C111F4495D8983F73" xlink:to="loc_us-gaap_InterestIncomeSecuritiesMortgageBacked_BBC4E5133F7AE8BC2BD24495D89840D0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestAndFeeIncomeLoansCommercialAndResidentialRealEstate" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansCommercialAndResidentialRealEstate_7062F308AE0F94F45CC14495D898F408" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InterestAndDividendIncomeOperatingAbstract_CDA96ABE470F7E5C111F4495D8983F73" xlink:to="loc_us-gaap_InterestAndFeeIncomeLoansCommercialAndResidentialRealEstate_7062F308AE0F94F45CC14495D898F408" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestIncomeOperating" xlink:label="loc_us-gaap_InterestIncomeOperating_5D3371476232949CF3294495D89838CC" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InterestAndDividendIncomeOperatingAbstract_CDA96ABE470F7E5C111F4495D8983F73" xlink:to="loc_us-gaap_InterestIncomeOperating_5D3371476232949CF3294495D89838CC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestExpenseAbstract" xlink:label="loc_us-gaap_InterestExpenseAbstract_3C2FF6CF06E075C0A4504495D8989D5E" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_InterestExpenseAbstract_3C2FF6CF06E075C0A4504495D8989D5E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase" xlink:label="loc_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase_7A45135B55C78DC6FC584495D898C1FB" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InterestExpenseAbstract_3C2FF6CF06E075C0A4504495D8989D5E" xlink:to="loc_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase_7A45135B55C78DC6FC584495D898C1FB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities" xlink:label="loc_us-gaap_InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities_F70D850450D53A12BACD4495D8983A06" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InterestExpenseAbstract_3C2FF6CF06E075C0A4504495D8989D5E" xlink:to="loc_us-gaap_InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities_F70D850450D53A12BACD4495D8983A06" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_us-gaap_InterestExpense_ACA6DE5F2C8198420B504495D89843FB" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InterestExpenseAbstract_3C2FF6CF06E075C0A4504495D8989D5E" xlink:to="loc_us-gaap_InterestExpense_ACA6DE5F2C8198420B504495D89843FB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestIncomeExpenseNet" xlink:label="loc_us-gaap_InterestIncomeExpenseNet_B489C45301C183E9069B4495D8983967" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_InterestIncomeExpenseNet_B489C45301C183E9069B4495D8983967" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:label="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_5D9EFC7D81515AB6B6674495D8988C90" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_5D9EFC7D81515AB6B6674495D8988C90" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS" xlink:label="loc_us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS_B2CC28953F0553969CC74495D8986B1E" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS_B2CC28953F0553969CC74495D8986B1E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TradingSecuritiesUnrealizedHoldingGainLoss" xlink:label="loc_us-gaap_TradingSecuritiesUnrealizedHoldingGainLoss_5B6EDB41A405A66290944495D8981F57" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_TradingSecuritiesUnrealizedHoldingGainLoss_5B6EDB41A405A66290944495D8981F57" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_35618052C176A0C2178C4495D89850B1" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_35618052C176A0C2178C4495D89850B1" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:label="loc_us-gaap_NoninterestIncomeOtherOperatingIncome_2A1104A74C12139115B44495D8989A83" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_NoninterestIncomeOtherOperatingIncome_2A1104A74C12139115B44495D8989A83" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NoninterestExpenseAbstract" xlink:label="loc_us-gaap_NoninterestExpenseAbstract_2372554689CD45D20E054495D8988FAC" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_NoninterestExpenseAbstract_2372554689CD45D20E054495D8988FAC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LaborAndRelatedExpense" xlink:label="loc_us-gaap_LaborAndRelatedExpense_1BAF82B2A6765C460C964495D898B817" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NoninterestExpenseAbstract_2372554689CD45D20E054495D8988FAC" xlink:to="loc_us-gaap_LaborAndRelatedExpense_1BAF82B2A6765C460C964495D898B817" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherGeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_OtherGeneralAndAdministrativeExpense_7D010857583AF70FE8E34495D8981887" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NoninterestExpenseAbstract_2372554689CD45D20E054495D8988FAC" xlink:to="loc_us-gaap_OtherGeneralAndAdministrativeExpense_7D010857583AF70FE8E34495D8981887" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_7522ABAF48F864752B484495D898B4A9" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_NetIncomeLoss_7522ABAF48F864752B484495D898B4A9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:label="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact_856E3F75B7FFC4999CAD4495D898AD07" xlink:type="locator" />
    <presentationArc order="11" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact_856E3F75B7FFC4999CAD4495D898AD07" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_F8C4364D044229F9F9B84495D898DC24" xlink:type="locator" />
    <presentationArc order="12" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_F8C4364D044229F9F9B84495D898DC24" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_8CD36436B72216B63E124495D898BF6A" xlink:type="locator" />
    <presentationArc order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_8CD36436B72216B63E124495D898BF6A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_223CDCB7251E05993A3B4495D898ABC9" xlink:type="locator" />
    <presentationArc order="14" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_223CDCB7251E05993A3B4495D898ABC9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_F22B10CBEF8FF364C2F84495D898D254" xlink:type="locator" />
    <presentationArc order="15" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_F22B10CBEF8FF364C2F84495D898D254" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_727C24B025B9918F6D634495D8986287" xlink:type="locator" />
    <presentationArc order="16" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_727C24B025B9918F6D634495D8986287" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_D7ECD4CC02F36E5CE9E74495D898FB18" xlink:type="locator" />
    <presentationArc order="17" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTax_D7ECD4CC02F36E5CE9E74495D898FB18" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="loc_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_7DE0352A11FAAF69C0DF4495D898D475" xlink:type="locator" />
    <presentationArc order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_7DE0352A11FAAF69C0DF4495D898D475" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDiluted_0738B3CB75E9E5275FDE4495D8984063" xlink:type="locator" />
    <presentationArc order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_04DE1226A2319568A9C94495D8986A8C" xlink:to="loc_us-gaap_EarningsPerShareBasicAndDiluted_0738B3CB75E9E5275FDE4495D8984063" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/ConsolidatedStatementsOfShareholdersEquityStatement" xlink:type="extended">
    <loc xlink:href="dx-20150331.xsd#dx_StatementofShareholdersEquityAbstract" xlink:label="loc_dx_StatementofShareholdersEquityAbstract_BA2E8548C153467D104943C9D9C36065" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_D42FD8C744AE1A2E00D443C9D9C38AFF" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_StatementofShareholdersEquityAbstract_BA2E8548C153467D104943C9D9C36065" xlink:to="loc_us-gaap_StatementTable_D42FD8C744AE1A2E00D443C9D9C38AFF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_F78C76304C901089BEDA43C9D9C3860D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_D42FD8C744AE1A2E00D443C9D9C38AFF" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_F78C76304C901089BEDA43C9D9C3860D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_FBE48E01EED11C73F4DF43C9D9C332A0" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_F78C76304C901089BEDA43C9D9C3860D" xlink:to="loc_us-gaap_EquityComponentDomain_FBE48E01EED11C73F4DF43C9D9C332A0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockIncludingAdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_PreferredStockIncludingAdditionalPaidInCapitalMember_654A6F2E2B57A2DD625443C9D9C38567" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_FBE48E01EED11C73F4DF43C9D9C332A0" xlink:to="loc_us-gaap_PreferredStockIncludingAdditionalPaidInCapitalMember_654A6F2E2B57A2DD625443C9D9C38567" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_A506B421FACA4DA94D9643C9D9C31D9F" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_FBE48E01EED11C73F4DF43C9D9C332A0" xlink:to="loc_us-gaap_CommonStockMember_A506B421FACA4DA94D9643C9D9C31D9F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_93DAC519CDBE4DCC5F6943C9D9C3566B" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_FBE48E01EED11C73F4DF43C9D9C332A0" xlink:to="loc_us-gaap_AdditionalPaidInCapitalMember_93DAC519CDBE4DCC5F6943C9D9C3566B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember_AB41FAC7B197E2C1130C43C9D9C31DB0" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_FBE48E01EED11C73F4DF43C9D9C332A0" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember_AB41FAC7B197E2C1130C43C9D9C31DB0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_264D6F59651DA51D148543C9D9C3D1AC" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_FBE48E01EED11C73F4DF43C9D9C332A0" xlink:to="loc_us-gaap_RetainedEarningsMember_264D6F59651DA51D148543C9D9C3D1AC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareholdersEquityMember" xlink:label="loc_us-gaap_ShareholdersEquityMember_2527F52E7B6CE9BCF74843C9D9C39B34" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_FBE48E01EED11C73F4DF43C9D9C332A0" xlink:to="loc_us-gaap_ShareholdersEquityMember_2527F52E7B6CE9BCF74843C9D9C39B34" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_D42FD8C744AE1A2E00D443C9D9C38AFF" xlink:to="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_6AED708CE493EB4848A043C9D9C39DEE" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_6AED708CE493EB4848A043C9D9C39DEE" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_CEF24675755AA99DB19643C9D9C3E231" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_CEF24675755AA99DB19643C9D9C3E231" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_Grantingandvestingofrestrictedstock" xlink:label="loc_dx_Grantingandvestingofrestrictedstock_08568E63CFFCFC60915B43C9D9C39DEE" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_dx_Grantingandvestingofrestrictedstock_08568E63CFFCFC60915B43C9D9C39DEE" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_491624FD74DF070972FA43C9D9C38CE5" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_491624FD74DF070972FA43C9D9C38CE5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="loc_us-gaap_StockRepurchasedDuringPeriodValue_968FC96EB638D02F4CBA43C9D9C3AD35" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_us-gaap_StockRepurchasedDuringPeriodValue_968FC96EB638D02F4CBA43C9D9C3AD35" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:label="loc_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation_637DE393012A5203D9C043C9D9C39597" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation_637DE393012A5203D9C043C9D9C39597" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_BCF211314DCB0E14573243C9D9C3D538" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_us-gaap_ProfitLoss_BCF211314DCB0E14573243C9D9C3D538" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DividendsPreferredStockCash" xlink:label="loc_us-gaap_DividendsPreferredStockCash_901B973500C0C1CFC00343C9D9C3BEA8" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_us-gaap_DividendsPreferredStockCash_901B973500C0C1CFC00343C9D9C3BEA8" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="loc_us-gaap_DividendsCommonStockCash_80D1FDE779E1FEAD960143C9D9C36EAA" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_us-gaap_DividendsCommonStockCash_80D1FDE779E1FEAD960143C9D9C36EAA" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_59A54862C78AB9772F8B43C9D9C33323" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_59A54862C78AB9772F8B43C9D9C33323" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_0AED9537000742E982BC43C9D9C3E3EB" xlink:type="locator" />
    <presentationArc order="11" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_AC4F355667BE58EF0B2C43C9D9C3B5CE" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_0AED9537000742E982BC43C9D9C3E3EB" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/Derivatives" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_9600943616E35C0836790EEED19E3161" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_253D891D64780AAD81A00EEED19EA7B7" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_9600943616E35C0836790EEED19E3161" xlink:to="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_253D891D64780AAD81A00EEED19EA7B7" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/DerivativesDerivativeEffectOnAccumulatedOtherComprehensiveIncomeDetails" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_06AC25D113A30C74387443C9D995A81B" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_F4520262717511C5FE5343C9D9964974" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_06AC25D113A30C74387443C9D995A81B" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax_F4520262717511C5FE5343C9D9964974" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeTable" xlink:label="loc_us-gaap_DerivativeTable_5C5D3C6ADC3D09E56AAB43C9D996DFFE" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_06AC25D113A30C74387443C9D995A81B" xlink:to="loc_us-gaap_DerivativeTable_5C5D3C6ADC3D09E56AAB43C9D996DFFE" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="loc_us-gaap_StatementScenarioAxis_5F72A55688E35D1F3E5A43C9D996227B" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_5C5D3C6ADC3D09E56AAB43C9D996DFFE" xlink:to="loc_us-gaap_StatementScenarioAxis_5F72A55688E35D1F3E5A43C9D996227B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="loc_us-gaap_ScenarioUnspecifiedDomain_50621A6A49E5023A29DD43C9D9964F4A" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementScenarioAxis_5F72A55688E35D1F3E5A43C9D996227B" xlink:to="loc_us-gaap_ScenarioUnspecifiedDomain_50621A6A49E5023A29DD43C9D9964F4A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScenarioForecastMember" xlink:label="loc_us-gaap_ScenarioForecastMember_AEA32106A3BD622483BA43C9D996ECFE" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScenarioUnspecifiedDomain_50621A6A49E5023A29DD43C9D9964F4A" xlink:to="loc_us-gaap_ScenarioForecastMember_AEA32106A3BD622483BA43C9D996ECFE" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_20C6FE93A2DC31FBED9843C9D9968300" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_5C5D3C6ADC3D09E56AAB43C9D996DFFE" xlink:to="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_20C6FE93A2DC31FBED9843C9D9968300" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_HedgingRelationshipDomain" xlink:label="loc_us-gaap_HedgingRelationshipDomain_B96EAE6FE67E8A694EC343C9D99658AE" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_20C6FE93A2DC31FBED9843C9D9968300" xlink:to="loc_us-gaap_HedgingRelationshipDomain_B96EAE6FE67E8A694EC343C9D99658AE" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLineItems" xlink:label="loc_us-gaap_DerivativeLineItems_374B52845566F87AF38243C9D9964267" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_5C5D3C6ADC3D09E56AAB43C9D996DFFE" xlink:to="loc_us-gaap_DerivativeLineItems_374B52845566F87AF38243C9D9964267" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax_2D4F78FECFE27281975043C9D996BEDB" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_374B52845566F87AF38243C9D9964267" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax_2D4F78FECFE27281975043C9D996BEDB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:label="loc_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths_6EFDE40543F62275121443C9D9968E2D" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_374B52845566F87AF38243C9D9964267" xlink:to="loc_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths_6EFDE40543F62275121443C9D9968E2D" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/DerivativesDetails" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_4467FAAAD549E76D912E43C9D99A141A" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeTable" xlink:label="loc_us-gaap_DerivativeTable_7D60210CE742500A02B143C9D99A034C" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_4467FAAAD549E76D912E43C9D99A141A" xlink:to="loc_us-gaap_DerivativeTable_7D60210CE742500A02B143C9D99A034C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PositionAxis" xlink:label="loc_us-gaap_PositionAxis_91C27DC787D55FAA587043C9D99AC7CC" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_7D60210CE742500A02B143C9D99A034C" xlink:to="loc_us-gaap_PositionAxis_91C27DC787D55FAA587043C9D99AC7CC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PositionDomain" xlink:label="loc_us-gaap_PositionDomain_5B42AB0F10A66E10CF8243C9D99A65A0" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PositionAxis_91C27DC787D55FAA587043C9D99AC7CC" xlink:to="loc_us-gaap_PositionDomain_5B42AB0F10A66E10CF8243C9D99A65A0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongMember" xlink:label="loc_us-gaap_LongMember_67B85AE07A03D0C563C743C9D99ACE28" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PositionDomain_5B42AB0F10A66E10CF8243C9D99A65A0" xlink:to="loc_us-gaap_LongMember_67B85AE07A03D0C563C743C9D99ACE28" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShortMember" xlink:label="loc_us-gaap_ShortMember_F05EDC99487923FC630843C9D99AB098" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PositionDomain_5B42AB0F10A66E10CF8243C9D99A65A0" xlink:to="loc_us-gaap_ShortMember_F05EDC99487923FC630843C9D99AB098" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeByNatureAxis" xlink:label="loc_us-gaap_DerivativeByNatureAxis_74F64302C94BC8062EAC43C9D99A38E4" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_7D60210CE742500A02B143C9D99A034C" xlink:to="loc_us-gaap_DerivativeByNatureAxis_74F64302C94BC8062EAC43C9D99A38E4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeNameDomain" xlink:label="loc_us-gaap_DerivativeNameDomain_3F90B6FE3ECD77699D2643C9D99BCF5F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeByNatureAxis_74F64302C94BC8062EAC43C9D99A38E4" xlink:to="loc_us-gaap_DerivativeNameDomain_3F90B6FE3ECD77699D2643C9D99BCF5F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestRateSwapMember" xlink:label="loc_us-gaap_InterestRateSwapMember_6F90BE45BFDDC48B0D0C43C9D99BF6EC" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeNameDomain_3F90B6FE3ECD77699D2643C9D99BCF5F" xlink:to="loc_us-gaap_InterestRateSwapMember_6F90BE45BFDDC48B0D0C43C9D99BF6EC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis_D294DFBC0E8390AF257343C9D99BF542" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_7D60210CE742500A02B143C9D99A034C" xlink:to="loc_us-gaap_DerivativeInstrumentRiskAxis_D294DFBC0E8390AF257343C9D99BF542" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_us-gaap_DerivativeContractTypeDomain_BF5752FA02D3C2CB383643C9D99B2C60" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis_D294DFBC0E8390AF257343C9D99BF542" xlink:to="loc_us-gaap_DerivativeContractTypeDomain_BF5752FA02D3C2CB383643C9D99B2C60" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ForwardContractsMember" xlink:label="loc_us-gaap_ForwardContractsMember_D3C4F972DB9883478ED943C9D99BFAEE" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeContractTypeDomain_BF5752FA02D3C2CB383643C9D99B2C60" xlink:to="loc_us-gaap_ForwardContractsMember_D3C4F972DB9883478ED943C9D99BFAEE" xlink:type="arc" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeContractTypeDomain_BF5752FA02D3C2CB383643C9D99B2C60" xlink:to="loc_us-gaap_InterestRateSwapMember_6F90BE45BFDDC48B0D0C43C9D99BF6EC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EurodollarFutureMember" xlink:label="loc_us-gaap_EurodollarFutureMember_290916A39AA53930D10F43C9D99B9C5A" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeContractTypeDomain_BF5752FA02D3C2CB383643C9D99B2C60" xlink:to="loc_us-gaap_EurodollarFutureMember_290916A39AA53930D10F43C9D99B9C5A" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_DerivativeInstrumentMaturityScheduleAxis" xlink:label="loc_dx_DerivativeInstrumentMaturityScheduleAxis_3A9B3A3433E854CBDB0143C9D99BC5A0" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_7D60210CE742500A02B143C9D99A034C" xlink:to="loc_dx_DerivativeInstrumentMaturityScheduleAxis_3A9B3A3433E854CBDB0143C9D99BC5A0" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_DerivativeInstrumentMaturityScheduleDomain" xlink:label="loc_dx_DerivativeInstrumentMaturityScheduleDomain_43F2D010D319DB7A2A3143C9D99BBA43" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_DerivativeInstrumentMaturityScheduleAxis_3A9B3A3433E854CBDB0143C9D99BC5A0" xlink:to="loc_dx_DerivativeInstrumentMaturityScheduleDomain_43F2D010D319DB7A2A3143C9D99BBA43" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_InterestRateSwapAgreementsMaturitiesinNext3748MonthsMember" xlink:label="loc_dx_InterestRateSwapAgreementsMaturitiesinNext3748MonthsMember_790582BC258EE703174543C9D99B6F37" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_DerivativeInstrumentMaturityScheduleDomain_43F2D010D319DB7A2A3143C9D99BBA43" xlink:to="loc_dx_InterestRateSwapAgreementsMaturitiesinNext3748MonthsMember_790582BC258EE703174543C9D99B6F37" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_InterestRateSwapAgreementsMaturitiesinNext4960MonthsMember" xlink:label="loc_dx_InterestRateSwapAgreementsMaturitiesinNext4960MonthsMember_6B8707AD95EFD059A1DA43C9D99B4A90" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_DerivativeInstrumentMaturityScheduleDomain_43F2D010D319DB7A2A3143C9D99BBA43" xlink:to="loc_dx_InterestRateSwapAgreementsMaturitiesinNext4960MonthsMember_6B8707AD95EFD059A1DA43C9D99B4A90" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_InterestRateSwapAgreementsMaturitiesinNext6172MonthsMember" xlink:label="loc_dx_InterestRateSwapAgreementsMaturitiesinNext6172MonthsMember_45278CC625AD9A2DF37143C9D99B6C85" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_DerivativeInstrumentMaturityScheduleDomain_43F2D010D319DB7A2A3143C9D99BBA43" xlink:to="loc_dx_InterestRateSwapAgreementsMaturitiesinNext6172MonthsMember_45278CC625AD9A2DF37143C9D99B6C85" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_InterestRateSwapAgreementsMaturitiesinNext7384MonthsMember" xlink:label="loc_dx_InterestRateSwapAgreementsMaturitiesinNext7384MonthsMember_834780154FF2477401A643C9D99B7603" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_DerivativeInstrumentMaturityScheduleDomain_43F2D010D319DB7A2A3143C9D99BBA43" xlink:to="loc_dx_InterestRateSwapAgreementsMaturitiesinNext7384MonthsMember_834780154FF2477401A643C9D99B7603" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_InterestRateSwapAgreementsMaturitiesinNext8596MonthsMember" xlink:label="loc_dx_InterestRateSwapAgreementsMaturitiesinNext8596MonthsMember_516172B05221A91441AD43C9D99B3BB6" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_DerivativeInstrumentMaturityScheduleDomain_43F2D010D319DB7A2A3143C9D99BBA43" xlink:to="loc_dx_InterestRateSwapAgreementsMaturitiesinNext8596MonthsMember_516172B05221A91441AD43C9D99B3BB6" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_InterestRateSwapAgreementsMaturitiesinNext97108MonthsMember" xlink:label="loc_dx_InterestRateSwapAgreementsMaturitiesinNext97108MonthsMember_069CC9627F0667B0342143C9D99B8760" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_DerivativeInstrumentMaturityScheduleDomain_43F2D010D319DB7A2A3143C9D99BBA43" xlink:to="loc_dx_InterestRateSwapAgreementsMaturitiesinNext97108MonthsMember_069CC9627F0667B0342143C9D99B8760" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_InterestRateSwapAgreementsMaturitiesinNext109120MonthsMember" xlink:label="loc_dx_InterestRateSwapAgreementsMaturitiesinNext109120MonthsMember_E06A1C68798983D347B643C9D99BF08F" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_DerivativeInstrumentMaturityScheduleDomain_43F2D010D319DB7A2A3143C9D99BBA43" xlink:to="loc_dx_InterestRateSwapAgreementsMaturitiesinNext109120MonthsMember_E06A1C68798983D347B643C9D99BF08F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_HedgingDesignationAxis" xlink:label="loc_us-gaap_HedgingDesignationAxis_F5CD1E5AFCC31A54B71043C9D99BECC7" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_7D60210CE742500A02B143C9D99A034C" xlink:to="loc_us-gaap_HedgingDesignationAxis_F5CD1E5AFCC31A54B71043C9D99BECC7" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_HedgingDesignationDomain" xlink:label="loc_us-gaap_HedgingDesignationDomain_4EDADC887FA8343FF1D043C9D99B1823" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_HedgingDesignationAxis_F5CD1E5AFCC31A54B71043C9D99BECC7" xlink:to="loc_us-gaap_HedgingDesignationDomain_4EDADC887FA8343FF1D043C9D99B1823" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NondesignatedMember" xlink:label="loc_us-gaap_NondesignatedMember_39C49EA30E45E6BA900A43C9D99B4698" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_HedgingDesignationDomain_4EDADC887FA8343FF1D043C9D99B1823" xlink:to="loc_us-gaap_NondesignatedMember_39C49EA30E45E6BA900A43C9D99B4698" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLineItems" xlink:label="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_7D60210CE742500A02B143C9D99A034C" xlink:to="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue" xlink:label="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue_2A73E8A19A6BC375538143C9D99CF909" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:to="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue_2A73E8A19A6BC375538143C9D99CF909" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeAssetNotionalAmount" xlink:label="loc_us-gaap_DerivativeAssetNotionalAmount_84355BFA82E26C92F33943C9D99C366A" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:to="loc_us-gaap_DerivativeAssetNotionalAmount_84355BFA82E26C92F33943C9D99C366A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue" xlink:label="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue_C8B7236700CCBB262B9343C9D99CEC51" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:to="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue_C8B7236700CCBB262B9343C9D99CEC51" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilityNotionalAmount" xlink:label="loc_us-gaap_DerivativeLiabilityNotionalAmount_3A9062389DF83C13B2DB43C9D99C27E3" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:to="loc_us-gaap_DerivativeLiabilityNotionalAmount_3A9062389DF83C13B2DB43C9D99C27E3" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_NotionalAmountofDerivativeInstrumentsAdded" xlink:label="loc_dx_NotionalAmountofDerivativeInstrumentsAdded_D697C789A42187AFDD5743C9D99CDF21" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:to="loc_dx_NotionalAmountofDerivativeInstrumentsAdded_D697C789A42187AFDD5743C9D99CDF21" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_NotionalAmountofDerivativeInstrumentsTerminated" xlink:label="loc_dx_NotionalAmountofDerivativeInstrumentsTerminated_6CEE03AD5CA342B85AB043C9D99C0B57" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:to="loc_dx_NotionalAmountofDerivativeInstrumentsTerminated_6CEE03AD5CA342B85AB043C9D99C0B57" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_DerivativeNotionalAmount" xlink:label="loc_invest_DerivativeNotionalAmount_18F9332978B86E9F0E4D43C9D99CFFC4" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:to="loc_invest_DerivativeNotionalAmount_18F9332978B86E9F0E4D43C9D99CFFC4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeAverageFixedInterestRate" xlink:label="loc_us-gaap_DerivativeAverageFixedInterestRate_62F69C399A751D288E7943C9D99C60E2" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:to="loc_us-gaap_DerivativeAverageFixedInterestRate_62F69C399A751D288E7943C9D99C60E2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeAverageFixedInterestRate" xlink:label="loc_us-gaap_DerivativeAverageFixedInterestRate_8F2BAC7E14574A15D56643C9D99C6517" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:to="loc_us-gaap_DerivativeAverageFixedInterestRate_8F2BAC7E14574A15D56643C9D99C6517" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:label="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_B2303257E83D4093613B43C9D99CA361" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeLineItems_CD8A9349DFE063AF654843C9D99CF1DC" xlink:to="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_B2303257E83D4093613B43C9D99CA361" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/DerivativesTables" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_97961D7E9B80FFEEAAC50EEED1684EE0" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeTable" xlink:label="loc_us-gaap_DerivativeTable_6ACF20D307AFFC66635B0EEED16881BA" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_97961D7E9B80FFEEAAC50EEED1684EE0" xlink:to="loc_us-gaap_DerivativeTable_6ACF20D307AFFC66635B0EEED16881BA" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EnergyAxis" xlink:label="loc_us-gaap_EnergyAxis_A492188545B5978392C50EEED168392F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_6ACF20D307AFFC66635B0EEED16881BA" xlink:to="loc_us-gaap_EnergyAxis_A492188545B5978392C50EEED168392F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EnergyDomain" xlink:label="loc_us-gaap_EnergyDomain_8BDF4AC5F7BBE59CC5820EEED1686549" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EnergyAxis_A492188545B5978392C50EEED168392F" xlink:to="loc_us-gaap_EnergyDomain_8BDF4AC5F7BBE59CC5820EEED1686549" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="loc_us-gaap_VariableRateAxis_89097F11C1811EE29CA30EEED1686984" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_6ACF20D307AFFC66635B0EEED16881BA" xlink:to="loc_us-gaap_VariableRateAxis_89097F11C1811EE29CA30EEED1686984" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_us-gaap_VariableRateDomain_C0DB0EC2CBDB6B5388A90EEED1689439" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_VariableRateAxis_89097F11C1811EE29CA30EEED1686984" xlink:to="loc_us-gaap_VariableRateDomain_C0DB0EC2CBDB6B5388A90EEED1689439" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeByNatureAxis" xlink:label="loc_us-gaap_DerivativeByNatureAxis_AABCF23EF2E0CD7272EE0EEED168E6E2" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_6ACF20D307AFFC66635B0EEED16881BA" xlink:to="loc_us-gaap_DerivativeByNatureAxis_AABCF23EF2E0CD7272EE0EEED168E6E2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeNameDomain" xlink:label="loc_us-gaap_DerivativeNameDomain_70C7EF3DE5D473C3132E0EEED16832EC" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeByNatureAxis_AABCF23EF2E0CD7272EE0EEED168E6E2" xlink:to="loc_us-gaap_DerivativeNameDomain_70C7EF3DE5D473C3132E0EEED16832EC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PositionAxis" xlink:label="loc_us-gaap_PositionAxis_99F5C166DFC049D092190EEED16804ED" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_6ACF20D307AFFC66635B0EEED16881BA" xlink:to="loc_us-gaap_PositionAxis_99F5C166DFC049D092190EEED16804ED" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PositionDomain" xlink:label="loc_us-gaap_PositionDomain_A070F15243AB932F12FA0EEED16877FB" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PositionAxis_99F5C166DFC049D092190EEED16804ED" xlink:to="loc_us-gaap_PositionDomain_A070F15243AB932F12FA0EEED16877FB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLineItems" xlink:label="loc_us-gaap_DerivativeLineItems_48088A46937C60DD17CD0EEED1690FB7" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeTable_6ACF20D307AFFC66635B0EEED16881BA" xlink:to="loc_us-gaap_DerivativeLineItems_48088A46937C60DD17CD0EEED1690FB7" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock_15D47BE2681F62E46B6F0EEED169036F" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_97961D7E9B80FFEEAAC50EEED1684EE0" xlink:to="loc_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock_15D47BE2681F62E46B6F0EEED169036F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock_68DBC37049F9D9510D4D0EEED1691645" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_97961D7E9B80FFEEAAC50EEED1684EE0" xlink:to="loc_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock_68DBC37049F9D9510D4D0EEED1691645" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock_FB8D123A5B4783A523250EEED169A214" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_97961D7E9B80FFEEAAC50EEED1684EE0" xlink:to="loc_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock_FB8D123A5B4783A523250EEED169A214" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock_F76B945FCFEF15524F8C0EEED169CA02" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_97961D7E9B80FFEEAAC50EEED1684EE0" xlink:to="loc_us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock_F76B945FCFEF15524F8C0EEED169CA02" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock_3BD8A991767C3A8B223D0EEED1693E8A" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_97961D7E9B80FFEEAAC50EEED1684EE0" xlink:to="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock_3BD8A991767C3A8B223D0EEED1693E8A" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/DocumentAndEntityInformation" xlink:type="extended">
    <loc xlink:href="dx-20150331.xsd#dx_DocumentAndEntityInformationAbstract" xlink:label="loc_dx_DocumentAndEntityInformationAbstract_FAF92537C3EE91C70A3530C4FFCBE62B" xlink:type="locator" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntitiesTable" xlink:label="loc_dei_EntitiesTable_40E07D7D903A9A391F8B30C4FFD16251" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_DocumentAndEntityInformationAbstract_FAF92537C3EE91C70A3530C4FFCBE62B" xlink:to="loc_dei_EntitiesTable_40E07D7D903A9A391F8B30C4FFD16251" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_63AF3A3F5A76947D14ED30C4FFD17528" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntitiesTable_40E07D7D903A9A391F8B30C4FFD16251" xlink:to="loc_dei_LegalEntityAxis_63AF3A3F5A76947D14ED30C4FFD17528" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_FE656A10713000ABBB6730C4FFD174F4" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_63AF3A3F5A76947D14ED30C4FFD17528" xlink:to="loc_dei_EntityDomain_FE656A10713000ABBB6730C4FFD174F4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityInformationLineItems" xlink:label="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntitiesTable_40E07D7D903A9A391F8B30C4FFD16251" xlink:to="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_1E67DE2382A8A743159830C4FFD2DDF9" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_EntityRegistrantName_1E67DE2382A8A743159830C4FFD2DDF9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey_820574B65A7A04640C4830C4FFD2A987" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_EntityCentralIndexKey_820574B65A7A04640C4830C4FFD2A987" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate_FF329BE98135D586835130C4FFD2A6E0" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_CurrentFiscalYearEndDate_FF329BE98135D586835130C4FFD2A6E0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory_05DA79D1095EA68C404D30C4FFD2C6B0" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_EntityFilerCategory_05DA79D1095EA68C404D30C4FFD2C6B0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_610368D3F291D1122EE030C4FFD2AA30" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_DocumentType_610368D3F291D1122EE030C4FFD2AA30" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_C23491D58E0A4F748C0B30C4FFD26C2B" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_DocumentPeriodEndDate_C23491D58E0A4F748C0B30C4FFD26C2B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus_4D10198D0FC0796185F730C4FFD21EAF" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_DocumentFiscalYearFocus_4D10198D0FC0796185F730C4FFD21EAF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus_2963DDBADDB1BDACE2B930C4FFD216EE" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_DocumentFiscalPeriodFocus_2963DDBADDB1BDACE2B930C4FFD216EE" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_CFFD2BE6EED00B0932E830C4FFD2F5C3" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_AmendmentFlag_CFFD2BE6EED00B0932E830C4FFD2F5C3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding_A37232DC8FCEC50E5E3E30C4FFD2F0A4" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_EntityCommonStockSharesOutstanding_A37232DC8FCEC50E5E3E30C4FFD2F0A4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer_EC642AD0AF831D5B6FC330C4FFD246A0" xlink:type="locator" />
    <presentationArc order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_EntityWellKnownSeasonedIssuer_EC642AD0AF831D5B6FC330C4FFD246A0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_dei_EntityVoluntaryFilers_753103897023E13FFAB630C4FFD26508" xlink:type="locator" />
    <presentationArc order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_EntityVoluntaryFilers_753103897023E13FFAB630C4FFD26508" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus_45ED6EEB6F714DF8AF1B30C4FFD2A188" xlink:type="locator" />
    <presentationArc order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_EntityCurrentReportingStatus_45ED6EEB6F714DF8AF1B30C4FFD2A188" xlink:type="arc" />
    <loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_dei_EntityPublicFloat_658E06CFCBAD7A71ABD030C4FFD25F9B" xlink:type="locator" />
    <presentationArc order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_162B3B320A27D1795EE830C4FFD1A2F1" xlink:to="loc_dei_EntityPublicFloat_658E06CFCBAD7A71ABD030C4FFD25F9B" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsFairValueOnRecurringBasisDetails" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_258FFB7E5D6E8D898EB30EEED185A49C" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_C2CB8D978422EBB2D6280EEED185FE3D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_258FFB7E5D6E8D898EB30EEED185A49C" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_C2CB8D978422EBB2D6280EEED185FE3D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis_EAF35AAE94DA7971D8CF0EEED185F08D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_C2CB8D978422EBB2D6280EEED185FE3D" xlink:to="loc_us-gaap_FairValueByMeasurementFrequencyAxis_EAF35AAE94DA7971D8CF0EEED185F08D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="loc_us-gaap_FairValueMeasurementFrequencyDomain_4783B0D2B5725B457F6D0EEED1858244" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis_EAF35AAE94DA7971D8CF0EEED185F08D" xlink:to="loc_us-gaap_FairValueMeasurementFrequencyDomain_4783B0D2B5725B457F6D0EEED1858244" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="loc_us-gaap_FairValueMeasurementsRecurringMember_361270F3D474C073975D0EEED185D23C" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementFrequencyDomain_4783B0D2B5725B457F6D0EEED1858244" xlink:to="loc_us-gaap_FairValueMeasurementsRecurringMember_361270F3D474C073975D0EEED185D23C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_C5F13DB50ED6B8C0109F0EEED1857213" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_C2CB8D978422EBB2D6280EEED185FE3D" xlink:to="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_C5F13DB50ED6B8C0109F0EEED1857213" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_A027C4FF7A99C4C5C2FD0EEED186BD9E" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_C5F13DB50ED6B8C0109F0EEED1857213" xlink:to="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_A027C4FF7A99C4C5C2FD0EEED186BD9E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="loc_us-gaap_FairValueInputsLevel1Member_576B4AFC92E02576A4C30EEED1863EA6" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_A027C4FF7A99C4C5C2FD0EEED186BD9E" xlink:to="loc_us-gaap_FairValueInputsLevel1Member_576B4AFC92E02576A4C30EEED1863EA6" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="loc_us-gaap_FairValueInputsLevel2Member_50852CA5120FC2BE40D10EEED186898B" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_A027C4FF7A99C4C5C2FD0EEED186BD9E" xlink:to="loc_us-gaap_FairValueInputsLevel2Member_50852CA5120FC2BE40D10EEED186898B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="loc_us-gaap_FairValueInputsLevel3Member_BF4A076376B56469EC350EEED1864E13" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_A027C4FF7A99C4C5C2FD0EEED186BD9E" xlink:to="loc_us-gaap_FairValueInputsLevel3Member_BF4A076376B56469EC350EEED1864E13" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_8B80D2B482110D38D7290EEED1864948" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_C2CB8D978422EBB2D6280EEED185FE3D" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_8B80D2B482110D38D7290EEED1864948" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue_7BC0948468D3647EE9C90EEED186FB1C" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_8B80D2B482110D38D7290EEED1864948" xlink:to="loc_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue_7BC0948468D3647EE9C90EEED186FB1C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeAssets" xlink:label="loc_us-gaap_DerivativeAssets_19C390BF724B878EC49B0EEED1868C81" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_8B80D2B482110D38D7290EEED1864948" xlink:to="loc_us-gaap_DerivativeAssets_19C390BF724B878EC49B0EEED1868C81" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsFairValueDisclosureRecurring" xlink:label="loc_us-gaap_AssetsFairValueDisclosureRecurring_4091DCBE8E9AF3F3194D0EEED186C500" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_8B80D2B482110D38D7290EEED1864948" xlink:to="loc_us-gaap_AssetsFairValueDisclosureRecurring_4091DCBE8E9AF3F3194D0EEED186C500" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="loc_us-gaap_DerivativeLiabilities_0BF059CCCF67D842F53F0EEED1863949" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_8B80D2B482110D38D7290EEED1864948" xlink:to="loc_us-gaap_DerivativeLiabilities_0BF059CCCF67D842F53F0EEED1863949" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureRecurring" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosureRecurring_B44119D1730B0E6A9A2C0EEED1863376" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_8B80D2B482110D38D7290EEED1864948" xlink:to="loc_us-gaap_LiabilitiesFairValueDisclosureRecurring_B44119D1730B0E6A9A2C0EEED1863376" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsLevel3Details" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_751CCEA015A41F07967E34B1D1509B7F" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_D7A3B47A42DB6F4C4BCC34B1D150C2D4" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_751CCEA015A41F07967E34B1D1509B7F" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_D7A3B47A42DB6F4C4BCC34B1D150C2D4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByAssetClassAxis" xlink:label="loc_us-gaap_FairValueByAssetClassAxis_F68925BB047C042322D834B1D150E2AB" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_D7A3B47A42DB6F4C4BCC34B1D150C2D4" xlink:to="loc_us-gaap_FairValueByAssetClassAxis_F68925BB047C042322D834B1D150E2AB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_95860640EC2CDB23D28734B1D15093A3" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByAssetClassAxis_F68925BB047C042322D834B1D150E2AB" xlink:to="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_95860640EC2CDB23D28734B1D15093A3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:label="loc_us-gaap_CommercialMortgageBackedSecuritiesMember_6B1893A344E187EADB3934B1D150ED51" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_95860640EC2CDB23D28734B1D15093A3" xlink:to="loc_us-gaap_CommercialMortgageBackedSecuritiesMember_6B1893A344E187EADB3934B1D150ED51" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:label="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember_4005A72E3A446821994134B1D1504B0F" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_95860640EC2CDB23D28734B1D15093A3" xlink:to="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember_4005A72E3A446821994134B1D1504B0F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis_B87345B23183CA01B0F734B1D15072A7" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_D7A3B47A42DB6F4C4BCC34B1D150C2D4" xlink:to="loc_us-gaap_FairValueByMeasurementFrequencyAxis_B87345B23183CA01B0F734B1D15072A7" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="loc_us-gaap_FairValueMeasurementFrequencyDomain_0707A252739ADF788A6A34B1D1509858" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis_B87345B23183CA01B0F734B1D15072A7" xlink:to="loc_us-gaap_FairValueMeasurementFrequencyDomain_0707A252739ADF788A6A34B1D1509858" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="loc_us-gaap_FairValueMeasurementsRecurringMember_BA8DB8BD47755ADABF2534B1D150209A" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementFrequencyDomain_0707A252739ADF788A6A34B1D1509858" xlink:to="loc_us-gaap_FairValueMeasurementsRecurringMember_BA8DB8BD47755ADABF2534B1D150209A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_CD82E1063EC4BC842B3934B1D1508FBB" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_D7A3B47A42DB6F4C4BCC34B1D150C2D4" xlink:to="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_CD82E1063EC4BC842B3934B1D1508FBB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_E1743B9F43C52968C1DC34B1D150D93F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_CD82E1063EC4BC842B3934B1D1508FBB" xlink:to="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_E1743B9F43C52968C1DC34B1D150D93F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="loc_us-gaap_FairValueInputsLevel3Member_E9E3B9F9F90C44DBB63E34B1D1504F50" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_E1743B9F43C52968C1DC34B1D150D93F" xlink:to="loc_us-gaap_FairValueInputsLevel3Member_E9E3B9F9F90C44DBB63E34B1D1504F50" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_EBFDEC30D87CC15C0C2D34B1D1500DBF" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_D7A3B47A42DB6F4C4BCC34B1D150C2D4" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_EBFDEC30D87CC15C0C2D34B1D1500DBF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_FFEC1D629269A97D4A6C34B1D15091F5" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_EBFDEC30D87CC15C0C2D34B1D1500DBF" xlink:to="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_FFEC1D629269A97D4A6C34B1D15091F5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_26ACE5DD284AE6480ACE34B1D150CFAA" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_FFEC1D629269A97D4A6C34B1D15091F5" xlink:to="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_26ACE5DD284AE6480ACE34B1D150CFAA" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_0ADCB65A7CAD41A45DAA34B1D150C05C" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_FFEC1D629269A97D4A6C34B1D15091F5" xlink:to="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_0ADCB65A7CAD41A45DAA34B1D150C05C" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPrincipalPayments" xlink:label="loc_dx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPrincipalPayments_CA981050B92C9FE3630134B1D151DBA9" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_FFEC1D629269A97D4A6C34B1D15091F5" xlink:to="loc_dx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPrincipalPayments_CA981050B92C9FE3630134B1D151DBA9" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisAssetAccretion" xlink:label="loc_dx_FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisAssetAccretion_E2B959FFA8F6024E533434B1D151FEE3" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_FFEC1D629269A97D4A6C34B1D15091F5" xlink:to="loc_dx_FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisAssetAccretion_E2B959FFA8F6024E533434B1D151FEE3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_996512AEE30B9587AB7234B1D1515575" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_FFEC1D629269A97D4A6C34B1D15091F5" xlink:to="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_996512AEE30B9587AB7234B1D1515575" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsNotes" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_AA587B3FD9CC021015B60EEED1B1AFEF" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="loc_us-gaap_FairValueDisclosuresTextBlock_E6EE085217807E2B46720EEED1B11902" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_AA587B3FD9CC021015B60EEED1B1AFEF" xlink:to="loc_us-gaap_FairValueDisclosuresTextBlock_E6EE085217807E2B46720EEED1B11902" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsRecordedBasisAndFairValueDetails" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_B20693F13B43A6EB90E70EEED15262D1" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5EF2D143DCFAA35C05680EEED152240F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_B20693F13B43A6EB90E70EEED15262D1" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5EF2D143DCFAA35C05680EEED152240F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="loc_us-gaap_FairValueByMeasurementBasisAxis_FFE222516997BFE0DDA10EEED1527E25" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5EF2D143DCFAA35C05680EEED152240F" xlink:to="loc_us-gaap_FairValueByMeasurementBasisAxis_FFE222516997BFE0DDA10EEED1527E25" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="loc_us-gaap_FairValueDisclosureItemAmountsDomain_F162E273DF31A0BE1D260EEED15207F4" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByMeasurementBasisAxis_FFE222516997BFE0DDA10EEED1527E25" xlink:to="loc_us-gaap_FairValueDisclosureItemAmountsDomain_F162E273DF31A0BE1D260EEED15207F4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:label="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember_CFD90F4BF8B51A1DAFDE0EEED152FC1F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosureItemAmountsDomain_F162E273DF31A0BE1D260EEED15207F4" xlink:to="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember_CFD90F4BF8B51A1DAFDE0EEED152FC1F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember_FD0755F0987360507F410EEED1523C74" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember_CFD90F4BF8B51A1DAFDE0EEED152FC1F" xlink:to="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember_FD0755F0987360507F410EEED1523C74" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:label="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember_FCBB1223D3FFCEE6649F0EEED152437B" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember_CFD90F4BF8B51A1DAFDE0EEED152FC1F" xlink:to="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember_FCBB1223D3FFCEE6649F0EEED152437B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis_35CB16E6273FFEBE808B0EEED15230EB" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5EF2D143DCFAA35C05680EEED152240F" xlink:to="loc_us-gaap_FairValueByMeasurementFrequencyAxis_35CB16E6273FFEBE808B0EEED15230EB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="loc_us-gaap_FairValueMeasurementFrequencyDomain_8582BA6A2D9C09AFB1FF0EEED153161D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis_35CB16E6273FFEBE808B0EEED15230EB" xlink:to="loc_us-gaap_FairValueMeasurementFrequencyDomain_8582BA6A2D9C09AFB1FF0EEED153161D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="loc_us-gaap_FairValueMeasurementsRecurringMember_1591AE0C9FE1B6894DB40EEED153A229" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementFrequencyDomain_8582BA6A2D9C09AFB1FF0EEED153161D" xlink:to="loc_us-gaap_FairValueMeasurementsRecurringMember_1591AE0C9FE1B6894DB40EEED153A229" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_5AF247B2AE14A8F8364A0EEED153340A" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5EF2D143DCFAA35C05680EEED152240F" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_5AF247B2AE14A8F8364A0EEED153340A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure" xlink:label="loc_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure_58F458813DDEB44D9C920EEED1530801" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_5AF247B2AE14A8F8364A0EEED153340A" xlink:to="loc_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure_58F458813DDEB44D9C920EEED1530801" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CostMethodInvestmentsFairValueDisclosure" xlink:label="loc_us-gaap_CostMethodInvestmentsFairValueDisclosure_B7DD8F8E9DB23713572F0EEED1530ADA" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_5AF247B2AE14A8F8364A0EEED153340A" xlink:to="loc_us-gaap_CostMethodInvestmentsFairValueDisclosure_B7DD8F8E9DB23713572F0EEED1530ADA" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeAssets" xlink:label="loc_us-gaap_DerivativeAssets_B55E5E6CE84D39DEA8330EEED1535CCF" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_5AF247B2AE14A8F8364A0EEED153340A" xlink:to="loc_us-gaap_DerivativeAssets_B55E5E6CE84D39DEA8330EEED1535CCF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:label="loc_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_5A5B1A0BA977C0E925B20EEED1531014" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_5AF247B2AE14A8F8364A0EEED153340A" xlink:to="loc_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_5A5B1A0BA977C0E925B20EEED1531014" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebtFairValue" xlink:label="loc_us-gaap_LongTermDebtFairValue_53439367EAEC2276108C0EEED1533187" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_5AF247B2AE14A8F8364A0EEED153340A" xlink:to="loc_us-gaap_LongTermDebtFairValue_53439367EAEC2276108C0EEED1533187" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="loc_us-gaap_DerivativeLiabilities_FAAB02FAFEF8E0167DEE0EEED153A73D" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_5AF247B2AE14A8F8364A0EEED153340A" xlink:to="loc_us-gaap_DerivativeLiabilities_FAAB02FAFEF8E0167DEE0EEED153A73D" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsSignificantUnobservableInputsLevel3Details" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_F2E3F6D28F0433F87F0B0EEED1B48072" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5D7D100880B486E476310EEED1B4733D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_F2E3F6D28F0433F87F0B0EEED1B48072" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5D7D100880B486E476310EEED1B4733D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis_F2FD35B3A19B2CB7F0730EEED1B4AC86" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5D7D100880B486E476310EEED1B4733D" xlink:to="loc_us-gaap_FairValueByMeasurementFrequencyAxis_F2FD35B3A19B2CB7F0730EEED1B4AC86" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="loc_us-gaap_FairValueMeasurementFrequencyDomain_E0573B4030F8F474B95D0EEED1B4E5CB" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis_F2FD35B3A19B2CB7F0730EEED1B4AC86" xlink:to="loc_us-gaap_FairValueMeasurementFrequencyDomain_E0573B4030F8F474B95D0EEED1B4E5CB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="loc_us-gaap_FairValueMeasurementsRecurringMember_388C79021D899003620C0EEED1B5D660" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementFrequencyDomain_E0573B4030F8F474B95D0EEED1B4E5CB" xlink:to="loc_us-gaap_FairValueMeasurementsRecurringMember_388C79021D899003620C0EEED1B5D660" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_0E743E0D771F19F475D20EEED1B5446B" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5D7D100880B486E476310EEED1B4733D" xlink:to="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_0E743E0D771F19F475D20EEED1B5446B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_DB8BED3CC940327BDD680EEED1B536E7" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_0E743E0D771F19F475D20EEED1B5446B" xlink:to="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_DB8BED3CC940327BDD680EEED1B536E7" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="loc_us-gaap_FairValueInputsLevel3Member_69A6DA1C3FD9DAFC28A10EEED1B5FB9A" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_DB8BED3CC940327BDD680EEED1B536E7" xlink:to="loc_us-gaap_FairValueInputsLevel3Member_69A6DA1C3FD9DAFC28A10EEED1B5FB9A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByAssetClassAxis" xlink:label="loc_us-gaap_FairValueByAssetClassAxis_64B61378F513F44617400EEED1B5C146" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5D7D100880B486E476310EEED1B4733D" xlink:to="loc_us-gaap_FairValueByAssetClassAxis_64B61378F513F44617400EEED1B5C146" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_2E14472E0CBF7BCEB1FE0EEED1B519D3" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByAssetClassAxis_64B61378F513F44617400EEED1B5C146" xlink:to="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_2E14472E0CBF7BCEB1FE0EEED1B519D3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:label="loc_us-gaap_CommercialMortgageBackedSecuritiesMember_BA01D4A97050DC4F31B90EEED1B5EAC2" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_2E14472E0CBF7BCEB1FE0EEED1B519D3" xlink:to="loc_us-gaap_CommercialMortgageBackedSecuritiesMember_BA01D4A97050DC4F31B90EEED1B5EAC2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:label="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember_97E0278AF3DEEBC3BBFF0EEED1B5BB7C" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_2E14472E0CBF7BCEB1FE0EEED1B519D3" xlink:to="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember_97E0278AF3DEEBC3BBFF0EEED1B5BB7C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_B5C9CDCFDB6DF1F7EC1F0EEED1B56C39" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_5D7D100880B486E476310EEED1B4733D" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_B5C9CDCFDB6DF1F7EC1F0EEED1B56C39" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsQuantitativeInformationAbstract" xlink:label="loc_us-gaap_FairValueInputsQuantitativeInformationAbstract_FA7042FC013B82D7BE500EEED1B5D6E1" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_B5C9CDCFDB6DF1F7EC1F0EEED1B56C39" xlink:to="loc_us-gaap_FairValueInputsQuantitativeInformationAbstract_FA7042FC013B82D7BE500EEED1B5D6E1" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsPrepaymentRate" xlink:label="loc_us-gaap_FairValueInputsPrepaymentRate_078FFD51F75D95F1831E0EEED1B56504" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueInputsQuantitativeInformationAbstract_FA7042FC013B82D7BE500EEED1B5D6E1" xlink:to="loc_us-gaap_FairValueInputsPrepaymentRate_078FFD51F75D95F1831E0EEED1B56504" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsProbabilityOfDefault" xlink:label="loc_us-gaap_FairValueInputsProbabilityOfDefault_9E85B6EEEBFAB32ECB630EEED1B5AB4F" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueInputsQuantitativeInformationAbstract_FA7042FC013B82D7BE500EEED1B5D6E1" xlink:to="loc_us-gaap_FairValueInputsProbabilityOfDefault_9E85B6EEEBFAB32ECB630EEED1B5AB4F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsLossSeverity" xlink:label="loc_us-gaap_FairValueInputsLossSeverity_0E57DB194AE93E05910D0EEED1B5DCDC" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueInputsQuantitativeInformationAbstract_FA7042FC013B82D7BE500EEED1B5D6E1" xlink:to="loc_us-gaap_FairValueInputsLossSeverity_0E57DB194AE93E05910D0EEED1B5DCDC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsDiscountRate" xlink:label="loc_us-gaap_FairValueInputsDiscountRate_092DD1C9757BA51A593D0EEED1B50D03" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueInputsQuantitativeInformationAbstract_FA7042FC013B82D7BE500EEED1B5D6E1" xlink:to="loc_us-gaap_FairValueInputsDiscountRate_092DD1C9757BA51A593D0EEED1B50D03" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/FairValueOfFinancialInstrumentsTables" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_E2D70704755AD249CCE20EEED19F8307" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_CDCD54152080BE3091DB0EEED19FAB18" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_E2D70704755AD249CCE20EEED19F8307" xlink:to="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_CDCD54152080BE3091DB0EEED19FAB18" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock" xlink:label="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock_053337B411CE1F22E0340EEED19F1C4A" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_E2D70704755AD249CCE20EEED19F8307" xlink:to="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock_053337B411CE1F22E0340EEED19F1C4A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_AEDF466A5CD8CB0582A20EEED19F8898" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_E2D70704755AD249CCE20EEED19F8307" xlink:to="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_AEDF466A5CD8CB0582A20EEED19F8898" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock_3B9FAAF4E6000C7875AD0EEED19FD101" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_E2D70704755AD249CCE20EEED19F8307" xlink:to="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock_3B9FAAF4E6000C7875AD0EEED19FD101" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/MortgageBackedSecuritiesMortgageBackedSecuritiesDesignatedAsAfsDetails" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAbstract" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesAbstract_0F8A6B1026D3274AA0C88F7D22DF0FEA" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesTable" xlink:label="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_B7C29AB81E041B310B3F8F7D22DF74E5" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesAbstract_0F8A6B1026D3274AA0C88F7D22DF0FEA" xlink:to="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_B7C29AB81E041B310B3F8F7D22DF74E5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByAssetClassAxis" xlink:label="loc_us-gaap_FairValueByAssetClassAxis_4481C2B393D30765D3998F7D22DF9687" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_B7C29AB81E041B310B3F8F7D22DF74E5" xlink:to="loc_us-gaap_FairValueByAssetClassAxis_4481C2B393D30765D3998F7D22DF9687" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_42B481406AB0FD6D603C8F7D22DF6DD3" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByAssetClassAxis_4481C2B393D30765D3998F7D22DF9687" xlink:to="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_42B481406AB0FD6D603C8F7D22DF6DD3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember" xlink:label="loc_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember_DE5A31AB7D3F612CEBDB8F7D22DF3C53" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_42B481406AB0FD6D603C8F7D22DF6DD3" xlink:to="loc_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember_DE5A31AB7D3F612CEBDB8F7D22DF3C53" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:label="loc_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_A9EC3C3326B7B28F858B8F7D22DFFD86" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_42B481406AB0FD6D603C8F7D22DF6DD3" xlink:to="loc_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_A9EC3C3326B7B28F858B8F7D22DFFD86" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis" xlink:label="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis_175B066BC97E77007F0E8F7D22DF4913" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_B7C29AB81E041B310B3F8F7D22DF74E5" xlink:to="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis_175B066BC97E77007F0E8F7D22DF4913" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain" xlink:label="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_C9BD2DF7FF3AF4BC8A9E8F7D22DFB0B0" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis_175B066BC97E77007F0E8F7D22DF4913" xlink:to="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_C9BD2DF7FF3AF4BC8A9E8F7D22DFB0B0" xlink:type="arc" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_C9BD2DF7FF3AF4BC8A9E8F7D22DFB0B0" xlink:to="loc_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember_DE5A31AB7D3F612CEBDB8F7D22DF3C53" xlink:type="arc" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_C9BD2DF7FF3AF4BC8A9E8F7D22DFB0B0" xlink:to="loc_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_A9EC3C3326B7B28F858B8F7D22DFFD86" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtSecurityAxis" xlink:label="loc_us-gaap_DebtSecurityAxis_A8049DACD76E80B69FD28F7D22DFA58D" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_B7C29AB81E041B310B3F8F7D22DF74E5" xlink:to="loc_us-gaap_DebtSecurityAxis_A8049DACD76E80B69FD28F7D22DFA58D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MajorTypesOfDebtSecuritiesDomain" xlink:label="loc_us-gaap_MajorTypesOfDebtSecuritiesDomain_7C34663B6E0E57A775A58F7D22DF949F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtSecurityAxis_A8049DACD76E80B69FD28F7D22DFA58D" xlink:to="loc_us-gaap_MajorTypesOfDebtSecuritiesDomain_7C34663B6E0E57A775A58F7D22DF949F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:label="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember_C954DBE458A07CF70B758F7D22DF7E52" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtSecuritiesDomain_7C34663B6E0E57A775A58F7D22DF949F" xlink:to="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember_C954DBE458A07CF70B758F7D22DF7E52" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:label="loc_us-gaap_CommercialMortgageBackedSecuritiesMember_4C14A75DFBD200AAC37C8F7D22DFBB48" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtSecuritiesDomain_7C34663B6E0E57A775A58F7D22DF949F" xlink:to="loc_us-gaap_CommercialMortgageBackedSecuritiesMember_4C14A75DFBD200AAC37C8F7D22DFBB48" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestOnlyStripMember" xlink:label="loc_us-gaap_InterestOnlyStripMember_79D6F1622D7927AB63F88F7D22E06EB5" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtSecuritiesDomain_7C34663B6E0E57A775A58F7D22DF949F" xlink:to="loc_us-gaap_InterestOnlyStripMember_79D6F1622D7927AB63F88F7D22E06EB5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:label="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_B7C29AB81E041B310B3F8F7D22DF74E5" xlink:to="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InvestmentOwnedBalancePrincipalAmount" xlink:label="loc_us-gaap_InvestmentOwnedBalancePrincipalAmount_DEF65F1C81E8967231F38F7D22E07EA1" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_InvestmentOwnedBalancePrincipalAmount_DEF65F1C81E8967231F38F7D22E07EA1" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_InvestmentsUnamortizedPremiumDiscount" xlink:label="loc_dx_InvestmentsUnamortizedPremiumDiscount_3CD33FE89A92E8AC42E08F7D22E047F9" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_dx_InvestmentsUnamortizedPremiumDiscount_3CD33FE89A92E8AC42E08F7D22E047F9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_1138BD81B0A910891D1D8F7D22E05F80" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_1138BD81B0A910891D1D8F7D22E05F80" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_E11B819319D08BC218AB8F7D22E0EB24" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_E11B819319D08BC218AB8F7D22E0EB24" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_4C2FA79E71DE496AC1D38F7D22E05863" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_4C2FA79E71DE496AC1D38F7D22E05863" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_CC9E49725E7C5C37D6A78F7D22E0E711" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_CC9E49725E7C5C37D6A78F7D22E0E711" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_InvestmentsWeightedAverageCouponRate" xlink:label="loc_dx_InvestmentsWeightedAverageCouponRate_81DBFB68257E32DB8EC88F7D22E0A931" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_dx_InvestmentsWeightedAverageCouponRate_81DBFB68257E32DB8EC88F7D22E0A931" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_Notionalbalanceforinterestonlysecurities" xlink:label="loc_dx_Notionalbalanceforinterestonlysecurities_AA9F58EF1D1325C3D2E08F7D22E03720" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_dx_Notionalbalanceforinterestonlysecurities_AA9F58EF1D1325C3D2E08F7D22E03720" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds_6C6BD32D494B8AAC810D8F7D22E0722C" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds_6C6BD32D494B8AAC810D8F7D22E0722C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains_6FD33E412C888F753AD78F7D22E0829C" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains_6FD33E412C888F753AD78F7D22E0829C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses_14FB1EC4836DFA7118868F7D22E04949" xlink:type="locator" />
    <presentationArc order="11" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses_14FB1EC4836DFA7118868F7D22E04949" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet_B493D97B1A50877EEAAC8F7D22E0A2D5" xlink:type="locator" />
    <presentationArc order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet_B493D97B1A50877EEAAC8F7D22E0A2D5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue_C75D8BD4E082451E18088F7D22E005D5" xlink:type="locator" />
    <presentationArc order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue_C75D8BD4E082451E18088F7D22E005D5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_456AB7C27855FCCD7EC68F7D22E05D89" xlink:type="locator" />
    <presentationArc order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_456AB7C27855FCCD7EC68F7D22E05D89" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsLessThanOneYear" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsLessThanOneYear_CE1623661B598EE12ED38F7D22E0159B" xlink:type="locator" />
    <presentationArc order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsLessThanOneYear_CE1623661B598EE12ED38F7D22E0159B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue_637DEA17366239FFE9758F7D22E0128A" xlink:type="locator" />
    <presentationArc order="16" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue_637DEA17366239FFE9758F7D22E0128A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_B7259D74341112D676F48F7D22E0BA4D" xlink:type="locator" />
    <presentationArc order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_B7259D74341112D676F48F7D22E0BA4D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear" xlink:label="loc_us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear_23B4F837214F2CE253F08F7D22E0B37A" xlink:type="locator" />
    <presentationArc order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_3997B0B574E25187AED88F7D22E0DC2B" xlink:to="loc_us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear_23B4F837214F2CE253F08F7D22E0B37A" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/MortgageBackedSecuritiesMortgageBackedSecuritiesNotes" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:label="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_1E59EF979F78038EEA0D0EEED1ADE5CF" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:label="loc_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_AB664FFC1D566F6089D50EEED1ADD42E" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_1E59EF979F78038EEA0D0EEED1ADE5CF" xlink:to="loc_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_AB664FFC1D566F6089D50EEED1ADD42E" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/MortgageBackedSecuritiesMortgageBackedSecuritiesTables" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:label="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_FF51727AD7BBCDBA0FB80EEED1B76DF3" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesTable" xlink:label="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_546CDA84CE111CE8E7550EEED1B7E6C9" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_FF51727AD7BBCDBA0FB80EEED1B76DF3" xlink:to="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_546CDA84CE111CE8E7550EEED1B7E6C9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis" xlink:label="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis_61FE47BBA4AC08EFBEA70EEED1B7A739" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_546CDA84CE111CE8E7550EEED1B7E6C9" xlink:to="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis_61FE47BBA4AC08EFBEA70EEED1B7A739" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain" xlink:label="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_1065B81B09F1A17B6E7F0EEED1B76877" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis_61FE47BBA4AC08EFBEA70EEED1B7A739" xlink:to="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_1065B81B09F1A17B6E7F0EEED1B76877" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_2462B9D450FCF7B6008C0EEED1B7939B" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_546CDA84CE111CE8E7550EEED1B7E6C9" xlink:to="loc_us-gaap_RangeAxis_2462B9D450FCF7B6008C0EEED1B7939B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_A081D84C669474570F5F0EEED1B7F1AA" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_2462B9D450FCF7B6008C0EEED1B7939B" xlink:to="loc_us-gaap_RangeMember_A081D84C669474570F5F0EEED1B7F1AA" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:label="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_DE6085F930DDF907B66D0EEED1B743EB" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_546CDA84CE111CE8E7550EEED1B7E6C9" xlink:to="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_DE6085F930DDF907B66D0EEED1B743EB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfRealizedGainLossTableTextBlock_DD082D4B0B4FE4A7CB9D0EEED1B73797" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_DE6085F930DDF907B66D0EEED1B743EB" xlink:to="loc_us-gaap_ScheduleOfRealizedGainLossTableTextBlock_DD082D4B0B4FE4A7CB9D0EEED1B73797" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesTextBlock" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesTextBlock_C2618757B1A3E2B38CED0EEED1B8FC68" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_FF51727AD7BBCDBA0FB80EEED1B76DF3" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesTextBlock_C2618757B1A3E2B38CED0EEED1B8FC68" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValueTableTextBlock" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValueTableTextBlock_7B21E8BD71A4BCBCB3CE0EEED1B8EA52" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_FF51727AD7BBCDBA0FB80EEED1B76DF3" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValueTableTextBlock_7B21E8BD71A4BCBCB3CE0EEED1B8EA52" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/OffsettingAssetsAndLiabilitiesOffsettingAssetsDetails" xlink:type="extended">
    <loc xlink:href="dx-20150331.xsd#dx_OffsettingAssetsandLiabilitiesAbstract" xlink:label="loc_dx_OffsettingAssetsandLiabilitiesAbstract_24647440FFD1C73541BC0EEED13D7A16" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OffsettingAssetsTable" xlink:label="loc_us-gaap_OffsettingAssetsTable_38FB0F3E8472BFC434860EEED13DF585" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_OffsettingAssetsandLiabilitiesAbstract_24647440FFD1C73541BC0EEED13D7A16" xlink:to="loc_us-gaap_OffsettingAssetsTable_38FB0F3E8472BFC434860EEED13DF585" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis_96F7847B1BCD3663D4140EEED13D4C78" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsTable_38FB0F3E8472BFC434860EEED13DF585" xlink:to="loc_us-gaap_DerivativeInstrumentRiskAxis_96F7847B1BCD3663D4140EEED13D4C78" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_us-gaap_DerivativeContractTypeDomain_674F9D7F4B3AEC7E646B0EEED13DC877" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis_96F7847B1BCD3663D4140EEED13D4C78" xlink:to="loc_us-gaap_DerivativeContractTypeDomain_674F9D7F4B3AEC7E646B0EEED13DC877" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CounterpartyNameAxis" xlink:label="loc_us-gaap_CounterpartyNameAxis_EA3957CC2D24671C7E4D0EEED13DC4BA" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsTable_38FB0F3E8472BFC434860EEED13DF585" xlink:to="loc_us-gaap_CounterpartyNameAxis_EA3957CC2D24671C7E4D0EEED13DC4BA" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:label="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_8F90AD0AA9BCC4352BEF0EEED13D8CE8" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CounterpartyNameAxis_EA3957CC2D24671C7E4D0EEED13DC4BA" xlink:to="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_8F90AD0AA9BCC4352BEF0EEED13D8CE8" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransactionTypeAxis" xlink:label="loc_us-gaap_TransactionTypeAxis_EB9D20230963D99A15650EEED13D9DEA" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsTable_38FB0F3E8472BFC434860EEED13DF585" xlink:to="loc_us-gaap_TransactionTypeAxis_EB9D20230963D99A15650EEED13D9DEA" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransactionDomain" xlink:label="loc_us-gaap_TransactionDomain_B637D765B5ED373C5D970EEED13DF17D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TransactionTypeAxis_EB9D20230963D99A15650EEED13D9DEA" xlink:to="loc_us-gaap_TransactionDomain_B637D765B5ED373C5D970EEED13DF17D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OffsettingAssetsLineItems" xlink:label="loc_us-gaap_OffsettingAssetsLineItems_30F923CCC5DF9B1B5C300EEED13D8A0C" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsTable_38FB0F3E8472BFC434860EEED13DF585" xlink:to="loc_us-gaap_OffsettingAssetsLineItems_30F923CCC5DF9B1B5C300EEED13D8A0C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAsset_894E20B9959DCC3A51670EEED13DBF5F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsLineItems_30F923CCC5DF9B1B5C300EEED13D8A0C" xlink:to="loc_us-gaap_DerivativeFairValueOfDerivativeAsset_894E20B9959DCC3A51670EEED13DBF5F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeAssetFairValueGrossLiability" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiability_20AAC08DAE6DB5C1EC880EEED13D68E2" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsLineItems_30F923CCC5DF9B1B5C300EEED13D8A0C" xlink:to="loc_us-gaap_DerivativeAssetFairValueGrossLiability_20AAC08DAE6DB5C1EC880EEED13D68E2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral_CC2A4934DE937967C1780EEED13DD0C5" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsLineItems_30F923CCC5DF9B1B5C300EEED13D8A0C" xlink:to="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral_CC2A4934DE937967C1780EEED13DD0C5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:label="loc_us-gaap_DerivativeCollateralObligationToReturnSecurities_6BCC34FB69F5D17812330EEED13D697A" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsLineItems_30F923CCC5DF9B1B5C300EEED13D8A0C" xlink:to="loc_us-gaap_DerivativeCollateralObligationToReturnSecurities_6BCC34FB69F5D17812330EEED13D697A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeCollateralObligationToReturnCash" xlink:label="loc_us-gaap_DerivativeCollateralObligationToReturnCash_0DCB0ABE7298AFE7B2740EEED13D22FC" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsLineItems_30F923CCC5DF9B1B5C300EEED13D8A0C" xlink:to="loc_us-gaap_DerivativeCollateralObligationToReturnCash_0DCB0ABE7298AFE7B2740EEED13D22FC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_197F7A51DA35374519370EEED13D7B2C" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsLineItems_30F923CCC5DF9B1B5C300EEED13D8A0C" xlink:to="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_197F7A51DA35374519370EEED13D7B2C" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/OffsettingAssetsAndLiabilitiesOffsettingAssetsTables" xlink:type="extended">
    <loc xlink:href="dx-20150331.xsd#dx_OffsettingAssetsAbstract" xlink:label="loc_dx_OffsettingAssetsAbstract_C24DCA1BC11F869AB0E80EEED1BB3010" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OffsettingAssetsTable" xlink:label="loc_us-gaap_OffsettingAssetsTable_4C842D48B3D6723E4FB80EEED1BC44B8" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_OffsettingAssetsAbstract_C24DCA1BC11F869AB0E80EEED1BB3010" xlink:to="loc_us-gaap_OffsettingAssetsTable_4C842D48B3D6723E4FB80EEED1BC44B8" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis_5B8366C3BB1C504011C40EEED1BC8D6C" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsTable_4C842D48B3D6723E4FB80EEED1BC44B8" xlink:to="loc_us-gaap_DerivativeInstrumentRiskAxis_5B8366C3BB1C504011C40EEED1BC8D6C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_us-gaap_DerivativeContractTypeDomain_14128B055AB6D174AA7D0EEED1BC3E11" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis_5B8366C3BB1C504011C40EEED1BC8D6C" xlink:to="loc_us-gaap_DerivativeContractTypeDomain_14128B055AB6D174AA7D0EEED1BC3E11" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CounterpartyNameAxis" xlink:label="loc_us-gaap_CounterpartyNameAxis_5B933F085A8E645E1FA60EEED1BC0676" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsTable_4C842D48B3D6723E4FB80EEED1BC44B8" xlink:to="loc_us-gaap_CounterpartyNameAxis_5B933F085A8E645E1FA60EEED1BC0676" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:label="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_01EAB4EFD57927099D390EEED1BCB66C" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CounterpartyNameAxis_5B933F085A8E645E1FA60EEED1BC0676" xlink:to="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_01EAB4EFD57927099D390EEED1BCB66C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransactionTypeAxis" xlink:label="loc_us-gaap_TransactionTypeAxis_EE6311987A3E41BDD6310EEED1BC320F" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsTable_4C842D48B3D6723E4FB80EEED1BC44B8" xlink:to="loc_us-gaap_TransactionTypeAxis_EE6311987A3E41BDD6310EEED1BC320F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransactionDomain" xlink:label="loc_us-gaap_TransactionDomain_EF00EF8F956F43351D6C0EEED1BCE76B" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TransactionTypeAxis_EE6311987A3E41BDD6310EEED1BC320F" xlink:to="loc_us-gaap_TransactionDomain_EF00EF8F956F43351D6C0EEED1BCE76B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OffsettingAssetsLineItems" xlink:label="loc_us-gaap_OffsettingAssetsLineItems_BA64435A1C7A307119040EEED1BC98E4" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsTable_4C842D48B3D6723E4FB80EEED1BC44B8" xlink:to="loc_us-gaap_OffsettingAssetsLineItems_BA64435A1C7A307119040EEED1BC98E4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OffsettingAssetsTableTextBlock" xlink:label="loc_us-gaap_OffsettingAssetsTableTextBlock_CC6BCC3B5252FE3747E40EEED1BC88B2" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingAssetsLineItems_BA64435A1C7A307119040EEED1BC98E4" xlink:to="loc_us-gaap_OffsettingAssetsTableTextBlock_CC6BCC3B5252FE3747E40EEED1BC88B2" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/OffsettingAssetsAndLiabilitiesOffsettingLiabilitiesTables" xlink:type="extended">
    <loc xlink:href="dx-20150331.xsd#dx_OffsettingLiabilitiesAbstract" xlink:label="loc_dx_OffsettingLiabilitiesAbstract_624987A61D707254AC370EEED1D73224" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OffsettingLiabilitiesTable" xlink:label="loc_us-gaap_OffsettingLiabilitiesTable_63E67EF6851E438261AF0EEED1D7744D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_OffsettingLiabilitiesAbstract_624987A61D707254AC370EEED1D73224" xlink:to="loc_us-gaap_OffsettingLiabilitiesTable_63E67EF6851E438261AF0EEED1D7744D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis_8709C0A15B15C52ADD9E0EEED1D73A1B" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesTable_63E67EF6851E438261AF0EEED1D7744D" xlink:to="loc_us-gaap_DerivativeInstrumentRiskAxis_8709C0A15B15C52ADD9E0EEED1D73A1B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_us-gaap_DerivativeContractTypeDomain_20B5B5A67B8BC46FBBBA0EEED1D7208E" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis_8709C0A15B15C52ADD9E0EEED1D73A1B" xlink:to="loc_us-gaap_DerivativeContractTypeDomain_20B5B5A67B8BC46FBBBA0EEED1D7208E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CounterpartyNameAxis" xlink:label="loc_us-gaap_CounterpartyNameAxis_DD1260672BCCEE7424590EEED1D7564D" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesTable_63E67EF6851E438261AF0EEED1D7744D" xlink:to="loc_us-gaap_CounterpartyNameAxis_DD1260672BCCEE7424590EEED1D7564D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:label="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_A90E34AEB3EDA25EB2D70EEED1D77648" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CounterpartyNameAxis_DD1260672BCCEE7424590EEED1D7564D" xlink:to="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_A90E34AEB3EDA25EB2D70EEED1D77648" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransactionTypeAxis" xlink:label="loc_us-gaap_TransactionTypeAxis_CFD45BE8CE193883C1240EEED1D766C5" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesTable_63E67EF6851E438261AF0EEED1D7744D" xlink:to="loc_us-gaap_TransactionTypeAxis_CFD45BE8CE193883C1240EEED1D766C5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransactionDomain" xlink:label="loc_us-gaap_TransactionDomain_9AB2730AF52D81AD6F3E0EEED1D7AD68" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TransactionTypeAxis_CFD45BE8CE193883C1240EEED1D766C5" xlink:to="loc_us-gaap_TransactionDomain_9AB2730AF52D81AD6F3E0EEED1D7AD68" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OffsettingLiabilitiesLineItems" xlink:label="loc_us-gaap_OffsettingLiabilitiesLineItems_6BF45557DFA200CCF7F30EEED1D83F16" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesTable_63E67EF6851E438261AF0EEED1D7744D" xlink:to="loc_us-gaap_OffsettingLiabilitiesLineItems_6BF45557DFA200CCF7F30EEED1D83F16" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:label="loc_us-gaap_OffsettingLiabilitiesTableTextBlock_A92BB919A212B9D3C9F20EEED1D8A735" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_6BF45557DFA200CCF7F30EEED1D83F16" xlink:to="loc_us-gaap_OffsettingLiabilitiesTableTextBlock_A92BB919A212B9D3C9F20EEED1D8A735" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/OffsettingAssetsAndLiabilitiesOffsetttingLiabilitiesDetails" xlink:type="extended">
    <loc xlink:href="dx-20150331.xsd#dx_OffsettingLiabilitiesAbstract" xlink:label="loc_dx_OffsettingLiabilitiesAbstract_B3D2E3608CF19C583DC30EEED19C3E0B" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OffsettingLiabilitiesTable" xlink:label="loc_us-gaap_OffsettingLiabilitiesTable_9FDAC4256F0683F685860EEED19C7510" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_OffsettingLiabilitiesAbstract_B3D2E3608CF19C583DC30EEED19C3E0B" xlink:to="loc_us-gaap_OffsettingLiabilitiesTable_9FDAC4256F0683F685860EEED19C7510" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis_97E0CA2FB30E5906A5EB0EEED19C7BA3" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesTable_9FDAC4256F0683F685860EEED19C7510" xlink:to="loc_us-gaap_DerivativeInstrumentRiskAxis_97E0CA2FB30E5906A5EB0EEED19C7BA3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_us-gaap_DerivativeContractTypeDomain_7A87080160C4E45F12160EEED19C2B2D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis_97E0CA2FB30E5906A5EB0EEED19C7BA3" xlink:to="loc_us-gaap_DerivativeContractTypeDomain_7A87080160C4E45F12160EEED19C2B2D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CounterpartyNameAxis" xlink:label="loc_us-gaap_CounterpartyNameAxis_EEF8864B16C173AF04EC0EEED19CFB3E" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesTable_9FDAC4256F0683F685860EEED19C7510" xlink:to="loc_us-gaap_CounterpartyNameAxis_EEF8864B16C173AF04EC0EEED19CFB3E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:label="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_523D8B465D50EA1F46B30EEED19C5E67" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CounterpartyNameAxis_EEF8864B16C173AF04EC0EEED19CFB3E" xlink:to="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_523D8B465D50EA1F46B30EEED19C5E67" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransactionTypeAxis" xlink:label="loc_us-gaap_TransactionTypeAxis_D5F32B672D529D99D93C0EEED19C6278" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesTable_9FDAC4256F0683F685860EEED19C7510" xlink:to="loc_us-gaap_TransactionTypeAxis_D5F32B672D529D99D93C0EEED19C6278" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransactionDomain" xlink:label="loc_us-gaap_TransactionDomain_93671D7F78F3834DF28E0EEED19C4A67" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TransactionTypeAxis_D5F32B672D529D99D93C0EEED19C6278" xlink:to="loc_us-gaap_TransactionDomain_93671D7F78F3834DF28E0EEED19C4A67" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OffsettingLiabilitiesLineItems" xlink:label="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesTable_9FDAC4256F0683F685860EEED19C7510" xlink:to="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiability_1804D8B60F6F2087B9040EEED19CC089" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeFairValueOfDerivativeLiability_1804D8B60F6F2087B9040EEED19CC089" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset_FAC35A438F6AE503FD8A0EEED19CDC62" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset_FAC35A438F6AE503FD8A0EEED19CDC62" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral_C02932AB5D0022AC2C560EEED19C15B3" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral_C02932AB5D0022AC2C560EEED19C15B3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimSecurities_7E7DA753D22E03895E590EEED19C4FA0" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeCollateralRightToReclaimSecurities_7E7DA753D22E03895E590EEED19C4FA0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeCollateralRightToReclaimCash" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimCash_661759A5CC34745F8A3C0EEED19CCBA6" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeCollateralRightToReclaimCash_661759A5CC34745F8A3C0EEED19CCBA6" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_551E78ABBC2677F285550EEED19C589E" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_551E78ABBC2677F285550EEED19C589E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross_A183B58D2E6E77D07B080EEED19C02E5" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross_A183B58D2E6E77D07B080EEED19C02E5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_45E4DC7A4A2FB72D816B0EEED19CCBD0" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_45E4DC7A4A2FB72D816B0EEED19CCBD0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_30183294F55B5A3B36270EEED19C40E5" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2009/role/netLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_30183294F55B5A3B36270EEED19C40E5" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities_82A52BF315F3260B0BCA0EEED19DE3A8" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities_82A52BF315F3260B0BCA0EEED19DE3A8" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash_0EB02B768B66C7F6DC100EEED19DF73C" xlink:type="locator" />
    <presentationArc order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash_0EB02B768B66C7F6DC100EEED19DF73C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_CAA5DA42B9C5394DF6160EEED19DF7B2" xlink:type="locator" />
    <presentationArc order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_CAA5DA42B9C5394DF6160EEED19DF7B2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross_E83A64FC40FE0A052FC50EEED19D5443" xlink:type="locator" />
    <presentationArc order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross_E83A64FC40FE0A052FC50EEED19D5443" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset_B6973698766E4450CA3A0EEED19D525F" xlink:type="locator" />
    <presentationArc order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset_B6973698766E4450CA3A0EEED19D525F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned_6234AC4692F6739750F70EEED19D5663" xlink:type="locator" />
    <presentationArc order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned_6234AC4692F6739750F70EEED19D5663" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities_C8E91A1B2CA61E6C94560EEED19D8FED" xlink:type="locator" />
    <presentationArc order="16" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities_C8E91A1B2CA61E6C94560EEED19D8FED" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash_A228444CE260108DA4030EEED19DACFF" xlink:type="locator" />
    <presentationArc order="17" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash_A228444CE260108DA4030EEED19DACFF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral_4575E9B21DA062D95C850EEED19DF1CA" xlink:type="locator" />
    <presentationArc order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems_EFF8BCD36DB736C506600EEED19C4DC2" xlink:to="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral_4575E9B21DA062D95C850EEED19DF1CA" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/RepurchaseAgreementsDetails" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xlink:label="loc_us-gaap_DisclosureOfRepurchaseAgreementsAbstract_8D9AFA94B07FFA3FDF152D2965AE9946" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable" xlink:label="loc_us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable_9DB0E359F2F4EC9E12932D2965AEEB9E" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfRepurchaseAgreementsAbstract_8D9AFA94B07FFA3FDF152D2965AE9946" xlink:to="loc_us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable_9DB0E359F2F4EC9E12932D2965AEEB9E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CounterpartyNameAxis" xlink:label="loc_us-gaap_CounterpartyNameAxis_699FBC9FD01331CEB4912D2965AED06F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable_9DB0E359F2F4EC9E12932D2965AEEB9E" xlink:to="loc_us-gaap_CounterpartyNameAxis_699FBC9FD01331CEB4912D2965AED06F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:label="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_31C325C87BEF30CB8FFE2D2965AE1009" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CounterpartyNameAxis_699FBC9FD01331CEB4912D2965AED06F" xlink:to="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_31C325C87BEF30CB8FFE2D2965AE1009" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis" xlink:label="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis_502E962D9A1011A193332D2965AE8C99" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable_9DB0E359F2F4EC9E12932D2965AEEB9E" xlink:to="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis_502E962D9A1011A193332D2965AE8C99" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain" xlink:label="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_B2227FEED02C7F11C4692D2965AE08AD" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis_502E962D9A1011A193332D2965AE8C99" xlink:to="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_B2227FEED02C7F11C4692D2965AE08AD" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:label="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember_CAD52E37256809E56A2B2D2965AE17B4" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_B2227FEED02C7F11C4692D2965AE08AD" xlink:to="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember_CAD52E37256809E56A2B2D2965AE17B4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:label="loc_us-gaap_CommercialMortgageBackedSecuritiesMember_A21838B2D53FB10F5ADF2D2965AF68E2" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_B2227FEED02C7F11C4692D2965AE08AD" xlink:to="loc_us-gaap_CommercialMortgageBackedSecuritiesMember_A21838B2D53FB10F5ADF2D2965AF68E2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestOnlyStripMember" xlink:label="loc_us-gaap_InterestOnlyStripMember_6A7B20D65C592FE7C6EA2D2965AFDC6D" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_B2227FEED02C7F11C4692D2965AE08AD" xlink:to="loc_us-gaap_InterestOnlyStripMember_6A7B20D65C592FE7C6EA2D2965AFDC6D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAxis" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAxis_C63E2CDE7F6CD96765322D2965AF6332" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable_9DB0E359F2F4EC9E12932D2965AEEB9E" xlink:to="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAxis_C63E2CDE7F6CD96765322D2965AF6332" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTypeDomain" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTypeDomain_516DC5E61EDB3632F8D52D2965AFED0D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralAxis_C63E2CDE7F6CD96765322D2965AF6332" xlink:to="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTypeDomain_516DC5E61EDB3632F8D52D2965AFED0D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember" xlink:label="loc_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember_F69C71127E30FF54B0562D2965AF71EB" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTypeDomain_516DC5E61EDB3632F8D52D2965AFED0D" xlink:to="loc_us-gaap_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember_F69C71127E30FF54B0562D2965AF71EB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:label="loc_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_75D440617785F7527F122D2965AFDE15" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTypeDomain_516DC5E61EDB3632F8D52D2965AFED0D" xlink:to="loc_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_75D440617785F7527F122D2965AFDE15" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CollateralizedMortgageObligationsMember" xlink:label="loc_us-gaap_CollateralizedMortgageObligationsMember_996015AF056CA1D0D2852D2965AF74F0" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTypeDomain_516DC5E61EDB3632F8D52D2965AFED0D" xlink:to="loc_us-gaap_CollateralizedMortgageObligationsMember_996015AF056CA1D0D2852D2965AF74F0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems" xlink:label="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_E5D77581540078764E172D2965AF57D9" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable_9DB0E359F2F4EC9E12932D2965AEEB9E" xlink:to="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_E5D77581540078764E172D2965AF57D9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount" xlink:label="loc_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount_F8D788FEF984C81CFF592D2965AF751F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_E5D77581540078764E172D2965AF57D9" xlink:to="loc_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount_F8D788FEF984C81CFF592D2965AF751F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseInterestRate" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseInterestRate_98246A75A5EF52BDF8892D2965AFD457" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_E5D77581540078764E172D2965AF57D9" xlink:to="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseInterestRate_98246A75A5EF52BDF8892D2965AFD457" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransfersAccountedForAsSecuredBorrowingsAssetsCarryingAmount" xlink:label="loc_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssetsCarryingAmount_401780DFE8C7C50207402D2965AFF95F" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_E5D77581540078764E172D2965AF57D9" xlink:to="loc_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssetsCarryingAmount_401780DFE8C7C50207402D2965AFF95F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1" xlink:label="loc_us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1_7CD4F6146FC34259F6B12D2965AFE476" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_E5D77581540078764E172D2965AF57D9" xlink:to="loc_us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1_7CD4F6146FC34259F6B12D2965AFE476" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/RepurchaseAgreementsNotes" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xlink:label="loc_us-gaap_DisclosureOfRepurchaseAgreementsAbstract_335E1F1C967805BB04C50EEED15ABA8D" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock" xlink:label="loc_us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock_623FBE931B1EA808A3950EEED15A4DA0" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfRepurchaseAgreementsAbstract_335E1F1C967805BB04C50EEED15ABA8D" xlink:to="loc_us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock_623FBE931B1EA808A3950EEED15A4DA0" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/RepurchaseAgreementsRepurchaseAgreementsCounterpartyInformationDetails" xlink:type="extended">
    <loc xlink:href="dx-20150331.xsd#dx_CounterpartyInformationAbstract" xlink:label="loc_dx_CounterpartyInformationAbstract_5C61B41509822372847B0EEED1A2DBBC" xlink:type="locator" />
    <loc xlink:href="dx-20150331.xsd#dx_CounterpartyInformationTable" xlink:label="loc_dx_CounterpartyInformationTable_B14B97F3E91F209B479F0EEED1A2CC7D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_CounterpartyInformationAbstract_5C61B41509822372847B0EEED1A2DBBC" xlink:to="loc_dx_CounterpartyInformationTable_B14B97F3E91F209B479F0EEED1A2CC7D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CounterpartyNameAxis" xlink:label="loc_us-gaap_CounterpartyNameAxis_2DA63925CCE61F6AA48F0EEED1A27C69" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_CounterpartyInformationTable_B14B97F3E91F209B479F0EEED1A2CC7D" xlink:to="loc_us-gaap_CounterpartyNameAxis_2DA63925CCE61F6AA48F0EEED1A27C69" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:label="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_56FC65D8199746A677DB0EEED1A2594F" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CounterpartyNameAxis_2DA63925CCE61F6AA48F0EEED1A27C69" xlink:to="loc_us-gaap_RepurchaseAgreementCounterpartyNameDomain_56FC65D8199746A677DB0EEED1A2594F" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_CounterpartyInformationLineItems" xlink:label="loc_dx_CounterpartyInformationLineItems_BF17D81BE18791DA6A8D0EEED1A2AA5F" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_CounterpartyInformationTable_B14B97F3E91F209B479F0EEED1A2CC7D" xlink:to="loc_dx_CounterpartyInformationLineItems_BF17D81BE18791DA6A8D0EEED1A2AA5F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_us-gaap_LineOfCredit_97A15489496918EB6AE30EEED1A2E9A7" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_CounterpartyInformationLineItems_BF17D81BE18791DA6A8D0EEED1A2AA5F" xlink:to="loc_us-gaap_LineOfCredit_97A15489496918EB6AE30EEED1A2E9A7" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_BDDC760268F67ACFE87E0EEED1A25988" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_CounterpartyInformationLineItems_BF17D81BE18791DA6A8D0EEED1A2AA5F" xlink:to="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_BDDC760268F67ACFE87E0EEED1A25988" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:label="loc_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd_A76443FD2127A67E11710EEED1A24E44" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_CounterpartyInformationLineItems_BF17D81BE18791DA6A8D0EEED1A2AA5F" xlink:to="loc_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd_A76443FD2127A67E11710EEED1A24E44" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_NumberOfCounterpartiesBorrowingsOutstanding" xlink:label="loc_dx_NumberOfCounterpartiesBorrowingsOutstanding_528449344CA278958A980EEED1A2C7BE" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_CounterpartyInformationLineItems_BF17D81BE18791DA6A8D0EEED1A2AA5F" xlink:to="loc_dx_NumberOfCounterpartiesBorrowingsOutstanding_528449344CA278958A980EEED1A2C7BE" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_NumberOfCounterpartiesBorrowingAvailability" xlink:label="loc_dx_NumberOfCounterpartiesBorrowingAvailability_58CC0B39B4C2DA9769420EEED1A23158" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_CounterpartyInformationLineItems_BF17D81BE18791DA6A8D0EEED1A2AA5F" xlink:to="loc_dx_NumberOfCounterpartiesBorrowingAvailability_58CC0B39B4C2DA9769420EEED1A23158" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/RepurchaseAgreementsRepurchaseAgreementsTables" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransfersOfFinancialAssetsAccountedForAsSecuredBorrowingsAbstract" xlink:label="loc_us-gaap_TransfersOfFinancialAssetsAccountedForAsSecuredBorrowingsAbstract_39A54C33A1CC7D85EAE70EEED138A61A" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable" xlink:label="loc_us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable_58AAF8643714086F4FF10EEED138247E" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TransfersOfFinancialAssetsAccountedForAsSecuredBorrowingsAbstract_39A54C33A1CC7D85EAE70EEED138A61A" xlink:to="loc_us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable_58AAF8643714086F4FF10EEED138247E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsByTypeAxis" xlink:label="loc_us-gaap_AssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsByTypeAxis_0841B45BD193746610DC0EEED1387578" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable_58AAF8643714086F4FF10EEED138247E" xlink:to="loc_us-gaap_AssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsByTypeAxis_0841B45BD193746610DC0EEED1387578" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_BB969026F9261EE59EAE0EEED13875AF" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsByTypeAxis_0841B45BD193746610DC0EEED1387578" xlink:to="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_BB969026F9261EE59EAE0EEED13875AF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems" xlink:label="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_92601305033C2F6629C80EEED138D181" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTable_58AAF8643714086F4FF10EEED138247E" xlink:to="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_92601305033C2F6629C80EEED138D181" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfQuantitativeInformationAboutFinancialAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTextBlock" xlink:label="loc_us-gaap_ScheduleOfQuantitativeInformationAboutFinancialAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTextBlock_321C38A17497B473488E0EEED13809EA" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_92601305033C2F6629C80EEED138D181" xlink:to="loc_us-gaap_ScheduleOfQuantitativeInformationAboutFinancialAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTextBlock_321C38A17497B473488E0EEED13809EA" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/RepurchaseAgreementsRepurchaseAgreementsTermToOriginalMaturityDetails" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xlink:label="loc_us-gaap_DisclosureOfRepurchaseAgreementsAbstract_9F0D1AF1C90D4DB718942D2965AB639F" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable" xlink:label="loc_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable_30EF176B932A5A3ECC392D2965ABF98A" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfRepurchaseAgreementsAbstract_9F0D1AF1C90D4DB718942D2965AB639F" xlink:to="loc_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable_30EF176B932A5A3ECC392D2965ABF98A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis_DCDCC1E6949BDF36421A2D2965AB872C" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable_30EF176B932A5A3ECC392D2965ABF98A" xlink:to="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis_DCDCC1E6949BDF36421A2D2965AB872C" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_253CC36B164E5D98CC6E2D2965AB255E" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis_DCDCC1E6949BDF36421A2D2965AB872C" xlink:to="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_253CC36B164E5D98CC6E2D2965AB255E" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_Lessthan30daysMember" xlink:label="loc_dx_Lessthan30daysMember_DEEA4E3E8CC0BC8B01D12D2965AB69C1" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_253CC36B164E5D98CC6E2D2965AB255E" xlink:to="loc_dx_Lessthan30daysMember_DEEA4E3E8CC0BC8B01D12D2965AB69C1" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_A30to90daysMember" xlink:label="loc_dx_A30to90daysMember_3F7ACB3D5C029D700F362D2965ABC9F2" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_253CC36B164E5D98CC6E2D2965AB255E" xlink:to="loc_dx_A30to90daysMember_3F7ACB3D5C029D700F362D2965ABC9F2" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_A91to180daysMember" xlink:label="loc_dx_A91to180daysMember_842F721276246BD71FF32D2965AB5621" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_253CC36B164E5D98CC6E2D2965AB255E" xlink:to="loc_dx_A91to180daysMember_842F721276246BD71FF32D2965AB5621" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_A6monthsto1yearMember" xlink:label="loc_dx_A6monthsto1yearMember_A8181F350AB472A9BD392D2965AB730A" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_253CC36B164E5D98CC6E2D2965AB255E" xlink:to="loc_dx_A6monthsto1yearMember_A8181F350AB472A9BD392D2965AB730A" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_A1yearorlongerMember" xlink:label="loc_dx_A1yearorlongerMember_01D75DBC0FA7BA01FD902D2965AB66A1" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_253CC36B164E5D98CC6E2D2965AB255E" xlink:to="loc_dx_A1yearorlongerMember_01D75DBC0FA7BA01FD902D2965AB66A1" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems" xlink:label="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_6EC209F4C32B6312A1B82D2965AB5D31" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable_30EF176B932A5A3ECC392D2965ABF98A" xlink:to="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_6EC209F4C32B6312A1B82D2965AB5D31" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount" xlink:label="loc_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount_82ED0352E56FBD401D622D2965AB026B" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAndAssociatedLiabilitiesOfTransfersAccountedForAsSecuredBorrowingsLineItems_6EC209F4C32B6312A1B82D2965AB5D31" xlink:to="loc_us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount_82ED0352E56FBD401D622D2965AB026B" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/ShareholdersEquity" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityAbstract" xlink:label="loc_us-gaap_EquityAbstract_2AEC4BECB4C5DFDB28930EEED16E0FFC" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock" xlink:label="loc_us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock_7342A623D696461EC53D0EEED16E7A8A" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityAbstract_2AEC4BECB4C5DFDB28930EEED16E0FFC" xlink:to="loc_us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock_7342A623D696461EC53D0EEED16E7A8A" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/ShareholdersEquityDetails" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityAbstract" xlink:label="loc_us-gaap_EquityAbstract_7625114BADC89D2A62818F43801B29C4" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ClassOfStockDisclosuresAbstract" xlink:label="loc_us-gaap_ClassOfStockDisclosuresAbstract_85B71C62DA9F56D0F9E38F43801C6460" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityAbstract_7625114BADC89D2A62818F43801B29C4" xlink:to="loc_us-gaap_ClassOfStockDisclosuresAbstract_85B71C62DA9F56D0F9E38F43801C6460" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="loc_us-gaap_ScheduleOfStockByClassTable_6BD2BF225D016B38FF6F8F43801C19E4" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDisclosuresAbstract_85B71C62DA9F56D0F9E38F43801C6460" xlink:to="loc_us-gaap_ScheduleOfStockByClassTable_6BD2BF225D016B38FF6F8F43801C19E4" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_FEFCA20203C0025349FC8F43801DC96E" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_6BD2BF225D016B38FF6F8F43801C19E4" xlink:to="loc_us-gaap_StatementClassOfStockAxis_FEFCA20203C0025349FC8F43801DC96E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_8C75FE17A6FC838E2FDE8F43801DD2BC" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_FEFCA20203C0025349FC8F43801DC96E" xlink:to="loc_us-gaap_ClassOfStockDomain_8C75FE17A6FC838E2FDE8F43801DD2BC" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaap_SeriesAPreferredStockMember_2B5AB52244F0CCDE7A748F43801D5271" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_8C75FE17A6FC838E2FDE8F43801DD2BC" xlink:to="loc_us-gaap_SeriesAPreferredStockMember_2B5AB52244F0CCDE7A748F43801D5271" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="loc_us-gaap_SeriesBPreferredStockMember_D723E1239E7E3C9EB87E8F43801DFBB2" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_8C75FE17A6FC838E2FDE8F43801DD2BC" xlink:to="loc_us-gaap_SeriesBPreferredStockMember_D723E1239E7E3C9EB87E8F43801DFBB2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_ACF484A86769F36435958F43801D4878" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_8C75FE17A6FC838E2FDE8F43801DD2BC" xlink:to="loc_us-gaap_CommonStockMember_ACF484A86769F36435958F43801D4878" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_EquityIssuanceTypeAxis" xlink:label="loc_dx_EquityIssuanceTypeAxis_299307D8EDD97195099E8F43801D35FB" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_6BD2BF225D016B38FF6F8F43801C19E4" xlink:to="loc_dx_EquityIssuanceTypeAxis_299307D8EDD97195099E8F43801D35FB" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_EquityIssuanceTypeDomain" xlink:label="loc_dx_EquityIssuanceTypeDomain_BCE3126280DC5CDD0F6F8F43801DBA72" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_EquityIssuanceTypeAxis_299307D8EDD97195099E8F43801D35FB" xlink:to="loc_dx_EquityIssuanceTypeDomain_BCE3126280DC5CDD0F6F8F43801DBA72" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_AtMarketProgamAtmMember" xlink:label="loc_dx_AtMarketProgamAtmMember_8E4FCD847F3D5F85EDFE8F43801DE02D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_EquityIssuanceTypeDomain_BCE3126280DC5CDD0F6F8F43801DBA72" xlink:to="loc_dx_AtMarketProgamAtmMember_8E4FCD847F3D5F85EDFE8F43801DE02D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable_6BD2BF225D016B38FF6F8F43801C19E4" xlink:to="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage" xlink:label="loc_us-gaap_PreferredStockDividendRatePercentage_73672FACDA803B9C16A88F43801DD85B" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_us-gaap_PreferredStockDividendRatePercentage_73672FACDA803B9C16A88F43801DD85B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockLiquidationPreference" xlink:label="loc_us-gaap_PreferredStockLiquidationPreference_1F74FDC2AB345DEEE1C18F43801D9555" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_us-gaap_PreferredStockLiquidationPreference_1F74FDC2AB345DEEE1C18F43801D9555" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaap_PreferredStockSharesIssued_DD3BEA2EA07787AE43C98F43801DF095" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_us-gaap_PreferredStockSharesIssued_DD3BEA2EA07787AE43C98F43801DF095" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_D7AE079B030276AE41A58F43801DDBBF" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_D7AE079B030276AE41A58F43801DDBBF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_145019E1B17B701DB0928F43801DD938" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_D7AE079B030276AE41A58F43801DDBBF" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_145019E1B17B701DB0928F43801DD938" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_96CD06AD05A3A2B6C6D68F43801EE54B" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_D7AE079B030276AE41A58F43801DDBBF" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_96CD06AD05A3A2B6C6D68F43801EE54B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_43B75E0CA56E26EA35098F43801EF733" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_D7AE079B030276AE41A58F43801DDBBF" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_43B75E0CA56E26EA35098F43801EF733" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:label="loc_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation_AB5DE89AFE43FB34E6108F43801EBB02" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_D7AE079B030276AE41A58F43801DDBBF" xlink:to="loc_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation_AB5DE89AFE43FB34E6108F43801EBB02" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="loc_us-gaap_StockRepurchasedDuringPeriodShares_BEB045F8A658A87DB0EB8F43801EE402" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_D7AE079B030276AE41A58F43801DDBBF" xlink:to="loc_us-gaap_StockRepurchasedDuringPeriodShares_BEB045F8A658A87DB0EB8F43801EE402" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_E80ABD0E050EB13997098F43801E73AD" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_D7AE079B030276AE41A58F43801DDBBF" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_E80ABD0E050EB13997098F43801E73AD" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_EquityPlacementProgramAuthorizedSharesRemaining" xlink:label="loc_dx_EquityPlacementProgramAuthorizedSharesRemaining_07BBFEA59C1F55E3A1668F43801EDF60" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_dx_EquityPlacementProgramAuthorizedSharesRemaining_07BBFEA59C1F55E3A1668F43801EDF60" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_DividendReinvestmentPlanSharesAuthorized" xlink:label="loc_dx_DividendReinvestmentPlanSharesAuthorized_7A802F32F7A985D8DF888F43801E62AC" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_dx_DividendReinvestmentPlanSharesAuthorized_7A802F32F7A985D8DF888F43801E62AC" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_StockIssuedDuringPeriodRemainingSharesAvailableDividendReinvestmentPlan" xlink:label="loc_dx_StockIssuedDuringPeriodRemainingSharesAvailableDividendReinvestmentPlan_C401F032055E796986638F43801EE980" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_dx_StockIssuedDuringPeriodRemainingSharesAvailableDividendReinvestmentPlan_C401F032055E796986638F43801EE980" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared_0D2A4A87A183038655218F43801E1A97" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_us-gaap_CommonStockDividendsPerShareDeclared_0D2A4A87A183038655218F43801E1A97" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:label="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1_95D154B63CA81FEA53DD8F43801EBCCB" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1_95D154B63CA81FEA53DD8F43801EBCCB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchaseProgramExpirationDate" xlink:label="loc_us-gaap_StockRepurchaseProgramExpirationDate_978CA2A20184262A33F18F47779E2A5F" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_us-gaap_StockRepurchaseProgramExpirationDate_978CA2A20184262A33F18F47779E2A5F" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:label="loc_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1_F2437443F1CBBE1761D88F465506488D" xlink:type="locator" />
    <presentationArc order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockLineItems_ECC9B1E6C219C869FAAE8F43801D61BE" xlink:to="loc_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1_F2437443F1CBBE1761D88F465506488D" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/ShareholdersEquityShareBasedCompensationDetails" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedArrangementsToObtainGoodsAndServicesAbstract" xlink:label="loc_us-gaap_ShareBasedArrangementsToObtainGoodsAndServicesAbstract_2871BE556727184DBD380EEED160112F" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_F30F8416FE17369E76D80EEED1609883" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedArrangementsToObtainGoodsAndServicesAbstract_2871BE556727184DBD380EEED160112F" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_F30F8416FE17369E76D80EEED1609883" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_E145312A31381BDF98CE0EEED160BC78" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_F30F8416FE17369E76D80EEED1609883" xlink:to="loc_us-gaap_AwardTypeAxis_E145312A31381BDF98CE0EEED160BC78" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_D12E5409E4ADEDB9398B0EEED1604A4E" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardTypeAxis_E145312A31381BDF98CE0EEED160BC78" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_D12E5409E4ADEDB9398B0EEED1604A4E" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_FF202AB882E42FD433E00EEED160ADF2" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_D12E5409E4ADEDB9398B0EEED1604A4E" xlink:to="loc_us-gaap_RestrictedStockMember_FF202AB882E42FD433E00EEED160ADF2" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_ScheduleOfAmortizationRemainingAxis" xlink:label="loc_dx_ScheduleOfAmortizationRemainingAxis_AA14EA5DBB22ECE285AB0EEED160A0CB" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_F30F8416FE17369E76D80EEED1609883" xlink:to="loc_dx_ScheduleOfAmortizationRemainingAxis_AA14EA5DBB22ECE285AB0EEED160A0CB" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_ScheduleOfAmortizationRemainingDomain" xlink:label="loc_dx_ScheduleOfAmortizationRemainingDomain_5506A51FFC46E32D1FF00EEED1606223" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_ScheduleOfAmortizationRemainingAxis_AA14EA5DBB22ECE285AB0EEED160A0CB" xlink:to="loc_dx_ScheduleOfAmortizationRemainingDomain_5506A51FFC46E32D1FF00EEED1606223" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_WithintwelvemonthsMember" xlink:label="loc_dx_WithintwelvemonthsMember_5CDE4D509D4D7E28ABFB0EEED161CA26" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_ScheduleOfAmortizationRemainingDomain_5506A51FFC46E32D1FF00EEED1606223" xlink:to="loc_dx_WithintwelvemonthsMember_5CDE4D509D4D7E28ABFB0EEED161CA26" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_OnetotwoyearsMember" xlink:label="loc_dx_OnetotwoyearsMember_6B1800495A20A17163750EEED16182A5" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_ScheduleOfAmortizationRemainingDomain_5506A51FFC46E32D1FF00EEED1606223" xlink:to="loc_dx_OnetotwoyearsMember_6B1800495A20A17163750EEED16182A5" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_TwoToThreeYearsMember" xlink:label="loc_dx_TwoToThreeYearsMember_A747EFED9451CA462EA50EEED1619CB2" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_ScheduleOfAmortizationRemainingDomain_5506A51FFC46E32D1FF00EEED1606223" xlink:to="loc_dx_TwoToThreeYearsMember_A747EFED9451CA462EA50EEED1619CB2" xlink:type="arc" />
    <loc xlink:href="dx-20150331.xsd#dx_ThreeToFourYearsMember" xlink:label="loc_dx_ThreeToFourYearsMember_05F1894A6C4267067F5D0EEED16154DF" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dx_ScheduleOfAmortizationRemainingDomain_5506A51FFC46E32D1FF00EEED1606223" xlink:to="loc_dx_ThreeToFourYearsMember_05F1894A6C4267067F5D0EEED16154DF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1BE2B2F5615C47A445860EEED161A10D" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_F30F8416FE17369E76D80EEED1609883" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1BE2B2F5615C47A445860EEED161A10D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_AE9CDA6183F3088902AB0EEED161F443" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1BE2B2F5615C47A445860EEED161A10D" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_AE9CDA6183F3088902AB0EEED161F443" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_85706D3695AC19D900050EEED161DCA1" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1BE2B2F5615C47A445860EEED161A10D" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_85706D3695AC19D900050EEED161DCA1" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="loc_us-gaap_AllocatedShareBasedCompensationExpense_561282326527380E5F470EEED1613229" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1BE2B2F5615C47A445860EEED161A10D" xlink:to="loc_us-gaap_AllocatedShareBasedCompensationExpense_561282326527380E5F470EEED1613229" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_F3483F05269ADA07C07A0EEED1613123" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1BE2B2F5615C47A445860EEED161A10D" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_F3483F05269ADA07C07A0EEED1613123" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_83AC0B8AAD28785FB3B00EEED16170E7" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1BE2B2F5615C47A445860EEED161A10D" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_83AC0B8AAD28785FB3B00EEED16170E7" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_A0876C888408471AB05C0EEED161ED74" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_83AC0B8AAD28785FB3B00EEED16170E7" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_A0876C888408471AB05C0EEED161ED74" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_A8277E89E0E914268B180EEED1614634" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_83AC0B8AAD28785FB3B00EEED16170E7" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_A8277E89E0E914268B180EEED1614634" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_D86A960D1CD72ABDED5C0EEED1616EAF" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_83AC0B8AAD28785FB3B00EEED16170E7" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_D86A960D1CD72ABDED5C0EEED1616EAF" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_8C6959CD2CF4B26DB1A90EEED1617CA2" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_83AC0B8AAD28785FB3B00EEED16170E7" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_8C6959CD2CF4B26DB1A90EEED1617CA2" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_BF2548A3863D0C1D97CB0EEED161A30A" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_1BE2B2F5615C47A445860EEED161A10D" xlink:to="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_BF2548A3863D0C1D97CB0EEED161A30A" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/ShareholdersEquityTables" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityAbstract" xlink:label="loc_us-gaap_EquityAbstract_83499148453758B48CA00EEED14247D4" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockTextBlock" xlink:label="loc_us-gaap_PreferredStockTextBlock_D58D1BAC69025D7B991B0EEED142F2FD" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityAbstract_83499148453758B48CA00EEED14247D4" xlink:to="loc_us-gaap_PreferredStockTextBlock_D58D1BAC69025D7B991B0EEED142F2FD" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_349887A11DC8053812E70EEED1427245" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityAbstract_83499148453758B48CA00EEED14247D4" xlink:to="loc_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_349887A11DC8053812E70EEED1427245" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_013C95DB0D3BCAA047630EEED142933B" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityAbstract_83499148453758B48CA00EEED14247D4" xlink:to="loc_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_013C95DB0D3BCAA047630EEED142933B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock_7E522406F19B13B8EEA90EEED1427BC5" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityAbstract_83499148453758B48CA00EEED14247D4" xlink:to="loc_us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock_7E522406F19B13B8EEA90EEED1427BC5" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/SubsequentEvents" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_D3C9AB640D729D97E80C0EEED139313F" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_us-gaap_SubsequentEventsTextBlock_03A13E657951D7A10BAC0EEED139FB62" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventsAbstract_D3C9AB640D729D97E80C0EEED139313F" xlink:to="loc_us-gaap_SubsequentEventsTextBlock_03A13E657951D7A10BAC0EEED139FB62" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/SubsequentEventsNonrecognizedSubsequentEventDetails" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_E82AD09891E6F00F83D934ABCF07025D" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_us-gaap_SubsequentEventTable_1FB37F449213B620C11A34ABCF080D0D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventsAbstract_E82AD09891E6F00F83D934ABCF07025D" xlink:to="loc_us-gaap_SubsequentEventTable_1FB37F449213B620C11A34ABCF080D0D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_572D6A3001065F8D4B9A34ABCF08025D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1FB37F449213B620C11A34ABCF080D0D" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_572D6A3001065F8D4B9A34ABCF08025D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_C5E4B45851302E9248AA34ABCF089459" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_572D6A3001065F8D4B9A34ABCF08025D" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_C5E4B45851302E9248AA34ABCF089459" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_012A6118CE5F88B58CAF34ABCF089C5D" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_C5E4B45851302E9248AA34ABCF089459" xlink:to="loc_us-gaap_SubsequentEventMember_012A6118CE5F88B58CAF34ABCF089C5D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_0C2F0F2C05E5B389A97734ABCF09844D" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1FB37F449213B620C11A34ABCF080D0D" xlink:to="loc_us-gaap_SubsequentEventLineItems_0C2F0F2C05E5B389A97734ABCF09844D" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="loc_us-gaap_StockRepurchasedDuringPeriodValue_FC392B13D5FFB217E68A34ABCF093D27" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_0C2F0F2C05E5B389A97734ABCF09844D" xlink:to="loc_us-gaap_StockRepurchasedDuringPeriodValue_FC392B13D5FFB217E68A34ABCF093D27" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="loc_us-gaap_StockRepurchasedDuringPeriodShares_75C6AB6C58AC761773BC34ABCF0A71D7" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_0C2F0F2C05E5B389A97734ABCF09844D" xlink:to="loc_us-gaap_StockRepurchasedDuringPeriodShares_75C6AB6C58AC761773BC34ABCF0A71D7" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/SummaryOfSignificantAccountingPolicies" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_76E506E65E9E8105EF2A0EEED15B76AE" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_74AABF02D3408BD9D01F0EEED15B9B8A" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_76E506E65E9E8105EF2A0EEED15B76AE" xlink:to="loc_us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_74AABF02D3408BD9D01F0EEED15B9B8A" xlink:type="arc" />
  </presentationLink>
  <presentationLink xlink:role="http://www.dynexcapital.com/role/SummaryOfSignificantAccountingPoliciesPolicies" xlink:type="extended">
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:type="locator" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="loc_us-gaap_NatureOfOperations_B2459C7E4F19A21BC5BF43E07FE36006" xlink:type="locator" />
    <presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_NatureOfOperations_B2459C7E4F19A21BC5BF43E07FE36006" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_F1FFCFED99C73D8803C143E07FE32928" xlink:type="locator" />
    <presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_F1FFCFED99C73D8803C143E07FE32928" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy" xlink:label="loc_us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy_70C22451E4B2EC8AB33A43E07FE454EB" xlink:type="locator" />
    <presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy_70C22451E4B2EC8AB33A43E07FE454EB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_us-gaap_UseOfEstimates_376901F80246C69AB16543E07FE45B7B" xlink:type="locator" />
    <presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_UseOfEstimates_376901F80246C69AB16543E07FE45B7B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock_C5876C894E893D80196F43E07FE4B514" xlink:type="locator" />
    <presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_IncomeTaxPolicyTextBlock_C5876C894E893D80196F43E07FE4B514" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock_B91326F2C9F253EB932743E07FE494A9" xlink:type="locator" />
    <presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock_B91326F2C9F253EB932743E07FE494A9" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:label="loc_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_A4794266FA29E751E34243E07FE49E3B" xlink:type="locator" />
    <presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_A4794266FA29E751E34243E07FE49E3B" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MarketableSecuritiesAvailableForSaleSecuritiesPolicy" xlink:label="loc_us-gaap_MarketableSecuritiesAvailableForSaleSecuritiesPolicy_3818CCB824D21D8BA17143E07FE41983" xlink:type="locator" />
    <presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_MarketableSecuritiesAvailableForSaleSecuritiesPolicy_3818CCB824D21D8BA17143E07FE41983" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FinanceLoanAndLeaseReceivablesHeldForInvestmentPolicy" xlink:label="loc_us-gaap_FinanceLoanAndLeaseReceivablesHeldForInvestmentPolicy_3AD624F4D519929B310543E07FE416BB" xlink:type="locator" />
    <presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_FinanceLoanAndLeaseReceivablesHeldForInvestmentPolicy_3AD624F4D519929B310543E07FE416BB" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityMethodInvestmentsPolicy" xlink:label="loc_us-gaap_EquityMethodInvestmentsPolicy_200271890EDF7AF7C62343E07FE4333A" xlink:type="locator" />
    <presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_EquityMethodInvestmentsPolicy_200271890EDF7AF7C62343E07FE4333A" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsFinancingsPolicy" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsFinancingsPolicy_44A30E646331318B6C2543E07FE4A128" xlink:type="locator" />
    <presentationArc order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsFinancingsPolicy_44A30E646331318B6C2543E07FE4A128" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativesPolicyTextBlock" xlink:label="loc_us-gaap_DerivativesPolicyTextBlock_1A97E54C9D544C55EB9A43E07FE49DD3" xlink:type="locator" />
    <presentationArc order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_DerivativesPolicyTextBlock_1A97E54C9D544C55EB9A43E07FE49DD3" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_88CA6FB3F3FE31FA2ED443E07FE42620" xlink:type="locator" />
    <presentationArc order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_88CA6FB3F3FE31FA2ED443E07FE42620" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:label="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_73173272DDC2E9E8DFB043E07FE4F8B0" xlink:type="locator" />
    <presentationArc order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_73173272DDC2E9E8DFB043E07FE4F8B0" xlink:type="arc" />
    <loc xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DescriptionOfNewAccountingPronouncementsNotYetAdopted" xlink:label="loc_us-gaap_DescriptionOfNewAccountingPronouncementsNotYetAdopted_9B451775F0D0D45A0CB043E07FE4A584" xlink:type="locator" />
    <presentationArc order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_8AB68546867F30738B3D43E07FE3751E" xlink:to="loc_us-gaap_DescriptionOfNewAccountingPronouncementsNotYetAdopted_9B451775F0D0D45A0CB043E07FE4A584" xlink:type="arc" />
  </presentationLink>
</linkbase>
