<SEC-DOCUMENT>0001225385-20-000269.txt : 20201106
<SEC-HEADER>0001225385-20-000269.hdr.sgml : 20201106
<ACCEPTANCE-DATETIME>20201106134724
ACCESSION NUMBER:		0001225385-20-000269
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201027
FILED AS OF DATE:		20201106
DATE AS OF CHANGE:		20201106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Palmer Joy D
		CENTRAL INDEX KEY:			0001831390

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09819
		FILM NUMBER:		201293665

	MAIL ADDRESS:	
		STREET 1:		C/O DYNEX CAPITAL, INC.
		STREET 2:		4991 LAKE BROOK DRIVE, SUITE 100
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNEX CAPITAL INC
		CENTRAL INDEX KEY:			0000826675
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521549373
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4991 LAKE BROOK DRIVE
		STREET 2:		STE 100
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		8042175800

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RAC MORTGAGE INVESTMENT CORP /VA/
		DATE OF NAME CHANGE:	19930505
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2020-10-27</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001831390</rptOwnerCik>
            <rptOwnerName>Palmer Joy D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O DYNEX CAPITAL, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>4991 LAKE BROOK DRIVE, SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>GLEN ALLEN</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>23060</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Alison G. Griffin, attorney-in-fact</signatureName>
        <signatureDate>2020-11-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>poa_palmer.txt
<DESCRIPTION>POA_PALMER
<TEXT>
SECTION 16
POWER OF ATTORNEY


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

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

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

WITNESS the execution hereof this 3rd day of November, 2020.


/s/ Joy D. Palmer
Joy D. Palmer




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