<SEC-DOCUMENT>0000826675-24-000027.txt : 20240312
<SEC-HEADER>0000826675-24-000027.hdr.sgml : 20240312
<ACCEPTANCE-DATETIME>20240312165149
ACCESSION NUMBER:		0000826675-24-000027
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240308
FILED AS OF DATE:		20240312
DATE AS OF CHANGE:		20240312

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BOSTON BYRON L
		CENTRAL INDEX KEY:			0001283563
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09819
		FILM NUMBER:		24742969

	MAIL ADDRESS:	
		STREET 1:		4231 WALNUT RD
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32257

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNEX CAPITAL INC
		CENTRAL INDEX KEY:			0000826675
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		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>4
<SEQUENCE>1
<FILENAME>wk-form4_1710276689.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2024-03-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

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        <reportingOwnerId>
            <rptOwnerCik>0001283563</rptOwnerCik>
            <rptOwnerName>BOSTON BYRON L</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>
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        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CEO and Chairman of the Board</officerTitle>
            <otherText></otherText>
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                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionPricePerShare>
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                <value>Common Stock</value>
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                    <footnoteId id="F5"/>
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                    <value>12.50</value>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>660873</value>
                    <footnoteId id="F2"/>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
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                <sharesOwnedFollowingTransaction>
                    <value>15737.249</value>
                    <footnoteId id="F6"/>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through 401(k) Plan</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
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                <sharesOwnedFollowingTransaction>
                    <value>1500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By son</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
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                <sharesOwnedFollowingTransaction>
                    <value>1500</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By son</value>
                </natureOfOwnership>
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        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
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                <sharesOwnedFollowingTransaction>
                    <value>3095</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By spouse and son jointly</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Shares awarded based on vesting of performance stock units granted in 2021 with a three-year performance period ending December 31, 2023.</footnote>
        <footnote id="F2">Includes unvested restricted stock and restricted stock units.</footnote>
        <footnote id="F3">Reflects shares withheld upon vesting of performance stock units to satisfy tax withholding obligations.</footnote>
        <footnote id="F4">Restricted stock units awarded under the Dynex Capital, Inc. 2020 Stock and Incentive Plan. The units vest in three equal installments on March 10, 2025, February 28, 2026, and February 28, 2027.</footnote>
        <footnote id="F5">Reflects shares withheld upon vesting of restricted stock units to satisfy tax withholding obligations.</footnote>
        <footnote id="F6">Includes additional shares not previously reported that were acquired by the reporting person through the Dynex Capital, Inc. 401(k) Plan.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Byron L. Boston</signatureName>
        <signatureDate>2024-03-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</DOCUMENT>
</SEC-DOCUMENT>
