================================================================================


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                  ------------

                                    FORM 8-K
                                  ------------


                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


                        Date of Report: November 20, 2003
                        (Date of earliest event reported)


                               DYNEX CAPITAL, INC.
               (Exact Name of Registrant as Specified in Charter)



                                     1-9819
                            (Commission File Number)


<TABLE>
                                 <S>                                                       <C>

                           Virginia                                                   52-1549373
                (State or other jurisdiction of                                    (I.R.S. Employer
                incorporation or organization)                                   Identification No.)

        4551 Cox Road, Suite 300, Glen Allen, Virginia                                  23060
           (Address of principal executive offices)                                   (Zip Code)
</TABLE>



                          (804) 217-5800 (Registrant's
                     telephone number, including area code)



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<PAGE>
Item 5.    Other Events.

     On November 19, 2003, the Registrant  issued a press release reporting that
the Company will be adjusting its accounting for certain  transactions  in 2001,
2002 and 2003 regarding its  investment in a delinquent  property tax receivable
security.  As a result,  the  Registrant  will be restating  its results for the
years ended December 31, 2001 and 2002, and for the three months ended March 31,
2003 and June 30, 2003 and is revising previously reported results for the three
and nine months  ended  September  30,  2003.  The press  release  issued by the
Registrant  on  November  19,  2003  and  attached   hereto  as  Exhibit  99  is
incorporated herein by reference.

Item 7.    Financial Statements, Pro Forma Financial Information and Exhibits.

           (c)  Exhibits.

                Exhibit No.         Description

                  99                Press release issued by the Registrant
                                    dated November 19, 2003.
<PAGE>
                                    SIGNATURE

           Pursuant to the requirements of the Securities  Exchange Act of 1934,
as  amended,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned hereunto duly authorized.

                                            DYNEX CAPITAL, INC.
                                               (Registrant)



Date:  November 20, 2003                    By:  -------------------------------
                                                 Stephen J. Benedetti
                                                 Executive Vice President and
                                                 Chief Financial Officer
<PAGE>
                                                                   Exhibit Index


                Exhibit No.         Description

                  99                Press release issued by the Registrant
                                    dated November 19, 2003.
[{"type": "8-K", "sequence": "1", "filename": "f8k_111903-dx.txt", "secsgml_size_bytes": 3633}]
{"company-data": {"conformed-name": "DYNEX CAPITAL INC", "cik": "0000826675", "assigned-sic": "6798", "irs-number": "521549373", "state-of-incorporation": "VA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09819", "film-number": "031014242"}, "business-address": {"street1": "4551 COX RD", "street2": "STE 300", "city": "GLEN ALLEN", "state": "VA", "zip": "23060", "phone": "8042175815"}, "mail-address": {"street1": "4551 COX RD", "street2": "STE 300", "city": "GLEN ALLEN", "state": "VA", "zip": "23060"}, "former-company": [{"former-conformed-name": "RESOURCE MORTGAGE CAPITAL INC/VA", "date-changed": "19930722"}, {"former-conformed-name": "RESOURCE MORTGAGE INVESTMENT CORP", "date-changed": "19930505"}, {"former-conformed-name": "RAC MORTGAGE INVESTMENT CORP /VA/", "date-changed": "19930505"}]}
================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                  ------------

                                    FORM 8-K
                                  ------------

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                        Date of Report: November 20, 2003
                        (Date of earliest event reported)

                               DYNEX CAPITAL, INC.
               (Exact Name of Registrant as Specified in Charter)

                                     1-9819
                            (Commission File Number)
Virginia                                                   52-1549373
                (State or other jurisdiction of                                    (I.R.S. Employer
                incorporation or organization)                                   Identification No.)

        4551 Cox Road, Suite 300, Glen Allen, Virginia                                  23060
           (Address of principal executive offices)                                   (Zip Code)
(804) 217-5800 (Registrant's
                     telephone number, including area code)

================================================================================
Item 5.    Other Events.

     On November 19, 2003, the Registrant  issued a press release reporting that
the Company will be adjusting its accounting for certain  transactions  in 2001,
2002 and 2003 regarding its  investment in a delinquent  property tax receivable
security.  As a result,  the  Registrant  will be restating  its results for the
years ended December 31, 2001 and 2002, and for the three months ended March 31,
2003 and June 30, 2003 and is revising previously reported results for the three
and nine months  ended  September  30,  2003.  The press  release  issued by the
Registrant  on  November  19,  2003  and  attached   hereto  as  Exhibit  99  is
incorporated herein by reference.

Item 7.    Financial Statements, Pro Forma Financial Information and Exhibits.

           (c)  Exhibits.

                Exhibit No.         Description

                  99                Press release issued by the Registrant
                                    dated November 19, 2003.
SIGNATURE

           Pursuant to the requirements of the Securities  Exchange Act of 1934,
as  amended,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned hereunto duly authorized.

                                            DYNEX CAPITAL, INC.
                                               (Registrant)

Date:  November 20, 2003                    By:  -------------------------------
                                                 Stephen J. Benedetti
                                                 Executive Vice President and
                                                 Chief Financial Officer
Exhibit Index

                Exhibit No.         Description

                  99                Press release issued by the Registrant
                                    dated November 19, 2003.