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


                                  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 2, 2004



                               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)



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


<PAGE>


Item 12

Results of Operations and Financial Condition.

On  November  2, 2004,  the  Registrant  issued a press  release  reporting  its
financial  results for the quarter ended September 30, 2004. A copy of the press
release is being  furnished as an exhibit to this report and is  incorporated by
reference into this Item 12.

The  foregoing  information,  including the  information  contained in the press
release,  is being furnished pursuant to this Item 12 and shall not be deemed to
be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended,  or otherwise subject to the liabilities of that Section or Sections 11
and  12(a)(2) of the  Securities  Act of 1933,  as amended.  In  addition,  this
information  shall not be deemed to be incorporated by reference into any of the
Registrant's  filings with the  Securities  and Exchange  Commission,  except as
shall be expressly set forth by specific reference in any such filing.

         (c)  Exhibits

              Exhibit No.     Description

                 99           Press release issued by the Registrant
                              dated November 2, 2004.



                                    SIGNATURE

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

                                        DYNEX CAPITAL, INC.




Date:  November 2, 2004                 By:  /s/ Stephen J. Benedetti
                                             -----------------------------------
                                              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 2, 2004.
[{"type": "8-K", "sequence": "1", "filename": "f8k_110204-dx.txt", "secsgml_size_bytes": 3695}]
{"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": "041114768"}, "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 2, 2004

                               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 12

Results of Operations and Financial Condition.

On  November  2, 2004,  the  Registrant  issued a press  release  reporting  its
financial  results for the quarter ended September 30, 2004. A copy of the press
release is being  furnished as an exhibit to this report and is  incorporated by
reference into this Item 12.

The  foregoing  information,  including the  information  contained in the press
release,  is being furnished pursuant to this Item 12 and shall not be deemed to
be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended,  or otherwise subject to the liabilities of that Section or Sections 11
and  12(a)(2) of the  Securities  Act of 1933,  as amended.  In  addition,  this
information  shall not be deemed to be incorporated by reference into any of the
Registrant's  filings with the  Securities  and Exchange  Commission,  except as
shall be expressly set forth by specific reference in any such filing.

         (c)  Exhibits

              Exhibit No.     Description

                 99           Press release issued by the Registrant
                              dated November 2, 2004.

                                    SIGNATURE

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

                                        DYNEX CAPITAL, INC.

Date:  November 2, 2004                 By:  /s/ Stephen J. Benedetti
                                             -----------------------------------
                                              Stephen J. Benedetti
                                              Executive Vice President and
                                                Chief Financial Officer
Exhibit Index

              Exhibit No.     Description

                 99           Press release issued by the Registrant
                              dated November 2, 2004.