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


                                  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: August 11, 2003



                               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)



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


Item 7.  Exhibits.

         (c)  Exhibits

              99.1  Press Release dated August 11, 2003 of Dynex Capital, Inc.
                    (the "Company").


Item 9.  Regulation FD Disclosure.

The  information  contained  in this  Item 9 of this  Current  Report  is  being
furnished  pursuant to "Item 12. Results of Operations and Financial  Condition"
of Form 8-K in accordance with Release Nos. 33-8216 and 34-47583.

The  information  in this  Current  Report is being  furnished  and shall not be
deemed "filed" for the purposes of Section 18 of the Securities  Exchange Act of
1934, as amended,  or otherwise subject to the liabilities of that Section.  The
information in this Current Report shall not be  incorporated  by reference into
any registration  statement or other document  pursuant to the Securities Act of
1933, as amended.

On  August 11,  2003,  the  Company  issued  a  Press  Release  announcing   the
Company's  results for the quarter  ending  June 30,  2003.  A copy of the Press
Release has been furnished as an exhibit to this report and is  incorporated  by
reference herein.

The Press Release in Exhibit 99.1 includes forward-looking statements within the
meaning of the federal  securities laws.  Actual results and developments  could
differ materially from those expressed in or contemplated by the forward-looking
statements  due to a number of factors,  including  general  economic and market
conditions,  disruptions in the capital markets, fluctuations in interest rates,
the  accuracy of  subjective  estimates  used in  determining  the fair value of
certain financial assets of the Company, the impact of recently issued financial
accounting standards, increases in costs, other general competitive factors, and
other risk factors discussed in the Company's SEC filings.  The Company does not
undertake to update, revise or correct any of the forward-looking information.


                                    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:  August 11, 2003                      By:  /s/ Stephen J. Benedetti
                                             -----------------------------------
                                             Stephen J. Benedetti
                                             Executive Vice President and
                                               Chief Financial Officer
<page>


                                  EXHIBIT INDEX

Exhibit           Name of
Number            Exhibit
------            -------

99.1              Press Release dated August 11, 2003.
[{"type": "8-K", "sequence": "1", "filename": "f8k_081103-dx.txt", "description": "DYNEX CAPITAL 2ND QUARTER 2003 FINANCIAL RESULTS", "secsgml_size_bytes": 4459}]
{"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": "03834249"}, "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: August 11, 2003

                               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 7.  Exhibits.

         (c)  Exhibits

              99.1  Press Release dated August 11, 2003 of Dynex Capital, Inc.
                    (the "Company").

Item 9.  Regulation FD Disclosure.

The  information  contained  in this  Item 9 of this  Current  Report  is  being
furnished  pursuant to "Item 12. Results of Operations and Financial  Condition"
of Form 8-K in accordance with Release Nos. 33-8216 and 34-47583.

The  information  in this  Current  Report is being  furnished  and shall not be
deemed "filed" for the purposes of Section 18 of the Securities  Exchange Act of
1934, as amended,  or otherwise subject to the liabilities of that Section.  The
information in this Current Report shall not be  incorporated  by reference into
any registration  statement or other document  pursuant to the Securities Act of
1933, as amended.

On  August 11,  2003,  the  Company  issued  a  Press  Release  announcing   the
Company's  results for the quarter  ending  June 30,  2003.  A copy of the Press
Release has been furnished as an exhibit to this report and is  incorporated  by
reference herein.

The Press Release in Exhibit 99.1 includes forward-looking statements within the
meaning of the federal  securities laws.  Actual results and developments  could
differ materially from those expressed in or contemplated by the forward-looking
statements  due to a number of factors,  including  general  economic and market
conditions,  disruptions in the capital markets, fluctuations in interest rates,
the  accuracy of  subjective  estimates  used in  determining  the fair value of
certain financial assets of the Company, the impact of recently issued financial
accounting standards, increases in costs, other general competitive factors, and
other risk factors discussed in the Company's SEC filings.  The Company does not
undertake to update, revise or correct any of the forward-looking information.

                                    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:  August 11, 2003                      By:  /s/ Stephen J. Benedetti
                                             -----------------------------------
                                             Stephen J. Benedetti
                                             Executive Vice President and
                                               Chief Financial Officer
EXHIBIT INDEX

Exhibit           Name of
Number            Exhibit
------            -------

99.1              Press Release dated August 11, 2003.