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

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   -----------

                                    FORM 8-K


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

        Date of Report (Date of earliest event reported): August 15, 2005
                                   -----------

                               DYNEX CAPITAL, INC.
             (Exact name of registrant as specified in its charter)

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

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

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

                                 Not Applicable
          (Former name or former address, if changed since last report)


Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

     |_| Written  communications  pursuant to Rule 425 under the  Securities Act
         (17 CFR 230.425)

     |_| Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17
         CFR 240.14a-12)

     |_|  Pre-commencement  communications  pursuant to Rule 14d-2(b)  under the
          Exchange Act (17 CFR 240.14d-2(b))

     |_|  Pre-commencement  communications  pursuant to Rule 13e-4(c)  under the
          Exchange Act (17 CFR 240.13e-4(c))

================================================================================
<PAGE>
Item 2.02  Results of Operations and Financial Condition.

On  August  15,  2005,  the  Registrant  issued a press  release  reporting  its
financial  results  for the  period  ended  June 30,  2005.  A copy of the press
release is being  furnished as an exhibit to this report and is  incorporated by
reference into this Item 2.02.

Item 9.01  Financial Statements and Exhibits.

           (c) Exhibits. The following exhibit is being furnished pursuant to
               Item 2.02 above.

                  Exhibit No.          Description
                     99.1              Press Release dated August 15, 2005


                                    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 15, 2005              By:  /s/ Stephen J. Benedetti
                                           -------------------------------------
                                            Stephen J. Benedetti
                                            Executive Vice President and
                                              Chief Financial Officer
<PAGE>
                                  Exhibit Index


                  Exhibit No.          Description
                     99.1              Press Release dated August 15, 2005
[{"type": "8-K", "sequence": "1", "filename": "f8k_081505-dx.txt", "secsgml_size_bytes": 3704}]
{"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": "051027442"}, "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, D.C. 20549
                                   -----------

                                    FORM 8-K

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

        Date of Report (Date of earliest event reported): August 15, 2005
                                   -----------

                               DYNEX CAPITAL, INC.
             (Exact name of registrant as specified in its charter)
Virginia                             1-9819                           52-1549373
    (State or other jurisdiction          (Commission File Number)               (I.R.S. Employer
         of incorporation)                                                     Identification No.)
4551 Cox Road, Suite 300
                Glen Allen, Virginia                                   23060
      (Address of principal executive offices)                      (Zip Code)

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

                                 Not Applicable
          (Former name or former address, if changed since last report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

     |_| Written  communications  pursuant to Rule 425 under the  Securities Act
         (17 CFR 230.425)

     |_| Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17
         CFR 240.14a-12)

     |_|  Pre-commencement  communications  pursuant to Rule 14d-2(b)  under the
          Exchange Act (17 CFR 240.14d-2(b))

     |_|  Pre-commencement  communications  pursuant to Rule 13e-4(c)  under the
          Exchange Act (17 CFR 240.13e-4(c))

================================================================================
Item 2.02  Results of Operations and Financial Condition.

On  August  15,  2005,  the  Registrant  issued a press  release  reporting  its
financial  results  for the  period  ended  June 30,  2005.  A copy of the press
release is being  furnished as an exhibit to this report and is  incorporated by
reference into this Item 2.02.

Item 9.01  Financial Statements and Exhibits.

           (c) Exhibits. The following exhibit is being furnished pursuant to
               Item 2.02 above.

                  Exhibit No.          Description
                     99.1              Press Release dated August 15, 2005

                                    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 15, 2005              By:  /s/ Stephen J. Benedetti
                                           -------------------------------------
                                            Stephen J. Benedetti
                                            Executive Vice President and
                                              Chief Financial Officer
Exhibit Index

                  Exhibit No.          Description
                     99.1              Press Release dated August 15, 2005