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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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D.C.&#160;&#160;20549</font></div>
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8-K</font></div>
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REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
TO SECTION 13 OR 15(d) OF THE</font></div>
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EXCHANGE ACT OF 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
of Report (Date of earliest event reported) June 2, 2010</font></div>
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CAPITAL, INC.</font></div>
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name of registrant as specified in its charter)</font></div>
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      Lake Brook Drive, Suite 100</font></div>
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      Code)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
telephone number, including area code</font></div>
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217-5800</font></div>
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name or former address, if changed since last report.)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font id="TAB1" style="MARGIN-LEFT: 144pt"></font><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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:</font></div>
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<tr valign="top">
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
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      240.13e-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br>&#160;</div>
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        <div id="FTR">
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</font></div>
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</font></div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other
Events.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: normal">Dynex Capital, Inc. (the &#8220;Company&#8221;) announced that the
portion of its 2010 Annual Meeting of Shareholders, originally scheduled for May
12, 2010, and adjourned until 9:00 a.m., Eastern Time, on Wednesday, June 2,
2010, at the Company&#8217;s headquarters in Glen Allen, Virginia, was adjourned again
due to lack of a quorum of the Company&#8217;s Series D 9.50% Cumulative Convertible
Preferred Stock (&#8220;preferred stock&#8221;).</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: normal">The Company previously reported on a Form 8-K filed on May
14, 2010, the voting results of the common stock portion of the Annual Meeting
that was held as originally scheduled on May 12, 2010.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: normal">The one item of business on the agenda for holders of the
Company&#8217;s preferred stock at the reconvened portion of the Annual Meeting is a
vote on the election of Leon A. Felman and Barry Igdaloff as directors to serve
for a one year period until the 2011 Annual Meeting of Shareholders and until
their successors have been elected and qualified.&#160;&#160;The Company will
reconvene the portion of its Annual Meeting relating to the preferred
shareholders at 9:00 a.m., Eastern Time, on Wednesday, July 14, 2010, and is
keeping the polls open with respect to the election of directors by the
Company&#8217;s preferred shareholders until a vote can be taken on such election. The
reconvened portion of the Annual Meeting will be held at the Company&#8217;s
headquarters located at 4991 Lake Brook Drive, Suite 100 in Glen Allen,
Virginia.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: normal">The record date for the reconvened portion of the Annual
Meeting remains March 23, 2010.&#160;&#160;Therefore, all preferred proxies
previously submitted and not revoked will remain valid for the reconvened
meeting, and holders of the Company&#8217;s preferred stock who have already sent in
proxy cards or given instructions to brokers do not need to vote
again.&#160;&#160;Holders of the Company&#8217;s preferred stock who have not yet
voted on the election of directors are encouraged to do so
promptly.&#160;&#160;Preferred proxies may be submitted or revoked any time
prior to the voting at the reconvened meeting on July 14.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: normal">Any questions about the adjournment, the election of
directors by the holders of the Company&#8217;s preferred stock or how to submit a
preferred proxy, and any requests for additional copies of the Company&#8217;s proxy
statement or proxy card, should be directed to the Company&#8217;s Investor Relations
at (804) 217-5897.&#160;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: normal">The Company encourages any holder of the Company&#8217;s
preferred stock who has not voted on the election of directors to vote
today!</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
      <div style="TEXT-ALIGN: center">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><br>
      <div align="left">
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      Stephen J. Benedetti<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font>&#160;&#160;</font></font></div>
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      Vice President, Chief Operating Officer and Chief Financial
      Officer</font></div>
              </td>
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body.htm
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) June 2, 2010
DYNEX
CAPITAL, INC.
(Exact
name of registrant as specified in its charter)
Virginia
(State
      or other jurisdiction
of
      incorporation)
1-9819
(Commission
      File Number)
52-1549373
(IRS
      Employer
Identification
      No.)
4991
      Lake Brook Drive, Suite 100
Glen
      Allen, Virginia
(Address
      of principal executive offices)
23060
(Zip
      Code)
Registrant's
telephone number, including area code
(804)
217-5800
N/A
(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:
o
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
o
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
o
Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
o
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
Item
8.01.                      Other
Events.
Dynex Capital, Inc. (the "Company") announced that the
portion of its 2010 Annual Meeting of Shareholders, originally scheduled for May
12, 2010, and adjourned until 9:00 a.m., Eastern Time, on Wednesday, June 2,
2010, at the Company's headquarters in Glen Allen, Virginia, was adjourned again
due to lack of a quorum of the Company's Series D 9.50% Cumulative Convertible
Preferred Stock ("preferred stock").
The Company previously reported on a Form 8-K filed on May
14, 2010, the voting results of the common stock portion of the Annual Meeting
that was held as originally scheduled on May 12, 2010.
The one item of business on the agenda for holders of the
Company's preferred stock at the reconvened portion of the Annual Meeting is a
vote on the election of Leon A. Felman and Barry Igdaloff as directors to serve
for a one year period until the 2011 Annual Meeting of Shareholders and until
their successors have been elected and qualified.  The Company will
reconvene the portion of its Annual Meeting relating to the preferred
shareholders at 9:00 a.m., Eastern Time, on Wednesday, July 14, 2010, and is
keeping the polls open with respect to the election of directors by the
Company's preferred shareholders until a vote can be taken on such election. The
reconvened portion of the Annual Meeting will be held at the Company's
headquarters located at 4991 Lake Brook Drive, Suite 100 in Glen Allen,
Virginia.
The record date for the reconvened portion of the Annual
Meeting remains March 23, 2010.  Therefore, all preferred proxies
previously submitted and not revoked will remain valid for the reconvened
meeting, and holders of the Company's preferred stock who have already sent in
proxy cards or given instructions to brokers do not need to vote
again.  Holders of the Company's preferred stock who have not yet
voted on the election of directors are encouraged to do so
promptly.  Preferred proxies may be submitted or revoked any time
prior to the voting at the reconvened meeting on July 14.
Any questions about the adjournment, the election of
directors by the holders of the Company's preferred stock or how to submit a
preferred proxy, and any requests for additional copies of the Company's proxy
statement or proxy card, should be directed to the Company's Investor Relations
at (804) 217-5897.
The Company encourages any holder of the Company's
preferred stock who has not voted on the election of directors to vote
today!
SIGNATURES
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:
June
      3, 2010
By:
/s/
      Stephen J. Benedetti
Stephen
      J. Benedetti
Executive
      Vice President, Chief Operating Officer and Chief Financial
      Officer