================================================================================
                                  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: March 18, 2005
                        (Date of earliest event reported)

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

           Virginia                   1-9819                   52-1549373
 (State or Other Jurisdiction       (Commission               (IRS Employer
       of Incorporation)           File Number)            Identification No.)

             4551 Cox Road, Suite 300,                       23060-5860
               Glen Allen, Virginia                          (Zip Code)
     (Address of Principal Executive Offices)

       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))

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<PAGE>


Item 2.02  Results of Operations and Financial Condition.

     On March 17, 2005,  the  Registrant  issued a press  release  reporting its
financial  results for the year ended  December  31,  2004.  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.  The  foregoing  information,  including  the
information  contained in the press release, is being furnished pursuant to this
Item 2.02 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.

                                    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.
                                     (Registrant)


Date: March 18, 2005                 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 on March 17, 2005.
[{"type": "8-K", "sequence": "1", "filename": "f8k_031805-dx.txt", "description": "DYNEX CAPITAL YEAR-END 2004 RESULTS PRESS RELEASE", "secsgml_size_bytes": 3897}]
{"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": "05690717"}, "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: March 18, 2005
                        (Date of earliest event reported)

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

           Virginia                   1-9819                   52-1549373
 (State or Other Jurisdiction       (Commission               (IRS Employer
       of Incorporation)           File Number)            Identification No.)

             4551 Cox Road, Suite 300,                       23060-5860
               Glen Allen, Virginia                          (Zip Code)
     (Address of Principal Executive Offices)

       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 March 17, 2005,  the  Registrant  issued a press  release  reporting its
financial  results for the year ended  December  31,  2004.  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.  The  foregoing  information,  including  the
information  contained in the press release, is being furnished pursuant to this
Item 2.02 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.

                                    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.
                                     (Registrant)

Date: March 18, 2005                 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 on March 17, 2005.