X0304 4 2012-03-15 0000826675 DYNEX CAPITAL INC DX 0001235663 BENEDETTI STEPHEN J C/O DYNEX CAPITAL, INC. 4991 LAKE BROOK DRIVE, SUITE 100 GLEN ALLEN VA 23060 0 1 0 0 EVP, COO and CFO Common Stock 2012-03-15 4 A 0 12571 0 A 120337.89 D Common Stock 21605.2005 I Through 401(k) Plan Restricted shares issued to the reporting person under the company's Performance Bonus Program for 2011 performance that will vest in equal installments on each of the first three anniversaries of March 15, 2012. Includes 38.0744 shares acquired under the Dynex Capital, Inc. 401(k) Plan since the last report. Stephen J. Benedetti 2012-03-19