X0304 4 2012-03-15 0000826675 DYNEX CAPITAL INC DX 0001283563 BOSTON BYRON L C/O DYNEX CAPITAL, INC. 4991 LAKE BROOK DRIVE, SUITE 100 GLEN ALLEN VA 23060 0 1 0 0 President & CIO Common Stock 2012-03-15 4 A 0 25143 0 A 195770 D 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. Stephen J. Benedetti, as attorney-in-fact for Byron L. Boston 2012-03-19