Form 4 BUCK JAY For: Aug 12 (10K)

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BUCK JAY

(Last)

(First)

(Middle)

C/O DYNEX CAPITAL, INC., 4991 LAKE BROOK DRIVE, SUITE 100

(Street)

GLEN ALLEN

23060

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
DYNEX CAPITAL INC [DX]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
Former Strategic Advisor

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/12/2009⁽¹⁾		S		3,610	D	$ 8.49	269,607	I	By Rockwood Partners, L.P.
Common Stock	08/13/2009⁽¹⁾		S		2	D	$ 8.6	269,605	I	By Rockwood Partners, L.P.
Common Stock	08/13/2009⁽¹⁾		S		600	D	$ 8.56	269,005	I	By Rockwood Partners, L.P.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Explanation of Responses:

1. The reporting person previously repaid to the issuer a short-swing profit of $12,090.00 under Section 16(b) of the Securities Exchange Act of 1934, in connection with transactions previously reported on the Form 4s filed March 18, March 23, April 6, May 18, May 21, May 27, July 13, July 15, July 20, July 23, July 29, August 3, August 6, and August 11, 2009.

	Stephen J. Benedetti, as attorney-in-fact for Jay Buck	08/14/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

SECTION 16

POWER OF ATTORNEY



The undersigned does hereby constitute and 
appoint Stephen J. Benedetti and Alison G. Griffin as 
his true and lawful attorneys-in-fact, either one of 
whom acting singly is hereby authorized, to execute 
and file in his name and on his behalf any and all 
forms, instruments or documents, including any 
necessary amendments thereto, as such attorneys or 
attorney deems necessary or advisable to enable the 
undersigned to comply with Section 16 of the 
Securities Exchange Act of 1934 or any rule or 
regulation of the Securities and Exchange Commission 
in respect thereof (collectively, "Section 16") with 
respect to changes in the ownership of shares of the 
common or preferred stock of Dynex Capital, Inc. by 
the undersigned or by certain related persons or 
affiliates of the undersigned.  


The undersigned does hereby ratify and confirm 
all acts his said attorneys or attorney shall do or 
cause to be done by virtue hereof.  The undersigned 
acknowledges that the foregoing attorneys-in-fact, 
serving in such capacity at his request, are not 
assuming, nor is Dynex Capital, Inc. assuming, any of 
his responsibilities to comply with Section 16.


This power of attorney shall remain in full 
force and effect until it is revoked by the 
undersigned in a signed writing delivered to each 
such attorney-in-fact or the undersigned is no longer 
required to comply with Section 16, whichever occurs 
first.


WITNESS the execution hereof this 14th day of 
August, 2009.



/s/ Jay Buck 
                                    Jay Buck

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