Dynex Capital, Inc. Announces Second Quarter 2009 Common and Preferred Dividends

GLEN ALLEN, Va.--(Business Wire)--
Dynex Capital, Inc. (NYSE:DX) announced today that its Board of Directors has
declared a dividend on its common stock of $0.23 per share and a dividend on its
Series D 9.50% Cumulative Convertible Preferred Stock of $0.2375 per share. Both
the common and preferred dividends will be payable on July 31, 2009 to
shareholders of record as of June 30, 2009. The Company also noted that to the
extent it earns taxable income in excess of $0.23 per common share for the
second quarter, it anticipates that it will use its tax net operating loss
carryfoward to offset any shareholder distribution requirement for such excess.

Dynex Capital, Inc. is a specialty finance company that elects to be treated as
a real estate investment trust (REIT) for federal income tax purposes.
Additional information about Dynex Capital, Inc. is available at
www.dynexcapital.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding the business of Dynex Capital,
Inc. that are not historical facts are "forward-looking statements" that involve
risks and uncertainties. For a discussion of these risks and uncertainties,
which could cause actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in the Company's Annual Report on
Form 10-K and other reports filed with the Securities and Exchange Commission.

Dynex Capital, Inc.
Alison Griffin, 804-217-5897

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