================================================================================

Exhibit 32.1



CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 906



In connection with the Quarterly Report of Dynex Capital, Inc. (the "Company")
on Form 10-Q for the quarter ended March 31, 2005, as filed with the Securities
and Exchange Commission on the date hereof (the "Report"), I, Stephen J.
Benedetti, the Principal Executive Officer and the Chief Financial Officer of
the Company, certify, pursuant to and for purposes of 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my
knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations
of the Company.



Dated: May 20, 2005 By: /s/ Stephen J. Benedetti
---------------------------------------
Stephen J. Benedetti
Principal Executive Officer and
Chief Financial Officer