December 30, 2013

Mr. Kevin R. Woody

Branch Chief

Division of Corporation Finance

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

RE:    Comment Letter, dated December 16, 2013

Dynex Capital, Inc.

Form 10-K for the year ended December 31, 2012

Filed March 8, 2013

File No. 001-09819

Dear Mr. Woody:

Dynex Capital, Inc. (the “Company”) hereby acknowledges receipt of the comment letter dated December 16, 2013 (the “Comment Letter”) provided by the staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the “Commission”) with respect to the Company’s Annual Report on Form 10-K referred to above.

I am writing to follow up on the telephone conversation between Mr. Jeff Childress, the Company's Controller, and Mr. Dan Gordon, Branch Chief with the Commission, in which conversation Mr. Childress requested on behalf of the Company an extension to respond to the Comment Letter. This letter serves as a written record of the request and the Company’s understanding that it has been granted an extension to respond to the Comment Letter by no later than January 15, 2014.

Thank you for your assistance. If you have any additional questions or comments, you may reach me at (804) 217-5837 or Mr. Childress at (804) 217-5854.

Very truly yours,

/s/ Stephen J. Benedetti

Stephen J. Benedetti

Executive Vice President, Chief Operating Officer

and Chief Financial Officer