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                                                                    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
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                                         Stephen J. Benedetti
                                         Principal Executive Officer and
                                         Chief Financial Officer