SECTION 16
POWER OF ATTORNEY


I, Joy D. Palmer, do hereby constitute and appoint
Stephen J. Benedetti, Alison G. Griffin, Susan S.
Ancarrow and Elizabeth P. Davis my true and
lawful attorneys-in-fact, any of whom acting
singly is hereby authorized, for me and in
my name and on my behalf as a director, officer
and/or shareholder of Dynex Capital, Inc.,
to (i) prepare, execute in my name and on
my behalf, and submit to the U.S. Securities
and Exchange Commission (the "SEC") a Form ID,
including any necessary amendments thereto,
and any other documents necessary or appropriate
to obtain or update codes and passwords enabling
me to make electronic filings with the SEC of
reports required by Section 16(a) of the
Securities Exchange Act of 1934 or any
rule or regulation of the SEC in respect
thereof; and (ii) prepare, execute and file any
and all forms, instruments or documents,
including any necessary amendments thereto,
as such attorneys or attorney deems necessary
or advisable to enable me to comply with Section 16
of the Securities Exchange Act of 1934
or any rule or regulation of the SEC in respect
thereof (collectively, "Section 16").

I do hereby ratify and confirm all acts my
said attorney shall do or cause to be done by
virtue hereof.  I acknowledge that the foregoing
attorneys-in-fact, serving in such capacity
at my request, are not assuming, nor is
Dynex Capital, Inc. assuming, any of my
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 3rd day of November, 2020.


/s/ Joy D. Palmer
Joy D. Palmer