UNITED STATES
SECURITIES AND EXCHANGE COMMISSSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 1-9819
NOTIFICATION OF LATE FILING
(Check One): |_| Form 10-K |_| Form 11-K |_| Form 20-F |X| Form 10-Q |_| Form N-SAR |_| Form N-CSR
For the Period Ended: September 30, 2003
|_| Transition Report on Form 10-K
|_| Transition Report on Form 20-F
|_| Transition Report on Form 11-K
|_| Transition Report on Form 10-Q
|_| Transition Report on Form N-SAR
For the Transition Period Ended:
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
DYNEX CAPITAL, INC.
(Full name of registrant)
4551 Cox Road, Suite 300
Glen Allen, Virginia 23060-6740
(Address of principal executive office)
PART II - RULE 12b-25 (b) AND (c)
If subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate.) |X|
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense.
(b) The subject annual report, semi-annual report, transition report
on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be
filed on or before the 15th calendar day following the prescribed
due date; or subject quarterly report or transition report on Form
10-Q, or portion thereof will be filed on or before the fifth
calendar day following the prescribed due date.
(c) The accountant's statement or other exhibit required by Rule
12b-25 (c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period.
Dynex Capital, Inc. ("Company") is experiencing difficulty in finalizing certain
required disclosures in order to complete the filing of its Form 10-Q for the
quarter ended September 30, 2003 by the prescribed due date. It is anticipated
that such information will be produced and that the Form 10-Q will be filed as
soon as possible (and no later than the fifth calendar day following the
prescribed due date). The Company is currently in the process of evaluating
additional information related to the accounting for the Company's investment in
delinquent property tax receivables. The foregoing difficulty could not be
eliminated by the Registrant without unreasonable effort and expense, including
hiring (if available) additional professional staff on a short-term basis.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Stephen J. Benedetti 804 217-5837
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or section 30 of the
Investment Company Act of 1940 during the preceding 12 months or
for such shorter period that the registrant was required to file
such report(s) been filed? If the answer is no, identify
report(s).
|X| Yes |_| No
(3) Is it anticipated that any significant change in results of
operation from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the
subject report or portion thereof?
|_| Yes |X| No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made.
Dynex Capital, Inc. has caused this notification to be signed on its behalf by
the undersigned thereunto duly authorized.
DYNEX CAPITAL, INC.
/s/ Stephen J. Benedetti
Date: November 14, 2003 Stephen J. Benedetti
Executive Vice President