|Exchange:||New York Stock Exchange|
|Stock:||Dynex Capital, Inc.|
|Industry:||REIT - Residential|
|Dynex Capital, Inc. was incorporated in Virginia on December 18, 1987 and commenced operations in February 1988. It is a specialty finance Company organized as a real estate investment trust, or REIT, which invests in mortgage loans and securities on a leveraged basis. It invests in residential mortgage-backed securities, or MBS, issued or guaranteed by a federally chartered corporation, such as Federal National Mortgage Corporation, or Fannie Mae, or Federal Home Loan Mortgage Corporation, or Freddie Mac, or an agency of the U.S. government, such as Government National Mortgage Association, or Ginnie Mae. It has also invested in securitized residential and commercial mortgage loans, non-agency mortgage-backed securities, or non-Agency MBS, and, through a joint venture, commercial mortgage-backed securities (CMBS). All of these loans and securities, including those owned by the joint venture, consist of, or are secured by, first lien mortgages which were originated by the Company from 1992 to 1998. The Company has generally financed its investments through a combination of repurchase agreements, securitization financing, and equity capital. It employs leverage in order to increase the overall yield on its invested capital. It might occasionally sell investments prior to its maturity. In purchasing portfolio investments, it competes with other mortgage REITs, investment banking firms, savings and loan associations, commercial banks, mortgage bankers, insurance companies, federal agencies and other entities.|
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