DYNEX CAPITAL INC

# Dynex Capital Inc (DX)

Dynex Capital is a mortgage real estate investment trust that invests primarily in mortgage-backed securities (MBS) issued or guaranteed by U.S. government agencies and government-sponsored enterprises, including Fannie Mae and Freddie Mac. The company's portfolio consists of residential MBS and commercial mortgage-backed securities (CMBS), along with agency and non-agency CMBS interest-only securities. As a REIT, Dynex is structured to distribute at least 90% of its taxable income to shareholders and is exempt from federal income taxes at the entity level.

The company generates revenue through net interest income on its MBS holdings and gains or losses from changes in security valuations and portfolio management activities. Its investment strategy focuses on securities backed by agency guarantees, which carry principal payment protection, alongside selected non-agency MBS positions. Dynex was incorporated in Virginia in 1987 and maintains its headquarters in Glen Allen, Virginia.

The company operates with a relatively small workforce typical of investment-focused REITs. Its geographic reach is national, with exposure to residential and commercial mortgage markets across the United States through its diversified MBS portfolio rather than through direct property ownership or management.