Dynex Capital, Inc. (Dynex) is a specialty finance company. The Company organized as a real estate investment trust (REIT), which invests in mortgage loans and securities on a leveraged basis. The Company invests in residential mortgage-backed securities (MBS), issued or guaranteed by a federally chartered corporation, such as Federal National Mortgage Corporation (Fannie Mae), or Federal Home Loan Mortgage Corporation (Freddie Mac), or an agency of the United States government, such as Government National Mortgage Association (Ginnie Mae). The Company also invests 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). The Company’s Agency MBS are comprised primarily of Hybrid Agency adjustable rate mortgages (ARMs) and Agency ARMs and, to a lesser extent, fixed-rate Agency MBS.