Dynex Capital, Inc. is a real estate investment trust (REIT), which invests in mortgage assets on a leveraged basis. The Company focuses to provide risk-adjusted returns to its shareholders over the long term that are reflective of a leveraged, fixed income portfolio with a focus on capital preservation. It seeks to provide returns to its shareholders through regular quarterly dividends and through capital appreciation. Its investments include Agency mortgage-backed securities (MBS), non-Agency MBS, securitized mortgage loans, and other investments. Agency MBS consist of residential MBS (RMBS) and commercial MBS (CMBS), which come with a guaranty of payment by the United States government or a United States government-sponsored entity, such as Fannie Mae and Freddie Mac. Non-Agency MBS (also consisting of RMBS and CMBS) have no such guaranty of payment.