Dynex Capital, Inc. is a US-listed mortgage real estate investment trust (mREIT)
that invests primarily in agency and non-agency mortgage-backed securities and
related structured mortgage assets. The company seeks to generate earnings from the
net interest spread between portfolio yields and its cost of financing, using
leverage and interest-rate hedging to manage duration and funding risk. Results and
dividend capacity are highly sensitive to yield-curve movements, repo market
conditions, mortgage prepayment speeds and mark-to-market volatility, making DX a
closely followed name within the mortgage REIT and income-oriented equity universe.