Dynex Capital Inc. is an internally managed mortgage real estate investment trust (REIT) founded in 1987. It primarily invests in mortgage-backed securities (MBS) in the United States, including agency residential MBS, commercial MBS (CMBS), and both agency and non-agency CMBS interest-only securities backed by U.S. government entities like Fannie Mae and Freddie Mac. The company employs a global macro vision with disciplined risk management processes to guide asset allocation, focusing on generating dividend income and long-term total returns through the leveraged financing of real estate assets that support housing market vitality. With a portfolio fair value of $15.8 billion, market capitalization around $1.8 billion, and a workforce of 22 employees led by CEO Byron Boston, Dynex Capital Inc. maintains a high debt-to-equity ratio of approximately 600%, reflecting its leveraged investment strategy. It plays a key role in the mortgage REIT sector by providing liquidity to the MBS market and delivering consistent dividend yields, such as an annualized 16.6% as of recent reports.