Dynex Capital, Inc. is an internally managed mortgage real estate investment trust (mortgage REIT). The Company primarily invested in Agency MBS including residential MBS (RMBS), commercial MBS (CMBS) and CMBS interest-only (IO) securities. Agency MBS have an implicit guaranty of principal payment by an agency of the United States government or a United States government-sponsored entity (GSE), such as Fannie Mae and Freddie Mac. The Company also has investments in non-Agency MBS, which consist mainly of CMBS IO. Non-Agency MBS are issued by non-governmental enterprises and do not have a guaranty of principal payment.