Dynex Capital, Inc. is an internally managed mortgage real estate investment trust (mortgage REIT, which invests in mortgage assets on a leveraged basis. The Company invests in both Agency and non-Agency securitized mortgage products. The Company's primary source of income is net interest income. As of December 31, 2011, the Company focuses on an overall investment portfolio composition of 60%-80% in Agency MBS with the balance in non-Agency MBS and securitized mortgage loans. Its securitized mortgage loans are single-family and commercial mortgage loans. Agency MBS consists of residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS). The Company's non-Agency MBS consists of RMBS and CMBS.