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Exhibit 21.1
DYNEX CAPITAL, INC.
LIST OF SIGNIFICANT CONSOLIDATED ENTITIES
As of December 31, 2015
Name State of Organization
Commercial Capital Access One, Inc. Virginia
Financial Asset Securitization, Inc. Virginia
Investment Capital Access, Inc. Virginia
Issued Holdings Capital Corporation Virginia
Mackinaw Insurance Company, LLC Michigan
MERIT Securities Corporation Virginia
SMFC Funding Corporation Virginia