Exhibit 21.1


Dynex Capital, Inc.
List of Consolidated Entities
As of December 31, 2004


Dynex Commercial Services, Inc.
Dynex Securities, Inc.
GLS Capital Services, Inc.
GLS Development, Inc.
SMFC Funding Corporation
MSC I L.P.
Issuer Holding Corp.
Commercial Capital Access One, Inc.
Resource Finance Co. One
Resource Finance Co. Two
ND Holding Co.
MERIT Securities Corporation
Financial Asset Securitization, Inc.
GLS Capital, Inc.
GLS Properties, LLC
Allegheny Commercial Properties I, LLC
Allegheny Income Properties I, LLC
Allegheny Special Properties, LLC
GLS Capital Services - Marlborough, Inc.
SHF Corp.


NOTE: All companies were incorporated in Virginia except for GLS
Properties, LLC, Allegheny Commercial Properties I, LLC, Allegheny Income
Properties I, LLC, and Allegheny Special Properties, LLC (Pennsylvania).