LIST OF CONSOLIDATED ENTITIES
Published on March 25, 1998
Exhibit 21.1
Dynex Capital, Inc.
List of Consolidated Entities
As of December 31, 1997
Multi-Family Finance Corporation
MSC 1 L.P.
Issuer Holding Corp.
Commercial Capital Access One, Inc.
Resource Finance Co. One
Resource Finance Co. Two
SHF Corp.
ND Holding Co.
Merit Securities Corporation
Dynex Holding, Inc.
Dynex Financial, Inc.
DFI of Alabama, Inc.
National Model Homes, Inc.
KBOne, Inc.
KBMex, Inc.
RHOne,Inc.
Lev One, Inc.
Dynex Commercial, Inc.
GLS Capital, Inc.
SMFC Funding Corporation
Dynex Securities Corporation
NOTE: All companies were incorporated in Virginia except for Dynex Holding,
Inc. (Delaware).