LIST OF CONSOLIDATED ENTITES
Published on March 31, 1999
Exhibit 21.1
Dynex Capital, Inc.
List of Consolidated Entities
As of December 31, 1998
MSC 1 L.P.
Issuer Holding Corp.
Commercial Capital Access One, Inc.
Resource Finance Co. One
Resource Finance Co. Two
ND Holding Co.
Merit Securities Corporation
GLS Capital, Inc.
GLS Capital Marlborough, Inc.
GLS Capital - Cuyahoga, Inc.
Dynex Healthcare Capital, Inc.
SHF Corp.
Dynex Holding, Inc.
Dynex Financial, Inc.
DFI of Alabama, Inc.
Dynex Insurance Agency, Inc.
Dynex Residential, Inc.
KBOne, Inc.
KBMex, Inc.
RHOne,Inc.
LevOne, Inc.
ParOne, Inc.
CalOne, Inc.
ForOne, Inc.
Dynex Commercial, Inc.
Dynex Healthcare, Inc.
GLS Capital Services, Inc.
GLS Development, Inc.
SMFC Funding Corporation
Dynex Securities Corporation
Dynex Home Loan, Inc.
NOTE: All companies were incorporated in Virginia except for Dynex Holding,
Inc. (Delaware).