Solid Cash Flows: Fed Tightening

Portfolio Construction Emphasizing Higher Liquidity, Credit Quality, and Flexibility ($ in millions) $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 $3,932 $658 $984 $1,790 1Q18 Fixed-rate Agency RMBS(¹) Adjustable-rate Agency $3,613 $613 $966 $1,919 2Q18 $4,083 $565 $948 (1) Includes 30-year fixed-rate specified pools and TBAs on an if-settled basis. $2,518 3Q18 Fixed-rate Agency CMBS Other non-Agency & loans $4,649 $532 $1,057 $3,013 4Q18 CMBS IO U.S. Treasuries $5,587 $519 $1,540 $3,484 1Q19 DYNEX CAPITAL INC. 14

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