Exhibit 21.1

DYNEX CAPITAL, INC.

LIST OF CONSOLIDATED ENTITIES

As of December 31, 2011

Mortgage Investment Corporation

Investment Capital Access, Inc.

Commercial Capital Access One, Inc.

MERIT Securities Corporation

Financial Asset Securitization, Inc.

GLS Capital Services, Inc.

GLS Development, Inc.

SMFC Funding Corporation

MSC I L.P.

Issued Holdings Capital Corporation

GLS Capital, Inc.

GLS Properties, LLC

Allegheny Commercial Properties I, LLC

Allegheny Income Properties I, LLC

Allegheny Special Properties, LLC

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, which were incorporated in Pennsylvania.