-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SBL04O+YBU+lt1E9RPN7WiZbo+GZ0axLL4FV8bBPbWdltBua5UIUlchx4PxvgcQl uvz9ICI3FdqMyc42XLMoEg== 0000912057-00-016124.txt : 20000405 0000912057-00-016124.hdr.sgml : 20000405 ACCESSION NUMBER: 0000912057-00-016124 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20000404 GROUP MEMBERS: CALIFORNIA INVESTMENT FUND LLC GROUP MEMBERS: MICHAEL R. KELLY GROUP MEMBERS: RICHARD KELLY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DYNEX CAPITAL INC CENTRAL INDEX KEY: 0000826675 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 521549373 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-41043 FILM NUMBER: 593545 BUSINESS ADDRESS: STREET 1: 10900 NUCKOLS ROAD STREET 2: SUITE 650 CITY: RICHMOND STATE: VA ZIP: 23060 BUSINESS PHONE: 8049675800 MAIL ADDRESS: STREET 1: 10900 NUCKOLS ROAD STREET 2: SUITE 650 CITY: RICHMOND STATE: VA ZIP: 23060 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCE MORTGAGE CAPITAL INC/VA DATE OF NAME CHANGE: 19930722 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCE MORTGAGE INVESTMENT CORP DATE OF NAME CHANGE: 19930505 FORMER COMPANY: FORMER CONFORMED NAME: RAC MORTGAGE INVESTMENT CORP /VA/ DATE OF NAME CHANGE: 19930505 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CALIFORNIA INVESTMENT FUND LLC CENTRAL INDEX KEY: 0001110901 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 330688954 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 550 WEST C STREET STE 1000 CITY: SAN DIEGO STATE: CA ZIP: 92101 BUSINESS PHONE: 6196875000 MAIL ADDRESS: STREET 1: 550 WEST C STREET STE 1000 CITY: SAN DIEGO STATE: CA ZIP: 92101 SC 13D 1 FORM 13D SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. ___)* DYNEX CAPITAL, INC. (NAME OF ISSUER) COMMON STOCK, $0.01 PAR VALUE PER SHARE (TITLE OF CLASS SECURITIES) 26817Q506 (CUSIP NUMBER) MICHAEL R. KELLY 550 WEST C STREET SAN DIEGO, CA 92101 (619) 687-5000 (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS) MARCH 29, 2000 (DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT) IF THE FILING PERSON HAS PREVIOUSLY FILED A STATEMENT ON SCHEDULE 13G TO REPORT THE ACQUISITION THAT IS THE SUBJECT OF THIS SCHEDULE 13D, AND IS FILING THIS SCHEDULE BECAUSE OF RULE 13D-1(e), 13D-1(f) OR 13D-1(g), CHECK THE FOLLOWING BOX. / / Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 1 COVER PAGES - ----------------------------- ------------------------------ CUSIP NO. 26817Q506 13D PAGE 2 OF 4 PAGES - ----------------------------- ------------------------------ - ------------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOs. OF ABOVE PERSONS (ENTITIES ONLY) California Investment Fund, LLC 33-0688954 - ------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) /X/ (b) / / - ------------------------------------------------------------------------------ 3 SEC USE ONLY - ------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* WC - ------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) / / - ------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION State of California - ------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY ------------------------------------------------------ OWNED BY 8 SHARED VOTING POWER 572,178 EACH REPORTING ------------------------------------------------------ PERSON WITH 9 SOLE DISPOSITIVE POWER ------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 572,178 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 572,178 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.00% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* OO - ------------------------------------------------------------------------------ * See Instructions 2 - ----------------------------- ------------------------------ CUSIP NO. 26817Q506 13D PAGE 3 OF 4 PAGES - ----------------------------- ------------------------------ - ------------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOs. OF ABOVE PERSONS (ENTITIES ONLY) Richard Kelly - ------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/ (b) / / - ------------------------------------------------------------------------------ 3 SEC USE ONLY - ------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* - ------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) / / - ------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - ------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY ------------------------------------------------------ OWNED BY 8 SHARED VOTING POWER 572,178 EACH REPORTING ------------------------------------------------------ PERSON WITH 9 SOLE DISPOSITIVE POWER ------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 572,178 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 572,178 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.00% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IN - ------------------------------------------------------------------------------ * See Instructions 3 - ----------------------------- ------------------------------ CUSIP NO. 26817Q506 13D PAGE 4 OF 4 PAGES - ----------------------------- ------------------------------ - ------------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOs. OF ABOVE PERSONS (ENTITIES ONLY) Michael R. Kelly - ------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/ (b) / / - ------------------------------------------------------------------------------ 3 SEC USE ONLY - ------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* - ------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) / / - ------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - ------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY ------------------------------------------------------ OWNED BY 8 SHARED VOTING POWER 572,178 EACH REPORTING ------------------------------------------------------ PERSON WITH 9 SOLE DISPOSITIVE POWER ------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 572,178 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 572,178 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.00% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IN - ------------------------------------------------------------------------------ * See Instructions 4 ITEM 1. SECURITY AND ISSUER. Title of Class of Equity Security: Common Stock, $0.01 par value per share Name of Issuer: Dynex Capital, Inc. ("Dynex") Address of 10900 Nuckols Road, 3rd Floor Principal Office: Glen Allen, Virginia 23060 ITEM 2. IDENTITY AND BACKGROUND. (a) NAME OF PERSON FILING: A. California Investment Fund, LLC, a California limited liability company. ("California Investment Fund ") B. Michael R. Kelly, an individual C. Richard Kelly, an individual (California Investment Fund, Michael R. Kelly, and Richard Kelly are collectively referred to herein as the "Reporting Persons") This Schedule 13D is jointly filed pursuant to Rule 13d-1(k)(1) promulgated by the Securities and Exchange Commission ("SEC") under Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Act") by: (i) California Investment Fund, LLC, by virtue of its direct beneficial ownership of Common Stock of Dynex; (ii) Michael R. Kelly, by virtue of his indirect beneficial ownership of Common Stock of Dynex via his ownership of half of the membership interests in California Investment Fund, LLC, and (iii) Richard Kelly, by virtue of his indirect beneficial ownership of Common Stock of Dynex via his ownership of half of the membership interests in California Investment Fund, LLC. Certain information required by this Item 2 concerning the members and control persons of California Investment Fund, LLC is set forth on Schedule 1 attached hereto, which is incorporated herein by reference. The Reporting Persons may be deemed to constitute a "group" for purposes of Section 13(d)(3) of the Act. (b) RESIDENCE OR BUSINESS ADDRESS: A. California Investment Fund, LLC. 550 West C Street, Suite 1000, San Diego, CA 92101. Also, see Schedule 1 attached hereto. 5 B. Michael R. Kelly. 550 West C Street, Suite 1000, San Diego, CA 92101. Also, see Schedule 1 attached hereto. C. Richard Kelly. 550 West C Street, Suite 1000, San Diego, CA 92101. Also, see Schedule 1 attached hereto. (c) PRESENT PRINCIPAL OCCUPATION OR EMPLOYMENT AND THE NAME, PRINCIPAL BUSINESS AND ADDRESS OF COMPANY IN WHICH EMPLOYMENT IS CONDUCTED: A. California Investment Fund, LLC - California Investment Fund, LLC is a limited liability company primarily engaged in real estate and other types of investments. B. Michael R. Kelly - Michael R. Kelly is the managing member of California Investment Fund, LLC a limited liability company involved in real estate and other types of investments. Also, see Schedule 1 attached hereto. The principal business and principal office of California Investment Fund, LLC is set forth under Item 2(b). C. Richard Kelly is a member of California Investment Fund, LLC, a limited liability company involved in real estate and other types of investments. Also, see Schedule 1 attached hereto. (d) WHETHER OR NOT, DURING THE LAST FIVE YEARS, SUCH PERSON HAS BEEN CONVICTED IN A CRIMINAL PROCEEDING (EXCLUDING TRAFFIC VIOLATIONS OR SIMILAR MISDEMEANORS) AND, IF SO, GIVE THE DATES, NATURE OF CONVICTION, NAME AND LOCATION OF COURT, ANY PENALTY IMPOSED, OR OTHER DISPOSITION OF THE CASE: During the past five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). 6 (e) WHETHER OR NOT, DURING THE LAST FIVE YEARS, SUCH PERSON WAS A PARTY TO A CIVIL PROCEEDING OF A JUDICIAL OR ADMINISTRATIVE BODY OF COMPETENT JURISDICTION AND AS A RESULT OF SUCH PROCEEDING WAS OR IS SUBJECT TO A JUDGMENT, DECREE OR FINAL ORDER ENJOINING FUTURE VIOLATIONS OF, OR PROHIBITING OR MANDATING ACTIVITIES SUBJECT TO, FEDERAL OR STATE SECURITIES LAWS OR FINDING ANY VIOLATION WITH RESPECT TO SUCH LAWS; AND, IF SO, IDENTIFY AND DESCRIBE SUCH PROCEEDINGS AND SUMMARIZE THE TERMS OF SUCH JUDGMENT, DECREE OR FINAL ORDER: During the past five years, none of the Reporting Persons nor, to the best knowledge of such persons, any of the persons named in Schedule 1 to this Schedule 13D, was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activity subject to, federal or state securities laws or finding any violation with respect to such laws. (f) CITIZENSHIP: A. California Investment Fund, LLC - California. Also, see Schedule 1 attached hereto. B. Michael R. Kelly - United States of America C. Richard Kelly - United States of America ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION To date, working capital of California Investment Fund, LLC has been used to purchase the Dynex securities at an approximate total cost of $3,033,549.30. No borrowings or other types of consideration other than cash has been used to date for these purchases. If and when future purchases of Dynex securities are made, the Reporting Persons may use a variety of sources of funds; however, the Reporting Persons have no present plan, arrangement, or understanding in connection with sources of funds for future purchases of the securities. ITEM 4. PURPOSE OF TRANSACTION. The Reporting Persons' purposes for the acquisition of the Dynex securities may include, without limitation, plans or proposals such as the following: (1) dispositions of the Dynex securities through 7 sales, transfers and other means of disposing of the securities; (2) causing the sale or transfer of assets of Dynex or any of its subsidiaries; (3) a change in the present board of directors or management of Dynex; (4) change in the capitalization or dividend policy of Dynex; (5) a change in Dynex's charter, bylaws or other corporate documents and instruments; (6) causing a class of securities of Dynex to be delisted or not traded on an exchange, system or association; (7) causing a class of securities of Dynex to become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended; (8) a corporate transaction, such as a merger, reorganization or liquidation involving Dynex or any of its subsidiaries; (9) a joint venture, partnership or management arrangement impacting Dynex, or any of its subsidiaries and/or affiliate entities or persons; (10) acquisitions of additional securities of Dynex; (11) other changes in Dynex's business or corporate structure; and (12) other actions similar to any of those listed above. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) AGGREGATE NUMBER AND PERCENTAGE OF SECURITIES BENEFICIALLY OWNED: California Investment Fund, LLC is the direct beneficial owner of 572,178 shares of Common Stock, representing approximately 5.00% of Dynex's Common Stock. By virtue of the relationship between Michael R. Kelly, Richard Kelly, and California Investment Fund, LLC described in Item 2, Michael R. Kelly and Richard Kelly may be deemed to possess indirect beneficial ownership of the shares of Common Stock beneficially owned by California Investment Fund, LLC. Ownership percentages of Common Stock is based upon the common shares outstanding per Dynex's Form 10-Q Report for the Quarter ended September 30, 1999 (11,443,840 shares of Common Stock outstanding at October 31, 1999.) 8 (b) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS VOTING AND DISPOSITIVE POWER: A. California Investment Fund, LLC: (i) Sole power to vote or to direct the vote - 0 (ii) Shared power to vote or to direct the vote -- 572,178 (iii) Sole power to dispose or to direct the disposition -- 0 (iv) Shared power to dispose or to direct the disposition -- 572,178 B. Michael R. Kelly: (i) Sole power to vote or to direct the vote -- 0 (ii) Shared power to vote or to direct the vote - 572,178 (iii) Sole power to dispose or to direct the disposition -- 0 (iv) Shared power to dispose or to direct the disposition -- 572,178 C. Richard Kelly: (i) Sole power to vote or to direct the vote -- 0 (ii) Shared power to vote or to direct the vote - 572,178 (iii) Sole power to dispose or to direct the disposition -- 0 (iv) Shared power to dispose or to direct the disposition -- 572,178 (C) TRANSACTIONS EFFECTED DURING THE PAST 60 DAYS OR SINCE THE MOST RECENT FILING ON SCHEDULE 13D, WHICHEVER IS LESS:
- --------------------------------------------------------------------------------------- REPORTING PERSON DATE OF AMOUNT OF PRICE PER PURCHASE SECURITIES SHARE ($) PURCHASED (#) - --------------------------------------------------------------------------------------- California Investment Fund, LLC 3/17/00 36,600 3.877* - --------------------------------------------------------------------------------------- 9 - --------------------------------------------------------------------------------------- REPORTING PERSON DATE OF AMOUNT OF PRICE PER PURCHASE SECURITIES SHARE ($) PURCHASED (#) - --------------------------------------------------------------------------------------- California Investment Fund, LLC 3/20/00 33,400 4.341* - --------------------------------------------------------------------------------------- California Investment Fund, LLC 3/21/00 42,000 4.949* - --------------------------------------------------------------------------------------- California Investment Fund, LLC 3/23/00 20,000 4.479* - --------------------------------------------------------------------------------------- California Investment Fund, LLC 3/24/00 40,600 4.847* - --------------------------------------------------------------------------------------- California Investment Fund, LLC 3/27/00 19,200 5.211* - --------------------------------------------------------------------------------------- California Investment Fund, LLC 3/28/00 328,200 5.644* - --------------------------------------------------------------------------------------- California Investment Fund, LLC 3/29/00 52,178 5.750*
* Each of these transactions were effected through UBS AG in New York, NY. (d) NO OTHER PERSON IS KNOWN TO HAVE THE RIGHT TO RECEIVE OR THE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS FROM THE SALE OF, SUCH SECURITIES. (e) NOT APPLICABLE. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. See Item 2 with respect to relationships between Richard Kelly, Michael R. Kelly, and California Investment Fund, LLC. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit A: Agreement re Joint Filing of Schedule 13D 10 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct. Dated: April 3, 2000 California Investment Fund, LLC, a California limited liability company. By: /s/ Michael R. Kelly ---------------------------------- Michael R. Kelly Its: Managing Member Dated: April 3, 2000 Michael R. Kelly By:/s/ Michael R. Kelly ----------------------------------- Michael R. Kelly, as an Individual Dated: April 3, 2000 Richard Kelly By: /s/ Richard Kelly ----------------------------------- Richard Kelly, as an Individual 11 SCHEDULE 1 TO SCHEDULE 13D MEMBERS AND CONTROL PERSONS INFORMATION FOR CALIFORNIA INVESTMENT FUND, LLC Michael R. Kelly Managing Member Richard Kelly Member (1) Each person is a citizen of the United States. Each person's principal office and principal business address is the same as that listed under Item 2(b) of Schedule 13D. 12 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION Exhibit A: Agreement re Joint Filing of Schedule 13D 13 Exhibit A AGREEMENT RE JOINT FILING OF SCHEDULE 13D Each of the undersigned hereby agrees: 1. Each of them is individually eligible to use Schedule 13D to which this Exhibit is attached, and such Schedule 13D is filed on behalf of each of them; and 2. Each of them is responsible for the timely filing of such Schedule 13D and any further amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is in accurate. Dated: April 3, 2000 California Investment Fund, LLC, a California limited liability company. By: /s/ Michael R. Kelly ---------------------------------- Michael R. Kelly Its: Managing Member Dated: April 3, 2000 Michael R. Kelly By: /s/ Michael R .Kelly ----------------------------------- Michael R. Kelly, as an Individual Dated: April 3, 2000 Richard Kelly By: /s/ Richard Kelly ----------------------------------- Richard Kelly, as an Individual 14 -----END PRIVACY-ENHANCED MESSAGE-----