Practicing World-Class Stewardship

Board of Directors

Michael R. Hughes, Chairperson


Michael R. Hughes became a Director of the Company in November 2010 and in May 2017 became Chairman of the Board. Mr. Hughes joined Switchmate Home, LLC as Chief Financial Officer in March 2017, after previously serving as Portfolio Manager at Ascend Capital Management since 2012. He also serves on the Board of Trustees and is a past President of the Bentley School in Oakland, California. Mr. Hughes was a Partner and Portfolio Manager of Osterweis Capital Management from 2005 to 2008. From 1989 to 2005, Mr. Hughes was the First Vice President of Merrill Lynch Financial Institutions Research. He began his career as an equity analyst at Dean Witter Reynolds in 1986. Mr. Hughes holds an A.B. from the University of California at Berkley in Geophysics. He was awarded the Chartered Financial Analyst (CFA) designation in 1991.

Byron L. Boston, President, Chief Executive Officer, Co-Chief Investment Officer


Byron L. Boston is Chief Executive Officer, President, and Co-Chief Investment Officer and Board member. Mr. Boston is an investment professional with an extensive background in fixed-income capital markets. During his 30-year career, Mr. Boston has held a number of leadership positions in the asset management/investment banking community, and has personally founded two successful public companies. After graduating from Dartmouth College in 1981 with a degree in economics, Mr. Boston began his career as a corporate banker with Chemical Bank, where he focused on direct corporate loans and bond issuances. Mr. Boston returned to business school at the University of Chicago, from which he earned an M.B.A. in 1986, specializing in finance and accounting. He then joined the fixed-income training program at Credit Suisse First Boston (CSFB), subsequently becoming a mortgage-backed securities bond trader. Between 1986 and 1997, Mr. Boston traded mortgage securities for both CSFB and Lehman Brothers. In 1997, Mr. Boston was recruited by Freddie Mac to develop and lead the initial investment plan to grow their retained portfolio. After successfully overseeing the investment strategy and driving excellent performance, he departed Freddie Mac to launch in January 2004 Sunset Financial Resources, a mortgage REIT specializing in high-quality residential and commercial loans and securities. Mr. Boston led the company's initial public offering in March 2004, raising $130 million in initial equity. Sunset was sold in 2006. Mr. Boston consulted with Redwood Trust Inc. until he joined Dynex Capital in 2008.

Valerie A. Mosley, Chief Executive Officer, Valmo Ventures


Valerie A. Mosley joined the Board of Directors in December 2013. Since June 2012, Ms. Mosley has been the Chief Executive Officer of Valmo Ventures, a company that creates, collaborates and invests in companies, assets and efforts that add value to portfolio returns—and to society. Ms. Mosley was previously Partner, Senior Vice Partner and Investment Strategist at Wellington Management Company, LLP. During her 20-year career at Wellington Management, Ms. Mosley managed a multi-billion dollar investment portfolio for corporate and public pension funds, insurance company general accounts, endowment funds and mutual funds. Ms. Mosley also serves on several non-profit Boards including the Investment Advisory Committee of the NY State Common Retirement Fund and Wheelock College, among others. While at Wellington Management, Ms. Mosley was involved in understanding markets and macroeconomic trends. She currently serves as a trustee of the Eaton Vance Mutual Fund Family and as a director of Progress Investment Management Company. She earned a B.A. from Duke University in 1982 and an M.B.A. from the University of Pennsylvania in 1986.

Robert A. Salcetti, Retired Managing Director, JPMorgan Chase


Robert A. Salcetti joined the Board of Directors in December 2013. Mr. Salcetti, who retired in 2008, previously served as a managing director at JPMorgan Chase from 2000 to 2008. Prior to his tenure at JPMorgan Chase, Mr. Salcetti held the position of managing director at Chase Manhattan Bank from 1996 to 2000, senior vice president of TCB/Chemical Bank from 1992 to 1996, division manager of TCB/Chemical Bank from 1986 to 1992, vice president and section manager of Texas Commerce Bank, the predecessor to TCB/Chemical Bank, from 1980 to 1986, and vice president of American Mortgage Company from 1976 to 1979. Mr. Salcetti has served as a director of Ocwen Financial Corporation since 2011. He currently serves on its audit, executive and transaction review committees and serves as a co-chairman of Ocwen Financial Corporation's risk and compliance committee. Additionally, Mr. Salcetti served as a director of Cherry Hill Mortgage Investment Corporation from October 2013 until June 2015, served on its audit and nomination/governance committees during that time and served as Chairman of the Compensation Committee. He earned a B.S. in Business Administration from Carlow College in 1976.

David H. Stevens , Housing Finance Policy Advisor, Retired President and CEO Mortgage Bankers Association


David H. Stevens joined the Board of Directors in January 2019. Mr. Stevens is a 35-year industry veteran with in-depth experience in the real estate finance and mortgage banking industry. He began his career as a loan officer in Colorado in 1983 and progressed into branch, regional, divisional, and national management roles in the same company over 16 years. He then spent 7 years as the Senior Vice President and head of the single family business at Freddie Mac, and then ran the wholesale lending business nationally as Executive Vice President for Wells Fargo. In July of 2006, he accepted a position as President and Chief Operating Officer of the Long & Foster Companies, including the core real estate company and all affiliated businesses of mortgage, settlement services, and insurance. In early 2009, Mr. Stevens was called on to serve in the Obama Administration as Assistant Secretary of Housing and FHA Commissioner, and he served until March 31, 2011. Mr. Stevens retired as President and CEO of the Mortgage Bankers Association in Washington D.C. in September 2018. He is currently focused on advisory efforts in real estate finance.