Navigating from the Helm

Executive Officers

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

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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.

Stephen J. Benedetti, Executive Vice President, Chief Financial Officer, Chief Operating Officer

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Stephen J. Benedetti is Chief Financial Officer and Chief Operating Officer. He has been with the Company since 1994, and has served in multiple roles in finance, accounting, tax, risk management and operations during his tenure, including acting as Chief Executive Officer from 2002 to 2007. Mr. Benedetti has extensive experience in managing the operations of mortgage-related real estate investment trusts. From March 1992 until September 1994, and he served as Director of Accounting and Financial Reporting for National Housing Partnerships, a national multi-family housing syndicator and property management company. Mr. Benedetti also served as audit manager for Deloitte & Touche from 1985 to 1992, where he provided audit and consulting services to various clients, primarily in the financial services and real estate industries. Mr. Benedetti graduated from Virginia Tech with a B.S. in Accounting and is a Certified Public Accountant (CPA).

Smriti L. Popenoe, Executive Vice President, Co-Chief Investment Officer

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Smriti L. Popenoe, Co-Chief Investment Officer, is responsible for day-to-day management of the Company’s investment portfolio. Prior to assuming this position in January 2014, Ms. Popenoe was a strategic consultant to the Company since May 2013. Before joining Dynex Capital, Ms. Popenoe served as Executive Vice President, Chief Risk Officer at PHH Corporation, a leading provider of mortgage banking and fleet management outsourcing services. Prior to joining PHH, Ms. Popenoe was Senior Vice President, Balance Sheet Management at Wachovia (now Wells Fargo), where she led a team responsible for all aspects of the firm's $130 billion investment portfolio, including agency and non-agency RMBS, ABS, CMBS and whole loans. Ms. Popenoe previously served as Senior Vice President, Investments of Sunset Financial Resources, a start-up investment business under a REIT framework, where she successfully built and managed a $1.1 billion ARM portfolio. Previously, Ms. Popenoe spent nine years with Freddie Mac, where she was responsible for investment portfolio management across Freddie Mac's $400-billion fixed-rate MBS and whole loan portfolios. Ms. Popenoe holds a B.S. in Chemistry and Environmental Science from St. Joseph's College in Bangalore, India; a Masters-Level French Diploma from the Alliance Francaise; and an M.B.A. from the University of Rochester. She is a Chartered Financial Analyst (CFA).