Navigating from the Helm

Board of Directors

Michael R. Hughes, Chairperson

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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 serves as the Chairperson of the Nominating & Corporate Governance Committee and as a member of the Compensation Committee and the Investment Committee for the Company. 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

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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.

Barry A. Igdaloff, Sole Proprietor, Rose Capital

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Barry A. Igdaloff has been a Director of the Company since 2000. Mr. Igdaloff has been a Registered Investment Advisor and the sole proprietor of Rose Capital in Columbus, Ohio, since 1995. Mr. Igdaloff graduated from Indiana University in 1976 with a B.S.B. in accounting and from The Ohio State University in 1978, with a J.D. degree. Mr. Igdaloff is a non-practicing Certified Public Accountant (CPA) and a non-practicing attorney. Mr. Igdaloff currently is Chairman of the Board of Directors of Novation Companies, Inc. and is Chairman of its Audit and Investment Committees. Previously, he served on the Board of Guest Supply, Inc. Mr. Igdaloff serves as the Chairperson of the Audit Committee and as a member of the Investment Committee and the Nominating & Corporate Governance Committee for the Company.

Valerie A. Mosley, Chief Executive Officer, Valmo Ventures

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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. Ms. Mosley serves as a member of the Audit Committee, Compensation Committee and the Nominating & Corporate Governance Committee for the 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

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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. Mr. Salcetti serves as the Chairperson for the Compensation Committee and as a member of the Audit Committee for the Company. He earned a B.S. in Business Administration from Carlow College in 1976.

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).