Executive Team

Byron L. Boston serves as Chairman of the Board and Co-Chief Executive Officer. He was appointed to the role of Chairman in December 2023. Mr. Boston joined the Board in 2012 and served as the Chief Executive Officer or Co-Chief Executive Officer and Co-Chief Investment Officer of the Company since January 2014. He was the President of the Company from March 2012, to December 2020, and held the position of Chief Investment Officer since April 2008. 

Committed to giving back, Byron is on multiple boards in advisory and leadership capacities including Mortgage Bankers Association and National Association of Real Estate Investment Trusts (“NAREIT”) Advisory Board of Governors representing the industry on a national level. He also serves on the board of the Salzburg Global Seminar where he has served as the Chair of the Investment Committee and the Chair of the Finance Committee.

Byron is a well-respected business leader and investment professional with an extensive background in U.S. real estate finance, asset management/investment banking, and fixed-income capital markets. Byron’s career in banking represents an exceptional foundation upon which he now leads the Company. He oversees all strategy and operations while fostering relationships with stakeholders, shareholders, and creditors. He leads the day-to-day strategic and tactical decisions that have resulted in long-term net gains and significant economic return for investors.

Byron’s career includes building two successful public companies. He started in corporate banking with focus on direct corporate loans and bond issuances. Unparalleled training and experience with mortgage-backed securities and bond trading were gained while with Credit Suisse First Boston and Lehman Brothers. Recruited by Freddie Mac, he developed and led the initial investment plan to grow their retained portfolio. Following those successes, Byron launched Sunset Financial Resources, a mortgage Real Estate Investment Trust (REIT) specializing in high-quality residential and commercial loans and securities.

He holds an A.B. in Economics and Government from Dartmouth College and an MBA with an emphasis in Accounting and Finance from the University of Chicago Booth School of Business, where he was also a member of the Director’s Consortium.

Byron’s qualifications to serve on our Board include his experience gained as our Chief Executive Officer, Co-Chief Investment Officer and President (from March 2012 until December 2020). In addition, he has substantial experience investing in and managing portfolios of mortgage assets gained in his years at Freddie Mac Corporation, Sunset Financial and various large financial institutions. He also has substantial experience in debt and equity capital markets. His participation on the board of directors of Salzburg, and the NAREIT Advisory Board exposes him to important developments in housing finance and global regulation of financial institutions and financial services firms. These experiences allow Byron to offer a different perspective on the Company’s current and future business operations regarding investments, which is a valuable resource for our Board.

Smriti L. Popenoe joined the Board in September 2023. She is the Co-CEO and President of the Company. She previously served as Chief Investment Officer from 2014 through 2024.  Her extensive career in finance and capital markets brings a wealth of expertise in risk management, investment leadership, and best practices in portfolio optimization.

Smriti is accountable for the raising, deployment, and management of the Company’s capital. With almost three decades of career success, she served as Chief Risk Officer at PHH Corporation, a leading provider of mortgage banking and fleet management outsourcing services. As Senior Vice President with Wells Fargo (Wachovia Bank at the time), she managed the $100+B investment portfolio and led the team through the financial crisis of 2009. Further reflecting a broad career, she served as Senior Vice President, Investments with Sunset Financial Resources, a startup REIT. She managed an investment portfolio of $400B fixed-rate mortgage-backed securities (MBS) and whole loans while with Freddie Mac during the early years of her career.

Ms. Popenoe received the Chartered Financial Analyst (CFA) designation in 1997 and holds three degrees: an MBA from the University of Rochester, a Master’s-level French diploma from the Alliance Française, and a B.S. in Chemistry and Environmental Science from St. Joseph’s College in Bangalore, India. Smriti is committed to building winning teams and mentoring young professionals while pursuing her passion for the environment, personal growth, and lifelong learning.

Mr. Sartori has served as Dynex Capital’s Head of Capital Markets and FP&A since 2019, having joined the Company in 2013 as Assistant Controller. He has advised on the Company’s capital strategy and been a key contributor to Dynex’s strategic direction. In his most recent role, Mr. Sartori has overseen identification and monitoring of performance drivers for the Company and its investment products. He has developed financial models to analyze potential transactions, reviewed capital structure alternatives and overseen plan-to-actual forecasting and analysis.

Before joining Dynex Capital in 2013, Mr. Sartori spent several years at Genworth, where he served in several accounting management roles with a focus on derivatives accounting. Mr. Sartori spent his early career at Deloitte and Grant Thornton LLP.

Mr. Sartori earned his undergraduate degree in accounting and finance at George Mason University and is a Certified Public Accountant.