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 serves as Chief Financial Officer of Dynex Capital. He joined the Company in 2013 as Assistant Controller and was named Chief Financial Officer in February 2026 after serving as Head of Capital Markets and FP&A since 2019. In his role, he oversees the Company's financial planning and analysis, capital markets activities, capital structure strategy, forecasting, and financial reporting, and serves as a key contributor to Dynex's strategic direction.

Throughout his tenure at Dynex, Mr. Sartori has overseen the identification and monitoring of performance drivers across the Company and its investment portfolio, developed financial models to evaluate strategic opportunities, assessed capital structure alternatives, and led forecasting and performance analysis initiatives.

Before joining Dynex Capital, Mr. Sartori held several accounting management roles at Genworth, with a focus on derivatives accounting. Earlier in his career, he worked at Deloitte and Grant Thornton LLP.

Mr. Sartori earned a bachelor's degree in Accounting and Finance from George Mason University and is a Certified Public Accountant.

Mr. Angelo serves as Chief Legal Officer and Corporate Secretary of Dynex Capital. He joined the Company in 2025 and is responsible for overseeing all aspects of Dynex's legal strategy and affairs. Mr. Angelo works closely with the Board of Directors on corporate governance and other board-related matters as Corporate Secretary, and also oversees the Company’s human resources function.

Before joining Dynex Capital, Mr. Angelo held senior legal positions at Capital One and Fannie Mae, where he advised the boards of directors and executive management teams on corporate governance, securities, regulatory, executive compensation, and corporate law matters. Earlier in his career, he practiced corporate and securities law at Pillsbury Winthrop Shaw Pittman and Squire Patton Boggs, advising clients on capital markets transactions, mergers and acquisitions, financings, restructurings, and governance matters.

Mr. Angelo earned a Juris Doctor from Stanford Law School and a Bachelor of Arts, cum laude, from Princeton University.

Ms. Bennett serves as Chief Operating Officer of Dynex Capital. She joined the Company in 2025 and is responsible for overseeing the Company's operations, technology, data and analytics, operational risk management, and strategic transformation initiatives. She brings more than 20 years of financial services and operational leadership experience and plays a key role in advancing operational excellence across the organization and supporting the Company's long-term strategic objectives.

Before joining Dynex Capital, Ms. Bennett led core Single-Family Operations at Fannie Mae, where she oversaw large-scale financial operations, digital product management, data and analytics, and technology modernization initiatives. She also directed major enterprise transformation efforts, including Fannie Mae's transition from LIBOR. Prior to Fannie Mae, Ms. Bennett held senior leadership positions at Morgan Stanley, leading operations and strategic change initiatives across fixed income and private banking businesses. She began her career as a Surface Warfare Officer in the United States Navy, serving on multiple worldwide deployments and leading teams in complex operational environments. Throughout her career, Ms. Bennett has brought a mission-driven approach to her work and a passion for leadership, developing people, and building organizations that deliver meaningful results.

Ms. Bennett earned a Master of Business Administration from the College of William & Mary and a Bachelor of Science from the United States Naval Academy.

Mr. Connelly serves as Chief Investment Officer of Dynex Capital. He joined the Company in 2023 as Head of Strategy and Research and was named Chief Investment Officer in 2024. In his role, he is responsible for the Company's investment strategy, portfolio positioning, investment research, and market outlook. Mr. Connelly brings more than 25 years of experience across global markets, portfolio management, and investment research.

Before joining Dynex Capital, Mr. Connelly was Founder, Head of Research, and Chief Investment Officer of Contingent Macro Advisors, an investment research firm focused on applying data science to economics and financial markets. Earlier in his career, he was a partner and portfolio manager at a New York-based hedge fund, where he managed leveraged mortgage and global macro strategies. He also held portfolio management and investment roles focused on securitized products at J.P. Morgan Asset Management, Freddie Mac, and Capital One Financial.

Mr. Connelly earned a bachelor's degree from Vanderbilt University and a Master of Science in Data Science from Northwestern University. He holds the Chartered Financial Analyst (CFA) and Chartered Market Technician (CMT) designations.

Mr. Nilson serves as Chief Risk Officer of Dynex Capital. He joined the Company in 1993 and was named Chief Risk Officer in 2024. In his role, he oversees the Company's enterprise risk management framework, supporting disciplined investment decision-making, prudent risk-taking, and long-term shareholder value creation.

Prior to becoming Chief Risk Officer, Mr. Nilson held senior leadership roles at Dynex, including within portfolio management, overseeing credit administration, liquidity forecasting and management, and market risk oversight. He led the identification and monitoring of key portfolio performance drivers and directed forecasting and performance initiatives that supported strategic decision-making. Mr. Nilson brings more than 30 years of residential and commercial real estate experience, with extensive expertise in managing risk across diversified mortgage investment portfolios and multiple economic and market cycles.

Mr. Nilson earned a bachelor's degree in Managerial Economics from the University of Lynchburg.