Dynex Capital Names Chief Investment Officer Smriti Laxman Popenoe To Additional Post Of Co-CEO and Promotes CFO Rob Colligan to Additional Position Of COO

Dynex Capital, Inc. (NYSE:DX) ("Dynex" or the "Company") today announced the promotion of Smriti Laxman Popenoe and several other executive promotions. The changes reflect the Company's commitment to a human capital management strategy that is appropriate for the current global environment.

Smriti Laxman Popenoe Promoted to Co-CEO

Ms. Popenoe, who has served as the Company's President and Chief Investment Officer, has been promoted to Co-Chief Executive Officer, effective immediately. She will lead Dynex together with Byron Boston, who remains Chairman and Co-CEO, to continue building on the Company's proven strategy, operations, and culture. Ms. Popenoe will retain her role as President and CIO, overseeing the Company's investment portfolio and capital management, and continue as a member of the Board of Directors.

Ms. Popenoe has more than 30 years of experience in capital markets and investing, including senior roles at Wachovia and Freddie Mac. She is a recognized leader in the REIT sector and has been instrumental in driving Dynex's strong performance, risk management, and innovation.

"Managing our company for the long term in this complex and dynamic global environment requires experience, continuity, and collaboration," said Julia Coronado, Lead Independent Director of Dynex. "Smriti has demonstrated these qualities in abundance and has proven to be an exceptional leader working alongside Byron. This Co-CEO model will enable them to continue to enhance the company's strategy, execution, and culture, and deliver value for our shareholders, employees, and stakeholders."

"Smriti and I have now been teammates for 27 years, and this is a natural step given the key role she has played in growing Dynex," said Byron Boston, Chairman and Co-CEO of Dynex. "In her new role, Smriti will focus on operations and performance, while continuing her day-to-day role as CIO. She has earned the respect and support of Dynex's investors, employees, and other key stakeholders. I look forward to continuing to work side by side with her as we leverage and extend the performance culture of Dynex."

Rob Colligan Promoted to COO

Dynex also announced the promotion of Rob Colligan, who has served as the Company's Chief Financial Officer since 2022, to Chief Financial Officer and Chief Operating Officer, effective immediately. In his expanded role, Mr. Colligan will oversee the Company's finance, accounting, legal, human resources, investor relations, and marketing functions, in addition to the newly created technology function. He will continue to report to Co-CEOs Byron Boston and Smriti Popenoe.

Mr. Colligan has more than 30 years of experience in the financial services industry, with a focus on the mortgage and capital markets. He has held senior leadership positions at Merrill Lynch, Bear Stearns, Starwood Capital, and Chimera Investment Corporation, where he was instrumental in building and managing the companies' respective finance platforms across multiple asset classes. He joined Dynex in 2022 and has been responsible for successfully leading the Company's financial strategy, reporting, and operating activities.

"Since joining Dynex, Rob has employed his extensive finance and operations capabilities," said Smriti Popenoe, Co-CEO, President and CIO, and Byron Boston, Chairman and Co-CEO. "He has streamlined and transformed our HR, IT, legal, investor relations, and marketing teams. Formalizing his leadership as COO will serve Dynex shareholders well into the future. Rob has been an integral part of the strategy to build a strong and resilient company that can adapt to changing market conditions and capitalize on new opportunities. He brings broad and deep experience and expertise that will help us enhance our operating platform to capture new opportunities and drive long-term value creation."

Harman Sahni Joins as Chief Technology Officer

Dynex also announced the hiring of Harman Sahni as Chief Technology Officer, effective immediately. Mr. Sahni will be responsible for leading the Company's technology strategy, infrastructure, and innovation, and will report to Rob Colligan, CFO and COO.