Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-30

Dynex Capital Inc. (DX)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$7,771,011
Byron Boston total, FY2025
50th
CEO pay percentile vs peers
51:1
CEO-to-median pay ratio
95%
Say-on-pay support, latest vote
Companies that benchmark against DX
13 companies name DX as a compensation peer

Each company listed discloses DX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named DX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Byron Boston$900,000$0$3,122,248$0$3,192,480$0$556,283$7,771,011
Co-Chief Executive Officer and Chairman of the Board
Smriti Popenoe900,00003,122,24803,192,4800460,5477,675,275
Co-Chief Executive Officer and President
Robert Colligan560,00001,373,58001,738,128045,9313,717,639
Senior Advisor to the Co-CEOs (former Chief Financial Officer)

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Byron Boston$7,771,011$7,199,588$6,177,239+571,423
Smriti Popenoe7,675,275
Robert Colligan3,717,6393,379,2482,138,361+338,391

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Alexander I. CrawfordDirector2026-05-22A11,400$0$0CommonForm 4 ↗
Andrew I. GrayDirector2026-05-22A11,40000CommonForm 4 ↗
Marie ChandohaDirector2026-05-22A11,40000CommonForm 4 ↗
Julia L. CoronadoDirector2026-05-22A11,40000CommonForm 4 ↗
Douglas E. NealDirector2026-06-15A10,37200CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Byron BostonPSU2025-05-2838,618151,444302,888$1,824,900
Smriti PopenoeRSU2025-05-2818,479222,672
Robert ColliganRSU2025-05-2845,596549,432
Byron BostonRSU2025-05-2818,479222,672
Byron BostonRSU2025-02-2176,4351,074,676
Smriti PopenoePSU2025-05-2838,618151,444302,8881,824,900
Smriti PopenoeRSU2025-02-2176,4351,074,676
Robert ColliganPSU2025-05-2817,44068,394136,788824,148
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Byron Boston$1,297,348$1,824,900$058.4%
Smriti Popenoe1,297,3481,824,900058.4%
Robert Colligan549,432824,148060.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Smriti PopenoeRSU18,479$258,891
Robert ColliganPSU4,727,17761,547,845
Byron BostonPSU152,4592,135,951
Smriti PopenoePSU108,1971,515,840
Smriti PopenoeRSU12,448174,396
Robert ColliganRSU7,621106,770
Byron BostonRSU102,5871,405,574
Robert ColliganPSU6,855,16296,040,631
Byron BostonRSU7,324,475102,615,873
Smriti PopenoeRSU5,959,24983,489,051
Robert ColliganRSU2,097,74729,389,378
Smriti PopenoeRSU84,1771,144,745
Smriti PopenoeRSU41,358579,425
Byron BostonRSU39,812557,766
Byron BostonRSU40,656569,590
Smriti PopenoeRSU39,812557,766
Byron BostonRSU18,479258,891
Byron BostonPSU151,4442,121,730
Robert ColliganRSU4,727,17761,547,845
Smriti PopenoePSU151,4442,121,730
Byron BostonRSU68,099954,067
Smriti PopenoeRSU54,920769,429
Byron BostonRSU76,4351,070,854
Byron BostonRSU71,7321,004,965
Smriti PopenoeRSU76,4351,070,854
Robert ColliganPSU61,476861,279
Robert ColliganRSU45,596638,800
Smriti PopenoeRSU48,328677,075
Robert ColliganRSU20,922296,943
Robert ColliganRSU27,459384,701
Robert ColliganRSU33,625471,086
Robert ColliganRSU30,238423,634
Byron BostonRSU16,259227,789
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to attract, motivate and retain highly skilled employees who will manage the Company in a manner to: preserve our capital; generate positive economic return to our shareholders in the form of dividends, book value stability and potential growth; advance the interests of our shareholders; and maintain a culture of integrity and ensure that our compensation practices do not promote or motivate excessive risk taking by our employees.

CEO STI target (% of salary)200%
CEO LTI target (% of salary)
Independent consultantFPC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2172,897,8043,839,5812,079,57195%Passed
20252025-05-2036,552,6292,122,936604,59994.51%Passed
20242024-05-1720,610,8195,475,460575,57179.01%Passed
20232023-05-1818,843,2751,717,905575,79591.64%Passed
20222022-05-1212,190,7461,124,495344,60391.55%Passed
20212021-05-1113,905,809766,407335,02594.78%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2195%a
20252025-05-2094.51%b
20242024-05-1779.01%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not considered votes cast and will have no effect on the outcome.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes (if applicable) will not count as votes cast and will have no effect on the outcome of these proposals.”.

c. Approved under the standard stated in the filing — “Abstentions or broker non-votes will not count as votes cast and will have no effect on the outcome of the election.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)51 : 1
CEO total compensation$7,771,011
Median employee compensation$152,475
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Marie ChandohaIndependent · Audit · Investment · Nominating and Corporate Governance (Chair)$124,105$242,048$0$0$0$366,153
Julia L. CoronadoIndependent · Lead Independent Director · Compensation (Chair) · Investment · Nominating and Corporate Governance · Partial-year service149,127190,441007,518347,086
Joy D. PalmerIndependent · Audit (Chair) · Investment · Nominating and Corporate Governance · Not standing for re-election136,825190,441007,518334,784
Andrew I. GrayIndependent · Audit · Compensation · Investment · Nominating and Corporate Governance124,105144,736007,518276,359
Alexander I. CrawfordIndependent · Audit · Compensation · Investment120,909144,736007,518273,163
Smriti L. PopenoeEmployee director · Investment00000
Byron L. BostonEmployee director · Board Chair · Investment (Chair)00000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$120,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 10,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$655,071
Equity awards (grant-date value)$912,402
All other compensation$30,072
Total cost of the board$1,597,545

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Dynex Capital Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Dynex Capital Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Walker & Dunlop, Inc.2025William Walker$1,000,000$13,170,931$0$1,324,821$15,500,252
2Pennymac Mortgage Investment Trust2025David Spector1,483,3335,437,4442,025,6873,608,25012,660,536
3Arbor Realty Trust, Inc.2025Ivan Kaufman1,200,0005,259,1520011,785,559
4Adamas Trust, Inc. (formerly, New York Mortgage Trust)2025Jason Serrano920,0004,102,96202,992,5008,175,252
5Dynex Capital Inc.2025Byron Boston900,0003,122,24803,192,4807,771,011
6MFA Financial Inc2025Craig Knutson825,0004,080,0111,605,1237,079,634
7Chimera Investment Corporation2025Phillip Kardis II900,0003,890,78101,356,1806,167,961
8Redwood Trust2025Christopher Abate975,0003,262,48101,808,0166,131,948
9Two Harbors Investment Corporation2024William Greenberg919,0383,066,56101,799,6805,785,279

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Dynex Capital Inc.355%PSU 60 · RSU 40NoFPC
Adamas Trust, Inc. (formerly, New York Mortgage Trust)130%PSU 60 · RSU 40YesPearl Meyer
Arbor Realty Trust, Inc.not disclosedRSU 100Yes — Total Shareholder Return (TSR)not disclosed
Chimera Investment Corporation65%RSU 50 · PSU 50Yes — Relative TSRFrederic W. Cook & Co.
MFA Financial Inc107.0%PSU 60 · RSU 40Yes — Absolute TSRFrederic W. Cook & Co., Inc. (FW Cook)
Pennymac Mortgage Investment Trustnot disclosedPSU 55 · RSU 45NoPearl Meyer
Redwood Trust86%PSU 55 · RSU 45Yes — relative TSR (rTSR)Semler Brossy Consulting Group LLC
Two Harbors Investment Corporation94.7%PSU 50 · RSU 50Yes — Three-year Absolute TSRPay Governance LLC
Walker & Dunlop, Inc.132%not disclosedNoPay Governance

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Byron BostonDEF 14A2026-04-070001104659-26-040189Section “Summary Compensation Table”. As printed: 7,771,011. Filing ↗machine: t104 · r2 · c19 · span 1099489–1099498
2Section 01, Smriti PopenoeDEF 14A2026-04-070001104659-26-040189Section “Summary Compensation Table”. As printed: 7,675,275. Filing ↗machine: t104 · r5 · c19 · span 1109823–1109832
3Section 01, Robert ColliganDEF 14A2026-04-070001104659-26-040189Section “Summary Compensation Table”. As printed: 3,717,639. Filing ↗machine: t104 · r8 · c19 · span 1120293–1120302
4Section 03, Byron Boston PSUDEF 14A2026-04-070001104659-26-040189Section “GRANTS OF PLAN BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t93 · r1 · c7 · span 997785–997792
5Section 03, Smriti Popenoe RSUDEF 14A2026-04-070001104659-26-040189Section “GRANTS OF PLAN BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t107 · r10 · c22 · span 1195802–1195808
6Section 03, Robert Colligan RSUDEF 14A2026-04-070001104659-26-040189Section “GRANTS OF PLAN BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t93 · r3 · c10 · span 1002572–1002578
7Section 03, Byron Boston RSUDEF 14A2026-04-070001104659-26-040189Section “GRANTS OF PLAN BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t107 · r6 · c22 · span 1176887–1176893
8Section 03, Byron Boston RSUDEF 14A2026-04-070001104659-26-040189Section “GRANTS OF PLAN BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t107 · r5 · c22 · span 1172301–1172307
9Section 03, Smriti Popenoe PSUDEF 14A2026-04-070001104659-26-040189Section “GRANTS OF PLAN BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t93 · r2 · c7 · span 999917–999924
10Section 03, Smriti Popenoe RSUDEF 14A2026-04-070001104659-26-040189Section “GRANTS OF PLAN BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t107 · r9 · c22 · span 1191216–1191222
11Section 03, Robert Colligan PSUDEF 14A2026-04-070001104659-26-040189Section “GRANTS OF PLAN BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t93 · r3 · c7 · span 1002093–1002099
12Section 07, pay ratioDEF 14A2026-04-070001104659-26-040189Section “CEO Pay Ratio”. As printed: 51 : 1. Filing ↗
13Section 08, Marie ChandohaDEF 14A2026-04-070001104659-26-040189Section “Director Compensation”. As printed: 366,153. Filing ↗machine: t66 · r1 · c13 · span 710767–710774
14Section 08, Julia L. CoronadoDEF 14A2026-04-070001104659-26-040189Section “Director Compensation”. As printed: 347,086. Filing ↗machine: t66 · r2 · c13 · span 713378–713385
15Section 08, Joy D. PalmerDEF 14A2026-04-070001104659-26-040189Section “Director Compensation”. As printed: 334,784. Filing ↗machine: t66 · r5 · c13 · span 721236–721243
16Section 08, Andrew I. GrayDEF 14A2026-04-070001104659-26-040189Section “Director Compensation”. As printed: 276,359. Filing ↗machine: t66 · r4 · c13 · span 718601–718608
17Section 08, Alexander I. CrawfordDEF 14A2026-04-070001104659-26-040189Section “Director Compensation”. As printed: 273,163. Filing ↗machine: t66 · r3 · c13 · span 715993–716000
18Section 08, Smriti L. PopenoeDEF 14A2026-04-070001104659-26-040189Section “Director Compensation”. As printed: 0. Filing ↗
19Section 08, Byron L. BostonDEF 14A2026-04-070001104659-26-040189Section “Director Compensation”. As printed: 0. Filing ↗
20Section 02, Alexander I. Crawford 2026-05-22Form 42026-05-260000826675-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Andrew I. Gray 2026-05-22Form 42026-05-260000826675-26-000063Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Marie Chandoha 2026-05-22Form 42026-05-260000826675-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Julia L. Coronado 2026-05-22Form 42026-05-260000826675-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Douglas E. Neal 2026-06-15Form 42026-06-300000826675-26-000071Insider equity transaction reported since the proxy statement. Filing ↗
25Section 06, 2026 voteForm 8-K2026-05-220000826675-26-000047Item 5.07 · say-on-pay result. As reported: 95% (votes for as printed: 72,897,804). Filing ↗
26Section 06, 2025 voteForm 8-K2025-05-210000826675-25-000068Item 5.07 · say-on-pay result. As reported: 94.51% (votes for as printed: 36,552,629). Filing ↗
27Section 06, 2024 voteForm 8-K2024-05-200000826675-24-000060Item 5.07 · say-on-pay result. As reported: 79.01% (votes for as printed: 20,610,819). Filing ↗
28Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
29Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
30Section 09b board cost (computed)ComputedcomputedCash 655,071 + equity 912,402 + all other 30,072 = 1,597,545, summed across the director compensation table rows.machine: formula: Σ = 1,597,545
31Walker & Dunlop, Inc., Section 10b CEO totalDEF 14A2026-04-010001104659-26-038515CEO total compensation as printed in Walker & Dunlop, Inc.'s own proxy. As printed: 15,500,252. Filing ↗machine: t197 · r6 · c14 · span 849398–849408
32Pennymac Mortgage Investment Trust, Section 10b CEO totalDEF 14A2026-04-210001193125-26-166976CEO total compensation as printed in Pennymac Mortgage Investment Trust's own proxy. As printed: 12,660,536. Filing ↗machine: r2 · c27 · span 614120–614130
33Arbor Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-04-160001253986-26-000027CEO total compensation as printed in Arbor Realty Trust, Inc.'s own proxy. As printed: 11,785,559. Filing ↗machine: span 343111–343121
34Adamas Trust, Inc. (formerly, New York Mortgage Trust), Section 10b CEO totalDEF 14A2026-04-240001273685-26-000038CEO total compensation as printed in Adamas Trust, Inc. (formerly, New York Mortgage Trust)'s own proxy. As printed: 8,175,252. Filing ↗machine: span 827801–827810
35Dynex Capital Inc. (subject), Section 10b CEO totalDEF 14A2026-04-070001104659-26-040189CEO total compensation as printed in Dynex Capital Inc.'s own proxy. As printed: 7,771,011. Filing ↗machine: t104 · r2 · c19 · span 1099489–1099498
36MFA Financial Inc, Section 10b CEO totalDEF 14A2026-04-170001140361-26-015388CEO total compensation as printed in MFA Financial Inc's own proxy. As printed: 7,079,634. Filing ↗machine: r2 · c22 · span 815805–815814
37Chimera Investment Corporation, Section 10b CEO totalDEF 14A2026-04-230001206774-26-000238CEO total compensation as printed in Chimera Investment Corporation's own proxy. As printed: 6,167,961. Filing ↗machine: t63 · r1 · c7 · span 507844–507854
38Redwood Trust, Section 10b CEO totalDEF 14A2026-03-310000930236-26-000011CEO total compensation as printed in Redwood Trust's own proxy. As printed: 6,131,948. Filing ↗machine: span 755087–755096
39Two Harbors Investment Corporation, Section 10b CEO totalDEF 14A2025-04-020001465740-25-000090CEO total compensation as printed in Two Harbors Investment Corporation's own proxy. As printed: 5,785,279. Filing ↗machine: r2 · c42 · span 566941–566950
40Section 10a, Adamas Trust, Inc. (formerly, New York Mortgage Trust) reciprocityDEF 14A0001273685-26-000038Adamas Trust, Inc. (formerly, New York Mortgage Trust) names Dynex Capital Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Redwood Trust reciprocityDEF 14A0000930236-26-000011Redwood Trust names Dynex Capital Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Pennymac Mortgage Investment Trust reciprocityDEF 14A0001193125-26-166976Pennymac Mortgage Investment Trust names Dynex Capital Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, MFA Financial Inc reciprocityDEF 14A0001140361-26-015388MFA Financial Inc names Dynex Capital Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Two Harbors Investment Corporation reciprocityDEF 14A0001465740-25-000090Two Harbors Investment Corporation names Dynex Capital Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Walker & Dunlop, Inc. reciprocityDEF 14A0001104659-26-038515Walker & Dunlop, Inc.'s most recent proxy was read; its disclosed peer group does not include Dynex Capital Inc.. Filing ↗
46Section 10a, Chimera Investment Corporation reciprocityDEF 14A0001206774-26-000238Chimera Investment Corporation's most recent proxy was read; its disclosed peer group does not include Dynex Capital Inc.. Filing ↗