Dynex Capital ($DX) Smriti Popenoe on Dividend Strategy, Leadership & the Retail Investor Shift

Dynex Capital Co-CEO & President, Smriti Popenoe breaks down how a 35-year old mortgage REIT is navigating today’s macro volatility. She also shares how disciplined capital management, long-term thinking, and ethical stewardship shape the company’s approach to retail-first public market communication.

Highlights include:

• Why Dynex views its 16% dividend as a risk management tool, and how it preserved positive total return even through the 2020 crisis
• How a co-CEO structure creates “two brains”, one operating system to manage both capital allocation and public market communication
• Why AI tools and tokenization could accelerate a retail research advantage and what that means for the future of public markets

🎧 This episode was recorded on September 26, 2025.