Board of Directors

Mr. Mack, our Chief Executive Officer and Chairman, co-founded MRECS in 2014 and has served as Chief Executive Officer, a Managing Partner and a member of the Investment Committee since its founding. He also co-founded MREG in 2013 and has served as Chief Executive Officer and a member of the Investment Committee since its founding. Mr. Mack joined AREA Property Partners (formerly known as Apollo Real Estate Advisers) in 1993, the year of its formation, as one of the initial employees and prior to founding MREG was the Chief Executive Officer of AREA’s North American business and a member of that firm’s U.S. and European Investment Committees. Over 20 years, Mr. Mack was involved in the investment of billions of equity capital in debt and equity real estate transactions on behalf of AREA’s primarily institutional investors and was specifically responsible for creating new business lines to capitalize on evolving market trends, including a subordinate debt business and ArCap, a subordinate CMBS investor and special servicer. Previously, Mr. Mack had been a member of the Real Estate Investment Banking Department at Shearson Lehman Hutton. Mr. Mack serves on the Wharton School of Business Undergraduate Advisory Board and has taught a course on Real Estate Disruption with Professor Gilles Duranton at Wharton each year since 2019. Mr. Mack serves on the Board of Trustees of both the Randall’s Island Sports Foundation and the Child Mind Institute, and on the board of directors of the 92nd Street Y. He is president emeritus of the HES Community Center in Canarsie, Brooklyn and a member of the Robin Hood Foundation’s Housing & Homelessness Committee. Most recently, Mr. Mack was elected as board member of the Metropolitan Council on Jewish Poverty. Mr. Mack earned a B.S. in Economics from the Wharton School of the University of Pennsylvania and a J.D. from the Columbia University School of Law. We believe Mr. Mack is qualified to serve on our Board based on his extensive experience in real estate investment, as well as his deep knowledge of our business.

Mr. McGillis, our President, joined MRECS in 2015 and has served as President and Chief Operating Officer of MREG since April 2021, as our President and a Director since May 2021, and as our Chief Financial Officer from 2015 until March 2022. He is also a member of the MREG and MRECS Investment Committees. Prior to joining MRECS, Mr. McGillis worked at J.E. Robert Companies, or JER, from January 2006 to January 2015, where he was the Managing Director, Head of U.S. Funds and Chief Financial Officer. He was responsible for asset and portfolio management, capital markets, investor relations and financial management activities for a series of private equity real estate funds focused on both CRE debt and equity investments. Between 2006 and 2011, Mr. McGillis served in a variety of capacities at JER including as the Chief Financial Officer of JER, Chief Financial Officer of JER’s U.S. fund business and Chief Financial Officer of JER Investors Trust, an externally managed, publicly-traded mortgage REIT, for which he was also a member of the board of directors. Mr. McGillis was a member of JER’s management committee, investment committee, valuation committee, and the boards of directors of various JER portfolio companies. Prior to joining JER, Mr. McGillis was employed in various senior finance and investment management capacities by Freddie Mac, Starcom Holdings, AEW Capital Management, Robertson-Ceco and Price Waterhouse. Mr. McGillis graduated magna cum laude from Northeastern University with a B.S. in Business Administration and is a CPA (inactive). We believe Mr. McGillis is qualified to serve on our Board based on his extensive experience in real estate investment, finance and his deep knowledge of our business.

Mr. Richman has served as one of our directors since August 2018. Mr. Richman joined PARE US in September 2015, where he serves as a managing director and the head of asset management for PARE US, the exclusive investment advisor for Ping An Real Estate Capital Limited’s real estate holdings in the U.S. and has decades of financial and executive experience with extensive expertise in real estate and financial services industries, spending much of his career as a chief financial officer of a major real estate services and development firm and in a senior level position in a major international accounting firm. Since 2016, Mr. Richman has been responsible for asset management for PARE US, overseeing a portfolio consisting of multifamily rental, condominium, and office projects in key U.S. markets. From 2009 to 2015, Mr. Richman has also served as Managing Director of Asset Management for Eastbridge Real Estate LLC. Previously, Mr. Richman was managing director and founder at Northfield Advisors LLC and managing director and principal of The Whitehill Group, Inc. His prior experience also includes the Raynes Companies and Price Waterhouse. Mr. Richman graduated from the City College of New York with a B.A. in Economics. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants, the New York State Society of Certified Public Accountants and ULI. He is a former Member of the New York State CPA Real Estate Committee. Mr. Richman was appointed to our Board pursuant to Fuyou’s right to designate one director to our Board for so long as Fuyou is an affiliate of Ping An and Fuyou, together with other affiliates of Ping An, owns 4.9% or more of the outstanding shares of our common stock. We believe Mr. Richman is qualified to serve on our Board based on his extensive experience in investment management, real estate-related assets and financial services.

Mr. Silberstein has served as one of our directors since August 2015. Mr. Silberstein joined Almanac in 2009 where he is a managing director and a member of the Almanac Investment Committee and is responsible for the origination, structuring and management of the investment of Almanac’s funds. Prior to joining Almanac, he served as the Chief Investment Officer and Chief Operating Officer for Stoltz Real Estate and during the same period established AMS Real Estate Partners. Prior to that, he worked in real estate investment banking and private equity, first at Bear Stearns and then Morgan Stanley. He currently serves on the board of directors of CIP Real Estate, Davlyn Investments, L3 Capital and PREP Property Group. He has also served on the board of directors of NRES Holdings, RAIT Financial Trust (NYSE: RAS), RXR Realty, Slate Asset Management, Welsh Property Trust, Westcore Properties, Winter Properties and WPT Industrial Real Estate Investment Trust (TSX:WIR). Mr. Silberstein graduated from Yale University in 1989 and received an M.B.A. in 1995 from New York University Stern School of Business where he was a Glucksman Fellow. Mr. Silberstein was originally appointed to our Board pursuant to Almanac’s right to designate two directors to our Board for so long as Almanac indirectly owned 10.0% or more of the outstanding shares of our common stock. Mr. Silberstein’s depth of experience in investment management, leveraged finance and financial services gives our Board valuable industry-specific knowledge and expertise on these and other matters.

Mr. Cephas is of counsel and a member of the financial services practice at Squire Patton Boggs, which he joined in 2020. From 2011 to 2020, Mr. Cephas served as a partner of Weil, Gotshal & Manges in its financial institutions regulatory practice. Prior to Weil, he served as President and Chief Executive Officer of Amalgamated Bank. Before this executive role, he was a banking and corporate law partner in the New York office of Cadwalader, Wickersham & Taft, and prior to that, Mr. Cephas served as the Superintendent of Banks for the State of New York from 1991 to 1994. He is a former member of the Board of Directors of the Dime Savings Bank of New York, Merrill Lynch International Bank, D.E. Shaw & Co. Inc., the Empire State Development Corporation, the New York City Board of Correction and the New York City Housing Authority. He is currently a director of Signature Bank Corp. (NASDAQ:SBNY), the Fresh Air Fund and a Director/Trustee of the Hartford Funds Family of Mutual Funds. He is a former member of the Board of Advisors for The Mayor’s Fund to Advance New York City. Mr. Cephas received a B.A. in Government from Harvard College and received his J.D. from Harvard Law School. He is a licensed attorney by the State Bar of New York. We believe Mr. Cephas’s background and experience in investment management and financial services provide him with the expertise to serve as a director.

Ms. Haggerty retired in March 2020 from JPMorgan Chase as a Managing Director in Capital Markets. She joined JPMorgan during the merger with Bear Stearns in 2008 and served the combined companies for 28 years. Most recently, Ms. Haggerty led the Portfolio Management Group in Capital Markets and spearheaded the restructuring of Chase Home Lending’s mortgage servicing portfolio. Prior to that, she led several businesses in the Securitized Products Group of JPMorgan Securities, including Plymouth Park Tax Services (a business that invested in delinquent real estate taxes), the Securitized Products Transaction Management Group, and EMC Mortgage Corporation (a residential mortgage special servicer). At Bear Stearns, as Senior Managing Director and Co-Head of Mortgage Finance, she built and managed its residential mortgage origination, acquisition, warehouse lending and mortgage finance businesses. Ms. Haggerty currently serves as a board member of Great Ajax Corp. (NYSE:AJX) and previously served as a board member of J.P. Morgan Residential Mortgage Acceptance Corp., Reoco, Inc. and Bear Stearns Residential Mortgage Corporation. Ms. Haggerty began her career as a Certified Public Accountant at Arthur Young & Company. She has a B.S. degree in accounting from the State University of New York at Albany, is a board member of The University at Albany Foundation, and serves as a member of the Dean’s Advisory Council for the School of Business. Ms. Haggerty also serves as board member and Treasurer of Virtual Enterprises International, Inc., a national educational non-profit that develops entrepreneurial skills in middle and high school students utilizing a work-based learning environment and academic standards-based education. We believe Ms. Haggerty’s background in investment banking paired with her experience in various director roles provide her with the expertise to serve as a director.

Ms. Liebman has served as President and Chief Executive Officer of The Corcoran Group since 2000. Prior to such roles, she served in various capacities at The Corcoran Group since she started at the company in 1984, including creating The Corcoran Group’s marketing division in 1995. Ms. Liebman has a B.A. degree in communications and marketing from the University of Massachusetts-Amherst. She currently serves on the Real Estate Board of New York’s Executive Committee and Board of Governors, on the executive committee of Miami’s Mount Sinai Medical Center Foundation and as a member of the board of directors of The Bass Museum. She has also previously served on the board of directors of the Intrepid Museum. We believe Ms. Liebman is qualified to serve on our Board based on her depth of experience in real estate-related assets and financial services.

Mr. Tese has been Chairman of ICE Clear Credit LLC since 2013. Mr. Tese was the Chairman of FCB Financial Holdings, Inc. (formerly known as Bond Street Holdings, LLC) from November 2009 to January 2019 and the Executive Chairman of FCB Financing Holdings, Inc. and its subsidiary, Florida Community Bank from January 2010 to January 2019. Mr. Tese served as Chairman and Chief Executive Officer of the New York State Urban Development Corporation from 1985 to 1987 and as Director of Economic Development for New York State from 1987 to December 1994. He is a director of AMC Networks, Inc. (NASDAQ:AMCX), MSG Sports, MSG Entertainment and Intercontinental Exchange, Inc. He also serves as a trustee of New York Presbyterian Hospital and New York University School of Law. Mr. Tese previously was a director of Gabelli Asset Management, National Wireless Holdings, Inc., The Bear Stearns Companies, Inc., Cablevision, MSG Networks and Mack-Cali Realty Corporation. Mr. Tese received a B.B.A. from Pace University as well as a J.D. from Brooklyn Law School and an L.L.M. in taxation from New York University School of Law. He is a licensed attorney by the State Bar of New York. We believe Mr. Tese is qualified to serve on our Board based on his depth of experience in investment management, financial services and corporate governance.

Mr. Walter has served as the Global Chief Executive Officer for the Urban Land Institute since June 2018. Prior to that he was the Robert and Lauren Steers Chair in Real Estate at the Steers Center for Global Real Estate at Georgetown University’s McDonough School of Business. He served as President and Chief Executive Officer of Host Hotels and Resorts, Inc., a publicly traded premier lodging real estate company, from October 2007 through December 2016, with his employment ending on January 31, 2017. From 2003 until October 2007, he served as Executive Vice President and Chief Financial Officer of Host. From 1996 until 2003 he served in various senior management positions with Host, including Chief Operating Officer. Mr. Walter is also past Chairman of NAREIT, the past Chairman of the Federal City Council and a member of the Board of Visitors of the Georgetown University Law Center. Mr. Walter serves on the boards of Ameriprise Financial, Inc. (NYSE: AMP) and Avalonbay Communities, Inc. (NYSE: AVB), the latter as Lead Director. Mr. Walter received his undergraduate degree from Colgate University and a J.D. from Georgetown University Law Center. We believe Mr. Walter is qualified to serve on our Board based on his extensive experience in investment management, real estate-related assets, financial services and corporate governance.