ALDEN

Leadership

Alan Fair: Chief Executive Officer

Mr. Fair has over 30 years of experience in the affordable housing industry. From 1996 through 2007, Mr. Fair was the Senior Vice President of Finance and Senior Managing Director for SunAmerica Affordable Housing Partners, Inc. He was responsible for the development of credit and debt structures for both taxable and tax-exempt financed tax credit properties. Mr. Fair also spent five years as Senior Vice President for First Interstate Bank where he was responsible for multifamily housing capital market activities. Prior to that, Mr. Fair worked for Kemper Securities Group as a Vice President in Investment Banking and, earlier, staff attorney for Kemper. Mr. Fair is a graduate of Michigan State University and received his J.D. degree from the University of Denver College of Law. He is a member of the State Bar in Colorado. He is based in Denver, Colorado.

Jill Brooks-Garnett: Chief Operating Officer

Ms. Brooks-Garnett has specialized in affordable housing for over 15 years with a broad focus ranging from underwriting and securitizing debt financing to managing LIHTC fund partnership operations. Since joining the company in 2011, Ms. Brooks-Garnett established several departments within the Affordable Housing Asset Management platform; including Funds Management, Fund Accounting, Investor Reporting, and the Capital Transactions Group. She is currently responsible for oversight of these divisions as well as acting as a voting member of the LIHTC Credit Committee. Prior to joining the company, Ms. Brooks-Garnett was Managing Director and Vice President with SunAmerica Affordable Housing Partners, Inc. (SAAHP). While at SunAmerica, she specialized in underwriting, securitizing, and managing LIHTC-related tax-exempt bond financings as well as conventional debt portfolios. Ms. Brooks-Garnett was a Presidential Scholar and graduated magna cum laude from the University of Southern California's Marshall School of Business. She received a BS degree with a focus in Global Management and completed the Marshall School's Honors Curriculum. She is based in Denver, Colorado.

Bryan Townsend: Chief Credit Officer

Bryan Townsend currently has two roles within Alden: Chief Credit Officer of Alden Torch Financial, LLC, and Senior Executive Director of Good Harbor Management, LLC. As Chief Credit Officer, Mr. Townsend serves on various credit committees, and oversees core real estate analysis within the asset managed and owned real estate portfolios. As a Senior Executive Director for Good Harbor Management, Mr. Townsend has leadership responsibilities that include the implementation of Good Harbor’s business plan. Mr. Townsend has over 30 years' experience in commercial real estate credit analysis, with a primary focus on affordable multifamily debt and equity analysis. Mr. Townsend contributed towards the establishment of Alden’s Asset Management division in 2011, known as Alden Pacific Asset Management, LLC, as well as the establishment Alden’s LIHTC syndicator in 2010 (sold in October 2017). He is based in Boston, Massachusetts.

Ivyl Boyce: Chief Financial Officer

Ivyl Boyce is the Chief Financial Officer of Alden Torch Financial. He joined Alden in 2011 and leads the firm’s investment valuation division. Mr. Boyce helped establish the firm’s corporate accounting and information technology activities. He oversees the Corporate Accounting, Finance, and IT departments. Mr. Boyce has an MA in Mathematics and a BS in Computer Science from the University of Colorado Boulder. Mr. Boyce has more than 10 years of experience in the affordable housing industry including working with tax exempt debt and complex equity investments. He is based in Denver, Colorado.

Susan Kwarciak: Managing Director - Investor Relations

Susan Kwarciak is a Managing Director of Alden Torch Financial and is primarily responsible for the institutional investor communication and reporting, fiduciary management and portfolio/asset management of their Low Income Housing Tax Credit (“LIHTC”) portfolios. Susan comes to Alden with over 25 years of commercial real estate experience, including two years as Senior Vice President of Asset Management for Red Stone Equity Partners where she was primarily responsible for the underwriting of prospective real estate investments, credit/risk analysis, and the overall monitoring and reporting on the performance of the LIHTC portfolio. Susan also served six years as Senior Vice President of Investor Relations with KeyBank Real Estate Capital where she had primary responsibility for equity origination, syndication, and fund and portfolio management of mezzanine and equity commercial real estate investments. Prior to joining KeyBank, Susan was employed by Associated Estates Realty Corporation (a public REIT: AEC) for eight years where she served as Vice President – Portfolio Management and was primarily responsible for equity origination and fiduciary management of the institutional investor’s portfolios. Susan also served as Corporate Controller for AEC where she was responsible for corporate accounting as well as all SEC and tax filings. Susan also spent over 5 years in public accounting working for PricewaterhouseCoopers and Ernst & Young with a concentration in real estate and initial public offerings. Susan received her BS in Accounting from Gannon University and her MBA from Cleveland State University. Susan is a Certified Public Accountant (CPA). She is based in Denver, Colorado.

Rachel Brady: Managing Director – Funds Management & Funds Accounting, Tax & Compliance

Ms. Brady is a Certified Public Accountant (CPA) and has over 25 years of finance, audit, tax and real estate experience, with 15 years dedicated to affordable housing. Ms. Brady joined Alden Torch Financial in 2012 and oversees the Funds Management, Tax, Compliance, Funds Accounting and Loan Servicing departments. She is responsible for the delivery of financials and tax benefits to investors in over 170 funds and services the tax exempt bond portfolio. Prior to joining Alden Torch Financial in 2012, Ms. Brady was the Senior Vice President of Underwriting for the Kingswood Group and worked both in underwriting and funds management for Capmark Financial Group for nine years. Before working at Capmark, Ms. Brady was the Director of Financial Analysis for Apartment Investment & Management Company (“AIMCO”) and came to that company from Deloitte & Touche, where she worked in both audit and tax for various corporate and partnership entities. She is based in Denver, Colorado.

Adam Stein: Managing Director – Capital Transactions

Mr. Stein is the Managing Director of Capital Transactions for Alden Torch Financial. He joined Alden Torch Financial in the fall of 2011. Mr. Stein has a Master’s in Real Estate with an emphasis in finance and investment with 14 years of affordable housing experience. Having experience in lending and investment, he is well versed in real estate underwriting and risk mitigation. While managing Alden Torch Financial’s Capital Transaction team, Mr. Stein has overseen over 500 transactions. He is based in Denver, Colorado.

Mark Hattier: Executive Director

Mr. Hattier has over 24 years of experience in the structured finance and affordable housing industries. Prior to joining the company, Mr. Hattier was a Vice President of various subsidiaries of Capmark Financial Group Inc. From 2007 - 2012, Mr. Hattier was responsible for the negotiation with counterparties in the restructuring and settlement of claims and liabilities related to Capmark's low-income housing tax credit (“LIHTC”) transactions. Mr. Hattier structured and supervised the sale of Capmark's LIHTC business assets and the resolution of “total return swap” and other derivatives claims. From 1999 - 2007, Mr. Hattier managed Capmark's proprietary tax-exempt bond and related derivatives portfolios, which included a substantial sub-portfolio of affordable housing bonds. From 1989 - 1993 and 1993 - 1999, Mr. Hattier was a Vice President, in the municipal finance departments of investment banks Howard, Weil, Labouisse, Friedrichs Inc. and Stephens Inc., respectively. Mr. Hattier's focus was structured finance and asset backed finance. Mr. Hattier received his A.B. in Economics from Harvard College. Mr. Hattier earned and maintains the designations “Chartered Financial Analyst” and “Financial Risk Manager.” He is based in Denver, Colorado.

Alden | 1225 17th Street, Suite 1400 | Denver, CO 80202 | (303) 927-5000