Blair D. Fernau
Vice Chairman and Chief Investment Officer
Mr. Fernau has been our Chief Investment Officer and Vice Chairman of the Board since April 20, 2005 and has been a member of our board of directors since March 30, 2005. Mr. Fernau joined Asset Capital Corporation, L.L.C. as a principal in 1998. Prior to joining Asset Capital Corporation, L.L.C., from 1996 to 1998, Mr. Fernau was an acquisitions manager specializing in bulk real estate portfolios and single asset acquisitions for JER. Mr. Fernau managed the underwriting, due-diligence and acquisition process for over $1 billion in real estate for institutional capital partners and JER’s own equity fund. Prior to his experience in acquisitions, from 1993 to 1994, Mr. Fernau was an asset manager specializing in problem loan and property work-outs for JER. Before joining JER, from 1990 to 1993, Mr. Fernau was active in the liquidation of a foreclosed real estate portfolio for Perpetual Savings Bank, at the time the largest savings bank in Virginia, in conjunction with the Resolution Trust Corporation. Mr. Fernau began his real estate career and completed a training program at the Principal Financial Group as a mortgage lender. Mr. Fernau graduated from the University of Nebraska-Lincoln with a Bachelor of Science in Finance and Math in 1988 and graduated from George Washington University with an MBA in 1992, both with honors.

William B. LeBlanc III
President and Chief Operating Officer
Mr. LeBlanc has been our Chief Operating Officer since April 20, 2005 and has been our President and a member of our board of directors since March 30, 2005. Mr. LeBlanc joined Asset Capital Corporation, L.L.C. as a principal in 1998. Prior to joining Asset Capital Corporation, L.L.C., from 1994 to 1998, Mr. LeBlanc was an asset manager with JER. Mr. LeBlanc’s responsibilities at JER included operating oversight, monthly reporting and disposition for a mixed portfolio of value added real estate and loan assets. Mr. LeBlanc also performed due diligence for acquisitions and completed problem loan work-outs. Mr. LeBlanc graduated from Rollins College in Winter Park, Florida with a Bachelor of Arts in Economics in 1991. Mr. LeBlanc is a member of The Real Estate Group of Washington, D.C.

Clay E. Carney
Chief Financial Officer, Treasurer and Secretary
Mr. Carney has been our Chief Financial Officer, Treasurer and Secretary since December 12, 2005. Prior to joining us, from February 2001 to December 2005, Mr. Carney held senior financial positions with Time Warner Cable. From May 2005 to December 2005, Mr. Carney served as Regional Vice President, Finance of Time Warner Cable’s Texas cluster of cable operating systems, which serve over two million residential and commercial cable, broadband internet and IP telephony subscribers. From February 2001 to April 2005, Mr. Carney served as Vice President and Chief Financial Officer of Time Warner Cable’s Road Runner operating unit, a leading broadband internet service provider with over four million subscribers. Mr. Carney graduated from Radford University with a Bachelor of Science in Business Administration, Accounting Concentration and is a Certified Public Accountant.

Kenneth M. Houle
Vice President and Director of Asset Management
Mr. Houle has been our Director of Asset Management since April 17, 2006 and has been our Vice President since March 30, 2005. Mr. Houle joined Asset Capital Corporation, LLC in October 2000 and has served in a number of capacities for the firm, including asset management, property management, acquisitions, financing and due diligence. Mr. Houle received his Bachelor of Arts in both Economics and Japanese Studies from Gettysburg College. He is in the process of completing a Masters of Science in Real Estate with a focus on Institutional Investment Management at Johns Hopkins University.