Jim J. Fowler is the Non-Executive Chairman of the Company's Board of Directors. Jim serves as a Managing Director of JMP Group Inc. and as a Portfolio Manager at Harvest Capital Strategies LLC, formerly known as JMP Asset Management, LLC. Prior to joining JMP Asset Management in 2007, Jim was a Managing Director and senior research analyst covering the mortgage finance sector at JMP Securities.

Prior to joining JMP, Jim served as a Principal and research analyst at Thomas Weisel Partners, where he was responsible for public and private equity research in the financial technology sector. From 1995 through 1999, he was a Principal and senior research analyst in the equity research department at Montgomery Securities, now Banc of America Securities, following non-bank financial services companies.

Jim has extensive experience in the fixed income capital markets. Prior to joining Montgomery Securities, he was responsible for managing mortgage investments and mortgage trading positions at both Oppenheimer & Co. and Ocwen Financial Corporation (NYSE: OCN).

In 2004, Jim was included in the annual "Best on the Street" analyst survey conducted by the Wall Street Journal, ranking second as a stock picker in both Real Estate and Diversified Financial Services. In 2003 and 2001, Jim placed first and fifth, respectively, in the Real Estate category. Further, in 2003, he was ranked the #5 stock picker across all analysts on Wall Street.

Jim has attended Montana State University, California State University and Golden Gate University and holds a BS degree in finance.

Steven R. Mumma is our Chief Executive Officer and President. Mr. Mumma was named Chief Executive Officer effective February 3, 2009. Mr. Mumma was appointed President and Co-Chief Executive Officer effective March 31, 2007, which marked the divestment of the Company's mortgage lending business, and served as Chief Financial Officer from November 2006 to October 2010. Prior to serving in the above capacities, Mr. Mumma served as our Chief Investment Officer, a position to which he was named in July 2005, and as Chief Operating Officer, commencing in November 2003. From September 2000 to September 2003, Mr. Mumma was a Vice President of Natexis ABM Corp., a wholly-owned subsidiary of Natexis Banques Populaires. From 1997 to 2000, Mr. Mumma served as a Vice President of Mortgage-Backed Securities trading for Credit Agricole. Prior to joining Credit Agricole, from 1988 to 1997, Mr. Mumma was a Vice President of Natexis ABM Corp. Prior to joining Natexis ABM Corp., from 1986 to 1988, Mr. Mumma was a Controller for PaineWebber Real Estate Securities Inc., the mortgage-backed trading subsidiary of PaineWebber Inc. Prior to joining PaineWebber, from 1981 to 1985, Mr. Mumma worked for Citibank in its Capital Markets Group, as well as for Ernst & Young LLP. Mr. Mumma received a B.B.A. cum laude from Texas A&M University.

Holdings: 79,426 shares

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David R. Bock is an independent member of the Company's Board of Directors. Mr. Bock is a Managing Partner of Federal City Capital Advisors ("FCCA"), a business and financial services firm he co-founded in 1998, and has served in his current position since 2008. From January 2010 until June 2010, Mr. Bock served as the Interim Chief Executive Officer of Oxford Analytica, a political and economic research company based in Oxford, England. Mr. Bock was Chief Financial Officer of I-Trax, Inc., a publicly traded healthcare company, from September 2004 to September 2007, and an Executive Vice President and Chief Financial Officer of Pedestal Inc., an online mortgage-backed securities trading platform, from 2000 to 2002. From 1995 to 1997, Mr. Bock was an advisor to DASI, Inc., an early stage technology company focused on the global food processing industry. From 1992 to 1995, Mr. Bock served as a Managing Director at Lehman Brothers. Prior to joining Lehman Brothers, Mr. Bock served as Director, Operations Staff at The World Bank, where he was responsible for integrating policy, strategy and budget across four geographic regions and where he served as a member of the bank's senior management investment committee. Mr. Bock also served in a number of other management positions at The World Bank from 1974 to 1979 and 1982 to 1989 including Director, Bank Group Financial Policy, Director, Country Debt Restructuring and Liability Management and Division Chief, Funding Strategy. From 1979 to 1982, Mr. Bock was a partner of Atlantic Resources, Inc., a merchant bank focused on energy, agriculture and transportation projects. Prior to joining Atlantic Resources, Mr. Bock was an associate at McKinsey & Company. Mr. Bock received a B.A. in Philosophy from the University of Washington and M.Phil. in Economics from Oxford University, where he was a Rhodes Scholar. Mr. Bock serves as an independent trustee (since 2005) and chairman of the audit committee (since 2009) of the Pioneer Funds, a mutual fund complex, an independent director of The Swiss Helvetia Fund, Inc. (since 2010), a closed-end fund, and as a director of Oxford Analytica, Inc. (since 2008). Mr. Bock previously served as a director of New York Mortgage Trust, Inc. (from 2004 to 2009), and as the Chairman of its Audit Committee (from 2008 to 2009).

Alan L. Hainey is an independent member of the Company's Board of Directors. Mr. Hainey is the owner and manager of Carolina Dominion, LLC, a real estate brokerage development and investment firm that he founded in 2004. In 2001, Mr. Hainey incorporated and funded the Merrill L. Hainey Family Foundation, a not-for-profit charitable organization dedicated to academic achievement through scholarships, where he continues to serve as President. From 1996 to 2000, Mr. Hainey operated an independent consulting practice providing advisory and marketing services to clients engaged in insurance, mortgage finance and investment management. From 1990 to 1996, Mr. Hainey served as President and Chief Operating Officer of GE Capital's mortgage banking businesses and was a member of the GE Capital corporate executive council. From 1983 to 1990, Mr. Hainey served as President of GE Capital Mortgage Securities. Mr. Hainey received a B.A. with honors and a J.D. from the University of Missouri and a Master of Management with distinction from the Kellogg School of Northwestern University.

Holdings: 16,723 shares

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Steven G. Norcutt is an independent member of the Company's Board of Directors. Mr. Norcutt has served since October 2009 as the President of Schafer Richardson, Inc., a commercial real estate management, construction, development, leasing and investment company based in Minneapolis, Minnesota. From April 2008 to October 2009, Mr. Norcutt served as Senior Vice President – Regional Manager of Guaranteed Rate Mortgage, a residential mortgage banking company headquartered in Chicago, Illinois. Prior to joining Guaranteed Rate, Mr. Norcutt served as Executive Vice President and Chief Operating Officer of Centennial Mortgage and Funding, Inc., a residential mortgage banking company based in Minnesota. Prior to joining Centennial Mortgage and Funding, Inc., Mr. Norcutt served as Senior Vice President and Portfolio Manager of Structured Finance for Reliastar Investment Research, Inc. from 1993 through 2001. Mr. Norcutt joined Reliastar Investment Research, Inc. in 1988 as Vice President and Portfolio Manager of Residential Mortgage Loans. Mr. Norcutt received a M.B.A. in Finance from the Carlson School of Business at the University of Minnesota and a B.S. in Finance from St. Cloud State University.

Holdings: 15,201 shares

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