Stephen M. Kirch

President, Carrington Investment Services, LLC and Carrington Capital Management, LLC

Mr. Kirch joined Carrington in February, 2009 as President of Carrington Investment Services, LLC (CIS) and was also appointed President of Carrington Capital Management, LLC (CCM) in October, 2010. His primary focus is raising capital for the non-performing loan trade, but he is also integral to the product management process and growing the operating companies which support loan resolution/real estate management. Mr. Kirch has had a 35 year career on Wall Street creating securities and other bond instruments. Prior to Carrington, he was the co-founder and owner of Bonds Direct, whose innovative business model brought the electronic execution of high grade institutional fixed income products in smaller incremental amounts to the regional dealer and end user account base. He and his partners completed the successful sale of Bonds Direct to Jefferies and Co., Inc. in October, 2005. Before starting Bonds Direct he held Managing Director positions at Chase Manhattan Bank, Paine Webber and Company, Prudential Securities and Morgan Stanley. At Chase he ran fixed income sales as well as the single and multi-family mortgage trading desk. For Paine Webber, he managed domestic branches for capital markets and fixed income with a particular focus on mortgage products. At Prudential he was in charge of mortgage sales for the West Coast. At Morgan Stanley he was a key member of the team responsible for establishing the firm's mortgage business and was the sales manager of the West Coast sales group. Mr. Kirch started his career at A. G. Becker & Co., Inc., where he spent 12 years and was instrumental in the creation of the first issuance of institutionalized certificates of deposit for the savings and loan industry and the first mortgage backed bond issuance.