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Board of Trustees
Andrew Batinovich Trustee
Andrew Batinovich, age 54, has served as a trustee of RAIT since March 2013. Mr. Batinovich currently
serves as President and Chief Executive Officer of Glenborough, LLC, a privately held full service real estate
investment and management company focused on the acquisition, management and leasing of institutional
quality commercial properties. In 2010, Mr. Batinovich led a private investor group in acquiring Glenborough,
LLC and related real estate assets that were originally part of Glenborough Realty Trust, a NYSE listed real
estate investment trust, or REIT, which was sold to affiliates of Morgan Stanley in 2006. From December 2006 to
October 2010, Mr. Batinovich served as President and Chief Executive Officer of Glenborough, LLC, a company
formed by an affiliate of Morgan Stanley to acquire Glenborough Realty Trust. In connection with the 2006
transaction, Mr. Batinovich and the Glenborough Realty Trust senior management team were retained to operate
the new private entity, and the team remains together in the newly re-acquired Glenborough, LLC. In 1996,
Mr. Batinovich co-founded Glenborough Realty Trust and was President and Chief Executive Officer and a
director at the time of the sale in 2006. Mr. Batinovich was appointed President of Glenborough Realty Trust in
1997 and Chief Executive Officer in 2003. He also served as Chief Operating Officer and Chief Financial
Operator during his tenure at Glenborough Realty Trust. Prior to founding Glenborough Realty Trust,
Mr. Batinovich served as Chief Operating Officer and Chief Financial Officer of Glenborough Corporation until
1996 when it was merged into Glenborough Realty Trust. Glenborough Corporation was a private real estate
investment and management company that completed a number of private placements of office, industrial,
residential and hotel properties. Prior to joining Glenborough Corporation in 1983, Mr. Batinovich was an officer
of Security Pacific National Bank. Mr. Batinovich is a director of Sunstone Hotel Investors, Inc., a NYSE listed
real estate investment trust focused on hotel properties. Mr. Batinovich is a member of the Building Owners and
Managers Association, the Association of Foreign Investors in Real Estate and other trade associations. He also
serves as a trustee of the American University of Paris.
Edward S. Brown Trustee
Edward S. Brown, age 72, has served as a trustee of RAIT since June 1999. Mr. Brown has been president
of The Edward S. Brown Group (a real estate development company) since 1985.
Frank A. Farnesi Trustee
Frank A. Farnesi, age 65, has served as a trustee of RAIT since December 2006 when he joined the board in
connection with our acquisition of Taberna Realty Finance Trust, or TRFT, in December 2006, or the TRFT
acquisition. He was a member of TRFT’s board from April 2005 until the TRFT acquisition in December 2006.
He is a retired partner of the international accounting firm of KPMG LLP, where he worked from 1969 to 2001.
Before retiring from KPMG, he was the Pennsylvania business unit partner in charge of tax. He also served as
national partner in charge of tax compliance and worked with a wide variety of clients in the banking, real estate,
technology and private equity fields. He currently serves on the board of trustees of Immaculata University and
the board of directors of Beneficial Mutual Bancorp, Inc., a publicly held federally chartered stock holding
company for Beneficial Mutual Savings Bank.
S. Kristin Kim Trustee
S. Kristin Kim, age 49, has served as a trustee of RAIT since October 2003. Ms. Kim is the founder
of Sansori, which has provided educational programs for social entrepreneurs and strategic planning services for
social ventures since 2009. Prior to Sansori, Ms. Kim was president of AllLearn, an online education venture
among Oxford, Stanford, and Yale Universities from November 2002 until 2006, having joined AllLearn in
January 2001 as its general counsel. From 1999 to 2001, Ms. Kim held several senior positions at Harvard
University’s John F. Kennedy School of Government, including Director for New Initiatives. From 1989 to 1999,
she was an attorney at the law firm of Simpson Thacher & Bartlett.
Arthur Makadon Trustee
Arthur Makadon, age 70, has served as trustee of RAIT since July 2002. Mr. Makadon is a partner of
Ballard, Spahr, LLP, or Ballard Spahr, (a law firm) in its litigation department and practice leader of the white
collar/investigations group. Mr. Makadon served as the chairman of Ballard, Spahr from July 2002 through June
2011. Before that, since 1984, Mr. Makadon had been chairman of Ballard Spahr’s litigation department.
Jon C. Sarkisian Trustee
Jon C. Sarkisian, age 51, has served as a trustee of RAIT since December 2011. Mr. Sarkisian has been an
executive vice president of CBRE Group, Inc., or CBRE, a publicly traded commercial real estate services firm,
since July 2003. Mr. Sarkisian joined CBRE when it acquired Insignia/ESG, or Insignia, a commercial real estate
services firm, in July 2003. Mr. Sarkisian was an executive vice president at Insignia from June 1998 to July
2003. Mr. Sarkisian joined Insignia when it acquired Jackson-Cross Company, or Jackson-Cross, a commercial
real estate services firm, in June 1998. Mr. Sarkisian was a senior vice-president for Jackson-Cross from October
1988 to June 1998.
Scott F. Schaeffer Trustee
Scott F. Schaeffer, age 50, has served as our chairman of the board and as a trustee since December 2010,
chief executive officer, or CEO, since February 2009, our president since February 2008, our chief operating
officer from February 2008 to February 2009, our co-president and co-chief operating officer from December
2006 to February 2008 and our president and chief operating officer from September 2000 to December 2006.
Mr. Schaeffer serves on the board of directors of Independence Realty Trust, Inc., or IRT, our non-traded REIT
subsidiary whose public offering we are sponsoring. Mr. Schaeffer has served as the chairman of the board of
directors and as a director of IRT since we acquired IRT in January 2011. IRT files reports under the Securities
Exchange Act of 1934, or the Exchange Act. Mr. Schaeffer served as a director of Resource America, Inc. (a
publicly traded specialty finance company), or Resource America, from 1997 to 2002, the vice chairman of the
board of directors of Resource America from 1998 to 2000, the executive vice president of Resource America
from 1997 to 1998, and a senior vice president of Resource America from 1995 to 1997. Mr. Schaeffer also
served as President of Resource Properties, Inc. (a wholly-owned real estate subsidiary of Resource America)
from 1992 to 2000.
Andrew M. Silberstein Trustee
Andrew M. Silberstein, age 45, has served as a Trustee of RAIT since October 2012 when he was
designated by ARS VI Investor I, LLC, or the investor, to serve on our board of trustees pursuant to the securities
purchase agreement, or the purchase agreement, dated as of October 1, 2012 among ourselves, designated
subsidiaries of ours and the investor. We refer to the transactions contemplated by the purchase agreement as the
investor transactions. The investor is an affiliate of Almanac Realty Investors, LLC, or Almanac, a provider of
capital to real estate companies. Mr. Silberstein is a partner of Almanac and joined the predecessor to Almanac,
Rothschild Realty Managers, as a managing director in 2009. From 2004 to 2008, Mr. Silberstein served as the
chief investment officer and chief operating officer for Stoltz Real Estate, a real estate company. Prior to that,
Mr. Silberstein worked in real estate investment banking and private equity, first at Bear Stearns & Company
from 1994 to 1998 as a vice president and then at Morgan Stanley from 1999 to 2004 as an executive director.
Mr. Silberstein currently serves on the Boards of the following privately-owned real estate companies: RXR
Realty, Welsh Property Trust, Westcore Properties and NRES Holdings.
Murray Stempel III Trustee
Murray Stempel, III, age 58, has served as a trustee of RAIT since December 2006 when he joined the board
in connection with the TRFT acquisition. He was a member of TRFT’s board of trustees from April 2005 until
the TRFT acquisition in December 2006. Mr. Stempel has served since 2008 as the vice chairman of Royal
Bancshares of Pennsylvania, Inc., or Royal Bancshares, a publicly traded bank holding company. Mr. Stempel is
a director of Royal Bancshares. From 2004 until 2008 he served as executive vice president and chief lending
officer at Royal Bank America, a wholly-owned bank subsidiary of Royal Bancshares, responsible for the
day-to-day management of the bank. From 2000 to 2004, he was a senior vice president at Royal Bank America.
Senior Officers
Scott F. Schaeffer Chief Executive Officer
Scott F. Schaeffer, age 50, has served as our chairman of the board and as a trustee since December 2010,
chief executive officer, or CEO, since February 2009, our president since February 2008, our chief operating
officer from February 2008 to February 2009, our co-president and co-chief operating officer from December
2006 to February 2008 and our president and chief operating officer from September 2000 to December 2006.
Mr. Schaeffer serves on the board of directors of Independence Realty Trust, Inc., or IRT, our non-traded REIT
subsidiary whose public offering we are sponsoring. Mr. Schaeffer has served as the chairman of the board of
directors and as a director of IRT since we acquired IRT in January 2011. IRT files reports under the Securities
Exchange Act of 1934, or the Exchange Act. Mr. Schaeffer served as a director of Resource America, Inc. (a
publicly traded specialty finance company), or Resource America, from 1997 to 2002, the vice chairman of the
board of directors of Resource America from 1998 to 2000, the executive vice president of Resource America
from 1997 to 1998, and a senior vice president of Resource America from 1995 to 1997. Mr. Schaeffer also
served as President of Resource Properties, Inc. (a wholly-owned real estate subsidiary of Resource America)
from 1992 to 2000.
James J. Sebra Chief Financial Officer & Treasurer
James J. Sebra, age 37, has served as our chief financial officer and treasurer since May 2012 and as our
senior vice president and chief accounting officer from May 2007 to May 2012. Mr. Sebra has served as IRT’s
chief financial officer since May 2012 and as IRT’s treasurer since January 2011. Mr. Sebra joined RAIT in
connection with the TRFT acquisition having served as TRFT’s vice president and chief accounting officer since
June 2005. Prior to joining TRFT, Mr. Sebra was the controller of Brandywine Realty Trust, a publicly held real
estate investment trust, from 2004 through 2005. From 1998 through 2004, Mr. Sebra worked with Arthur
Andersen LLP and KPMG LLP, public accounting firms, serving a variety of publicly held and privately held
real estate companies and professional service firms.
Raphael Licht Chief Operating Officer and Secretary
Raphael Licht, age 45, has served as our chief operating officer since February 2009, our secretary since
December 2006, and our chief legal officer and chief administrative officer from December 2006 to February
2009. Mr. Licht joined RAIT in connection with the TRFT acquisition having served as TRFT’s chief legal
officer and secretary since March 2005 and executive vice president and chief administrative officer since April
2006. Mr. Licht served as a director of IRT from January 2011 to March 2011. Mr. Licht also served as the chief
legal officer of Cohen & Company from 2001 until April 2006. From 2000 until 2001, Mr. Licht served as
general counsel at iATM global.net Corporation, an ATM software joint venture between TRM Corporation and
NCR Corporation. From 1997 until 2000, Mr. Licht was an associate with Morgan Lewis & Bockius LLP, a law
firm, specializing in structured finance and securitizations. From 1996 until 1997, Mr. Licht was an associate at
Ledgewood, P.C., a law firm, specializing in real estate and securities law.
Kenneth R. Frappier Executive Vice President - Portfolio and Risk Management
Ken R. Frappier, age 60, has served as our executive vice president-portfolio and risk management since
May 2011, our executive vice president-risk management from February 2008 to May 2011, our chief credit
officer from December 2006 to February 2008 and served as our senior vice president-portfolio and risk
management from April 2002 to December 2006. From December 1999 until he joined RAIT, Mr. Frappier was
a senior vice president and regional chairman of the senior officers’ loan committee in Pennsylvania and
Southern New Jersey for Hudson United Bank (a commercial bank), following the merger of Hudson United
Bancorp (a bank holding company) and JeffBanks, Inc., (a bank holding company) of which Mr. Frappier had
been senior vice president since 1993. Before 1993, Mr. Frappier was an executive vice president for Dominion
Bancshares Corporation’s, or Dominion, Greater Washington Region (Northern Virginia, Washington, D.C. &
Maryland) and, before the acquisition of State National Bank, or State, by Dominion in 1987, he was senior vice
president and senior lender at State. Before 1977, he was a national bank examiner for the Comptroller of the
Currency, a bureau of the U.S. Treasury Department.
