Our principal goal is to generate net income for distribution to our stockholders through regular quarterly dividends, from the spread between the interest income on our investment portfolio and the interest costs of our borrowings and hedging activities.
Our investment strategy is designed to:
- limit credit risk
- manage cash flows so as to provide for regular quarterly distributions to our stockholders
- manage financing risks
- mitigate the fluctuations in the market value of our securities due to changing interest rates
- reduce the impact that changing interest rates have on net interest income
We are guided by principals of responsibility to our stockholders, efficiency and transparency in our operations, and running our company with the highest ethical standards and best in class approach.
A majority of our management has worked together for almost fifteen years, and the whole team brings significant experience to the managing of an agency mortgage REIT.
Michael R. Hough. Mr. Hough is the chief executive officer of our manager and has been our chief executive officer and director since September 2007. Mr. Hough is a co-founder and director of our manager and ACM Financial Trust (ACM). Since founding ACM in 1998, Mr. Hough has been responsible for managing all aspects of the operations and growth of ACM. From 1988 to 1997, Mr. Hough was a principal and founding member of First Winston Securities, Inc., a regional fixed-income broker-dealer where he was head of taxable trading and sales. From 1983 to 1987, Mr. Hough worked in fixed income trading and sales for Wachovia Bank N.A. He holds a B.A. degree in economics from Wake Forest University.
Benjamin M. Hough. Mr. Hough is the president and chief operating officer of our manager and has been our president, director, and chief operating officer since September 2007. Mr. Hough is a co-founder and has been a director of our manager and ACM since 2007 and 2001, respectively. From 1997 to 2001, he was the head of the BB&T Capital Markets office in Winston-Salem, NC where he was vice president of institutional fixed income sales and trading. From 1995 to 1997, Mr. Hough was the head of the First National Bank of Maryland office in Washington, DC where he served as vice president of fixed income sales. Prior to that, Mr. Hough was vice president of NationsBanc Capital Markets, previously American Security Bank, in institutional fixed income trading and sales. Mr. Hough holds a B.A. degree in economics from the University of North Carolina at Chapel Hill.
Kenneth A. Steele. Mr. Steele is the chief financial officer, secretary and treasurer of our manager and has been our chief financial officer, treasurer and secretary since September 2007. Since September 2002, Mr. Steele has also been the chief financial officer, secretary and treasurer of ACM. Prior to joining ACM, Mr. Steele had been a senior manager with Dixon Odom PLLC, an accounting firm, where he specialized in real estate, financial institutions, and mergers and acquisitions since 1991. He was responsible for the firm's REIT tax work and for public and private real estate investment partnerships. He also provided consulting services related to corporate finance, commercial and residential development, and equity investment. A certified licensed public accountant, Mr. Steele earned a Masters of Accounting from the Kenan Flagler Business School at the University of North Carolina at Chapel Hill and a B.S. degree in Business Administration from the University of North Carolina at Chapel Hill.
William H. Gibbs, Jr. Mr. Gibbs is the executive vice president and co-chief investment officer of our manager and has been our executive vice president and co-chief investment officer since September 2007. Mr. Gibbs is a co-founder and has been a director of our manager and ACM since 2007 and 2002, respectively. Prior to that, Mr. Gibbs was a senior vice president of BB&T Capital Markets from 1999 to 2002 and was responsible for the Baltimore-Washington region. From 1982 to 1999, Mr. Gibbs served as managing director of the First National Bank of Maryland capital markets group managing the financial institutions portfolio group. Mr. Gibbs has helped advise financial institutions with structuring and implementing their investment portfolios and the development of asset/liability management strategies. He holds a B.S. degree in economics and finance from Towson University.
Frederick J. Boos, II. Mr. Boos is the executive vice president and co-chief investment officer of our manager and has been our executive vice president and co-chief investment officer since September 2007. Since March 2006, Mr. Boos has been the executive vice president and chief investment strategist of ACM. Prior to joining ACM, Mr. Boos had been an executive vice president and director of asset liability and capital management for MBNA America from 2003 to 2006. Mr. Boos has previously served as senior vice president and investment portfolio manager for multiple regional banks including Maryland National Bank, First National Bank of Maryland, Shawmut National Bank and American Security Bank. His prior bank treasury responsibilities include liquidity and risk management, capital management, economic capital planning, residential mortgage portfolio management as well as numerous bank ALCO Directorships. He holds a Masters of Business Administration from American University and a B.S. in finance from the University of Maryland, College Park.
David W. Berson. Dr. Berson has been a member of our board of directors since November 2007. Dr. Berson has served as senior vice president, chief economist and chief strategist at The PMI Group since October 2007. Prior to joining The PMI Group, Dr. Berson was vice president and chief economist at Fannie Mae where he was responsible for managing the economics division; forecasting and analyzing the economy, interest rates and the housing and mortgage finance market; and advising senior management on finance, economic, tax and housing policy issues.
Ira G. Kawaller. Dr. Kawaller has been a member of our board of directors since November 2007. Dr. Kawaller is president of Kawaller & Co., LLC, specializing in assisting commercial enterprises in their use of derivative instruments in managing their financial risk. He is currently a member of the Financial Accounting Standards Board's Derivatives Implementation Group and the Government Accounting Standards Board's Derivative Instrument Task force on Derivatives and Hedging.
Jeffrey D. Miller. Mr. Miller has been a member of our board of directors since November 2007. Since March 2007, Mr. Miller has served as vice president, general counsel and secretary of Highwoods Properties, Inc. Prior to joining Highwoods Properties, Inc., Mr. Miller was a partner with the law firm of DLA Piper US LLP where he concentrated his practice on securities, corporate governance and related strategic matters, and served as general outside counsel to a variety of publicly-traded REITs.
Thomas D. Wren. Mr. Wren has been a member of our board of directors since November 2007. Mr. Wren is also a director and stockholder of ACM. Mr. Wren was the treasurer of MBNA America and served as director of funds management in the treasury division. Prior to joining MBNA America, Mr. Wren was chief investment and funding officer for Shawmut National Corporation. Prior to that, Mr. Wren worked for the Comptroller of the Currency, or OCC, for 18 years, which included managing the OCC's London operation.
Atlantic Capital Advisors LLC Overview
Atlantic Capital Advisors LLC has a strong senior management team with extensive industry experience and manages both Hatteras Financial and ACM Financial Trust, or ACM, a privately-held mortgage REIT founded in 1998.
Hatteras Financial's relationship with our manager, Atlantic Capital Advisors LLC, enables us to leverage our manager's infrastructure, business relationships and management expertise to effectively execute our investment strategy. We believe that our manager's expertise in mortgage REIT operations, agency securities, and the mortgage-backed securities and leveraged finance markets enhances our ability to acquire assets opportunistically and to finance those assets in a manner designed to generate consistent risk-adjusted returns for our stockholders.