STEPHEN L. MALOY has been in commercial real estate for 25 years. Prior to forming Royal Net Lease with Mr. Rozich, in 1995 Mr. Maloy along with a handful of other partners formed Capital Lease Funding. CLF was a specialty CTL lender using both equity and debt capital to fund loans which were later sold through securitizations. There he was formerly Director of Origination and was primarily responsible for building a national network of correspondent brokers as well as directing marketing and public relations efforts. He was directly involved with the origination of over $1 billion of CTL loans. Mr. Maloy also began originating loans with lower priced executions using 3rd party private placements, including the largest CTL loan completed by CLF of $235 million. Since leaving CLF in 2002 Mr. Maloy has continued to specialize in CTL lending and has successfully completed financings in excess of $500 million with various credits on over 100 properties. Prior to Mr. Maloys’ past 10 years specializing in CTL lending his real estate career began first at Coldwell Banker and then Cushman & Wakefield in New York City where he specialized in both tenant and landlord office leasing brokerage though out the 1980’s. From 1990-1994 Mr. Maloy acted as a Principal, directing the real estate acquisitions of Liberty Equities acquiring investment properties throughout the country. Mr. Maloy graduated in 1979 from the Barney Business School, at the University of Hartford, with a BA. in Marketing and Economics.