Karen Kulvin is the Chief Executive Officer and a founding partner of Aqua Investment Management, LLC. Ms. Kulvin is also the President of each of the CMBS funds launched by Aqua, Aqua BlueGate CMBS Venture I, L.P. and Aqua BlueGate CMBS Venture II, L.P. Prior to founding Aqua, Ms. Kulvin was a Senior Vice President for Dividend Capital Group. She managed the due diligence, acquisitions and asset management processes for Dividend Capital's loan and commercial mortgage backed securities portfolios. She was also a member of Dividend Capital Investments Investment Committee that oversaw the management of the Dividend Capital Realty Income Allocation Fund (NYSE: DCA), a closed-end mutual fund, Dividend Capital Strategic Global Realty Fund (NYSE: DCW), a closed-end mutual fund, Dividend Capital Realty Income Fund, an open-end mutual fund and Dividend Capital Asia Realty Fund, L.P., a long/short hedge fund. Prior to joining Dividend Capital, Ms. Kulvin was a Senior Vice President of Asset Management for Newcastle Investment Corp. (NYSE: NCT), a publicly traded real estate investment and finance company managed by an affiliate of Fortress Investment Group LLC. Prior to Newcastle, she worked on the CMBS secondary credit desk at Bear, Stearns & Co. Inc. managing over $1 billion of CMBS portfolios comprised of more than 450 bond positions. Previous to that, Ms. Kulvin worked at LNR Property Corporation, a diversified real estate and finance company, in various acquisition and asset management capacities for 5 years. Ms. Kulvin received a Bachelor of Arts in American Studies from Tufts University and a Master of Business Administration in Accounting from Boston University.

Andrew Smith is the President and a founding partner of Aqua Investment Management, LLC. Mr. Smith is also the Treasurer of each of the CMBS funds launched by Aqua, Aqua BlueGate CMBS Venture I, L.P. and Aqua BlueGate CMBS Venture II, L.P. Prior to founding Aqua, Mr. Smith was a Vice President and Senior Securities Analyst for Dividend Capital Group. His primary responsibilities included underwriting and analyzing potential real estate loan, commercial mortgage backed securities, CRE CDO and equity investments. He also assisted with the asset management of those investments. In addition, Mr. Smith was a participant in Dividend Capital Investments Investment Committee meetings that oversaw the management of the Dividend Capital Realty Income Allocation Fund (NYSE: DCA), a closed-end mutual fund, Dividend Capital Strategic Global Realty Fund (NYSE: DCW), a closed-end mutual fund, Dividend Capital Realty Income Fund, an open-end mutual fund and Dividend Capital Asia Realty Fund, L.P., a long/short hedge fund. Prior to joining Dividend Capital, Mr. Smith was a Senior Analyst for Newcastle Investment Corp. (NYSE: NCT), a publicly traded real estate investment and finance company managed by an affiliate of Fortress Investment Group LLC. At Newcastle, Mr. Smith underwrote and analyzed potential investments in commercial real estate loans and securities and was responsible for the asset management of a $4 billion portfolio of commercial real estate loans and securities. Prior to Newcastle, he worked as an Associate in the Structured Finance CMBS Group at Ernst & Young LLP where he led engagements for clients throughout the securitization process. Mr. Smith received a Bachelor of Science with a concentration in Finance from Cornell University.