David Shamis, CFA

● Spearheaded the launch and build-out of the firm’s equities business, including establishing broker, trading, and research relationships, prime brokerage agreements for trading equities, preferreds, and derivatives, as well as performance tracking. ● Led the screening and vetting process to identify investment opportunities across residential and mortgage related equity sectors, including equity REITs, mortgage REITs, homebuilders, mortgage & title insurers, servicers/originators, RE services, and GSEs. ● Conducted comprehensive fundamental research and due diligence, including valuation analysis and in-depth modeling and forecasting covering all facets of financial performance, including financial statement analysis and factor analysis. ● Collaborated with fixed income team to develop in-depth valuation models on mortgage-related securities, including prepayment speeds and delinquency assumptions in order to stress test intrinsic values and develop valuation matrices. ● Monitored and analyzed geopolitical events, market data, and quantitative/qualitative factors to optimize portfolio allocations, weightings, and hedging strategies. ● Leveraged broad industry relationships across sell-side, buy-side, and management teams in order to establish investment mosaics as well as to source and analyze unique investment opportunities including mezzanine and preferred financing deals. ● Supported investor communication initiatives, including monthly/quarterly investor letters.

● Independently conducted proprietary research including management meetings, competitor discussions, expert networking, surveys, independent channel checks, operating site visits, SEC filing analysis, and monitored all relevant coverage related media, including Street research. ● Generated long/short investment and trading ideas in a concentrated $200 million portfolio within the investable public real estate universe across all segments, including, but not limited to, residential, storage, retail, lodging, office, industrial, data centers, cell towers, triple nets, and healthcare. ● Presented well-constructed and thought-out investment theses and trading strategies to portfolio manager on an ongoing basis, while regularly assessing market conditions and industry fundamentals to opportunistically trade securities. ● Conducted detailed financial analysis to underwrite and participate in multiple IPOs and secondary offerings, as well as analyze M&A transactions, spin-offs, and other corporate and capital markets activity and react under tight timelines. ● Utilized factors and risk analysis to optimize portfolio weights, position sizing, and hedging strategies in order to minimize beta risk while maximizing risk-adjusted returns.

● Analyzed and recommended investment opportunities across the US REIT industry across a wide range of sectors, including retail, office, residential, self-storage, lodging, healthcare, mREITs, billboards, technology infrastructure, REOCs, and other real estate related sectors. ● Identified and implemented hedging strategies to reduce volatility and limit exposure to various factor risks such as interest rates. ● Led the fund’s fundamental research and due diligence process, including management meetings, modeling, and financial analysis. ● Underwrote IPOs, secondary offerings, M&A transactions, spin-offs, and other corporate and capital markets activity.

● Covered over 20 REITs with a concentration on office, industrial, data centers, and healthcare/labspace sectors. ● Published detailed and high-quality research reports and presentations, including earnings reviews, initiations, upgrades/downgrades, and in-depth company and industry analyses. ● Created detailed and dynamic financial models to forecast earnings and NAV estimates with a high degree of accuracy, using financial statements, earnings call transcripts, and macroeconomic factors. ● Generated investment theses utilizing relative valuations and fundamental company/industry views, market data, and channel checks. ● Vetted investment banking transactions including IPOs using independent research process, including fundamental analyses, comparative analyses, and management and property-level underwriting. ● Provided a high level of customer service to buy-side clients and sales force, including discussing recommendations and investment theses, presenting during the Morning Call, and preparing bespoke research. ● Led management meetings at industry and company-sponsored conferences, non-deal roadshows, marketing meetings, and company investor events to build relationships with company management teams and buy-side investors.

● Covered approximately 15 REITs with a concentration on office, industrial, and healthcare REITs on the #1 Institutional Investor rated REIT team on Wall Street. ● Wrote and contributed to thorough and thoughtful research reports, including a multi-faceted weekly report, portfolio managers quarterly reports, and various company and sector-specific analyses. ● Built and regularly maintained detailed and complex earnings and NAV models utilizing financial statements and industry data. ● Participated in industry and company-sponsored conferences, non-deal roadshows, marketing meetings, and company investor days. ● Evaluated IPOs through independent research vetting process, using full valuation and fundamental analysis to determine deal viability. ● Provided tailored customer service to buy-side clients, including detailed investment thesis discussions and bespoke research.

● Conducted financial analyses on new product/segment launches, including financial viability, NPV analyses, price sensitivity analyses, competitive assessments, and Monte Carlo risk simulations. Presented recommendations to investment committees and senior management. ● Collaborated with brand development and senior finance leadership to provide appropriate budgeting and financial support to facilitate product launches and line extension.

● Leadership training program including three job rotations across various businesses and product lines and 10 weeks of classroom training in accounting, financial reporting, corporate development, leadership, and public speaking. ● Completed roles in cost accounting, financial planning & analysis, transfer pricing/tax, and treasury for J&J’s pharmaceuticals, medical devices, and vision care segments.