On December 5, 2016, Robert J. Fitzpatrick informed the Board of Directors of the company that he would be stepping down as a Director of the company, effective December 5, 2016 to focus on his role at Institutional Mortgage Capital Canada Inc. Also on December 5, 2016, the Board appointed Rochelle R. Dobbs as a Director of the Company to fill the vacancy created by Mr. Fitzpatrick's departure. Ms. Dobbs has been appointed to serve as a member of each of the Audit Committee and the Nomination/Governance Committee. William P. Wall, a current Director and member of the Audit Committee, has been appointed as Chair of the Audit Committee effective with the departure of Mr. Fitzpatrick, and Michael A. Eruzione, a current Director, has been appointed to serve as a member of the Compensation Committee and has ceased service as a member of the Nomination/Governance Committee. Ms. Dobbs has over 26 years of commercial real estate finance experience. Since 2010, Ms. Dobbs has served as President of R Dobbs Partners LLC.