Investment Team

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Equities

Kristi A. Guay, CFA - Senior Portfolio Manager, Growth Equities

Kristi is senior portfolio manager for growth equities. She has over 10 years of experience in the equity markets as a buy side and sell side analyst. Kristi spent four years at RedChip Companies, LLC, and Raven Ventures, LLC, subsidiaries of small cap-focused investment firm ICM Asset Management in Spokane, Washington, holding positions as an equity analyst at both companies, as well as serving as the director of research at RedChip. From 1997 to 2000, Kristi was an equity analyst at SAFECO Asset Management in Seattle, Washington, focusing exclusively on small cap stocks.

Kristi graduated from the University of Washington in 1992 with two BA degrees in geography and political science. She received her MBA from the University of Washington in 1998. Kristi earned the right to use the Chartered Financial Analyst designation in 2004 and is a member of the CFA Institute and CFA Society of Seattle.

Extracurricular activities include working with the Business and Economic Development Program at the University of Washington, which provides consulting services and student work teams to work with minority-owned businesses located in economic development zones in Washington State. In the first 10 years of the program, they created 500 jobs and $20 million in sales in Seattle. Close Bio

Mitali Prasad, CFA - Portfolio Manager/Equity Analyst

Mitali is a Portfolio Manager/Equity Analyst for growth equities. Mitali has over 15 years of investment management experience. She was most recently a portfolio manager at OFI Institutional Asset Management for the Fundamental Small Cap Relative Value and Small Cap Disciplined Value strategies. Prior to joining OFI Institutional in 2006, Mitali was employed by its affiliate, Boston Capital, since 1994 where she held the position of managing director/associate portfolio manager for the Fundamental Small Cap Relative Value strategy since 1999. Previously, Mitali worked as an equity analyst intern at Merrill Lynch and Trillium Asset Management.

Mitali has a Bachelors of Electronics and Telecommunications Engineering from Delhi Institute of Technology, an MBA from the Indian Institute of Management, and a Masters of International Affairs with a major in finance from Columbia University. She earned the right to use the Chartered Financial Analyst designation in 1998 and is also a member of the CFA Institute and The Boston Security Analyst Society. Close Bio

Christopher R. Andress, CFA - Assistant Vice President, Equities

Chris is an analyst on the equity team. Chris joined WCM in 1994 as an operations accountant and began analysis of equity securities in 1995. Prior to WCM, Chris spent a year with Towle/Johnson Associates as a portfolio administrator. Chris earned the right to use the Chartered Financial Analyst designation in 2000 and is a current member of the CFA Society of Seattle. He graduated from Seattle University in 1993 with a B.A. in business administration. Close Bio

Brian M. Canion, CFA - Equity Analyst, Growth Equity

Brian joined WCM in 2005 as a project analyst helping the firm to implement accounting and trading system enhancements. In early 2006, Brian’s responsibilities expanded to include equity research. Prior to WCM, Brian spent 5 years at Russell Mellon Analytical Services. There he began work as an attribution analyst and later became an analyst and operations lead for the Russell Index team. Brian earned the right to use the Chartered Financial Analyst designation in 2004 and is a member of the CFA Society of Seattle as well as the CFA Institute. He graduated from the University of Washington in 1999 with a B.A. in business administration and a concentration in finance. Close Bio

Fixed Income

Michael S. Cheung, CFA - Vice President, Fixed Income Senior Manager

Michael is the fixed income portfolio manager for the company. He has over 20 years of investment experience. Michael’s extensive fixed income portfolio management experience includes the direct responsibility for investing $26 billion at General Electric Financial Assurance and $8 billion at the State of Alaska. Michael’s investment strengths include global economic and capital markets analysis as well as diverse investment exposure in all sectors of the bond market.

Michael received his BS degree from the University of Wisconsin-Green Bay and an MBA from Texas Christian University. He earned the right to use the Chartered Financial Analyst designation in 1988. He has served on the CFA candidate curriculum committee and has participated in the CFA candidate grading effort. Michael is a member of the CFA Society of Seattle. Close Bio

Kevin H. Loucks, CFA - Senior Credit Analyst, Portfolio Manager

Kevin came to WCM in 2002 as lead credit analyst, focusing specifically on corporate spread products for all industries. He is currently responsible for total return trade idea generation, buy/hold/sell relative value analysis, industry analysis, and trading. Kevin also manages the firm’s Short Term Income Strategy. In addition, Kevin assists the real estate group with credit evaluation of current and potential tenants.

Kevin graduated from the University of Portland with a degree in finance in 1993 and went to work for the Oregon Mutual Insurance Company in McMinnville, Oregon, as a financial systems and marketing analyst. In 1996, he joined GE Capital (now Genworth) in Seattle, Washington, as a financial analyst and ultimately as an investment grade corporate credit analyst with lead responsibility for the oil and gas, chemical, and healthcare sectors. While at GE, Kevin achieved the black belt designation for the firm’s Six Sigma Quality Program.

Kevin earned the right to use the Chartered Financial Analyst designation in 2001 and is a member of the CFA Society of Seattle.

In his spare time, Kevin enjoys spending time with his family, golfing, kayaking, and cycling. Close Bio

Anthony M. Smith, CFA - Credit Analyst

Anthony joined WCM in 2011 as a credit analyst on the fixed income team. He comes to WCM with six years of fixed income research and investment banking experience. Prior to WCM, Anthony served as a vice president for Moss Adams Capital in Seattle and worked in New York City on BNP Paribas' corporate bond trading desk as a high yield research analyst. Anthony earned the right to use the Chartered Financial Analyst (CFA) designation in 2007 and is a member of the CFA Society of Seattle. He graduated from the University of Washington in 2002 with a B.A. degree in business administration. Close Bio

Real Estate & Mortgages

Cory A. Carlson, MBA - President, Chief Executive Officer, and Chief Investment Officer, Real Estate

Cory Carlson

Cory is Washington Capital's president, chief investment officer, real estate, and a member of the board of directors. Cory also chairs the firm's real estate investment committee.

Cory joined Washington Capital Management in 1999 as portfolio manager for real estate equity portfolios. Cory previously spent eighteen years at Weyerhaeuser Realty Investors (previously known as Weyerhaeuser Venture Company) where he was a regional investment manager, responsible for identifying, investing, and managing a broad range of real estate investments. Cory was also involved in client relations and marketing, particularly with overseas investors in WRI projects.

Cory received his BA degree in urban policy from Michigan State University in 1974. In 1981, he received an MBA degree from the University of Washington focusing on finance and real estate. In 1998-1999, Cory was the president of the University of Washington Alumni Association with a membership of over 50,000 alumni.

Cory is a member of the Pension Real Estate Association (PREA), the Urban Land Institute (ULI), and the Building Owners and Managers Association (BOMA). He also serves on a variety of regional and local non-profit boards of directors.

Cory is an active adult leader of the Chief Seattle Council of the Boy Scouts of America serving as both a scoutmaster and commissioner. His golf skills are so keen he has been asked to stay off the course by our insurance provider. Close Bio

Peter R. Bury, CFA - Assistant Vice President, Real Estate

Peter is currently an analyst in the Real Estate department, primarily working on new acquisitions. Prior to his move to the Real Estate department, he worked as an operations accountant and back up trader at Washington Capital Management.

Peter received his degree in business administration with minors in economics and accounting from the University of Puget Sound. He has also earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Society of Seattle.

Peter enjoys reading, hiking, playing soccer and basketball, and participating in the numerous activities and classes his young children are involved in. Close Bio

Mark D. Clifford, MBA - Director, Real Estate

Mark Clifford

With over 20 years of commercial real estate experience, Mark is responsible for originating new investments for WCM clients in California and the Southwest. Prior to joining WCM in 2003, Mark was a senior regional manager with Union Labor Life Insurance Co. where he was responsible for originating new investments for its J For Jobs account throughout the western United States, and prior to that Mark was a regional manager with Pacific Life Insurance Company originating mortgages in the mid-Atlantic and Southeast regions of the United States.

Mark is a phi beta kappa graduate from the University of Washington with a BA in business administration. After spending a few years in corporate banking at Wells Fargo & Co, Mark subsequently earned an MBA in real estate and finance from the Haas School of Business at the University of California, Berkeley.

Mark enjoys spending his free time with family and is an active volunteer in youth sports as both a referee and coach. Close Bio

Matthew W. DeBellis - Assistant Vice President, Real Estate

Matt joined Washington Capital Management in June 2011. Matt's background is in the institutional ownership side of real estate which includes experience in corporate finance, development, sourcing, and underwriting investment opportunities and asset management.

Matt graduated cum laude from University of San Diego as a business administration major, with emphases in real estate and finance, and an economics minor. He also received his Certificate in Real Estate: Finance, Investments, and Development through the university.

Matt is a native of Portland, Oregon. He is active with Big Brothers Big Sisters and enjoys golfing, reading, and other outdoor activities. Close Bio

Tup Fisher - Director, Real Estate

Tup joined Washington Capital Management in 2008 after 26 years in commercial real estate. He spent eleven years with Column Financial/Credit Suisse/DLJ where he was the west regional manager, responsible for sourcing, underwriting, and closing mortgage loans in the western United States. He also was involved in investor relations and with B-piece buyers. Tup has spent time as the California director of production for a New York based bank and buying properties on the west coast for a New York based investment group.

A Northern California native, Tup is a past president of the Bay Area Mortgage Association (BAMA) and is the commercial president and chairman-elect of the California Mortgage Bankers Association. He is also associated with the Vista Center of the Blind and Visually Impaired. Tup graduated from Stanford University with degrees in economics and political science.

Tup has coached his children in a number of sports, remains a Little League coach, and enjoys watching his children play endless games of baseball, basketball, and volleyball. He loves to run and bicycle in his little remaining spare time. Close Bio

Jenny Gage - VP, Asset Management

Jenny Gage joined the firm in 2006 as an Asset Manager. Jenny has over 15 years of commercial real estate experience, including transaction management of hundreds of new bank branch locations across the country for Washington Mutual Bank. She was a team leader for Washington Mutual’s Commercial Real Estate Loan Portfolio, responsible in part for the retention and management of over 35,000 commercial loans valued at $17 billion. Her background includes retail site selection and lease negotiation, portfolio and conduit loan underwriting, credit risk analysis, workouts/foreclosures, and property management. Close Bio

Thomas M. Gehrig, MBA - VP, Asset Management

A Seattle native, Tom has over 20 years experience in managing and leasing assets.

Tom graduated from Gonzaga University magna Cum Laude with a business degree specializing in International Trade. After working as an Operations Manager and Sales Representative for an international shipping agency he returned to graduate school to gain knowledge and further his career in business.

Tom earned a masters degree in business (MBA) from the University of Washington and began a career in commercial real estate. He continues to learn and develop skills and has become a Certified Property Manager (CPM) and obtained a Washington State Brokers License.

In 15 years as a real estate professional Tom has developed into a strong generalist with broad experience in property and asset management, leasing, project management, development, marketing and acquisitions and dispositions. During his tenure in commercial real estate Tom has worked in management positions for Trammell Crow, Bay West, Benaroya and Harbor Properties in a variety of capacities.

Tom has developed a unique investment perspective having represented owner interests in all aspects of commercial real estate. He adds value in organizations by being able to analyze a property or portfolio broadly and provide a strategic plan to maximize value. In leasing he has 10 years experience as an owner’s leasing representative.

Tom is a member of several national real estate organizations. Close Bio

Richard W. Hardan - President, Eastern Washington Real Estate Division

richard hardan

Rich is a company principal and president, Eastern Washington Real Estate Division with over 22 years of experience in the real estate industry. He is a member of the National Association of Review Appraisers & Mortgage Underwriters and a qualified underwriter and appraiser for both FNMA and FreddieMac.

He attended Eastern Washington State College and is responsible for client development and mortgage placement in Eastern Washington, Idaho, and Montana. Close Bio

Jim Hummer, MBA - Director, Real Estate

Jim Hummer

Jim started working in real estate investments in 1981 with The Prudential Insurance Company of America. In his 13 years with Prudential, he held positions in acquisitions and sales as well as asset management and worked in a variety of markets on both the west and east coasts. Jim's acquisition and sales activities included transactions for various pension funds managed by Prudential. As an asset manager, his entire portfolio consisted of pension-fund properties. Prior to joining Washington Capital Management, Jim was an investment and commercial mortgage broker in the Seattle area.

Jim has a B.S. from the Wharton School, University of Pennsylvania, and an MBA from the University of Washington. He is a member of the National Association of Industrial and Office Properties (NAIOP). Close Bio

Ernest L. Jahncke, MBA - Senior Vice President & Portfolio Manager, Real Estate Debt

El Jahncke is Washington Capital’s manager of real estate mortgage investment operations.

El has spent his entire professional career in the commercial real estate finance industry. He has more than thirty years of commercial real estate investing experience representing institutional investors such as life insurance companies and pension funds. This experience covers the discipline of debt and equity financing, property acquisitions, project analysis, portfolio strategy and administration, loan underwriting, asset management, brokerage and mortgage banking.

In 1988, El joined Washington Capital Management to launch its real estate investment activities, which initially focused on mortgages.

El has an MBA degree from Columbia University, a BA degree from Stanford University, and a certificate in real estate (with specialization in appraisal and finance) from UCLA. He is a member of the Pacific Real Estate Institute, the National Association of Industrial and Office Parks (NAIOP) and the Seattle Mortgage Bankers Association.

El and his wife Gayle have lived for the past twenty-five years on Mercer Island, where he serves on the City Council. El enjoys scuba diving, snowboarding, hiking, and mountain climbing. Close Bio

Bruce J. Korter, CRE - Director, Real Estate

Bruce Korter

Bruce Korter is the Managing Director for the Portland, Oregon, branch office and a voting member of Washington Capital Management’s real estate investment committee.

In 1998, Mr. Korter was recruited to join Washington Capital Management and open the Portland branch office where he is responsible for client development and the origination of new loans and equity investments.

Bruce’s career in real estate began in Portland, Oregon, in 1972 in the mortgage banking business. Shortly thereafter, he joined a regional commercial real estate brokerage firm, and formed his own brokerage firm in 1978. He sold to Grubb and Ellis in 1983 at which time he became the District Manager and a member of the Executive Committee. Since 1992, he has been involved in the Taft-Hartley real estate consulting and advisory business.

He received his Bachelor of Science degree with an emphasis in real estate from Portland State University. He is a licensed real estate broker in the state of Oregon and is a member of the Counselors of Real Estate (CRE).

Bruce has been a featured speaker at the Investment Institute of the International Foundation of Employee Benefit Plans and has also appeared before the Dept. of Labor ERISA Advisory Council – Work Group on Real Estate Investments. He authored the article “Why Invest in Real Estate Today”, Employee Benefits Journal, March 1997.

Over the years he has been active in the local chapters of BOMA and CRE. He has been a member of the Portland State University Foundation and the Providence/St. Vincent Medical Foundation boards, and is currently serving on various committees of both. Close Bio

Robyn Kunkel - Transactions Specialist

Robyn is currently a transactions specialist. Robyn has worked in the field of real estate for two decades, all of which was in the Pacific Northwest. Her experience includes business ownership, processing loans from commitment through closing, loan documentation, training staff, compliance and customer service to name a few. Close Bio

Patrick S. Malley, MBA - Senior Vice President & Portfolio Manager, Real Estate Equity

Patrick Malley

Pat has 18 years of real estate experience having worked for multiple divisions of Weyerhaeuser Real Estate Company as a financial analyst, director of planning, commercial project manager, and vice president of finance. Pat combines development, asset management, and acquisitions experience with a strong background in finance and structuring join ventures. He is a member of the National Association of Industrial and Office Properties (NAIOP).

Pat graduated from the University of Notre Dame with a degree in business administration and received his MBA from the University of Washington.

He is the chairman of the finance committee of his local church and is a member of the board of the Father James Mallahan Endowment Fund benefiting Holy Rosary Elementary School in West Seattle. Close Bio

Mel Morgan Jr., MAI - VP, Asset Management

Mel has over 24 years of real estate experience, including asset management, commercial appraisal, appraisal management, asset disposition, project financing and financial analysis. He has worked with nearly every type and size of property across the country. Prior to joining Washington Capital Management, Mel spent eight years with Washington Mutual Bank as a First Vice President in charge of commercial real estate appraisals throughout the Unites States.

Mel received both his BA in Business and MBA in Finance from the University of Washington. He received his MAI designation from the Appraisal Institute in 1987, and is a Certified General Real Estate Appraiser in the State of Washington.

Mel has served on the Board of Directors of the Seattle Chapter of the Appraisal Institute, as well as being Secretary, Treasurer and Vice President. He has been a member of the Issaquah Development Commission for over a decade, and has served as Cubmaster and Committee Chair for Boy Scout organizations. Close Bio

Lisa Pargas - Transaction Specialist

Lisa Pargas became a part of the Real Estate team at WCM in 1998. Her initial focus was administration and organization. She is now a Loan/Acquisition Closer for various funds in the real estate department. Her responsibilities include closing loans, participating on acquisition teams, coordinating the setup for construction projects and follow-through.

Having been an employee with WCM for nine years, she has been an integral part of many of the processes that have been developed and put into place in the real estate department. Being able to draw upon data from historical transactions adds an important perspective to the functioning of the team.

Lisa graduated from the University of Phoenix with a degree in business administration. She is active in the American Cancer Society- Relay for Life events as well as a member of CERT which is a FEMA mandated community emergency response program. Close Bio

Jenny Ourada - VP, Transactions Manager

Jenny Ourada is the leader of real estate closing activities for both equity and debt transactions at WCM. In this capacity she directs the closing process and legal review of projects. In addition, Jenny provides asset management leadership for certain industrial development projects of the company.

Jenny joined the company in 2000, continuing a 25 year career in commercial real estate lending and asset management with primary focus on marketing, production, underwriting and closing. Prior to 2000, she was group manager at Washington Mutual Bank, leading a team of 10 professionals responsible for managing an average of 150 active real estate transactions, from application through closing. She has previously been an underwriter at Home Street Capital, an independent loan broker, a contract closing coordinator, an income property loan officer, and a video production specialist.

Jenny is a member of the local chapter of Commercial Real Estate Women (CREW) and is actively involved in CREW Careers, a national educational and mentoring program which educates young women about opportunities in commercial real estate. She has received Washington State's Certificate of Real Estate and held a Real Estate Salesperson license for over ten years. She has completed numerous industry related courses and seminars, including the Society of Real Estate Appraisers Income Property Valuation courses. Jenny was the Co-Founder and past Committee Chairman of the Income Property Closers Association for the Washington Mortgage Bankers Association.

Jenny enjoys playing golf and home gardening. Close Bio

Jan Sieberts - Director, Real Estate

Jan Sieberts

Jan joined Washington Capital Management in 2003 to open and manage its Anchorage office. Jan primarily looks for business opportunities in Alaska including real estate loans, real estate equities, and seeks new clients for the firm.

Jan was hired by First National Bank of Alaska in 1968 spending most of his time in consumer lending and was responsible for establishing the Master Charge credit card system in Alaska. In 1975, he was hired by National Bank of Alaska and managed its commercial real estate department until he retired from Wells Fargo Bank in 2003.

Jan graduated from the University of Oregon in 1967 with a degree in business administration. He currently sits on the board of Alaska Pacific University where he is the chairman of the finance committee. He also sits on the board of the Anchorage Community Development Authority where he chairs the finance committee.

Jan is an enthusiastic pilot and owns a Super Cub. He loves flying, golfing, fishing, hunting, and snow machining. He spends as much time as possible in rural Alaska. Close Bio

Russell J. Smith, CPA - VP, Controller

Russell Smith

Russell Smith is controller for the real estate group at Washington Capital Management. He is primarily responsible for financial and performance reporting and the administration of the underlying accounting and information systems. Russell has also served as an asset manager, responsible for some of the equity properties in the Seattle area, as well as a voting member of the Washington Capital Management’s real estate investment committee.

Russell began his career in real estate in 1983 when he joined a firm in Tyler, Texas, that invested in oil and gas properties and real estate. He worked with them as Controller and later Chief Financial Officer. Major accomplishments included the conversion of accounting systems to current technologies and the introduction of metrics that were used to evaluate real estate acquisition and to measure performance.

Russell earned his bachelors degree in business administration from Ambassador College in Pasadena, California, in 1971. In 1977, he earned a masters of science degree in finance from West Coast University.

In 1977, Russell became a certified public accountant. He is a member of the AICPA and Washington Society of Certified Public Accountants. Russell is on NCREIF’s portfolio management committee and is active in the Seattle’s BOMA chapter.

He is a past director for junior achievement of Tyler, Texas, and has been a volunteer for junior achievement at the high school level. Close Bio

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