Mr. Schorsch currently serves as Chief Executive Officer of American Realty Capital Daily Net Asset Value Trust, Inc (“ARC Daily NAV”). American Realty Capital (“ARC”) is the parent company of Realty Capital Securities, LLC (“RCS”), Member FINRA/SIPC, a registered broker-dealer with an open architecture platform in the direct investment space. He holds executive management positions for all of the public, non-traded direct investment offerings sponsored by ARC and which are distributed by RCS. From September 2002 until August 2006, Mr. Schorsch served as CEO of American Financial Realty Trust (“AFRT”) (NYSE: “AFR”) which he took public in 2003. Mr. Schorsch served as CEO and President of American Financial Resource Group (“AFRG”) from 1995 to 2002. AFRG was AFRT’s predecessor and a private equity firm founded for the purpose of acquiring operating companies and other assets. Through AFRG and its successor corporation, AFRT, Mr. Schorsch has executed in excess of 1,000 acquisitions, acquiring both businesses and real estate property with transactional value of approximately $5 billion. Mr. Schorsch was dubbed the “Banker’s Landlord” by the Philadelphia Inquirer, and is the recipient of the Ernst & Young Entrepreneur of the Year® 2003 award for the greater Philadelphia area, and the Ernst & Young Entrepreneur of the Year® 2011 Lifetime Achievement Award for real estate in the greater Philadelphia area. He also served on the board of NAREIT from 2005 to 2006.
Michael Weil was appointed President of American Realty Capital in February 2012. In his new role, Mr. Weil will continue to uphold the company’s industry best practice standards and basic principles of risk diversification specific to net lease strategies, which targets real estate triple net leased, long-term, to primarily investment grade and credit worthy tenants, thereby providing strong risk-adjusted returns to investors. Mr. Weil will maintain an active leadership role with Realty Capital Securities (“RCS”), American Realty Capital’s affiliated broker dealer, as its Chairman and CEO. In this capacity, Mr. Weil will continue to provide strategic planning, management and operational oversight for the broker dealer and its team of experienced securities professionals.
Prior to assuming the helm of RCS, Mr. Weil served as Executive Vice President of American Realty Capital, where he was integral in sourcing and originating investment opportunities for American Realty Capital sponsored investment programs.
Mr. Weil was formerly Senior Vice President of Sales and Leasing for American Financial Realty Trust (“AFRT”) where he was responsible for the disposition and leasing activity for a 37.3 million square foot portfolio. During his tenure at AFRT, his division increased occupancy and portfolio revenue through the sale of over 200 properties and leasing of over 2.2 million square feet, which greatly increased shareholder value.
Mr. Weil serves as President-elect and a member of the Board of Directors of the Real Estate Investment Securities Association (“REISA”), the leading alternative investments association providing education, networking and advocacy for members.
Mr. Budko serves as the Executive Vice President and Chief Investment Officer of ARC Daily NAV. He also serves as the CIO for ARC and part of the executive management team for a number of its public, non-traded direct investment offerings. Mr. Budko founded and formerly served as Managing Director and Group Head of the Structured Asset Finance Group, a division of Wachovia Capital Markets, LLC (NYSE: WB) from 1997 to 2006. As head of this group, Mr. Budko had responsibility for a diverse platform of structured financing products including, commercial asset securitization, net lease real estate financing and acquisitions, structured tax free exchange solutions and qualified intermediary services for real estate exchange investors. While at Wachovia, Mr. Budko acquired over $5 billion of net leased real estate assets. From 1987-1997, Mr. Budko worked in the Corporate Real Estate Finance Group at NationsBank Capital Markets (predecessor to Bank of America Securities), becoming head of the group in 1990. In addition to his broad real estate acquisition, structuring and financing expertise, Mr. Budko has significance experience with corporate credit underwriting and the financing and placement of a variety of debt structures.
Mr. Block currently serves as Executive Vice President and Chief Financial Officer of ARC Daily NAV. In addition, he serves as CFO of ARC and all other public, non-traded direct investment offerings sponsored by ARC. He is responsible for the accounting, finance and reporting functions at ARC and has extensive experience in SEC reporting requirements and REIT tax compliance matters. Mr. Block has been instrumental in developing ARC’s management and financial infrastructure and positioning the organization for growth. Prior to joining ARC, Mr. Block served as the Senior Vice President and Chief Accounting Officer for American Financial Realty Trust from 2002 to 2007. From 2000 to 2002, Mr. Block was the Chief Financial Officer of a venture capital-backed technology company. He worked in public accounting at Ernst & Young and Arthur Andersen from 1994 to 2000. He is a certified public accountant and is a member of the AICPA and PICPA. Mr. Block serves on the REIT Committee and Financial Standards Subcommittee of the Investment Program Association.