Officers & Directors

Senior Management

John Anzalone, CFA
John Anzalone, CFA
Chief Executive Officer
John Anzalone, CFA Mr. Anzalone has served as our Chief Executive Officer since March 2017. Prior to becoming CEO, Mr. Anzalone served as our Chief Investment Officer since the company's inception in June 2009. Mr. Anzalone joined Invesco’s Fixed Income Division (“IFI”) in 2002, where he is a Senior Portfolio Manager and Head of Structured Securities Management. Mr. Anzalone also serves as a member of IFI’s Investment Strategy team, which is responsible for providing investment views for risk positioning and asset allocation across the platform. As the Head of the Structured Securities group, he is responsible for the application of investment strategy across portfolios consistent with client investment objectives and guidelines. Additionally, the team is responsible for analyzing and implementing investment actions in the residential, commercial mortgage-backed and asset-backed securities sectors.

Mr. Anzalone began his investment career in 1992 at Union Trust. In 1994 he moved to AgriBank, FCB, where he served as a Senior Trader for six years. Mr. Anzalone is also a former employee of Advantus Capital Management where he was a Senior Trader responsible for trading mortgage-backed, asset-backed and commercial mortgage securities.

Mr. Anzalone received a B.A. degree in Economics from Hobart College and an M.B.A. from the Simon School at the University of Rochester. Mr. Anzalone is a Chartered Financial Analyst.
Rob Kuster, CFA
Rob Kuster, CFA
President and Chief Operating Officer
Rob Kuster, CFA Mr. Kuster has served as our President since March 2017 and our Chief Operating Officer since March 2011. Previously Mr. Kuster was Head of Research from July 2009 to March 2017. He also serves as Head of Structured Investments Research for Invesco Fixed Income at our manager’s parent, Invesco Ltd., since April 2007. There, Mr. Kuster is responsible for overseeing all structured securities positions across stable value and total return platforms. Additionally, he is closely involved in all structured product development efforts. From September 2002 to April 2007, Mr. Kuster was a credit analyst in structured investments.

Prior to joining Invesco Ltd. in 2002, Mr. Kuster served as a credit analyst with Bank One Capital Markets, which he joined in 2000.

Mr. Kuster received a B.A. degree in both Economics and American History from Cornell College and an M.B.A. from DePaul University. Mr. Kuster is a Chartered Financial Analyst.
Jason Marshall
Jason Marshall
Chief Investment Officer
Jason Marshall Jason Marshall has served as our Chief Investment Officer since March 2017.  Previously, he was Managing Director and Head of Portfolio Management for the entity and has been a member of the Investment Committee since IVR’s inception in 2009.  He also serves as the Head of MBS Portfolio Management for our manager, Invesco Advisors Inc. In this role, his responsibilities include recommending MBS positioning for accounts throughout the Invesco platform and overseeing the implementation recommended trades. 

Mr. Marshall entered the industry in 1997, working for PNC Financial Services Group Inc. where he was a portfolio manager in the bank’s Treasury Group.  In this role, he was responsible for MBS, CMBS and ABS positioning for the bank’s portfolio.  Additionally, he managed a prime whole loan purchase program that focused on hybrid mortgage loans and contributed to the bank’s interest rate risk management process.  

Mr. Marshall earned a B.S. in finance from Indiana University of Pennsylvania and an MBA with a concentration in finance from Duquesne University.
Richard Lee Phegley, Jr.
Richard Lee Phegley, Jr.
Chief Financial Officer
Richard Lee Phegley, Jr. Mr. Phegley has served as our Chief Financial Officer since May 2014 and the Chief Financial Officer of Invesco Real Estate (“IRE”), our manager’s affiliated real estate team, since March 2016. Previously, Mr. Phegley served as the Global Head of Real Estate Investment Accounting for IRE from 2006 to March 2016.

Before joining Invesco, Mr. Phegley was a Director and responsible for Private Equity Accounting at Archon Group LP from 2004 to 2006. Prior to 2004, Mr. Phegley served as a Senior Manager at KPMG LLP for two years and Arthur Andersen LLP for seven years managing audit engagements for public and private clients, including investment management clients.

Mr. Phegley received a B.A. degree from Baylor University and an M.S. degree in Accountancy from the University of Houston. Mr. Phegley is a Certified Public Accountant.
Kevin M. Collins
Kevin M. Collins
Executive Vice President, Commercial Credit
Kevin M. Collins Kevin Collins has served as our Executive Vice President of Commercial Mortgage Credit since March 2017. Previously, he served as a Managing Director and Head of Commercial Mortgage Credit. He is also the Head of Commercial Mortgage-Backed Securities Credit for Invesco Fixed Income. His primary responsibilities include evaluating, selecting and positioning commercial mortgage-backed securities (CMBS), commercial real estate loans and other real estate debt investments across Invesco-managed institutional and retail fixed income funds, including the company.

Prior to joining Invesco in 2007, Mr. Collins structured various capital funding strategies, including bond securitizations and secured lending facilities, for banks and specialty finance companies during his tenure at Credit Suisse First Boston. He began his career in the New York-based Structured Finance Advisory Services practice at Ernst & Young.

Mr. Collins graduated Magna Cum Laude with a BS in accounting from The Florida State University and earned an MBA from the Kellogg School of Management at Northwestern University. Mr. Collins currently serves as a member of the Commercial Real Estate Finance Council Board of Governors.
David Lyle
David Lyle
Executive Vice President, Residential Credit
David Lyle David Lyle has served as our Executive Vice President Residential Credit since March 2017. Previously, Mr. Lyle was our Head of Residential Mortgage Credit. He is also the Head of Residential Mortgage-Backed Securities (RMBS) Credit for Invesco Fixed Income. His primary responsibilities include the evaluation and oversight of investments in Non-Agency RMBS, credit risk transfer securities, and residential whole loans for institutional and retail fixed income funds, including the company. Mr. Lyle has over 15 years of experience in the RMBS market.

Prior to joining Invesco in 2006, Mr. Lyle spent three years at Friedman Billings Ramsey, where he was a Vice President in the Investment Banking ABS group. In this role, he participated in the financing, transaction management and analytics functions of the business. He also spent two years as an Analyst in the mortgage finance group at Wachovia Securities.

Mr. Lyle graduated with a Bachelor of Engineering degree from Vanderbilt University.

Board of Directors

Edward J. Hardin
Edward J. Hardin
Chairperson
Edward J. Hardin Edward J. Hardin has served as a director since February 2014, as chairperson of the Nomination and Corporate Governance committee since May 2014 and as chairperson of the Board since August 2017. Mr. Hardin has been a partner of the law firm of Rogers & Hardin LLP since its formation in 1976 and is a member of its executive committee. Mr. Hardin received a B.A. degree from Wesleyan University and a J.D. degree from Vanderbilt University.

Board committees
Audit, Compensation and Nomination and Corporate Governance (Chairperson)

Director qualifications:
Executive leadership, corporate governance, legal expertise: Mr. Hardin has spent over 40 years as a corporate and business lawyer in a leading Atlanta law firm, including service as a member of its executive committee. Mr. Hardin has extensive experience with legal and business issues facing public companies in a variety of industries. Mr. Hardin’s broad background is a valuable asset to the Board’s functioning on many of the decisions it is called upon to take.

Public company board experience: Mr. Hardin has served more than 15 years on boards of directors of other public companies. Mr. Hardin serves on the Board of Grady Memorial Hospital Corporation where he is a member of both the Audit and Finance Committees. Mr. Hardin is Chairman of the Board of Gateway Center LLC, a homeless services provider, Co-Chairman of the regional Commission on Homelessness, a public private partnership of eight local governments and community leaders, and President of the Georgia Legal Services Foundation which supports indigent legal services.
James S. Balloun
James S. Balloun
Non-Executive Director
James S. Balloun James S. Balloun has served as a director since July 2009. Mr. Balloun was previously the Chairman and Chief Executive Officer of Acuity Brands, Inc. from November 2001 until his retirement in September 2004 and was the Chairman, President and Chief Executive Officer of National Services Industries, Inc. prior to National Services Industries, Inc.’s spin-off of Acuity Brands in November 2001. Prior to joining National Services Industries, Inc., Mr. Balloun was with McKinsey & Company, Inc. from 1965 to 1996. Mr. Balloun received a B.S. degree from Iowa State University and an M.B.A. from Harvard Business School.

Board committees
Audit, Compensation, Nomination and Corporate Governance

Director qualifications:
Former public company CEO, Executive Leadership: Mr. Balloun has extensive experience as both a chairman and chief executive officer of public companies in a variety of industries. Prior to fulfilling these senior leadership roles, Mr. Balloun had counseled management at some of the world’s largest companies during his over thirty-year career at one of the world’s most respected business consulting firms. Mr. Balloun’s broad appreciation for international business issues garnered over this extraordinary career has made him particularly valuable to our directors’ mix of skills.

Public and private company board experience: Mr. Balloun is on the board of directors of Bright Light Systems Inc. and the Georgia Research Alliance Venture Fund. From 1997 to 2011, Mr. Balloun was a director of Radiant Systems, Inc. where he was the Chairman of the Nominating and Corporate Governance Committee from 1997 to 2011. From 2005 to 2010, 2009 to 2012 and 2012 to 2015, respectively, he served on the boards of Unisen/StarTrac, Georgia Port Authority and Qcept Technologies, Inc.
John S. Day
John S. Day
Non-Executive Director
John S. Day John S. Day has served as a director and as chairperson of the Audit Committee since July 2009. Mr. Day was previously with Deloitte & Touche LLP from 2002 until his retirement in December 2005. Prior to joining Deloitte & Touche LLP, Mr. Day was with Arthur Andersen LLP from 1976 to 2002. Mr. Day received a B.A. degree from the University of North Carolina and an M.B.A. from Harvard Business School.

Board committees
Audit (Chairperson), Compensation, Nomination and Corporate Governance

Director qualifications:
Financial and accounting expertise: Mr. Day has amassed extensive experience in finance and accounting, having served for nearly three decades at two of the world’s largest accounting firms. In keeping with his experience, Mr. Day is recognized by the Board as a audit committee financial expert under Securities and Exchange Commission (“SEC”) rules.

Public and private company board experience: Mr. Day serves on the board of Lenbrook Square Foundation, Inc., where he was Chairman of the Board from 2012 to 2014 and is a member of the Finance, Compensation and Governance and Nominating Committees. From September 2007 to December 2011, Mr. Day served on the board of directors of Force Protection, Inc., where he was the Chairman of the Audit Committee, and from 2010 to 2014, Mr. Day served on the board of Edens Investment Limited Partnership, where he was Chairman of the Audit Committee.
Carolyn B. Handlon
Carolyn B. Handlon
Non-Executive Director
Carolyn B. Handlon Carolyn B. Handlon currently serves as the Executive Vice President Finance and Global Treasurer of Marriott International (“Marriott”). In this role, Ms. Handlon leads Marriott’s corporate finance organization, overseeing the financial health and strategy of that company and deal evaluations ensuring the financial integrity of global investment opportunities. She has been with Marriott for 29 years and serving as EVP & Global Treasurer for the last 14 years with increasing span of duties over that period. Her current areas of responsibility include financial strategy and analysis, financial risk management, global capital markets, cash operations, hotel finance and mortgage banking. Prior to joining Marriott in 1987, Ms. Handlon worked for the Overseas Private Investment Corporation. Ms. Handlon holds a B.A. from Virginia Polytechnic Institute and State University and a M.B.A. from Indiana University.

Board committees
Audit, Compensation, Nomination and Corporate Governance.

Director qualifications:
Financial and accounting expertise: Ms. Handlon is one of the key leaders at Marriott in the structuring of business combinations, spin-offs and joint ventures. Her record of successfully navigating turbulent economic recessions and capital market crises, preserving liquidity and financial stability for Marriott demonstrates her financial acumen and expertise.

Civic and professional leadership: Ms. Handlon has served as the Chair of the Finance Committee of the Congressional Country Club in Bethesda. Maryland. She is a member of the Standard & Poor’s Issuers Advisory Council and the International Women’s Forum.
James R. Lientz Jr.
James R. Lientz Jr.
Non-Executive Director
James R. Lientz Jr. James R. Lientz, Jr. has served as a director since May 2012 and as chairperson of the Compensation Committee since October 2012. Mr. Lientz has more than 35 years of experience in the banking industry and nearly eight in government service. Mr. Lientz served as President of C&S Bank of South Carolina from 1990 to 1992, President of Nationsbank of Georgia from 1993 to 1996 and President, Mid-South Division, of Bank of America from 1996 to 2001. His public sector work was as Chief Operating Officer of the State of Georgia from 2003 to 2010. Mr. Lientz is currently a partner with Safe Harbor Consulting, LLC. Mr. Lientz received a B.S. degree from Georgia Institute of Technology in 1965 and an M.B.A. from Georgia State University in 1971.

Board committees
Audit, Compensation (Chairperson) and Nomination and Corporate Governance.

Director qualifications:
Executive leadership, industry experience and public sector leadership: Mr. Lientz has more than 35 years of broad experience in financial-corporate management, specifically within the financial services industry. In addition, he brings to our board a perspective on leadership developed in the private and public sectors, having served as the first Chief Operating Officer for the State of Georgia for seven years. Mr. Lientz’s depth and breadth of board and executive experience uniquely qualify him to provide guidance to our company.

Public and private company board experience: Mr. Lientz serves as a Director of the following private companies: Diversified Trust Company since 2015, Brand Holdings since 2015, MidCountry Financial Corp (since 2010), and Georgia Banking Company since 2010. Mr. Lientz is a former Director of Georgia Power Company, BlueCross BlueShield of Georgia, NDC Health, J&J Invision and the Georgia Ports Authority.
Dennis P. Lockhart
Dennis P. Lockhart
Non-Executive Director
Dennis P. Lockhart Dennis P. Lockhart is the immediate past President and Chief Executive Officer of the Federal Reserve Bank of Atlanta, a position he held from March 2007 until his retirement on February 28, 2017. In addition, he served on the U.S. Federal Reserve's chief monetary policy body, the Federal Open Market Committee, from 2007 to February 28, 2017. Mr. Lockhart served on the faculty of Georgetown University's School of Foreign Service from 2003 to 2007, and as an adjunct professor at Johns Hopkins University's School of Advanced International Studies from 2002 to 2007. During his academic service, Mr. Lockhart was chairman of the Small Enterprise Assistance Funds. Earlier he was managing partner at Zephyr Management LP, president of Heller International Group, chairman of the advisory committee of the U.S. Export-Import Bank, and held various positions with Citigroup (formerly Citigroup/Citibank). Mr. Lockhart received a B.A. from Stanford University, a Master's in international economics and American foreign policy from Johns Hopkins University, and an honorary doctoral degree from Georgia State University. Mr. Lockhart served as an officer in the U.S. Marine Corps Reserve from 1968 to 1974.

Board committees
Audit, Compensation, Nomination and Corporate Governance.

Director qualifications:
Executive leadership, finance and economic policy experience: Mr. Lockhart brings a wealth of finance and economic policy experience to the Board given his 10 years of service with the U.S. Federal Reserve Bank system, including monetary policy and economic regulation. Importantly, Mr. Lockhart also has more than 30 years of experience in the private financial sector which will greatly benefit the Board.

Civil and policy organization experience: Mr. Lockhart brings valuable perspectives and experience to the Board given his service as a director of the Metro Atlanta Chamber of Commerce from 2007 to present, the Commerce Club of Atlanta from 2007 to present, director of the World Affairs Council of Atlanta from 2010 to present, the Carter Center's Board of Councilors from 2009 to present, trustee of the Georgia Research Alliance from 2016 to present, and the advisory board of the Andrew Young School of Policy Studies at Georgia State University from 2009 to present.
Gregory G. McGreevey
Gregory G. McGreevey
Director
Gregory G. McGreevey Gregory G. McGreevey has served as a director since May 2016. Mr. McGreevey has served as Senior Managing Director, Investments, of Invesco since March 2017, with responsibility including certain of Invesco’s global equity investment teams, equity trading and investment administration. Previously, he was CEO of Invesco Fixed Income from 2011 to March 2017. Prior to joining Invesco, he was president of Hartford Investment Management Co. and executive vice president and chief investment officer (“CIO”) of The Hartford Financial Services Group, Inc. from 2008 to 2011. Additionally, he was the CIO for the Hartford’s Insurance business. From 1997 to 2008, Mr. McGreevey served as vice chairman and executive vice president of ING Investment Management – Americas Region, as well as business head and CIO for ING’s North American proprietary investments and chief executive officer of ING Institutional Markets. Before joining ING, Mr. McGreevey was president and CIO of Laughlin Asset Management and president and chief operating officer of both Laughlin Educational Services and Laughlin Analytics, Inc. Mr. McGreevey earned a B.B.A. from the University of Portland and an M.B.A. from Portland State University. He is a Chartered Financial Analyst.

Director qualifications:
Executive leadership and industry experience: Mr. McGreevey has nearly 30 years of investment management industry experience, including as an investment professional and in a series of executive management positions. Mr. McGreevey’s deep experience with the fixed income and institutional investment products and his leadership of Invesco’s business in these areas will provide the Board with great insight into issues facing the industry.
Colin D. Meadows
Colin D. Meadows
Director
Colin D. Meadows Colin D. Meadows has served as Chief Administrative Officer of Invesco since May 2006 with responsibility for information technology, operations, transfer agency and corporate development. In April 2014, Mr. Meadows assumed Senior Managing Director responsibility for Invesco Real Estate, WL Ross and Co. and Invesco Private Capital.

Mr. Meadows came to Invesco from GE Consumer Finance where he was senior vice president of business development and mergers and acquisitions. Prior to that role, he served as a senior vice president of strategic planning and technology at Wells Fargo Bank. From 1996 to 2003, Mr. Meadows was an associate principal with McKinsey & Co., focusing on the financial services and venture capital industries, with an emphasis in the banking and asset management sectors.

Mr. Meadows earned a BA degree in economics and English literature from Andrews University and a JD from Harvard Law School.

Additional Team Members

Anthony R. Semak, CFA
Anthony R. Semak, CFA
Head of Investor Relations
Anthony R. Semak, CFA Mr. Semak is the Head of Investor Relations and has served in this capacity since January of 2015. He is also a Senior Client Portfolio Manager providing client and business development support to the structured investments and global investment grade credit platforms of Invesco Fixed Income. Previously, Mr. Semak served as a senior portfolio manager and head of Investment Grade Credit Portfolio Management. He also traded Canadian investment-grade credit securities for global and Canadian corporate accounts. He joined Invesco in 2000 as a senior credit analyst providing research coverage of investment grade corporate bond issuers in the utilities, energy, aerospace and defense, airlines, chemicals and capital goods industries.

Prior to joining Invesco, Mr. Semak was manager of financial forecasting and investment analysis for LG&E Energy Corporation where he led the analyst team supporting LG&E’s business development, power development and asset management groups. Mr. Semak began his investment career in 1994 with Hilliard Lyons as an associate investment banker where he was actively involved in capital raising transactions, mergers and acquisitions and business valuation analysis.

Mr. Semak earned a Bachelor of Science degree in Business Administration in 1992 and a Master of Business Administration degree in 1993 from the University of Louisville. He is a former member of the University of Louisville’s College of Business and Public Administration Finance Advisory Board. Mr. Semak holds the Chartered Financial Analyst designation and is a member of the CFA Institute and CFA Society of Louisville.