Mr. Stelzer joined Cerberus in 2008. Prior to joining Cerberus, Mr. Stelzer held several positions at Morgan Stanley from 1998 to 2007. Most recently, he was a Managing Director in the Global Proprietary Credit Group. In this capacity, he managed CMBS and all other commercial real estate security and loan trading activities. From 2002 to 2006, Mr. Stelzer was the Head of CMBS trading in the Securitized Products Group at Morgan Stanley, where he oversaw all proprietary and flow trading of cash and synthetic CMBS, real estate CDOs, Fannie Mae DUS and GNMA project loans. From 1996 to 1998, Mr. Stelzer traded CMBS at Salomon Smith Barney and was an Acquisitions Associate at JMB Real Estate Investment Group. Mr. Stelzer is a graduate of the University of Pennsylvania and received an MBA from the Wharton School of Business at the University of Pennsylvania. Mr. Stelzer is a member of the Cerberus Capital Management Financial Risk Management Sub-Committee.