The Inflation Reduction Act of 2022 (IRA) has been heralded as the most impactful legislation regarding climate and energy in American history Intended to spur the growth and development of renewable energy, the legislation promotes accelerated redeployment of capital within the clean energy sector through the creation of transferable Investment Tax Credits (ITCs) and Production Tax Credits (PTCs)For the first time in history, the IRA allows for the transfer of ITCs and PTCs to corporations and individuals with passive income to reduce their tax burdens.
We at Gaia Risk Management believe this change will dramatically expand the ITC and PTC market by billions of dollars.
Gaia Risk Management is an EJF Capital sponsored Company, and the dedicated arm of structured finance, banking, capital markets, legal, tax, regulatory and ESG expertise designed to make ITC transfers more efficient & accessible to market participants. Gaia Risk Management is designed to enable our collaborative team of professionals to create and develop innovative solutions for our clients.
Our focus is on creating a “one-stop shop” which meets the needs of both tax credit buyers and sellers. We seek to deliver exceptional outcomes with the highest level of service.
Team
Manny Friedman
Co-Chief Executive Officer & Co-Chief Investment Officer
Mr. Friedman co-founded EJF Capital LLC (“EJF”), a global institutional alternative asset management firm that has been at the forefront of regulatory, event-driven investing in financials and real estate. Over the course of his 40+ year career in capital markets and asset management, Mr. Friedman has structured and built numerous innovative investment strategies that have focused on some of the most powerful trends in the financial sector driven by regulatory change. Prior to forming EJF, Mr. Friedman was a founder and the former Co-Chairman and Co-Chief Executive Officer of Friedman, Billings, Ramsey Group, Inc. (“FBR”). At FBR, Mr. Friedman assisted in designing property and mortgage REIT vehicles. Throughout the 1990s, Mr. Friedman was active in building out FBR’s alternative asset management platform. He was instrumental in the creation of hedge, private equity and venture capital funds at FBR, and maintains an extensive network of contacts within the CDO, hedge fund and private equity fund communities. Mr. Friedman received his BA in Education from the University of North Carolina at Chapel Hill and his JD from Georgetown University.
Regina Richardson
President, Senior Portfolio Manager
Ms. Richardson joined EJF in 2006 and is a member of the Executive Committee, EJF’s Risk Committee and ESG Committee. Ms. Richardson serves as President of the firm and Senior Portfolio Manager of funds within the debt opportunities strategy. Ms. Richardson joined EJF as a trader focusing primarily on fixed income and derivative trading. She was later named Head of Trading, overseeing fixed income, equity, and other asset classes. Prior to joining EJF, she spent 15 years at FBR, most recently serving in the Alternative Asset Investment group. Previously, Ms. Richardson was a Vice President in FBR’s institutional sales group covering high yield accounts and an analyst in the Financial Institutions Investment Banking group. Ms. Richardson holds a BS in Finance from West Virginia University.
Steve Stelmach
Senior Managing Director, Portfolio Manager
Mr. Stelmach joined EJF in 2015 and has served in a variety of roles including primary responsibility of the analysis of housing and insurance related investments, formerly serving as Director of Research, incubating EJF’s real estate practice, and most recently, he manages investments within EJF’s tactical opportunities strategy. Prior to joining EJF, Mr. Stelmach spent 12 years at FBR as a senior analyst in the financial services research group. With over two decades of experience, Mr. Stelmach has covered a broad array of companies and sectors throughout the financial services and housing industries, including government-sponsored entities, mortgage banking companies, small- and large-cap banks, homebuilders, mortgage and title insurance, broker-dealers and the single-family rental sector. Prior to FBR, Mr. Stelmach worked on the U.S. bank research team at UBS Securities
Elizabeth Mazer
Senior Managing Director, Trading
Ms. Mazer joined EJF in 2013 and currently covers the trading, credit analysis and structuring of insurance and bank trust preferred CDOs as well as bank subordinated debt CDOs. She also serves on the CDO collateral management team, in addition to aiding in the management of investments in the legacy TruPS CDOs for the TruPS team. Ms. Mazer also serves as co-chair of EJF’s ESG Committee. Furthermore, Ms. Mazer earned her Certificate in ESG Investing from the CFA Institute in 2022. Ms. Mazer currently serves as a Board Member for the Ear Community, a 501(c)(3) non-profit organization. Prior to joining EJF, Ms. Mazer held a summer position with the Securities and Exchange Commission in the Office of Compliance Inspections and Examinations within the Investment Adviser/Investment Company group. She has also worked for JP Morgan Chase in their Institutional Lending group. Ms. Mazer holds a BS in Finance from The College of New Jersey and an MBA in finance from Rutgers, The State University of New Jersey.
Thomas Davison
Associate General Counsel
Mr. Davison joined EJF in 2022 and works on various firm legal matters. Prior to joining EJF, Mr. Davison served as an associate attorney in the investment management law practice group of Godfrey & Kahn, S.C. where he advised clients on various legal, regulatory and fund governance matters. Previously, Mr. Davison served as in-house legal counsel of a large asset management firm located in Washington, D.C. Mr. Davison graduated with a BA from Columbia University and received his JD from Stetson University College of Law. Mr. Davison also received a LLM in securities and financial regulation from Georgetown University Law Center. Mr. Davison is a member of the Florida Bar and the Wisconsin State Bar Association.
Jason M. Ruggiero
Co-Chief Investment Officer, Senior Portfolio Manager
Mr. Ruggiero joined EJF at its founding in 2005 and is a member of the Executive Committee. Mr. Ruggiero serves as the primary portfolio manager for EJF’s equity focused strategies as well as the Co-Chief Investment Officer for EJF’s capital markets products. Mr. Ruggiero also serves as a member of EJF’s Risk Committee and ESG Committee. Mr. Ruggiero currently serves on the Board of Directors of Arlington Food Assistance Center and formerly served on the Board of Directors of FB Corporation in St. Louis, MO and TIG Bancorp in Denver, CO. He also formerly served as a member of the JMU College of Education Executive Advisory Council. Prior to joining EJF, Mr. Ruggiero was an equity trader in FBR’s Alternative Asset Investment Group, where he assisted Mr. Friedman in the day-to-day operations of FBR Ashton, L.P., a long/short hedge fund. In 2004, Mr. Ruggiero assumed co-portfolio manager responsibilities for FBR Ashton, L.P. Before joining FBR, Mr. Ruggiero was an auditor for Deloitte and Touche in Washington, DC, where he focused on the financial services industry. He holds a BBA in accounting from James Madison University and an MBA in finance from the University of Maryland.
Christopher Scheller
Director, Portfolio Management
Mr. Scheller joined EJF in 2017 as an analyst covering the banking sector. He is responsible for the fundamental analysis of bank equities with a focus on small and regional banks. Prior to joining as a full-time employee, he served as a portfolio team intern at EJF beginning in 2016. Mr. Scheller holds a dual BS in Finance and Economics from the R.B. Pamplin College of Business at Virginia Tech.