Team

Experience

Lena Motz is the Founding Principal, CEO, and CIO of Stillwater Asset Management, an alternative private credit investment firm she launched in 2017. With 26 years of institutional experience spanning distressed debt acquisition, asset management, and structured credit, Lena leads the firm’s strategic direction and investment mandate. Under her leadership, Stillwater has successfully deployed over $1.1 billion across commercial loan portfolios.

Lena strategically built Stillwater’s fully integrated platform, which includes an expert in-house investment team, robust institutional back-office infrastructure, and a dedicated, affiliated loan servicing company. This comprehensive setup positions Stillwater as a preferred, highly reliable counterparty for financial institutions and loan sale advisors seeking clean, certain executions.

Prior to founding Stillwater, Lena was a Managing Director at WMD Asset Management, where she directly managed and deployed over $800 million in commercial loans and senior living equity investments. She previously served as a Director in the Loan Portfolios & Structured Credit Group at CarVal Investors (Cargill), leading commercial loan investing and building critical operating and servicing networks.

A committed advocate for leadership and diversity in finance, Lena was an early champion for women in business at Cargill, helping launch its inaugural women’s conference. She is an active member of the Private Equity Women Investor Network (PEWIN) and the Women Presidents Organization (WPO).

Qualifications

Lena holds a Bachelor of Business Administration (Summa Cum Laude) from the University of Minnesota-Duluth and a Juris Doctor from the William Mitchell College of Law.

Experience

Raemi has over 20 years of experience in distressed credit investment management with comprehensive industry knowledge applied through various roles with SAM, WMD, and CarVal. Today, Raemi serves as President of Willow River, where she leads the loan servicing team and business. Previously, Raemi was responsible for investing in and managing commercial loans and loan portfolios. Prior to joining SAM, Raemi was a Vice President at WMD Asset Management where she worked in the commercial loan group and was responsible for underwriting, reporting, valuation, and portfolio analysis. Raemi also worked at CarVal Investors, where she gained operational experience in the commercial loan markets, and for the Office of the Comptroller of the Currency. At the OCC, Raemi gained experience identifying and evaluating credit risk in bank loans.

Qualifications

Raemi has a BBA in Banking and Financial Economics and a Bachelors of Accountancy from the University of North Dakota.

Experience

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Qualifications

coming soon...

Experience

Prior to joining SAM, Matt managed the Loan Operations Department at a community bank for seven years. During his time at the bank, Matt specialized in building and reviewing loan documentation as well as collateral valuation. In addition to this, Matt developed a highly successful loan operations team, training and mentoring new and existing hires.

Qualifications

Matt received his Bachelor of Science in Economics from the University of St. Thomas.

Experience

Mary is an Associate at Stillwater Asset Management, where she has been a member of the investment team since 2023. She is responsible for underwriting investments, including financial modeling, file review, collateral valuation analysis, and investment committee recommendations. She also heads the firm's REO asset management efforts, overseeing leasing, capital improvement projects, property operations, and disposition strategies.

Qualifications

Mary earned her Bachelor of Science in Real Estate Studies from the University of St. Thomas in 2023, where she was a member of the Real Estate Society.

Experience

Jessica serves as an Internal Audit & Loan Operations Specialist at Willow River LLC, bringing more than 20 years of industry experience to the organization. She has extensive expertise in document creation and recording, loan file management, audit processes, collateral inspection, and collateral underwriting. Her background includes 12 years of national recording experience and 13 years specializing in collateral inspection and underwriting.

Qualifications

Jessica attended Cambridge Community College and is committed to ensuring accuracy, compliance, and operational excellence across all aspects of loan operations and audit management.

Experience

Laurie is part of the accounting team at Willow River LLC and has more than 30 years of accounting experience. She focuses on accurate loan payment and invoice processing and supports loan term management through detailed tracking of payment schedules and obligations. Previously, Laurie managed accounting responsibilities for more than 20 properties at Acre Real Estate, LLC.

Qualifications

Laurie attended Normandale Community College with an emphasis in accounting.

Experience

Amy is the CFO at Stillwater Asset Management. She most recently held the position of Director of Corporate Planning and Development at Osaic, one of the nation's largest providers of wealth management solutions with over $750B in client assets, where she was responsible for profitability analysis, forecasting, acquisition economics, and capital allocation across its network of firms. Prior to that, she served as Chief Financial Officer for Questar Capital and Questar Asset Management, overseeing financial and regulatory reporting, compliance, and capital strategy for firms with over $12B in assets under management.

Qualifications

She holds a BSB in Finance from the Carlson School of Management at the University of Minnesota Twin Cities and a Master of Business Administration (MBA) from Bethel University in St. Paul, Minnesota.

Experience

Ben joined us from SS&C Technologies Inc., where he was part of the private equity accounting team. Prior to SS&C, Ben held various financial analysis and reporting roles, gaining experience in accounting and finance. Ben plays an integral role at Stillwater Asset Management, leading the firm's back office operations across fund accounting, financial reporting, tax, and stakeholder needs.

Qualifications

Ben received his Bachelor of Science degree in Accounting from Iowa State University. He is a licensed Certified Public Accountant in Minnesota.

Experience

Madeline is an Associate at Stillwater Asset Management, where she is responsible for underwriting and managing commercial real estate debt investments across a variety of property types and strategies. She joined the firm as an intern in 2019 and has grown into her current role through experience in credit analysis, portfolio management, due diligence, loan acquisitions, and workout strategies. She enjoys evaluating complex investment opportunities and applying both financial and legal analysis to support disciplined investment decisions.

Qualifications

Madeline received a Bachelor of Science in Business (BSB) in Finance from the Carlson School of Management at the University of Minnesota – Twin Cities. She is currently pursuing a Master of Science in Law (MSL) from Northwestern Pritzker School of Law with an expected graduation in 2027. Her interdisciplinary background in finance and law provides a strong foundation for analyzing commercial real estate investments, credit risk, loan documentation, and distressed assets.

Experience

Kenzie is a Vice President at Willow River LLC, focusing on servicing distressed commercial real estate‑backed debt and managing complex loan workouts. She combines strong systems and management processes with a relationship‑driven approach to borrower engagement that aims to optimize outcomes for all parties involved. Kenzie’s earlier experience as a veterinary sales technician at IDEXX built the client‑relations foundation that continues to shape her work with counterparties and other stakeholders today.

Qualifications

Kenzie received her Bachelor of Science in Biology from Concordia University–St. Paul.

Experience

Kayley is a Commercial Loan Workout Analyst at Willow River LLC, focusing on loan workout and restructuring, as well as loan portfolio monitoring. She uses an analytical approach and a relationship-driven communication style to help solve complex loan situations. She draws on her prior experience as an Insurance Benefits Advisor, where she designed customized benefit solutions and honed her communication and analytical skills, as a foundation for her work with borrowers and stakeholders today.

Qualifications

Kayley received her Bachelor of Arts in Business Administration from Arizona State University.

Experience

Brooke Backlund is an Investor Relations Analyst at SAM. Prior to joining SAM, she interned with the Berry College Sports Information Department as a Marketing & Communications Coordinator. During her time with the Sports Information Department, Brooke led a multi-platform digital campaign that doubled the department’s media presence compared to the previous year. This experience expanded her skills in communication, graphic design, and data analysis.

Qualifications

Brooke received her Bachelor of Science in Marketing from the Campbell School of Business at Berry College.

Experience

Laci is a Commercial Credit Specialist with a strong focus on financial analysis, commercial real estate, and process efficiency. She previously interned in both Marketing and Engineering at Wilson Tool International, where she strengthened her analytical and problem‑solving skills across different business functions.

Qualifications

Laci earned her Bachelor of Science in Business Administration with majors in Finance and Marketing and a minor in Real Estate from the University of Louisville. She also received a certificate in Sales.