Good day, ladies and gentlemen and welcome to the third quarter 2009 Resource Capital Corp earnings conference call. My name is Anita and I will be your coordinator for today. At this time, all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of this conference. (Operator Instructions). I would now like to turn presentation over to your host for today’s call, Mr. Jonathan Cohen, President and CEO of Resource Capital Corps. Please proceed sir.

Thank you. And thank you for joining the Resource Capital Corp. conference call for the third quarter of 2009. I am Jonathan Cohen, President and CEO of Resource Capital Corp. Before I begin, I would like to ask Purvi Kamdar, our Director of Investor Relations, to read the Safe Harbor statement.

Thank you, Jonathan. When used in this conference call, the words, believes, anticipates, expects, and similar expressions are intended to identify forward-looking statements. Although, the company believes that these forward-looking statements are based on reasonable assumptions, such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from these contained in the forward-looking statements. These risks and uncertainties are discussed in the company’s reports filed with the SEC, including its reports on Forms 8-K, 10-Q and 10-K, and in particular, Item 1 on the Form 10-K report under the title, "Risk Factors". Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. The company undertakes no obligation to update any of these forward-looking statements. With that, I will turn it back to Jonathan.

Thank you, Purvi. First a few highlights. For the quarter ended September 30, 2009, RSO reported net operating income of $7.2 million or $0.30 per share diluted as compared to $10.2 million or $0.41 per share diluted for the quarter ended September 30, 2008; a decrease of $3 million. We announced a dividend of $0.30 per common share for the quarter ended September 30, 2009; $7.5 million in the aggregates, paid on October 27, 2009 to stockholders of record as of September 30, 2009. Our economic value in non-GAAP measures was $9.47 per common share as of September 30, 2009. GAAP book value was $6.80 per common share as of September 30, 2009. As the real estate market has continued to deteriorate, the borrowers retiring of working properties book values are diminishing and cap rates are expanding. When will relief comp it is unclear but we do persevere. Our rather conservative stance as a company no short term debt $20 million plus of cash in the bank before paying any cash dividends and our ability to buy bank loans and CMBS AAAs at a significant discount and counterpart for our collateralization test have allowed us to wait this storm out, while continuing to pay a significant and I mean significant cash dividend. Since the crisis began in July 2007 by most accounts, we have paid over $90 million of dividends, bought over $27 million of our debt back at a weighted average price of less than $0.21. And we invested into assets at prices we never thought we would see. Meanwhile, we borrow at a floating rate basis for the most part and lend at a floating rating basis for the most part. This has allowed us to keep our net interest income fairly flat and permitted us to wait…

Thanks, Jonathan. RCCs commercial mortgage portfolio has a current committed balance of approximately $776 million across the full forty four separate loans. Our portfolio of commercial mortgage positions is in components as follows. 65% whole loans, 25% mezzanine loans and 10% B-notes. The collateral based under our line of portfolio continues to be diversified across the major asset categories in geographically diverse markets. The portfolio breakdown of 29% multi-family, 23% office, 29% hotel, 13% retail and 6% others, such as industrial self storage and flex office. As of September 30, our portfolio of commercial real estate loans continues to be current with the exception of one loan that I’ve mentioned during the last two calls. A $7 million of multifamily loan that is in the foreclosure process. We remain confident about the ultimate recovery of principal in this situation, because even at distressed evaluation of the asset exceeds our outstanding loan balance. Despite the single delinquency in our commercial mortgage portfolio, we remain extremely concerned about market fundamentals in general, and the impact of the weak economy on our portfolio. As you have repeatedly heard from me in previous calls, during this period of the lower transaction volumes, our primary efforts have focused on asset management activities. We continue to have borrowers who are delayed in the business plans for their properties. In order to effectuate the repartitioning of assets and the completion of borrowers plans we are working with borrowers and making modifications to the loans to carry them through this period. In exchange for modifications we received structural enhancements to the loans such as fresh equity contributions, elements of recourse and additional expertise. As well as paid downs of principal in certain situations. The senior members of the RCC commercial mortgage team continue with multiple and person meetings…

Thanks Steve. Steve in the Resource team in Los Angeles, New York and Philadelphia have done a truly great job in a very, very tough market, so I thank them as well. I will now give you some statistics on our corporate bank loan portfolio. We have $937 million of bank loans encompassing over 30 industries. Our top industries are healthcare 12.6%, diversified 8.9%, broadcasting and entertainment 7.8%, printing and publishing 6.6% and chemicals 5.7%. As of the end of September our average loan asset yields 2.59% over LIBOR and our liabilities are costing us 47 basis points over LIBOR. We’ve been able to buy loans at a substantial discount over the last several quarters. Now I will ask Dave Bryant, our Chief Financial Officer to walk us through the financials.

Thank you Jonathan. Our estimated retaxable income for the third quarter 2009 is $3.5 million or $0.14 per common share. Our REIT income for the third quarter was negatively impacted by adjustments of over $3 million from our foreign REIT subsidiaries. This adjustment is primarily the result of realized loses on sales of bank loans for credit reasons, in our Apidos CLOs that are now being recognized for tax purposes. This brings our year-to-date REIT income results to $14.9 million or $0.61 per common share of a cash dividend of $0.90 per common share. At September 30, 2009 RCCs investment portfolio was finance was approximately $1.6 billion of total indebtedness that included 1.5 billion of CDO senior notes of 51.5 million sourced from our unsecured junior subordinated debentures related to our two TruPS issuances in 2006. At September 30, we had a mere 54,000 in other repurchase debt, after we completely paid off our three year term facility. We ended the period with a 169.4 million in book equity. RCCs borrowings of $1.6 billion had a weighted average interest rate of 1.07% at September 30, a reflection of extremely low LIBOR in today’s market. After recently paying of our three year term facility and the nominal 54,000 in other repurchase agreement debt in full and consistent with our state of philosophy of maximizing match funding, our investment portfolio is now 100% match funded by long term borrowers. Of note, we continue to pass the critical interest coverage and over collateralization tests in our two real estate CDOs and three bank loan CLOs. Each of these structures continue to perform and generates stable cash flow to RCC year-to-date in 2009. Of note, we currently have in excess of $50 million in investable cash comprised of approximately $33 million and approximately $17…

Thanks Dave. Again as I’ve said in last quarter the management has made recommendation is that unlike other REITs in our sector which have paid out stock as part of their dividend, our intention is to pay dividends in cash at least in the near future. Of course this is subject to board’s approval. Our liquidity has increased and we continue to build cash and position ourselves defensively to protect our book value and our cash flow. Thanks for participating in our call. Now I will open the call for any questions if there are any.

(Operator Instructions) And you have no questions at this time.

Okay, well thank you very much, and we look forward to reporting next quarter. Thank you.

Thank you for your participation in today’s conference. This concludes the presentation, you may now disconnect, good day.