Good day and welcome to today’s program. Welcome to the Capital Trust First Quarter 2009 Results Conference Call. Before we begin, please be advised that the forward-looking statements expressed in today’s call are subject to certain risks and uncertainties, including but not limited to, the continued performance, new origination volume and the rate of repayment of the company’s and its fund’s load and investment portfolios, the continued maturity and satisfaction of the company’s portfolio assets, as well as other risks contained in the company’s latest Form 10-K and Form 10-Q filings with the Securities and Exchange Commission. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. There will be a Q&A session following the conclusion of this presentation. At that time, I will provide instructions for submitting a question to management. I will now turn the call over to John Klopp, CEO of Capital Trust. Please go ahead, sir.

Good morning, everyone. Thank you for joining us and for your continued interest in Capital Trust. Last night we reported our results for the first quarter and filed our 10-Q. As I’ve said too many times before on this call, we know that we are in the fight of our lives and Q1 was an ugly bloody round. On the positive, we made great progress in stabilizing the right side of our balance sheet with the debt restructuring that closed in mid March. We modified or terminated over $880 million of debt with 13 separate lenders reducing secured recourse liabilities by almost 20%, extending maturities and mitigating mark-to-market pressure. Post quarter end, we’ve continued the clean up process, settling our last single asset secured recourse obligation by selling the collateral to our lender in return for full satisfaction of their debt. In addition, we expect to complete the exchange of the remaining trust preferreds in the next week or two. While the process has been painful, the restructuring of our liabilities has now been essentially completed, gaining us precious time and a fighting chance to collect on CT’s assets. On the negative, the pandemic afflicting commercial real estate spread rapidly during the quarter and its symptoms turned increasingly deadly. As expected, hotels were the hardest hit with top line RevPAR routinely off 20 to 30% in the first quarter, and bottom line performance expected to be down as much as 40 to 60% for the year. Fundamental weakness is still bleeding through the retail, office and multifamily sectors. And we expect cash flows to continue to trend down in those asset classes well into 2010 and potentially even longer for office. CT’s portfolio was not immune. Driven by $69 million of new loan loss provisions and bond impairments, we recorded…

Thank you, John. Good morning, everyone. Last night we reported results for the first quarter of 2009, reporting a loss of $73 million or $3.28 per share. The net loss for the quarter was primarily the result of reserves and valuation allowances against our loan and securities portfolios. Specifically, we recorded credit loss provisions of $59 million against eight loans, credit-related impairments of $9 million on our securities and $1.3 million on our real estate owned and a $10 million valuation allowance against two loans that we reclassified as held-for-sale. Net of these provisions and $3.1 million of one-time G&A charges associated with our debt restructuring, net income would have been $9.5 million or $0.42 per share. Other drivers of the quarter’s net income were lower net interest margin, primarily due to lower LIBOR, a $1.8 million loss from equity investments, as we picked up changes in the equity accounts at two of our private equity funds in which we have co-investments and this was all offset partially by lower personnel costs and higher fee income. Over to the balance sheet, cash at quarter end was $18 million, down from $45 million at year end. Changes in cash were primarily a result of payments related to our restructuring plan and funding of preexisting commitments. Our securities portfolio stood at $834 million at quarter end and experienced downgrades on 11 bonds and upgrades on one bond during the period. Six of our bonds were deemed other than temporarily impaired during the period and we recorded a $14.6 million impairment charge against these securities. At quarter end, seven of our securities have been impaired for a total of $16.9 million. Over to loans, our $1.7 billion portfolio comprised of 69 loans, shrank by 6% or $103 million, primarily as a result of…

Thank you, Geoff. Erin, let’s open it up for questions.

(Operator Instructions). It appears we have no questions at this time.

Okay. Well, thank you all very much. We will talk to you again in a quarter. Thanks.

And this concludes today’s conference call. Thank you for your participation. Have a wonderful day.