Hello, and welcome to the Capital Trust Third Quarter 2011 Results Conference Call. Before we begin, please be advised that the forward-looking statements contained on this conference call are subject to certain risks and uncertainties, including but not limited to, the performance of the Company’s investments, the timing of collections, its capability to repay indebtedness as it comes due, competition for servicing and investment management assignments, visibility to originate investments with the availability of capital and the Company’s tax status as well as well as other risks indicated from time-to-time in the Company’s 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 or circumstances. 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 Steve Plavin, CEO of Capital Trust.

Thank you Lindy. Good morning, everyone. Thank you for joining us and for your interest in Capital Trust. With me are Geff Jervis, our Chief Financial Officer; and Tom Ruffing, our Chief Credit Officer and Head of Asset Management. Last night, we filed our 10-Q and announced our results for the third quarter, our second full quarter of operating CT Legacy REIT, the entity formed March 31, 2011 to hold our legacy assets. Geff will take you through our quarterly results and also discuss our adjusted balance sheet and operating results. During the quarter we experienced continued strong repayment activity in CT Legacy REIT. The formation of CT Legacy REIT established the necessary time and flexibility to work and collect our legacy assets in the market that should improve overtime. Our management at CT Legacy REIT is focused on maximizing the recovery for all stakeholders, the largest of which are the Capital Trust shareholders. We collected $54 million on five loans in Legacy REIT during the quarter bringing total collections since the March formation to $251 million on 15 loans representing over 99% of par recovery. Total recovery through September 30 equaled 50% of the CT Legacy REIT net book value on March 31. Although there are still significant credit challenges remaining within the Legacy REIT portfolio, and we expect head on velocity to flow, we remain confident that Tom and his team will continually achieve great results. CT Investor Management Company or CTIMCO, our wholly-owned investment management subsidiary maintained strong capabilities in a wide array of activities, lending, investing, asset management, capital raising, special servicing and operating as public company parent. Although our primary business remains investment management, our special servicing business has expanded as a five year peak of the market loans approach bottom maturity. In particular, we…

Thank you, Steve, and good morning, everyone. As Steve mentioned, last night we reported our earnings for the third quarter and filed our Form 10-Q. Consolidated net income for the third quarter was $13.7 million or $0.57 per share on a diluted basis. Total consolidated assets on the balance sheet at quarter end stood at $1.5 billion and total consolidated liabilities were $1.6 billion, resulting in GAAP shareholders equity of negative $100 million. As we discussed on previous calls, our GAAP financial statements continue to be subject to require consolidation regimes distorting the financial picture of CT. In order to address these presentational issues, we recently began reporting an adjusted income statement and balance sheet which can be found in both the earnings press release we filed last night and also in the MD&A section of our Form-10Q. We believe that these adjusted financial statements allow investors to better understand the economic condition of the company. These financial statements include four adjustments to our GAAP financials. First, we eliminate the consolidation of CDOs and other securitization vehicles showing only our net investment in such vehicles. And since all the liabilities in these vehicles are non-recourse, we only record a net investment to the extent that it has a positive value. Second, we eliminate the assets and liabilities on our GAAP financials associated with loans that we sold, but where the sales did not meet GAAP sale criteria and remain consolidated on our financials. We refer to these as participation sold. Third, non-cash interest expense related to mark-to-market of interest rate swaps that are no longer designated as cash flow hedges has been eliminated. And finally, the fourth adjustment is that we divided the resulting financial statements into those of CT Legacy REIT and those specific to Capital Trust. All of…

Thanks Geff. Lindy, please open the call to any questions.

(Operator Instructions) And it appears we have no other questions at this time.

Thank you everyone. We look forward to reporting to you next quarter.

This concludes today’s program. You may now disconnect at anytime. Thank you and have a great day.