Hello, and welcome to the Capital Trust first quarter 2008 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 funds loan 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 Mr. John Klopp, CEO of Capital Trust.

Thank you. I think this is Q1, I hope. Good morning everyone. Thank you for joining us and for your continuing interest in Capital Trust. Last night, we reported our numbers for the first quarter and filed our 10-Q. In yet another wild period in the capital markets, arguably the most volatile we've experienced to date, CT stuck to its plan. We dialed back new originations, focused hard on our existing assets and liabilities, raised significant new capital to profit from the market disruption and produced steady earnings and dividends. Geoff will run you through the details later in the call but the financial headlines include the following. Net income totaled $14.8 million, virtually unchanged from the first quarter of 2007 during a period when LIBOR averaged 3.3%, 200 basis points below the level of a year ago. On a per-share basis, EPS was $0.82, down 2 pennies and 2% year-over-year, due primarily to a [higher count 1:55] resulting from our March common equity offering. More on that in a moment. Most importantly to us, we paid a regular quarterly dividend of $0.80 per share consistent with our run rate for the last five quarters. On our last call in early March, we identified the three priorities that we set for 2008, managing credit, maintaining financing, and raising new capital. On all three fronts, we feel very good about the progress we made in the first quarter. Here is our report card. First, credit. We had no losses and no additional reserves and in general, our assets continued their strong performance. However, two balance sheet loans totaling $22 million, less than 1% of our total interest earning assets were nonperforming as of 3-31, and as of today. One is a $10 million second mortgage secured by land, the other, a…

Thank you, John, and good morning everyone. Before we begin, I want to point out that we are unable to comment further on any of our investment management products that are still in the marketing phase, and our comments on those funds will be limited to our prepared remarks. I'll begin with the balance sheet. Total assets of the company were $3.3 billion at 3-31, an increase of $95 million or 3% when compared to where we were at the end of the year. During the period, we did not originate new assets for the balance sheet by design, and the increase of our total assets was due primarily to a $107 million net increase in our cash position generated by the proceeds of the common equity offering that we closed at the end of the first quarter. We have already begun to put the proceeds to work, having consummated origination post quarter end, and have a healthy pipeline. It is our expectation that we will continue to ramp up origination and while we have strong demand for our capital, we will continue to exercise caution when putting it to work. On the investment management front, we originated one new $49 million loan for the new CT Opportunity Partners fund, and like the balance sheet, we've originated additional assets subsequent to quarter end and have a healthy pipeline of potential transactions. We continue to expect investment management activity to accelerate in 2008 as we now have multiple mandates investing and are continuing to actively pursue additional investment management strategies that we expect will further increase the scope of our platform. On a net basis, Interest Earning Assets decreased by approximately $10 million. Repayments of approximately $40 million were partially offset by loan funding during the period of approximately $30 million.…