Hello and welcome to the Capital Trust second quarter 2009 results conference call. Before we begin, please be advised that the forward-looking statements contained in this news release are subject to certain risks and uncertainties, including but not limited to, the success of the company's debt restructuring and its ability to meet the amortization required thereby, the continued credit performance of the company's loan and CMBS investments, the asset/liability mix, the effectiveness of the company's hedging strategy and the rate of repayment of the company's portfolio assets, 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 the question to management. I will now turn the program 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. With me today are the members of CT's senior management team, including Steve Plavin, our Chief Operating Officer; Geoff Jervis, our Chief Financial Officer; and Tom Ruffing, our Chief Credit Officer and Head of Asset Management. Last night we reported our results for the second quarter and filed our 10-Q. Geoff will run you through the detailed numbers in just a moment, but the bottom line is a GAAP loss of $6.4 million or $0.29 per share, driven primarily by $12.6 million of additional loan provisions and asset impairments that we felt were warranted given our view of the markets. During a period when the sun finally appeared to peak through the clouds of recession in many other sectors, the forecast for commercial real estate remains dark and stormy with the securitized market still totally shutdown and traditional portfolio lenders largely on the sidelines due to their own credit problems and capital shortfall. Debt financing for commercial real estate of almost any flavor is hard to come by and expensive when you find it. At the same time, many equity investors have also stepped to the sidelines due to either crippling losses on existing assets or the simple lack of visibility on valuation and future cash flows. Not surprisingly, the result of this capital vacuum is a virtual standoff between buyers and sellers with total transaction volume down 95% in the second quarter to $4.8 billion versus the peak of $1.33 billion in Q2 ’07. Values are clearly still falling. Moody's Commercial Property Index declined 7.5% in May, 8.6% in April and is now off 35% from its peak in October 2007. However, price discovery is difficult when forced sales provide the only benchmark.…

Thank you, John, and good morning, everyone. Last night we reported results for the second quarter, recording a loss of $6.4 million or $0.29 per share. The net loss for the quarter was primarily the result of reserves and impairments against our loan and securities portfolios. Specifically, we recorded credit loss provisions of $7.7 million against four loans, credit-related impairments of $4 million on one security, and a valuation impairment of $899,000 on our one REO asset. In addition, we wrote off $2.2 million of goodwill. Net of these one-time items, net income would have been $8.5 million or $0.38 per share. Other drivers of the quarter's net income were lower net interest margin, primarily due to lower LIBOR and lower asset balances; a $445,000 loss from equity investment as we picked up changes, primarily non-cash, in the equity accounts at two of our private equity funds in which we have co-investments; and all of this was offset partially by lower interest expense as we continue to deleverage lower personnel costs and higher fee income from CTIMCO. Looking at the investment management business, our wholly owned subsidiary, CT Investment Management Co. or CTIMCO, posted another strong quarter with total third party revenues of $3.1 million, $4.1 million when including inter-company fees. In addition to managing its parent, Capital Trust, Inc., CTIMCO currently manages six third party private equity vehicles, two of which, CT Opportunity Partners I and CT High Grade Partners II, are currently investing and have over $900 million of dry powder. CTIMCO also earns revenue as a CDO collateral manager, managing six CDOs, our four balance sheet CDOs and two other CDOs in which the company has an investment. In addition, CTIMCO is a rated special servicer and is the named special servicer on $1.1 billion of loan…

Okay. I think let’s open it up for questions. Please, Megan?

(Operator instructions) Our first question will come from the side of Kent Salvo [ph] from LPL Financial. Your line is open. Kent Salvo – LPL Financial: Good morning, gentlemen. Thanks for your time. In all the numbers that were being read off, I was trying to find what’s the exposure on the repurchase agreements that Capital Trust would have to refund. And I am viewing those are spread over periods of time, but can you –?

The total amount of the remaining repurchase agreements is just over $500 million, $503 million. Kent Salvo – LPL Financial: And there is $900 million of, basically, dry powder; is that what I heard John Klopp say?

Yes, sir. That dry powder, so to speak, constitutes committed but undrawn equity in two of our managed funds, one is called CT Opportunity Partners, the other is called CT High Grade II. They are essentially managed funds that our subsidiary, CT Investment Management Company, is the sponsor and manager of. They have different strategies, but they are actively in their investment period. So it’s distinct from the balance sheet of the parent company, but part of our investment management business. Kent Salvo – LPL Financial: All right. So, that money is committed to grow in those two managed funds then?

Correct. Kent Salvo – LPL Financial: Okay. All right. Thank you very much.

Thank you.

(Operator instructions) And it appears that we have no further questions at this time.

Then, thank you all again for joining us. We will see you next quarter.

This does conclude today’s teleconference. You may disconnect at anytime. Thank you for joining and have a wonderful day.