Hello. And welcome to the Capital Trust Second Quarter 2012 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 capabilities to repay indebtedness as it comes due, competition for servicing and investment management assignments. Its ability to originate investments, the availability of capital and the company's tax status, 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 question-and-answer 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 Stephen Plavin, CEO of Capital Trust.

Thank you, [Rio]. Good morning, everyone. Thank you for joining us and for your interest in Capital Trust. With me are Geoff 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 second quarter. Following my remarks, Geoff will take you through the quarterly results and also discuss our adjusted balance sheet. Greater connection with the March 2011 restructuring, CT Legacy REIT, both most of our forward balance sheet investments and our ownership interests in it, is our largest asset. Our management of Legacy REIT focused on maximizing the recovery for all stakeholders, the large users of which are the Capital Trust shareholders. After generating almost $300 million of payment in the first year of Legacy REITs, there were no repayments during the quarter. Although, there were very significant credit challenges remaining in Legacy REITs, performance remains consistent with our expectations. And we do not expect repayment activity to pick up. We do expect repayment activity to pick up again in 2013, as more underlying loans reach final maturity. During the quarter, we made a $3 million co-investment in CT High Grade II, an investment vehicle with a single institutional account that has $552 million of invested equity capital. Also, during the quarter, we purchased $10 million of CMBS with CT High Grade Mezzanines, which now has $249 million of investments. We continued to like the High Grade’s strategy of making and buying low LTV subordinate loans and expect our investment activity to increase in coming quarters. The investment mandates for CT Opportunity Partners I, achieving a 15% return on commercial real estate debt investments is more difficult in the current low rate environment. We continue to avoid taking opportunistic equity…

Thank you, Steve, and good morning, everyone. As Steve mentioned, last night we reported our earnings for the second quarter of 2012 and filed our 10-Q. Consolidated GAAP net income for the quarter was $2.3 million or $0.09 per share on a diluted basis. If we exclude the impact of the CT Legacy REIT consolidation from Q1’s numbers, these results are generally consistent with the first quarter. At quarter end, total consolidated assets on the balance sheet stood at $584 million. The total consolidated liabilities were $562 million, resulting in total GAAP equity of $22 million. But still not an ideal picture of our economic position, the clarity of our GAAP balance sheet continues to improve. As we’ve discussed on previous calls, we report our adjusted balance sheet and provide a detailed description of the adjustments in both the earnings press release we filed last night and also in the MD&A section of our 10-Q. We believe that our adjusted balance sheet allows investors to better understand the economic condition of the company. Despite its complex GAAP financial statements, CT’s business is straightforward. Our primary line of business, commercial real estate debt investment management is executed through our CTIMCO investment management and special servicing platform, $4.8 billion of assets under management from mandates that include management of capital trust, management of CT Legacy REIT, management of our private equity funds and separate accounts, collateral management of commercial real estate CDOs and special servicing of securitized loan investments for both CTIMCO managed vehicles and third parties. The company’s largest asset is its investment in CT Legacy REIT. As of quarter end, on a fair value basis CT Legacy REIT had adjusted asset and equity of roughly $106 million. We own a 100% of CT Legacy REIT Class A-1 shares, 14% of…

Thanks, Geoff. Rio, could you open the call to Q&A please?

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

Thank you everyone. We appreciate your interest. Look forward to reporting to you next quarter.