I’ll now turn the call over to Arbor’s President and CEO, Ivan Kaufman.
Thank you, Paul, and thanks to everyone for joining us on today’s call. Before Paul takes you through the first quarter results I’d like to talk about our strategy and accomplishments and how we have successfully positioned the company for the future.
Kicking up where we left off last quarter we continue to execute our strategy of effectively managing our portfolio, increasing our liquidity and repurchasing debt at deep discounts when available.As mentioned on our last call we’re extremely pleased with the results of these efforts to successfully restructure our entire balance sheet, which has favorably positioned the firm combined value from our legacy assets, produce a more stable core earnings based going forward and take advantage of many investment opportunities that we believe will be available in the future. The first quarter continued our progress of executing our strategy with the successful completion of the retirement of 114 million of our trust-preferred debt and the repurchase of 28 million of our CDO debt at substantial discounts. We recorded $47 million in gains from these transactions in the first quarter while using only a nominal amount of operating cash relative to the size of a debt retirements. Additionally, as we talked about last quarter, we’re very focused on raising the necessary capital to close on the discount of payoff of our financing facilities with Wachovia which we have until the end of August 2010 to complete. We’re pleased to report that run off and monetization of certain assets we reduced the amount due on the repurchase plan another $46 million in the first quarter, even the balance due of approximately $114 million down from the original $106 million purchase price. The completion of this transaction will be a primary focus of the company over the next few months and will result in a significant gain and increased our book value per share.