These risks and uncertainties they discussed in the company’s reports filed with the SEC, including its reports on Forms-8K, 10Q, and 10K, and in particular item 1A on the Form-10K report under the title Risk Factors. Listeners are cautioned, not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company undertakes no obligations to update any of these forward-looking statements.
And with that I will turn it back to Jonathan.
Thank you, Purvi. First, a few highlights, for the three and nine months ended September 30, 2010 we had net income of $0.27 and $0.64 per share diluted respectively. And for the three and nine months ended September 30, 2010 we had retaxable income of $0.20 and $0.73.We announced a dividend of $0.25 per common share for the quarter ended September 2010 with $13.7 million in aggregate paid on October 26, 2010 the stockholders of record on September 30, 2010. GAAP book value increased, it was $6.03 per common share as of September 30, 2010 up $5.92 a quarter before. With those highlights out of the way, I will now introduce my colleagues with me today are David Bloom, Senior Vice President in charge of Real Estate Lending and David Bryant, our Chief Financial Officer, as well as Purvi Kamdar, our Director of Investor Relations. The third quarter of 2010 was marked by many positive events including the following, first, our book value per share increased to $6.03 per share from $5.92 per share in June, 2010. Second, we repurchased $20 million par value of our CDO debt at a discount of 31%. Third, our cash position increased to nearly $200 million close to $4 per share positioning us to expand our investment portfolio at substantially higher rates and deleveraging our balance sheet from a net debt standpoint. Fourth, our impairments and importantly our impairments reserves decreased substantially from last quarter while our gains and net interest income increased substantially.