I’ll now turn the call over to Arbor’s President and CEO, Ivan Kaufman.
Thank you, Paul, and thanks everybody for joining us on today’s call. Before Paul takes you through the financial results for quarter, I would like to reflect on some of our recent accomplishments and talk about our operating philosophy and outlook for remainder of 2011.
As we mentioned on last -- on our last earnings call, we’re extremely pleased with our success in having positioned the firm to return to our core lending business, which we actively began over the last few quarters.We’re also pleased to be operating on platform with greater flexibility and no short-term recourse debt all while preserved in a substantial amount of our equity value.As previously disclosed in the fourth quarter, we originate two loans totaling $15.7 million and in first quarter, we originated five loans totaling $30.3 million with weighted average unleveraged yield approximately 6.5% in addition to us garnering a 25% equity pick up on one of these loans. Four of these loans are financed through our low cost CDO vehicles, which will increase returns on these investments.We also have a growing pipeline and will continue to deploy our capital into the opportunities that provide us with the best (inaudible) award returns and look to maximize returns on these investments utilization of our CDO financings and other potential lending sources when available.We’ll remain discipline – elective and are pleased with the opportunities we are seeing in this recovering market to build up our portfolio with high-quality assets and an increase our core earnings overtime.Additionally, we’ve had great success in monetizing our non-performing and unencumbered assets, which contributed greatly to our cash position and as of today, is approximately $85 million not included, approximately $20 million of cash posted against our swaps and approximately $20 million of cash available for reinvestments in our CDOs.
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