And with that I'll turn the call back to Jonathan.Jonathan Cohen Thank you, Purvi. First, a few highlights, for the three and year ended December 31, 2010. We had adjusted net income of $0.33 and $1.15 per share diluted respectively, as compared to the three months and year ended December 31, 2009 of $0.36 and $1.45. Estimated REIT taxable income for the three months and year ended December 31, 2010 was $0.14 per share diluted and $0.85 per share diluted respectively, as compared to $0.34 and $1.23 for the three months and year ended December 31, 2009. We announced a dividend of $0.25 per common share for the quarter ended December 31, 2010 for $14.6 million in aggregate, which was paid on January 26, 2011 to stockholders of record. Book value was $5.99 for common share as of December 31, 2010. With those highlights out of the way, I will now introduce my colleagues. With me today are, Dave 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 fourth quarter and fiscal year 2010 saw great improvement in our outlook for Resource Capital. As demonstrated by our adjusted net income, we earned $0.33 for the quarter, over 30% more than our $0.25 dividend. We made significant investments and restarted our commercial mortgage origination platform. While we expanded greatly our commercial finance operations and our syndicated bank loan business, we continue to shrink our exposure to legacy real estate loans, with payoffs and sales on a combined $112 million of commercial real estate loans from the troubled period, those originated during the troubled period of 2006, 2007, almost all of these subordinate loans. We started to reinvest these dollars and are seeing a market increase in net interest income. With these result and with our new investments, I reiterated as I have before that we are dedicated to $1 cash dividend for 2011 calendar year. We as managers and shareholders are working hard to build a company that can both pay a substantial dividend and increase shareholder value by building and growing business platforms.
During the fourth quarter, we took the opportunity to sell two large subordinate loan legacy positions, continuing our reducing exposure to those bonds of the financial crisis. Although we believed that these loans would be collectable, they were subordinated to much larger loans and exposed as to potential binary risk. So we considered it prudent to pay back such positions and focus our capital on new investments.In viewing though, we took a loss of $14 million, but maintained a book value within 1% of where it was last quarter. We also added general reserves of $2 million and have approximately $11 million balance in general reserve at yearend. Dave Bryant, will comment more about this, as we move forward from here. But in general loan credit, we see a stable and improving situation. The fourth quarter of 2010 was marked by many positive events, including the following: First, we are in $0.33 of adjusted net income. Far in excess of our $0.25 dividend and did this with over $200 million, yet $200 million of cash on hand to invest. We lowered our exposure to legacy real estate risk substantially, through the sale of $39 million of subordinate possessions. Third, we continue to maintain significant liquidity. Fourth, in the first quarter of 2011, we made new investments of over $60 million into commercial real estate loans, our syndicated bank loan business and commercial finance, all areas where we were able to achieve pretax projected returns of 12% to 25% or new dollars invested. And finally, number five. We put into overdrive. Our newly restarted commercial business and have started to put out the math of cash balances, we have been carrying those a lot a year or two. Read the rest of this transcript for free on seekingalpha.com