Jonathan Cohen

Thank you Purvi. First for a few highlights. For the three months ended March 31 st 2011 we had adjusted net income of $15.7 million or $.26 per share diluted as compared to $10.1 million or $.27 per share diluted for the 3 months ending March 31 st 2010.

Estimated REIT taxable income for the three months ended March 31 st 2011 was $8.6 million or $.14 per share diluted as compared to $9.3 million or $.24 per share diluted for the three months ended March 31 st 2010.

We announced a dividend of $.25 per common share for the quarter or $17.6 million in aggregate, which was paid on April 28 th 2011 to stockholders on record on March 31 st 2011. Book value increased to $6.08 per common share as of March 31 st 2011, an increase of almost 2% since December 31 st 2010.

With those highlights out of the way I will not introduce my colleagues. With me today are David Blume our Senior Vice President in charge of Real Estate Lending, David Bryant our Chief Financial Officer, Christopher Allen our Senior Vice President of our Leverage Loan Business and Purvi Kamdar our Director of Investor Relations.

In my opinion Q1 2011 saw great improvement in the outlook for Resource Capital. We saw an increase in our net interest income of over 35% and revenues grew by more than 50% compared to last year at the same time. We made significant investments and restarted our commercial mortgage origination platform. We are truly a new company.

Including those loans that we are committed to sell, we have strong real estate loans that we are committed to sell. We have shrunk our pre-2008 real estate B-noted Mezzanine loan exposure to under $137 million from a peak of $312 million in December of 2007. We are extremely well capitalized, have access to all types of liquidity and are prepared to grow.

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