And with that quick update, let me turn it over to Dave for more of the detail.

David DiStaso

Thanks Jay, and good morning, everyone. I’ll begin by discussing our financial results for the first quarter 2012, before moving to investment activity and credit quality. And I’ll finish with an update on liquidity.

For the quarter, we reported a net loss of $55 million or a loss of $0.66 per diluted common share, compared to net income of $67 million or $0.71 per diluted common share for the first quarter 2011. Year-over-year decrease was primarily due to lower gains from the early extinguishment of debt of $2 million recognized this quarter versus $107 million for the same period last year.

Increased interest expense and higher provisions for loan losses and impairments. This was partially offset by increased earnings from equity method investments and income from sales of residential property.

Prior to the effects of depreciation, loan loss provisions and impairments, and gains on early extinguishment of debt, all of which are non-cash items. We reported a net loss for the quarter of $7 million, compared to a net loss of $5 million for the first quarter 2011.

Adjusted EBITDA for the first quarter was $95 million, compared to $90 million for the same period last year. The year-over-year improvement was due to increases in earnings from equity method investments and income from sales of residential property, partially offset by lower revenue from a smaller overall asset base.

As previously announced, during the quarter we entered into a new $880 million senior secured credit agreement providing for two tranches of term loans, a $410 million 2012 A-1 tranche due March 2016 and a $470 million 2012 A-2 tranche due March 2017.

Structure of the new facility is very similar to the structure of the facility we closed last year. Outstanding borrowings under the new financing are collateralized by a lien on a fixed pool collateral initially comprised of approximately $1.1 billion of assets.

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