Overall, at the corporate level, we continue to manage the business, aware of the current environment, including keeping a close eye on expenses, while investing in areas that will position us for long-term revenue and diversified earnings growth with a near-term focus on organic growth.

Let's start with the highlights to the quarter on Slide 3. On a GAAP basis, we announced a net loss of $9.5 million, which reflects charges related to our very successful debt restructuring and fund launches. Adjusted income was nearly $89 million.

In May, we announced a new capital plan, which is part of our broader efforts to enhance financial flexibility and position Legg Mason for sustained growth. In doing so, we reduced our outstanding debt by $350 million and refinanced debt that was due in 2015 with longer-term maturities. This resulted in a largely noncash charge of $0.32 per share. The quarter includes $800 million raised for ClearBridge's third MLP fund and $200 million in a new Western REIT. Our financial results reflect $0.11 per share in costs related to launching these new products.

Our long-term flow story continues to improve, particularly in the critical area of fixed income. And in the quarter, we bought back the remaining $155 million of the original $1 billion board authorization, and we expect to continue the program under our new authorization throughout the year. We ended the quarter with $800 million in cash.

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