Management feesManagement fees increased $9.4 million, or 5.2%, to $188.8 million for the second quarter of 2012 from $179.4 million in the prior-year quarter. The increase reflected $29.9 million in quarterly management fees from new commitments to closed-end funds and a decline of $18.4 million in fees attributable to closed-end funds in liquidation. Funds that accounted for the majority of the new capital commitments were Opps VIIIb and EPF III. Of the funds in liquidation, Opps VIIb accounted for $10.1 million of the decline. During the second quarter of 2012, closed-end funds accounted for $148.2 million, or 78.5%, of total management fees. Incentive income Incentive income increased $21.7 million, or 20.2%, to $129.0 million for the second quarter of 2012, as compared with $107.3 million for the prior-year period. Of the $129.0 million, $66.6 million was attributable to our real estate strategy’s sale of cell-tower company Mobilitie. An additional $42.1 million of incentive income in the second quarter of 2012 was attributable to tax distributions, entirely from Opps VIIb. Of the $107.3 million of incentive income in the quarter ended June 30, 2011, $97.4 million represented tax distributions, almost entirely from Opps VIIb. Investment income Investment income increased $9.7 million, or 71.9%, to $23.2 million for the second quarter of 2012 from $13.5 million for the second quarter of 2011. The increase reflected a higher blended overall return on an 8.7% larger average invested balance, with the current-year quarter’s income arising principally from distressed debt, real estate, control investing and Oaktree’s minority equity investment in DoubleLine Capital LP. Expenses Compensation and benefits for the second quarter of 2012 amounted to $80.3 million, a decrease of $3.6 million, or 4.3%, from the second quarter of 2011. The decrease reflected a $7.5 million favorable variance in the quarterly adjustment for our phantom equity liability. The adjustment for this liability is primarily a function of the change in the trading price of our Class A units, which rose 18.6% in the second quarter of 2011 and fell 23.2% in the second quarter of 2012. Excluding this phantom equity effect, compensation and benefits increased $3.9 million, or 4.6%. Headcount, primarily in non-investment areas, grew 11.7% between June 30, 2011 and June 30, 2012.