Management, general and administrative expenses were $11.9 million for the three months ended June 30, 2012, as compared to $6.7 million in the prior quarter. The increase in management, general and administrative expenses is primarily attributable to the write-off of $2.3 million of costs related to our strategic review process, expensed at the conclusion of the process in the second quarter of 2012, and the remainder of the increase is primarily attributable to protective advances related to loan and other lending investments within our CDOs, and additional professional fees and other loan enforcement costs incurred by the Company in connection with the CDOs. Loan enforcement costs for assets financed in our CDOs are typically advanced by the Company and reimbursed as servicing advances once the loan is resolved. The amount owed from the CDOs to the Company for such advances is approximately $8.3 million as of June 30, 2012.GRAMERCY FINANCE Interest income is generated on the Company’s whole loans, subordinate interests in whole loans, mezzanine loans, preferred equity interests and CMBS within the Company’s Gramercy Finance division. For the three months ended June 30, 2012, $26.2 million was earned on fixed rate investments and $10.0 million was earned on floating rate investments. Other income of $1.5 million for the three months ended June 30, 2012 is primarily composed of operating revenues from properties the Company owns through foreclosure. The Company recorded a net provision for loan losses of approximately $6.0 million, or $0.12 per diluted common share, for the quarter ended June 30, 2012. By comparison, the Company’s provision for loan loss was approximately $2.5 million, or $0.05 per fully diluted common share, for the prior quarter. The Company’s reserve for loan losses at June 30, 2012 was approximately $203.7 million, or approximately 43.8% of the unpaid principal balance, in connection with 12 separate loans with an aggregate carrying value of approximately $263.6 million. In addition, the Company recorded non-cash impairment charges for the three months ended June 30, 2012 of approximately $15.0 million related to seven CMBS investments with an aggregate carrying value of $37.4 million deemed to be other-than-temporarily impaired and $1.0 million related to one loan held-for-sale with a carrying value of $15.3 million.