The Company recorded a reduction in its net provision for loan losses of approximately negative $(16.4) million, or $(0.31) per diluted common share, for the quarter ended September 30, 2012 which included additional provisions of $1.5 million, offset by reversals of provisions of approximately $17.9 million due to improved credit of certain underlying collateral. By comparison, the Company’s net provision for loan loss was approximately $6.0 million, or $0.12 per fully diluted common share, for the prior quarter. The Company’s reserve for loan losses at September 30, 2012 was approximately $79.2 million, or approximately 25.1% of the unpaid principal balance, in connection with 8 separate loans with an aggregate carrying value of approximately $238.4 million. In addition, the Company recorded non-cash impairment charges for the three months ended September 30, 2012 of approximately $15.4 million related to nine CMBS investments deemed to be other-than-temporarily impaired with an aggregate carrying value of $77.5 million.Substantially all of the Company’s debt investments and CMBS investments are owned in one or more of the Company’s three CDOs, except for the Company’s $19.3 million mezzanine loan to KBS in connection with the execution of the purchase agreement for the Bank of America Portfolio by the Company’s joint venture. As of September 30, 2012, debt investments owned by Gramercy Finance had an aggregate carrying value of approximately $919.0 million, net of loan loss reserves, impairments, unamortized fees and discounts totaling approximately $107.0 million. CMBS investments had an aggregate carrying value of approximately $891.7 million as of September 30, 2012, net of impairments, unamortized fees, fair value adjustments and discounts of approximately $300.8 million. The Company’s CMBS investments are classified as available-for-sale and accordingly, such CMBS investments are carried at fair value. Changes in fair value are not necessarily indicative of current or future changes in cash flow, which are based on actual delinquencies, defaults and sales of the underlying collateral, and therefore are not recognized in earnings. Changes in fair value are reflected in accumulated other comprehensive loss in the equity section of the Condensed Consolidated Balance Sheet. The Company continues to monitor all of its CMBS investments for other-than-temporary impairments. The fair value adjustment for the Company’s CMBS investments as of September 30, 2012 was approximately $(79.9) million as compared to a fair value adjustment of $(146.4) million in the preceding quarter.