Operator: Good morning, everyone, and welcome to Och-Ziff Capital Management Group's 2011 First Quarter Earnings Conference Call. My name is Caressa, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. All lines have been placed on mute to prevent any background noise.
I would now like to turn the call over to Tina Madon, Head of Investor Relations at Och-Ziff. Please proceed.
Tina Madon - Managing Director, Head of IR: Great. Thanks Caressa. Good morning, everyone, and welcome. With me today are Dan Och, our Chairman and CEO and Joel Frank, our Chief Financial Officer.
I'd like to remind you that today's call may include forward-looking statements. These statements reflect the current views of management about, among other things, assumptions with respect to levels of assets under management, future events, certain expense levels and financial performance, many of which by their nature are inherently uncertain and outside of our control.
Och-Ziff's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of the risks that could affect our results, please see the risk factors described in our 2010 Annual Report. The Company does not undertake any obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
During today's call, we will be referring to economic income, distributable earnings and other financial measures, which are not prepared in accordance with U.S. generally accepted accounting principles. Information about and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings release, which is posted on the 'Class A Shareholders' page of our website. Furthermore, no statements made during this call should be construed as an offer to purchase shares of the Company or an interest in any Och-Ziff Fund.
Today's call is being recorded and is copyrighted material of Och-Ziff Capital Management Group LLC. Telephonic and webcast replays will be made available later today. You can find the details for both on our website at www.ozcap.com.
With that, let me now turn the call over to Dan.
Daniel S. Och - Chairman and CEO: Thanks Tina. Good morning, everyone, and thank you for joining our call today. This morning I will review our year-to-date investment performance through April 30th and assets under management as of May 1st. I'll update you on the environment for capital flows and also discuss the investment opportunities we are seeing.
Our year-to-date performance has been strong and we believe it demonstrates the value of our investment process to our fund investors. This was particularly evident during March and early April as uncertainty increased and market conditions became more difficult. We continued to generate positive non-correlated risk-adjusted returns and to protect investor capital in declining and volatile markets.