ACRES Commercial Realty Corp.

Good day, ladies and gentlemen, and welcome to the Q3 2019 Exantus Capital Corp. Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. If anyone should require assistance during the conference, please press star then zero on your touchtone telephone. As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference, Steve Landgraber, Senior Vice President of Corporate Finance. Sir, you may begin.

Good morning, and thank you for joining the call. Before we begin, I'd like to remind everyone that certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements. When used in this conference call, the words believes, anticipates, expects, and similar expressions are intended to identify forward-looking statements. Although the company believes that these forward-looking statements are based on reasonable assumptions, such statements are based on management's current expectations and beliefs and are subject to a number of trends, risks, and uncertainties that could cause actual results that differ materially from those contained in the forward-looking statements. These risks and uncertainties are discussed in the company's reports filed with the SEC, including its reports on forms 8K, 10Q, and 10K, and in particular, the risk factors section of our Form 10-K. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. The company undertakes no obligation to update any of these forward-looking statements. Furthermore, certain non-GAAP financial measures will be discussed on this conference call. Our presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most comparable measures prepared in accordance with generally accepted accounting principles are contained in our earnings release for the past quarter. I will now turn over to the chairman of Exantus Capital Corp., Andrew Farkas, for opening remarks.

Good morning, everyone. Thank you for joining. With me today are Bob Lieber, our CEO, Matt Stern, our president, Dave Bryant, our CFO, Paul Hewson, head of commercial real estate lending, and Steve Landgraber, from whom you've already heard. We're pleased with our third quarter results, as we once again increased net income and realized the full benefits of our last quarter's loan portfolio acquisition. This quarter, we achieved our highest yet quarterly core earnings with 31 cents. Our business plan primary focus is to achieve full deployment while pursuing attractive risk-adjusted returns. Based on our current pipeline and ongoing earnings power, we expect to increase our quarterly dividend for the fourth quarter of 2019 to 27.5 cents, or a 10% increase over our third quarter of 2019. For some details about all of this and the driving factors behind it, let me turn this over to our CEO, Bob Lieber. Bob?