BrightSpire Capital, Inc.

and welcome to the Bright Spire Capital, Inc. First Quarter 2025 Earnings Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note that this event is being recorded. I would now like to turn the conference over to David Palame, General Counsel. Please go ahead.

Good morning, and welcome to Brightspire Capital's first quarter 2025 earnings conference call. We will refer to Brightspire Capital as Brightspire, BRSP, or the company throughout this call. Speaking on the call today are the company's Chief Executive Officer, Mike Mazze, President and Chief Operating Officer, Andy Witt, and Chief Financial Officer, Frank Saraceno. Before I hand the call over, please note that on this call, certain information presented contains forward-looking statements. These statements, which are based on management's current expectations, are subject to risks, uncertainties, and assumptions. Potential risks and uncertainties could cause the company's business and financial results to differ materially. For a discussion of risks that could affect results, please see the risk factors section of our most recent 10-K and other risk factors and forward-looking statements in the company's current and periodic reports filed with the SEC from time to time. All information discussed on this call is as of today, April 30, 2025, and the company does not intend and undertakes no duty to update for future events or circumstances. In addition, certain financial information presented on this call represents non-GAAP financial measures. The company's earnings release and supplemental presentation, which was released yesterday afternoon and is available on the company's website, presents reconciliations to the appropriate GAAP measures and an explanation of why the company believes such non-GAAP financial measures are useful to investors. Before I turn the call over to Mike, I'll provide a brief recap on our results. The company reported first quarter GAAP net income attributable to common stockholders of $5.3 million, or 4 cents per share, distributable earnings of $11.4 million, or 9 cents per share, and adjusted distributable earnings of $20.1 million, or 16 cents per share. Current liquidity stands at $310 million, of which $145 million is unrestricted cash. This is exclusive of approximately $56 million of approved but undrawn borrowings available on our warehouse lines. The company also reported GAAP net book value of $7.92 per share, and undepreciated book value of $8.75 per share as of March 31, 2025. Finally, during this call, management may refer to distributable earnings as DE.

With that, I would now like to turn the call over to Mike.