BrightSpire Capital, Inc.

Good morning, and welcome to the Brightspire Capital first quarter 2026 earnings conference call. All participants will be in 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 your telephone keypad. To withdraw your question, please press star, then two. Please note, 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 2026 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 Mazzei, President and Chief Operating Officer, Andy Witt, and Chief Financial Officer, Frank Cerasino. 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 All information discussed on this call is as of today, April 29th, 2026, 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 will provide a brief recap on our results. The company reported first quarter GAAP net income attributable to common stockholders of $4.8 million, or 3 cents per share, distributable earnings of $15.6 million, or 12 cents per share, and adjusted distributable earnings of $18.2 million, or 14 cents per share. Current liquidity stands at $206 million, of which $58 million is unrestricted cash. The company also reported gap net book value of $7.05 per share and undepreciated book value of $8.24 per share as of March 31st, 2026. 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.

Thanks, David, and welcome to our first quarter 2026 earnings call. I will keep my prepared remarks brief, and as always, Andy will walk through the quarter's loan originations and portfolio activity. Since reinitiating new loan production, we have closed 37 loans totaling $1.1 billion, with an additional nine loans in execution for $283 million, for a combined total of just over $1.4 billion. While the process has been gradual, we have steadily increased our loan book each quarter and it now stands at $2.7 billion. Our strategy remains focused on middle market lending with an average loan size of approximately $27 million. We have been focused on increasing diversification and avoiding loan size and investment concentrations that we deem too large for our equity capital base. This, in turn, will also allow us to maintain slightly lower cash balances. Thus far, the overwhelming majority of new loans have been multifamily, contributing to a more favorable property type exposure. During the quarter, our portfolio also benefited from payoffs and resolutions of office loans. We expect a further reduction in our office loan exposure to occur this next quarter. As an aside, We also closed loans on hotel and industrial properties during the first quarter. However, overall, we expect multifamily loans to continue to comprise the majority of our activity in the medium term, with bridge loan demand being driven by valuation resets and increasing levels of sales transactions. This reflects lenders incentivizing borrowers with greater frequency to sell or refinance 2021 and 2022 vintage bridge or construction loans. It is worth noting that, in particular, the Sunbelt markets are seeing very high demand for multifamily bridge lending as that region works to absorb vacancies and rent concessions over the next 12 to 18 months. As we look ahead, our priorities remain straightforward, and those are to redeploy capital from the watch list and REO resolutions into new loans, to grow the loan book to 3.5 billion by year end, and to execute a fifth CLO in the second half of the year. This plan positions us to cover the dividend by year end. Achieving that goal will provide greater financial clarity, while the continued reduction in REO should remove credit uncertainties that may be overhanging the stock. Taken together, we are confident these actions will position Brightspire to drive long-term shareholder value. With that, I will turn the call over to our president, Andy Witt. Andrew?