BrightSpire Capital, Inc.

Good day and welcome to the Bright Spire Capital second 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 touchstone phone. 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 second 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 Saracino. 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, July 29, 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 second quarter gap net loss attributable to common stockholders of $18.3 million or $0.15 per share, distributable earnings of $15.8 million or $0.12 per share, and adjusted distributable earnings of $16.8 million or $0.13 per share. The company also reported GAAP net book value of $6.81 per share and undepreciated book value of $8.10 per share as of June 30, 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 second quarter of 2026 earnings call. We had a very active second quarter. Along with solid loan originations, we completed our largest quarterly share buyback while our asset management team continued to advance REO and watch list resolutions. Further, we took another meaningful step in rotating out of real estate equity investments and into our core strategy of first mortgage loans. Starting with loan originations, we closed 10 loans in the second quarter for $319 million, and subsequent to quarter end, we closed an additional three loans for $117 million. Further, we currently have four loans for $178 million in execution. Upon closing these loans, our loan book will be just over $3 billion. Our next milestone for the loan book is $3.5 billion, which we expect to achieve around year end. Moving to capital deployment, during the quarter, we bought back 3.8 million shares for $21 million. We took advantage of what we viewed as a compelling market opportunity, evidenced by extreme high daily trading volumes in our stock during this window. We will continue to look at buybacks as the circumstances present themselves. Frank will discuss the details and impact of the buyback. Turning to the sale of Albertson's triple net equity position, Last month, we filed a Form 8-K, disclosing the details of the sale, which is expected to close in the third quarter. As noted, the sale price was $300 million, inclusive of the assumption of $200 million of CMBS debt. This sale removes refinancing risk associated with the 2028 debt maturity. As a reminder, the current debt interest rate is 4.77%, which is nearly flat to the current 10-year Treasury. Among the factors we considered were refinancing at a much higher rate, along with the potential for reduction in loan proceeds, thus requiring additional equity capital. For these reasons, the impact of the refinancing would have resulted in a substantial ROE reduction associated with this investment. We also anticipate deploying the $100 million of freed-up capital at a higher ROE than we currently have. While this proactive sale slightly delays reaching full dividend coverage by year-end as it previously anticipated, it reflects the correct course of action from a corporate finance, risk management, and strategic perspective. Once the sale of Albertsons closes, our remaining net lease portfolio will be concentrated in two investments. The first is the Aurora, Colorado office net lease, where we are currently in negotiations with the tenant regarding a lease extension. The tenant has indicated a desire to stay at the property with some anticipated TI contributions from Brightspire. The debt on this asset matures this August, and we are currently working with the servicer on a maturity extension. The second is the Indianapolis office and lab space property. While there are four and a half years remaining on this lease, the tenant has put us on notice they will not be planning to renew. We are exploring all options to maximize value and achieve the best outcome, which may include the as-is sale of the property with the current lease in place. The debt on this does not come due until October 2027. As always, please refer to a supplement which contains more detailed information on all the net lease assets. Moving to the watch list. During the quarter, we continue to make progress. Three watch list loans were resolved, totaling $99 million, and while two loans were added, there was a combined net reduction of $30 million. Importantly, we are scheduled to continue reducing exposure in the back half of 2026, given the occupancy improvements of each of the remaining underlying properties. On the REO side, we now have two multifamily properties under contract for sale. The remaining assets each have a timeline for resolution. some of which are planned for this year. Andy will provide more details in a moment. In closing, as we look at the second half of the year, we expect to continue to recycle capital and grow the loan book to approximately $3.5 billion circa year-end. At the same time, ongoing originations will continue to improve the portfolio composition with lower average loan sizes and reduced concentrations focused on more multifamily and less office. I will also note the composition of the portfolio is on the verge of predominantly post-rate hike originations. Given this progress, along with the continued tailwinds in the CRE debt capital markets, we also expect to issue our second CLO this year. This will mark the first time we issued two CLOs in the same year. We are encouraged by the continued progress we are making with each passing quarter. and we are optimistic about our ability to grow earnings and re-establish positive dividend coverage. With that, I will turn the call over to our president, Andy Witt. Andy?