Blackstone Mortgage Trust, Inc.

Good day and welcome to Blackstone Mortgage Trust first quarter 2025 investor call. Today's conference is being recorded. At this time, all participants are in a listen-only mode. If you require operator assistance at any time, please press star zero. If you'd like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. At this time, I'd like to turn the conference over to Tim Hayes, Vice President of it, Vice President, Shareholder Relations, please go ahead.

Good morning, and welcome everyone to Blackstone Mortgage Trust's first quarter 2025 earnings conference call.

I am joined today by Tim Johnson, Global Head of Breds, Katie Keenan, Chief Executive Officer, Tony Marone, Chief Financial Officer, and Austin Pena, Executive Vice President of Investments. This morning, we filed our 10-Q and issued a press release with a presentation of our results, which are available on our website and have been filed with the SEC. I'd like to remind everyone that today's call may include forward-looking statements which are subject to risks, uncertainties, and other factors outside of the company's control. Actual results may differ materially. For discussion of some of the risks that could affect results, please see the risk factors section of our most recent 10-K. We do not undertake any duty to update forward-looking statements. We will also refer to certain non-GAAP measures on this call. And for reconciliations, you should refer to the press release in 10-Q. This audio cast is copyrighted material of Blackstone Mortgage Trust and may not be duplicated without our consent. For the first quarter, we reported a gap net loss of effectively zero and distributable earnings of 17 cents per share. Distributable earnings prior to charge-offs were 42 cents per share. A few weeks ago, paid a dividend of 47 cents per share with respect to the first quarter. Please let me know if you have any questions following today's call. And with that, I'll turn things over to Katie.