Claros Mortgage Trust, Inc.

Good morning, and welcome to Claris Mortgage Trust's first quarter earnings conference call. My name is Tracy, and I will be your conference facilitator today. All participants will be in a listen-only mode. After the speaker's remarks, there will be a question-and-answer period. If you would like to ask a question at that time, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I would now like to hand the call over to Anwen. Vice President of Investor Relations for Claris Mortgage Trust. Please proceed.

Thank you. I'm joined by Richard Mack, Chief Executive Officer and Chairman of Claris Mortgage Trust, and Mike McGillis, President, Chief Financial Officer, and Director of Claris Mortgage Trust. We also have Priyanka Garg, Executive Vice President, who leads credit strategies for Mack Real Estate Group. Prior to this call, we distributed TMTG's earnings release and supplement. We encourage you to reference these documents in conjunction with the information presented on today's call. If you have any questions, please contact me. I'd like to remind everyone that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our other filings with the SEC. Any forward-looking statements made on this call represent our views only as of today, and we undertake no obligation to update them. We will also be referring to certain non-GAAP financial measures on today's call, such as distributable earnings, which we believe may be important to investors to assess their operating performance. For reconciliations of non-GAAP measures to their nearest GAAP equivalent, please refer to the earnings supplement. I would now like to turn the call over to Richard.

Thank you, Ann, and thank you all for joining us this morning for CNTG's first quarter earnings call. As we look ahead to the coming year, we believe that despite record highs in the equity markets, uncertainty will remain a defining theme across the broader financial markets as investors continue to navigate concerns around the impact of monetary policy and geopolitical events on the economy. In particular, real estate capital markets appear to be relatively resilient amid heightened geopolitical risks and renewed concerns around inflation. We continue to see encouraging signals. Transaction volume has improved modestly as compared to a year ago, and real estate credit spreads remain tight. At the asset level, multifamily deliveries and building permits have dropped dramatically nationwide. In the industrial sector, we continue to observe strong tenant demand in many markets. Office is also beginning to emerge from the shadows as fundamentals recover in many markets and reset valuations have started to attract renewed investor interest. As we look to the broader capital markets, we have been observing the recent repricing in the private credit markets and considering the potential implications of this for real estate. One view is that pullback in private credit will spill over into real estate. However, real estate has already absorbed a meaningful reset in asset values because of the prolonged high interest rate environment. This should provide some protection against further declines in asset values, and perhaps at this moment, real estate represents a compelling relative value opportunity. We might even see institutional investors rotating back into real assets as a protection against evaluations in private credit and the stock market generally. Regardless of how these market dynamics ultimately play out, we intend to build on the progress and momentum we established in 2025. Our strategic priorities continue to be centered on turning over the portfolio, resolving watch list loans, repositioning our REO assets, and eleveraging the balance sheet. Successful execution on these priorities will position CMTG to evaluate new capital deployment opportunities towards the end of the year. This may include new originations, additional deleveraging, reinvestment in select REO assets, and share repurchases. I'm pleased to report that we had a strong start to the year in meeting our goals. For the first quarter, we reported $609 million in loan resolutions representing five loans, including four watch list loans. In addition, as previously reported, we retired the term loan B that was scheduled to mature later this year with a new $500 million senior secured term loan from HBS with four years of duration. Mike will provide additional color on our financial and operating results later on the call. We believe that 2026 will be a pivotal year for CMTG. Our first quarter results have built on the progress we made last year, and while uncertainty remains on the horizon, our team has demonstrated our ability to execute and drive outcomes in this environment. In 2026, we will continue to progress the cleanup of our balance sheet, while selectively and opportunistically holding and improving REO assets. While generally not something we speak about, we believe our stock is undervalued. We expect that with time, the continued execution of our strategic priorities will ultimately be recognized by the market. Towards that end, we look forward to updating you on our progress throughout the year as we continue to deliver on our stated priorities. I will now turn the call over to Mike. Mike?