Franklin BSP Realty Trust, Inc.

Good day and welcome to the Franklin BSP Realty Trust fourth quarter 2025 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 Lindsay Crabb, Director of IR. Please go ahead.

Good morning and welcome to FBRT's fourth quarter earnings call. Thank you, Megan, for hosting our call today. As the operator mentioned, I'm Lindsay Crabb. With me on the call today are Richard Byrne, Chairman of FBRT, Michael Comparato, Chief Executive Officer of FBRT, Jerry Baglian, Chief Financial Officer and Chief Operating Officer of FBRT, and Brian Buffum, President of FBRT. Before we begin, I want to mention that some of today's comments are forward-looking statements and are based on certain assumptions. Those comments and assumptions are subject to inherent risks and uncertainties as described in our most recently filed SEC periodic reports and actual future results may differ materially. The information conveyed on this call is current only as of date of this call, February 12th, 2026. The company assumes no obligation to update any statements made during this call including any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Additionally, we will refer to certain non-GAAP financial measures, which are reconciled to GAAP figures in our earnings release and supplementary slide deck, each of which are available on our website at www.SBRTREIT.com. We will refer to the supplementary slide deck on today's call. With that, I will turn the call over to Rich Byrne.

Great. Thanks, Lindsay, and good morning, everyone, and thank you for joining us today. Before we begin, I'd first like to share some important management updates with you. We announced all of these the other day. First, I'm pleased to announce that Mike Comparato, who many of you already know very well, has been appointed chief executive officer. This is effective immediately. Mike currently leads our commercial real estate practice at Benefit Street Partners and has been instrumental in building and scaling that platform to what it is today. He brings deep commercial real estate expertise, a strong command of capital markets, and of course, a proven track record. Concurrently with that, with Mike's promotion, Brian Buffone will assume the role of president. Brian is a seasoned real estate veteran and a longstanding member of our investment team His experience, institutional knowledge, and investment acumen will continue to be invaluable as we execute our strategy and serve our investors. Together, these appointments represent a natural progression of FBRT's leadership, and I am excited to say leave the company well-positioned to execute its strategy in a dynamic market. I will remain actively engaged as chairman, focused on strategic oversight, and supporting Mike and Brian through this transition. So with that, let me turn the rest of the call over to Mike.