Franklin BSP Realty Trust, Inc.

Good day, and welcome to the Franklin BSP Realty Trust third quarter of 2026 earnings conference call. All participants will be in a listen-only mode for the duration of the call. And should you need any assistance today, 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. And to withdraw a question, please press star then two. Also, please be aware that today's call is being recorded. I would now like to turn the call over to Lindsey Crabbe, Executive Director of Investor Relations. Please go ahead.

Thank you. Good morning, everyone, and welcome to FBRT's third quarter 2026 earnings call. Thanks for joining us today. As the operator mentioned, I'm Lindsey Crabbe. With me on the call today are Richard Byrne, Chief Executive Officer of FBRT, Jerry Baglien, Co-President, Chief Financial Officer and Chief Operating Officer of FBRT, and Brian Buffone, co-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 the date of this call, October 29th, 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'll turn the call over to Rich Byrne.

Great. Thanks, Lindsey. And good morning, everyone. Before Jerry and Brian take you through the quarter in some good detail, I want to spend a few minutes on where we are today and maybe most importantly on what we're focused on going forward. First, as you know, we've announced the leadership transition. We did that in September. I want to emphasize that FBRT has a very deep and experienced team. Jerry, Brian, and I, just for example, have worked together for more than a decade, and we've been certainly through a lot of different market environments together. But also FBRT is a giant and very important part of Benefit Street Partners, our firm's approximately $17 billion real estate credit platform. were supported by 90 real estate professionals across Benefit Street Partners, as well as, or in total, 300 people, including New Point. Having that kind of experience, scale, and resources behind FBRT is really a big advantage, and it certainly is in today's market. Lastly, on the big picture side, I want to also congratulate Jerry Jerry now has an expanded role overseeing our broader real estate credit platform. Jerry, many of you know him, has been a senior leader in our business since its inception and has been deeply involved in investments, financing, and operations for many, many years. So with that, I really most of all wanted to spend time here on our priorities because they are crystal clear to us. And there's only a few. And so let me detail them. We want to resolve our watch list loans and monetize our REO assets. This is a major focus for us. We are actively working on these resolutions. You'll hear more about this in detail, especially from Brian. But, you know, just in the big picture sense of it, sometimes taking control of an asset is a very valuable tool in providing the best path to maximizing recovery. Our goal is to convert these assets back into cash and put that capital to better use. That capital has far better use in either buying back shares or being redeployed into new loans. This will benefit us in so many ways. We have a strong asset management team and right now a renewed sense of urgency around getting this done. We're making progress across our five rated watch list loans, our foreclosure REO, and we're also focusing on our equity investment portfolio. Many of these assets are currently actively in a sale process right now. Again, you'll hear a little bit more about this from Brian. We expect to make good progress in the coming quarters as we work through these resolutions. So second biggest focus is Thank you for joining us. of course fluctuate. A lot of variables at play here, of course, is the stock price, also the repayment speed of our existing portfolio, in other words, how much cash we have to spend, and our available liquidity. Importantly, these two priorities, both the share repurchases and the monetization of our underperforming assets, go hand in hand. The accretion from the repurchases gives us greater flexibility to resolve legacy assets. So in certain cases, accepting a reasonable discount to accelerate a sale can make good economic sense when we can redeploy that capital into highly accretive share repurchases or new investments, as I said earlier. Third, third priority, protecting and growing book value. Despite the credit costs recognized this quarter, Our fully converted book value remains stable at $14.26 a share, up two cents from last quarter. And while the mortgage REIT sector has experienced significant share price pressure, FERT's economic return, thanks to stability of our book value over time, has performed near the top of our peer group over the past year and two years. We remain disciplined about where we deploy capital and We have a focus on best risk-adjusted returns. Finally, last point of our priorities, I want to talk about a new point. We continue to be very pleased with this investment and our focus on its continued integration and growth. The acquisition brought really important capabilities to FBRT and added stable recurring stream of income through its servicing business. Also, the MSR portfolio also provided another source of book value stability and growth for the other point we made about book value stability. Although market-wide volumes have been very slow recently, we believe Newpoint will continue to be an important part of FBRT's long-term value proposition. So let me wrap up with this closing thought. At the significant discount to book value where our shares currently trade, we believe the path to narrowing the gap is clear. One, resolve legacy assets. Recycle capital, repurchase shares when the economics are compelling, protect book value, and continue to demonstrate the value of NewPoint. There's still a lot of work to do, but we know what the priorities are, and we have the right team and resources in place to execute that. So with that, I'll turn the rest of the call over to Jerry and Brian. Jerry, first to discuss financial results and the current market environment. Over to you, Jerry.