BrightSpire Capital, Inc. (BRSP) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.518 Good day and welcome to the Bright Spire Capital fourth quarter and full year 2025 earnings 00:00:05.518 -- 00:00:09.042 call. All participants will be in a listen-only mode. 00:00:09.042 -- 00:00:12.607 Should you need assistance, please signal a conference specialist by pressing the star 00:00:12.607 -- 00:00:17.493 key followed by zero. After today's presentation, there will be an opportunity to ask 00:00:17.493 -- 00:00:22.860 questions. To ask a question, you may press star then one on your touchtone phone. 00:00:22.860 -- 00:00:26.545 And to withdraw your question, please press star then two. 00:00:26.545 -- 00:00:30.185 Please note this event is being recorded. I would now like to turn the conference over 00:00:30.185 -- 00:00:35.133 to Mr. David Palame, General Counsel. Please go ahead, sir. 00:00:35.133 -- 00:00:40.160 Good morning, and welcome to Brightspire Capital's fourth quarter and full year 2025 00:00:40.160 -- 00:00:45.849 earnings conference call. We will refer to Brightspire Capital as Brightspire, 00:00:45.849 -- 00:00:49.314 VRSP, or the company throughout this call. 00:00:49.314 -- 00:00:55.027 Speaking on the call today are the company's Chief Executive Officer, Mike Mazzei, President 00:00:55.027 -- 00:01:01.334 and Chief Operating Officer Andy Witt, and Chief Financial Officer Frank Cerasino. 00:01:01.334 -- 00:01:06.339 Before I hand the call over, please note that on this call, certain information presented 00:01:06.339 -- 00:01:11.084 contains forward-looking statements. These statements, which are based on management's 00:01:11.084 -- 00:01:16.229 current expectations, are subject to risks, uncertainties, and assumptions. 00:01:16.229 -- 00:01:21.355 Potential risks and uncertainties could cause the com...