Before I take it upon myself to answer this question ( speaking only for myself, of course), allow me please to offer my compliments to the CAF staff and posters. Whether one is a Catholic or a Protestant, one is certainly kept on one’s toes as to offer an explanation for the faith that has been given to him/ her. People aren’t allowed to just say, " Some authority says it, I believe it, there’s an end to it," but must render an accounting. I fully respect that and with that being said, let me offer my own Confession’s take on both Transubstantiation and the Real Presence ( with which I fully agree, both personally and Confessionally).
*20] Dr. Luther has also more amply expounded and confirmed this opinion from God’s Word in the Large Catechism, where it is written: What, then, is the Sacrament of the Altar? Answer: It is the true body and blood of our Lord Jesus Christ, in and under the bread and wine, which we Christians are commanded by the Word of Christ to eat and to drink. 21] And shortly after: It is the ‘Word,’ I say, which makes and distinguishes this Sacrament, so that it is not mere bread and wine, but is, and is called. the body and blood of Christ. 22] Again: With this Word you can strengthen your conscience and say: If a hundred thousand devils, together with all fanatics, should rush forward, crying, How can bread and wine be the body and blood of Christ? I know that all spirits and scholars together are not as wise as is the Divine Majesty in His little finger. Now, here stands the Word of Christ: “Take, eat; this is My body. Drink ye all of this; this is the new testament in My blood,” etc. Here we abide, and would like to see those who will constitute themselves His masters, and make it different from what He has spoken. 23] It is true, indeed, that if you take away the Word, or regard it without the Word, you have nothing but mere bread and wine. But if the words remain with them, as they shall and must, then, in virtue of the same, it is truly the body and blood of Christ. For as the lips of Christ say and speak, so it is, as He can never lie or deceive.
24] Hence it is easy to reply to all manner of questions about which at the present time men are disturbed, as, for instance, whether a wicked priest can administer and distribute the Sacrament, and such like other points. For here conclude and reply: Even though a knave take or distribute the Sacrament, he receives the true Sacrament, that is, the true body and blood of Christ, just as truly as he who receives or administers it in the most worthy manner. For it is not founded upon the holiness of men, but upon the Word of God. And as no saint upon earth, yea, no angel in heaven, can change bread and wine into the body and blood of Christ, so also can no one change or alter it, even though it be abused.
25] For the Word, by which it became a sacrament and was instituted, does not become false because of the person or his unbelief. For He does not say: If you believe or are worthy, you will receive My body and blood, but: “Take, eat and drink; this is My body and blood”; 26] likewise: “Do this” (namely, what I now do, institute, give, and bid you take). That is as much as to say, No matter whether you be worthy or unworthy, you have here His body and blood, by virtue of these words which are added to the bread and wine. This mark and observe well; for upon these words rest all our foundation, protection, and defense against all error and temptation that have ever come or may yet come.*
bookofconcord.org/sd-supper.php