Sunrise Realty Trust, Inc.

Thank you for standing by. My name is Kate and I will be your conference operator today. At this time, I would like to welcome everyone to the Sunrise Realty Trust Q1 2025 earnings call. All lights have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press start followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Gabriel Katz, Chief Legal Officer. Please go ahead.

Good morning, and thank you all for joining Sunrise Realty Trust's earnings call for the quarter ended March 31st, 2025. I'm joined this morning by Leonard Tannenbaum, our Executive Chairman, Brian Sedris, our Chief Executive Officer, and Brandon Hetzel, our Chief Financial Officer. Before we begin, I would like to note that this call is being recorded. Replay information is included in our April 15, 2025 press release and is posted on the investor relations portion of our website at sunriserealtytrust.com, along with our first quarter 2025 earnings release and investor presentation. Today's conference call includes forward-looking statements and projections that reflect the company's current views with respect to Among other things, market developments, our investment pipeline, anticipated portfolio yield, and financial performance and projections in 2025 and beyond. These statements are subject to inherent uncertainties in predicting future results. Please refer to Sunrise Realty Trust's most recent periodic filings with the SEC, including our quarterly report on Form 10-Q filed earlier this morning. for certain conditions and significant factors that could cause actual results to differ materially from these forward-looking statements and projections. During today's conference call, management will refer to non-GAAP financial measures, including distributable earnings. Please see our first quarter earnings release uploaded to our website for reconciliations of the non-GAAP financial measures with the most directly comparable GAAP measures. The format for today's call is as follows. Len will provide a general business and capital markets overview. Next, Brian will cover our view on the state of the commercial real estate lending markets, discuss our existing portfolio, and provide an outlook for our investment pipeline. Then Brandon will provide an update on our financial position. After that, we'll open the lines for Q&A. With that, I will now turn the call over to our Executive Chairman, Leonard Tannenbaum.

Thank you, Gabe. Good morning and welcome to our first quarter 2025 earnings conference call. As we are getting closer to our one year anniversary of trading on the NASDAQ, I am pleased with all of the progress that Sons has made. For the quarter ended March 31st, 2025, SUNS generated distributable earnings of 31 cents per basic weighted average share of common stock, which was in the middle of the distributable earnings range that we pre-announced on April 22nd, 2025. At the same time, Sons preannounced that it expected book value per share to be $13.60 to $13.90 per share. As of March 31, 2025, book value per share came in the middle of that range at $13.77 a share. As discussed last quarter, we provided guidance that our $0.30 dividend for the March quarter would be on or close to our first and second quarter distributable earnings. Guidance we provided last quarter remains unchanged as it pertains to the second quarter. Looking ahead, we are excited for the potential earnings growth in the second half of 2025 and the full year 2026, given that the construction loans in our current portfolio should accelerate funding over the next six to 18 months. These loans were structured with attractive rates and floors, which should benefit our future earnings as they are funded. Lastly, I'm pleased to announce that we now have five analysts covering Suns, up from one analyst in 2024. We appreciate the added communication that our analyst community provides for our investors and Suns. I will now turn it over to Brian to discuss the market and our portfolio.