Sunrise Realty Trust, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to Sunrise Realty Trust's third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press star 11 on your telephone, and you will then hear an automated message advising your hand is raised. And to withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Gabrielle 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 September 30th, 2025. I'm joined this morning by Leonard Tannenbaum, our executive chairman, Brian Sedrisch, 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 October 7, 2025 press release and is posted on the investor relations portion of our website at sunriserealtytrust.com, along with our third 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 third 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 Tanaba.

Thank you, Gabe. Good morning, and welcome to our third quarter 2025 earnings conference call. For the quarter ended September 30th, 2025, Suns generated distributable earnings of 31 cents per share of common stock, which covered our dividend of 30 cents. Before Brian walks through our pipeline and portfolio, I want to take a moment to highlight what really sets Suns apart from other commercial mortgage rates. At SUNS, our investment focus is clear. We originate transitional loans to properties primarily in the Southern United States. This is a region we know well, and that local expertise allows us to generate attractive risk-adjusted returns through disciplined underwriting and thoughtful structuring. As of September 30th, 2025, our leverage was approximately 0.4 times. That should increase as our existing loan commitments continue to fund. This is substantially below our targeted leverage of one to one and a half times. The peer average, however, is substantially higher than our target, as our long-term goal is to achieve an investment grade rating from the top agencies in the next three to five years. Now turning to the portfolio, our weighted average loan-to-cost at closing is only 56%. This conservative positioning has led to our strong credit performance Additionally, our new vintage portfolio with no loans made before January 2024 has also contributed to our strong portfolio performance. About 95% of our loans are floating rate with an average SOFR floor across the portfolio of about 4%. SOFR has now dropped below 4% and is anticipated to go lower. Given the silver floors in place across our loan book and our credit lines much lower floor at approximately 2.6%, we have the potential to earn additional income through the expansion in Suns net interest margin. As the company's largest shareholder, I believe Suns presents a terrific risk adjusted return at a lower effective tax rate. My confidence in our company is why I've continued to make frequent share purchases since our first day of trading. In my view, Suns today offers a compelling entry point at a meaningful discount to book value with stable dividend coverage and clear earnings and dividend growth potential. We've also built a team that's built for success. Our eight-person dedicated real estate team within the larger Tannenbaum Capital Group platform gives us this disciplined underwriting, deep local market knowledge, and a differentiated focus on transitional commercial real estate projects across the southern U.S. With that, I'll turn it over to Brian to discuss the market environment and walk through our portfolio in more detail.