Sunrise Realty Trust, Inc.

Good morning and welcome to Sunrise Realty Trust fourth quarter and fiscal year 2025 earnings call. At this time, all participants are in listen-only mode. Later, we will conduct the question and answer session and instructions will be given at that time. As a reminder, this call is being recorded. 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 and fiscal year ended December 31st, 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 February 10th, 2026 press release and is posted on the investor relations portion of our website at sunriserealtytrust.com. along with our fourth quarter and fiscal year 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 2026 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 annual report on Form 10-K 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 fourth quarter and fiscal year earnings release uploaded to our website for reconciliations of the non-GAAP financial measures with the most directly comparable gap 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 and discuss our existing portfolio. 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 fourth quarter and fiscal year 2025 earnings conference call. As we finished 2025 and turn to 2026, we remain focused on providing loans to sponsors of transitional real estate business plans, primarily in the southern United States. Our portfolio construction remains similar to how we began the year with a focus on residential loans, which are mainly senior secured and floating rate. From a broader real estate market perspective, 2025 also seemed to be a transition year. We saw limited transaction volume in early 25, which gave way to improving conditions in the second half as the Federal Reserve's rate easing cycle took hold. As a reminder, SUNS, S-U-N-S, is an important part of the TCG real estate platform. The platform consists of a number of funds focused on sourcing, underwriting, and investing in commercial real estate loans. The affiliation with our platform provides Suns with a scalable infrastructure, debt and equity capital markets expertise, and the ability to pursue larger transactions than it could currently pursue on its own. During the fiscal year ended December 31st, 2025, the TCG real estate platform closed on $368 million of loans, of which Suns committed $247 million, and funded $224 million. Additionally, during the 2025 fiscal year, SONS received $52 million of repayments. As of February 27th, the TCG real estate platform has closed on $91 million in loans this year, with SONS committing $62 million of that total. For the quarter ending December 31st, 2025, SUNS generated distributable earnings of 27 cents per share, per basic weighted average share of common stock. Earnings were impacted by the loan to Thompson Hotel in San Antonio, which we foreclosed on less than two weeks ago. In line with our policies, we placed the loan on non-accrual during the fourth quarter, which reduced distributable earnings by approximately three cents a share. Had this loan been on accrual, distributable earnings would have been approximately 30 cents per share. Looking ahead, the Board of Directors has declared a 30 cent dividend per share for the quarter ended March 31st, 2026. We remain focused on paying a dividend that is consistent with the earnings power of the business over the medium term. I'm also pleased to announce that subsequent to the quarter end, we increased our revolving credit facility to $165 million with the addition of Customers Bank, who has committed $25 million. As a reminder, our revolving credit facility, originally established in November of 2024, remains expandable to $200 million and carries an interest rate at $275 over SOFR with a 2.63% floor. With that, I'll turn it over to Brian to walk through our portfolio in more detail.