Sunrise Realty Trust, Inc.

Good day and thank you for standing by. Welcome to the Sunrise Realty Trust first quarter 2026 earnings call. At this time, our participants are in a listen-only mode. After the speaker's presentation, we'll open up for questions. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's call is being recorded. I would like to hand it over to our first speaker, 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, 2026. 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 I begin, I would like to note that this call is being recorded. Replay information is included on our April 15th, 2026 press release and is posted on the investor relations portion of our website at sunriserealtytrust.com, along with our first quarter 2026 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 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 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 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 2026 earnings conference call. For the quarter ended March 31st, 2026, Suns generated distributable earnings of $0.35 per share of common stock, which covered our dividend of $0.30 per share. The quarter was positively impacted by a short-term loan on a Colorado property, new deal closings, and the payoff of a loan to a multifamily property in Dallas. We were pleased with our first quarter results, which reflected the continued earnings power of our portfolio, the benefit of construction and other existing commitments funding during the quarter, and our ability to recycle capital through repayments and new originations at an attractive risk-adjusted return. During the quarter, we completed the foreclosure of our loan secured by Thompson San Antonio, a 162-key Class A hotel in Texas. We believe we are now better positioned to evaluate value-maximizing alternatives since the asset is not subject to the former sponsor's hotel management agreement and brand affiliation. Shortly after taking title, we engaged Eastill to market the asset. and the first round of bidding recently concluded. We received multiple attractive offers and expect the process to continue over the upcoming quarters. The ultimate transaction could take the form of an all-cash sale or a sale that includes lower leverage seller financing from Sons and its affiliates, combined with a meaningful equity contribution from the buyer. Based on the interest to date, we remain positive about our ability to resolve the investment in a timely manner. On the capital markets front, in March, we completed the expansion of our senior secured revolving facility to $165 million with the addition of Customers Bank, which committed an additional $25 million to our facility. With that, I'll turn it over to Brian to discuss the market environment and walk through our portfolio in more detail.