NASDAQ:SUNS | FOURTH QUARTER & FULL YEAR 2025 A TCG Company N A S D A Q : S U N S | I N V E S T O R P R E S E N T A T I O N D I S C L A I M E R S Some of the statements contained in this presentation constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and we intend such statements to be covered by the safe harbor provisions contained therein. Such forward-looking statements are based on the current intent, belief, expectations and views of futur ...

Core Viewpoint - Sunrise Realty Trust, Inc. has expanded its senior secured revolving credit facility to $165 million with the addition of Customers Bank, enhancing its liquidity and ability to finance ongoing commercial real estate projects [1][2][3]. Group 1: Credit Facility Expansion - The Credit Facility has been increased by $25 million from Customers Bank, bringing total commitments to $165 million, with the potential to expand to $200 million [1]. - Proceeds from the Credit Facility will be utilized for financing ongoing originations in target commercial real estate markets, funding future draws, and managing liquidity needs [2]. Group 2: Company Overview - Sunrise Realty Trust, Inc. is an institutional lender focused on providing flexible financing solutions for commercial real estate projects, primarily in the Southern United States [3]. - The company targets transitional commercial real estate business plans that have potential for near-term value creation, backed by high-quality assets in rapidly growing markets [3]. Group 3: TCG Real Estate - TCG Real Estate consists of affiliated debt funds, including Sunrise Realty Trust, which focus on transitional commercial real estate properties with growth potential [4]. Group 4: Customers Bank Profile - Customers Bancorp, Inc. is a leading banking company with over $24 billion in assets, providing a range of financial services including commercial real estate lending [5]. - The bank is recognized for its technology-enabled tailored product experiences and has a strong customer service approach [5].

Core Insights - The lending landscape is characterized by abundant liquidity and competitive conditions, particularly in bridge lending and private credit, with significant capital raised across various sources [2][3] - Commercial real estate credit is seeing substantial allocations, with Fannie Mae and Freddie Mac each having $88 billion allocated for 2026, reflecting a favorable lending environment [3] - Competition among lenders is compressing spreads faster than improvements in fundamentals, leading to more aggressive underwriting assumptions [4] Liquidity and Market Conditions - Liquidity remains abundant, with capital outpacing deal flow, prompting lenders to underwrite more aggressively [2] - The multifamily sector is particularly strong, with increased allocations from major agencies and banks returning to the market [3] - The office sector is selective but not entirely shut down, with capital focusing on high-quality assets [5] Pricing and Underwriting Trends - Competition is leading to tighter spreads, with some lenders accepting more aggressive terms than previously [4] - There is a focus on sponsor quality and asset condition despite the competitive environment [4] Structured Capital and Market Adjustments - There is an increase in mezzanine and preferred equity capital as sponsors address over-levered positions [6] - Market adjustments are occurring gradually, with lenders pushing borrowers to make decisions in a staged manner [7] Maturity and Risk Management - A maturity cliff exists, with banks holding about 40% of outstanding commercial real estate debt, but there is potential for restructuring to mitigate risks [8] - Clients are advised to take deals that work today and to de-risk near-term maturities, focusing on refinancing based on current market conditions [9]

Core Insights - CIM Group has finalized a loan of $167.67 million to affiliates of Concord Hospitality and Whitman Peterson to recapitalize a portfolio of 15 WoodSpring Suites extended-stay hotels across multiple states [1][2] - The loan includes an initial funding of $117.67 million, with an additional $50 million available for earn-out opportunities and potential expansion of the hotel portfolio [2] - This transaction aligns with CIM Group's strategy to focus on the hospitality industry, particularly in select-service and extended-stay hotels [3] Company Overview - CIM Group has completed over $60 billion in real estate and infrastructure projects across the Americas since its founding in 1994 [4] - The company engages in various lending activities, including mortgage and mezzanine loans, as well as bridge and construction financing for commercial real estate owners and developers [4] - In 2023, CIM Group has executed similar transactions, including a $75 million loan for a select-service hotel property in San Diego [3] Recent Transactions - In September 2023, CIM Group closed two loans for hotels in Florida, including a $34.97 million senior loan for a dual-branded Aloft/Element hotel in Orlando and a $28.9 million whole loan for an Aloft hotel in Tampa [5]

Financial Data and Key Metrics Changes - For Q3 2025, the company generated distributable earnings of $0.31 per share, covering the dividend of $0.30 per share [5][13] - Net interest income for the quarter was $6.1 million, with GAAP net income at $4.05 million [13][14] - The company ended the quarter with total assets of $258.8 million and total shareholder equity of $184.6 million, resulting in a book value of $13.76 per share [14] Business Line Data and Key Metrics Changes - The portfolio had $367 million in commitments and $253 million in principal outstanding across 13 loans as of September 30, 2025 [14] - The weighted average loan-to-cost at closing was 56%, indicating conservative positioning [6] - Approximately 95% of the loans are floating rate, with an average SOFR floor of about 4% [6] Market Data and Key Metrics Changes - There has been a notable increase in financing requests, indicating a recovery in the real estate market [8][9] - The bid-ask spread between buyers and sellers is narrowing, which is increasing transaction volume [9] - Most new financing activity is concentrated in the bridge lending space, particularly in multifamily and industrial properties [10] Company Strategy and Development Direction - The company focuses on originating transitional loans primarily in the southern United States, aiming for attractive risk-adjusted returns [5][6] - The long-term goal is to achieve an investment-grade rating within the next three to five years [6] - The company is expanding its real estate pipeline, with two signed non-binding term sheets totaling approximately $170 million [11] Management's Comments on Operating Environment and Future Outlook - Management noted a renewed sense of interest rate stability, encouraging more sponsors to engage in capital planning [8] - The company remains confident in its ability to capitalize on attractive opportunities in the current market environment [12] - The underlying performance of the portfolio is progressing as expected, with no significant issues reported [30][31] Other Important Information - The company has a CESL reserve of approximately $400,000, or 17 basis points for loans at carrying value [14] - The board declared a dividend of $0.30 per share, paid on October 15, 2025 [13] Q&A Session Summary Question: What new geographies within the southern U.S. are being seen in the pipeline? - The company is focusing on Florida, Texas, North Carolina, Georgia, and Tennessee for new deals [17][18] Question: Are there any geographies that stand out as the most attractive for investment? - Texas and Florida continue to present interesting opportunities, with the Carolinas and Tennessee also being areas of focus [18][19] Question: How is the debt side of the business strategy progressing? - The company is not pursuing a repo line and is focused on obtaining an investment-grade rating while expanding bank lines [24][25] Question: How is the portfolio performing and what trends are being observed? - The portfolio is performing as expected, with steady progress in construction and sales [30][31]

Financial Data and Key Metrics Changes - For Q3 2025, the company generated distributable earnings of $0.31 per share, covering the dividend of $0.30 per share [5][15] - The net interest income for the quarter was $6.1 million, with GAAP net income of $4.05 million [14][15] - As of September 30, 2025, total assets were $258.8 million, and total shareholder equity was $184.6 million, resulting in a book value of $13.76 per share [16] Business Line Data and Key Metrics Changes - The company’s portfolio had $367 million in commitments and $253 million in principal outstanding across 13 loans as of September 30, 2025 [16] - The weighted average loan-to-cost at closing was only 56%, indicating conservative positioning [6] - The portfolio yield to maturity was approximately 11.8% [16] Market Data and Key Metrics Changes - There has been a notable increase in financing requests, indicating a recovery in the real estate market [9] - The bid-ask spread between buyers and sellers is narrowing, which is increasing transaction volume [10] - Most new financing activity is concentrated in the bridge lending space, particularly in multifamily and industrial properties [11] Company Strategy and Development Direction - The company focuses on originating transitional loans primarily in the southern United States, aiming for attractive risk-adjusted returns [5][6] - The long-term goal is to achieve an investment-grade rating within the next three to five years [6] - The company is expanding its presence in the southern U.S., with a focus on states like Florida, Texas, North Carolina, Georgia, and Tennessee [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted a renewed sense of interest rate stability, encouraging more sponsors to engage in capital planning [9] - The company remains confident in its ability to capitalize on attractive opportunities in the current market environment [13] - The underlying construction activity and progression of loans are performing as expected, with no significant issues reported [32] Other Important Information - The company has a CESL reserve of approximately $400,000, or 17 basis points for loans at carrying value [16] - The company is not pursuing a repo line and aims to maintain a conservative leverage strategy [26][29] Q&A Session Summary Question: What new geographies within the southern U.S. are being seen in the pipeline? - The company is focusing on Florida, Texas, North Carolina, Georgia, and Tennessee, with a preponderance of deals in these areas [19] Question: Are there any geographies that stand out as the most attractive for investment? - Texas and Florida continue to present interesting opportunities, with the Carolinas and Tennessee also being areas of focus [20] Question: How is the debt side of the business strategy progressing? - The company is focused on expanding bank lines and is considering preferred or unsecured debt offerings, avoiding high-leverage deals [26][27][29] Question: How is the portfolio performing and what trends are being observed? - The portfolio is performing as expected, with steady progress in construction and sales, and a recent pickup in for-sale projects noted [32]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported GAAP net income of approximately $5 million or $0.08 per diluted common share, with distributable earnings of approximately $6 million or $0.10 per diluted common share, which excludes a realized loss of $1.6 million [14][15] - The net debt-to-equity ratio, excluding CECL, decreased to 1.1 times, down from 1.2 times quarter over quarter and 1.8 times year over year [16] - Outstanding borrowings were reduced to $811 million, a decrease of 9% quarter over quarter and 40% year over year [16][17] - The CECL reserve declined to $117 million, representing approximately 9% of the total outstanding principal balance of loans held for investment [17][18] Business Line Data and Key Metrics Changes - The office portfolio was reduced to $495 million, a decrease of 6% quarter over quarter and 26% year over year, driven by repayments and strategic restructuring [5] - The company closed five new loan commitments totaling $93 million across multifamily and self-storage properties during Q3, with continued momentum into Q4, closing over $270 million of loans [11][12] Market Data and Key Metrics Changes - The multifamily sector showed strong demand, with absorption rates significantly higher than historical averages, indicating a positive outlook despite stagnant rent growth [37] - The company noted that the office market continues to face headwinds, impacting the overall lending environment [28] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet while addressing risk-rated 4 and 5 loans, with a focus on capital deployment to diversify the loan portfolio [4][5] - The strategy includes leveraging the ARES Real Estate platform to participate in larger institutional assets while maintaining a focus on middle-market lending [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term earnings potential, emphasizing the importance of resolving non-accrual loans and reinvesting proceeds to expand the loan portfolio [13] - The company anticipates a return to portfolio growth in the first half of 2026, supported by a strong liquidity position and ongoing repayments [16][19] Other Important Information - The board declared a regular cash dividend of $0.15 per common share for Q4 2025, payable on January 15, 2026 [18] - The company highlighted the benefits of co-investing with other ARES Real Estate funds, resulting in a more diversified portfolio [12] Q&A Session Summary Question: Comments on the mix of new loans and market focus - Management acknowledged the small dataset affecting average loan sizes and emphasized a focus on self-storage assets while also participating in larger transactions through the ARES platform [24][25] Question: Timeline for resolving risk-rated five loans - Management indicated ongoing progress and a focus on balancing resolution speed with principal recovery, with a commitment to resolving these assets [33][34] Question: Drivers behind multifamily downgrades and market outlook - Management noted that upcoming maturity dates were significant factors in downgrades, while overall demand in the multifamily sector remains strong, with a positive outlook for the next few years [36][37]

Financial Data and Key Metrics Changes - The company reported distributable earnings (DE) of $151 million or $0.43 per share, while GAAP net income was $130 million or $0.38 per share [4] - Capital deployment for the first six months of the year reached $5.5 billion, surpassing the total for all of 2024 [4] - The adjusted debt to undepreciated equity ratio ended the quarter at 2.5 times, slightly increasing from the previous quarter [14] Business Line Data and Key Metrics Changes - Commercial and residential lending contributed DE of $174 million for the quarter, with a loan portfolio growth of $946 million, bringing the total to $15.5 billion [5] - The residential lending portfolio ended the quarter at $2.3 billion, with $60 million in repayments [9] - The infrastructure lending segment contributed DE of $21 million, with a record $700 million of loans committed [12] Market Data and Key Metrics Changes - The company’s active servicing portfolio ended the quarter at $10.3 billion, with $1 billion of new transfers dominated by office properties [11] - The CMBS portfolio increased by $55 million due to new purchases [12] - The weighted average risk rating of the portfolio remained stable at 2.9 [7] Company Strategy and Development Direction - The acquisition of Fundamental Income Properties for $2.2 billion is expected to enhance the company’s capabilities in the net lease sector, with a focus on leveraging existing expertise [13][18] - The company aims to grow its diversified business model, reducing reliance on CRE loans, which now represent only 52% of total assets compared to 65% in 2022 [22] - The strategy includes optimizing the balance sheet by refinancing at lower spreads and maintaining a strong liquidity position [14][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for lower interest rates and a recovery in the real estate market, which could lead to increased transaction volumes [29][30] - The company is well-positioned to navigate challenges and is focused on becoming investment grade, with plans to grow earnings materially over time [41][36] - The management highlighted the importance of maintaining a fortress balance sheet and the benefits of diversification in sustaining dividends [35][36] Other Important Information - The company received recognition from rating agencies for its diversity, leverage profile, liquidity position, and stable earnings [14] - The company has maintained its dividend for 47 consecutive quarters, reflecting its commitment to shareholder returns [22] Q&A Session Summary Question: Expectations for CRE loan growth and impact of Fed rate cuts - Management expects to end the year close to $10 billion in CRE loans, with lower rates likely accelerating loan growth and refinancing opportunities [46][48] Question: Ramp up of the net lease portfolio business - The company is optimistic about growing the net lease portfolio, with potential for larger acquisitions as the pipeline rebuilds [56][60] Question: Sustainability of spreads in the infrastructure business - Management indicated that while spreads have widened, they are maintaining margins through more direct deals and expect continued growth in infrastructure origination [62][71] Question: Credit portfolio stabilization and hotel exposure - Management believes credit in the portfolio has stabilized, with no significant losses in the hotel sector, which comprises 6% of the overall asset base [78][82]

Core Points - Timbercreek Financial has declared a monthly cash dividend of $0.0575 per common share, payable on August 15, 2025, to shareholders of record on July 31, 2025 [1] - The company offers a Dividend Reinvestment Plan that allows shareholders to reinvest cash dividends into additional common shares at a potential discount without incurring commissions or fees [2] - Under the Dividend Reinvestment Plan, shares will be acquired either in the open market at prevailing prices or issued from treasury at 98% of the average market price for the five trading days prior to the dividend payment date [3] - Shareholders holding shares through brokers or other nominees must enroll for the reinvestment plan through their respective nominee [4] - Timbercreek Financial is a non-bank commercial real estate lender that provides structured financing solutions, focusing on faster execution and flexible terms compared to traditional Canadian financial institutions [4]

Summary of BrightSpire Capital (BRSP) 2025 Conference Call Company Overview - BrightSpire Capital was formed from the merger of Colony Capital and North Star, transitioning from Colony Credit in 2020 during the COVID-19 pandemic [4][5] - The company has internalized its management and is one of the few internally managed commercial mortgage REITs [6] Financial Performance and Strategy - The current portfolio stands at $2.5 billion, with 43% in multifamily, 22% in office, 14% in net lease, 8% in industrial, and 13% in other categories [24] - The company aims to increase its multifamily exposure to over 50% of the loan book and grow the portfolio to approximately $3.5 billion [24][25] - The stock price is currently $5, while the book value is estimated at $8.75, indicating a significant market dislocation [11] - The company plans to cover its dividend of 16 cents per quarter and aims to increase it back to 20 cents as earnings grow [12][55] Origination Activity - The company has originated approximately $300 million in loans since late 2022, with a focus on middle-market lending [10] - The origination market is currently challenging, with a high percentage of refinancing requests and a lack of actionable deals [15][18] - The market is described as "zombie-like," driven by lenders rather than organic borrower activity [18][19] Market Dynamics - Interest rates remain high, with SOFR in the low fours, impacting borrower activity and refinancing options [23] - The company is experiencing a shift in its origination focus, with multifamily remaining a priority, while also exploring industrial and lodging opportunities [25][26] Asset Management and Foreclosures - The company recently foreclosed on a significant asset in San Jose, which is expected to be a source of capital in the future [35][41] - The asset is currently undergoing management improvements to enhance its value before potential sale [42][43] Capital Structure and Future Plans - BrightSpire aims to issue another CLO by the end of the year, contingent on origination volume [47][49] - The company is committed to its dividend policy despite potential negative coverage in the short term, with plans to resolve low-earning assets [55] Conclusion - BrightSpire Capital is navigating a challenging market environment with a focus on stabilizing its portfolio, increasing multifamily exposure, and managing its capital structure effectively [60]