Core Points - Advanced Flower Capital Inc. (AFC) declared a quarterly dividend of $0.15 per share for the quarter ending September 30, 2025, payable on October 15, 2025, to stockholders of record on September 30, 2025 [1] - The third quarter dividend remains consistent with the second quarter dividend, with the Board evaluating Distributable Earnings each quarter due to uncertainties regarding loan repayments [2] Company Overview - Advanced Flower Capital Inc. is a commercial mortgage real estate investment trust (REIT) that specializes in originating, structuring, underwriting, and managing senior secured mortgage loans, particularly for the cannabis industry in legalized states [3] - The company manages loans ranging from $10 million to over $100 million, secured by quality real estate assets and cash flows [3] Distributable Earnings - Distributable Earnings is a non-GAAP financial measure used by the company to evaluate performance, excluding certain transactions and GAAP adjustments [4][6] - The calculation of Distributable Earnings is similar to Core Earnings but includes Incentive Compensation earned during the period [5] - Distributable Earnings is defined as net income excluding stock-based compensation, depreciation, unrealized gains/losses, expected credit losses, and one-time events [6][7] - The company aims to distribute at least 90% of its annual REIT taxable income, with Distributable Earnings serving as a factor in determining dividend levels [7][8]

Core Insights - Advanced Flower Capital Inc. reported a GAAP net loss of $(13.2) million or $(0.60) per basic weighted average common share for Q2 2025, alongside Distributable Earnings of $3.4 million or $0.15 per basic weighted average common share [1][2] Financial Performance - The company experienced a net loss of $(13.2) million for the quarter ended June 30, 2025, compared to a net income of $16.4 million for the same period in 2024 [19] - Distributable Earnings for the quarter were $3.4 million, down from $11.4 million in the same quarter of the previous year [19] Strategic Developments - The company announced its intention to convert from a Mortgage REIT to a Business Development Company (BDC), which would allow it to pursue a wider range of investment opportunities beyond real estate [5][6] - The Board of Directors approved an amendment to the management agreement, expanding the investment mandate to include secured loans to ancillary cannabis companies and middle-market companies outside the cannabis sector [4][6] Market Context - The CEO highlighted a lack of capital entering the cannabis market and the need to selectively evaluate opportunities with established operators in attractive markets [3] - The conversion to a BDC is seen as a significant milestone, enabling the company to lend to ancillary cannabis businesses and diversify its investment portfolio [6][7] Dividend Information - The company paid a regular cash dividend of $0.15 per common share for Q2 2025 to shareholders of record as of June 30, 2025 [8]

Core Insights - The company is on track to achieve platform adjusted EBITDA profitability in the second half of 2025 [1][3] - The second quarter results reflect a positive step towards this goal, with a focus on hospitality, multifamily, and multi-tenant industrial real estate [3][6] - Recent legislative changes, specifically the passage of the BBB, have made the opportunity zone program permanent, benefiting the company's investment strategies [3] Financial Highlights - Platform revenue for Q2 2025 was $4.1 million, slightly down from $4.2 million in Q2 2024 [6] - The platform net loss was $4.9 million, or $3.87 per diluted share, compared to a net loss of $4.6 million, or $4.25 per diluted share in the prior year [6] - Platform adjusted EBITDA loss improved to $0.1 million from a loss of $2.5 million in the same quarter last year [6] Business Updates - Key milestones include the approval of the Canyon Village redevelopment project, which will convert a distressed office building into a 376-unit rental multifamily residential building [7] - The joint venture project, PURE Pickleball & Padel™, received design review approval, positioning it for a building permit [7] - A successful refinancing of $22.5 million for the Doubletree by Hilton Hotel in Tucson was completed [7] Consolidated Financial Results - Total consolidated revenue decreased to $5.1 million from $8.2 million, primarily due to the deconsolidation of several entities in 2024 [7] - Consolidated net loss attributable to Caliber was $5.3 million, or $4.15 per diluted share, compared to a net loss of $4.7 million, or $4.34 per diluted share in the previous year [7] - Consolidated adjusted EBITDA showed improvement, reaching $0.1 million compared to a loss of $1.0 million in Q2 2024 [7] Assets Under Management - As of June 30, 2025, the fair value of assets under management (AUM) was $803.2 million, up from $794.9 million at the end of 2024 [23][24] - The company reported a total managed capital of $498.6 million, reflecting an increase from $492.5 million at the end of 2024 [25][26]

Financial Performance - The company reported GAAP net income attributable to common stockholders of $005 per share for Q2 2025[9] - Distributable Earnings for Q2 2025 were also $005 per share of common stock[9] - A cash dividend of $006 per share of common stock was declared for the quarter[9] - Book Value Per Share of Common Stock was $327 as of June 30, 2025[9] Portfolio Composition and Activity - As of June 30, 2025, the company's loan portfolio totaled $924 million[9] - Approximately 906% of the loan portfolio was collateralized by multifamily assets[9] - The company experienced $634 million in loan payoffs and $36 million in loan fundings during the quarter[9] - The carrying value of the floating-rate CRE loan portfolio was $905 million as of June 30, 2025[20] Capital Structure - The company held $594 million in cash and cash equivalents as of June 30, 2025[9] - The company's leverage ratio decreased from 36x to 33x quarter-over-quarter[9] - Secured financings comprised 718% of the capital structure[32]

Core Points - Lument Finance Trust, Inc. reported a GAAP net income of $2.5 million for Q2 2025, equating to $0.05 per share of common stock [1] - Distributable earnings for the same period were $2.8 million, also $0.05 per share of common stock [1] - The company will host a conference call on August 11, 2025, to discuss these financial results [2] Financial Performance - The reconciliation of GAAP to non-GAAP information shows net income attributable to common shareholders at $2,505,731, with adjustments leading to distributable earnings of $2,771,648 [10] - Distributable earnings are defined as GAAP net income adjusted for non-cash items and one-time events, providing a clearer picture of the company's operational performance [5][7] Company Overview - Lument Finance Trust focuses on investing in, financing, and managing a portfolio of commercial real estate debt investments, primarily in transitional floating rate commercial mortgage loans [11] - The company is externally managed by Lument Investment Management LLC [11]

Company Overview - Sunrise Realty Trust (SUNS) is an institutional lender focused on commercial real estate projects in the Southern United States, targeting a low-teens net internal rate of return (IRR)[16] - The management team has structured over $21 billion in CRE and credit transactions[16] - SUNS deal selectivity since inception is approximately 1.5%, reflecting a focus on high-quality originations[17, 51] - The company has an active pipeline of over $1 billion in potential investments[17, 51] Financial Performance and Portfolio Composition - As of August 1, 2025, SUNS had approximately $360 million in current commitments[51, 57] - The portfolio is heavily weighted towards residential assets, comprising approximately 71% of current commitments[57] - Approximately 86% of the portfolio consists of floating-rate loans[60] - The portfolio's weighted average yield to maturity is approximately 12.2%[56, 57] Market Opportunity and Strategy - Over $2 trillion in CRE loans maturing by the end of 2027 create opportunity for SUNS to scale quickly[17] - SUNS is strategically focused on established and high-growth areas in the Southern U S , benefiting from accelerated population and employment migration trends[17] - The company targets opportunities with clear potential for value creation, focusing on supply-constrained markets, sound business plans, and strong financial sponsors[43, 48]

Financial Performance - Starwood Property Trust reported GAAP net income of $129.8 million and Distributable Earnings (DE) of $151.1 million for Q2 2025[6] - The company invested $3.2 billion in assets during the quarter, bringing the total for the first six months of 2025 to $5.5 billion, surpassing the full-year 2024 capital deployment[5] - The company paid a dividend of $0.48 per share for Q2 and declared a $0.48 dividend for Q3[5] Strategic Acquisitions and Capitalization - Acquired Fundamental Income Properties, a $2.2 billion fully integrated net lease real estate operating platform and owned portfolio[6] - Raised $502 million of common stock and repriced term loans totaling $1.6 billion at record low spreads[29] - The company has $5.0 billion in unencumbered assets and over $1.4 billion in unrealized property gains[7] Portfolio Composition and Diversification - Total assets are approximately $27.5 billion, with U S office representing only 9% of the diversified asset base[25, 30] - Commercial real estate lending represents about half of the company's asset base[7] - The company has successfully deployed $108 billion of capital since inception and manages a portfolio of over $27 billion across debt and equity investments[11] Lending Segment - The Commercial Lending Portfolio totals $15.5 billion[35] - The Infrastructure Lending Segment portfolio reached a record high of $3.1 billion[61]

Financial Performance - GAAP net loss was $181.7 million, or $1.30 per share; distributable loss was $110.1 million, or $0.77 per share; distributable earnings prior to realized losses was $14.8 million, or $0.10 per share[2, 16] - Provision for CECL reserves was $189.5 million, or $1.33 per share, primarily driven by specific reserves[2] - Book value was $12.27 per share[2] Loan Portfolio and Resolutions - Loan portfolio totaled $5.0 billion, with 98% floating-rate and 98% senior loans[2, 3] - Year-to-date loan resolutions amounted to $1.9 billion of UPB, including $1.0 billion during the quarter[2] - Loans with a risk rating of 4 or 5 were 42% of the loan portfolio ($2.1 billion of UPB, 17 loans), compared to 48% as of June 30, 2025 ($2.6 billion of UPB, 20 loans)[2] - CECL reserves on loans receivable were $332.7 million, or $2.32 per share, approximating 6.4% of UPB[2] Liquidity and Capitalization - Total liquidity was $224 million, including $209 million of cash as of June 30, 2025, increasing to $323 million, including $310 million of cash by August 5, 2025[2, 9] - Unencumbered assets included $398 million of loan UPB and $115 million of REO carrying value[2] - Net unfunded loan commitments declined to $123 million[2] - Outstanding financings decreased by $652 million during the quarter, including $188 million of deleveraging payments[2] - Net debt / equity ratio declined to 2.2x, and total leverage ratio declined to 2.6x[2] Real Estate Owned (REO) - Mixed-use REO generated $29 million of gross proceeds primarily related to the sale of five floors of office space[2, 38] - Refinanced debt related to the real estate owned hotel portfolio with a $235 million non-recourse loan[2, 38]

Core Insights - Sunrise Realty Trust, Inc. reported a GAAP net income of $3.4 million or $0.25 per basic weighted average common share for Q2 2025, with Distributable Earnings of $4.1 million or $0.31 per share [1][2] - The company is focusing on financing transitional assets, where competition is less intense, aiming for stronger returns amid increased market activity and demand for financing [3] Financial Performance - The company paid a cash dividend of $0.30 per common share for Q2 2025, distributing a total of $4.0 million in dividends, which is slightly below the Distributable Earnings of $0.31 per share for the same period [4] - A reconciliation of GAAP net income to Distributable Earnings shows that for Q2 2025, Distributable Earnings amounted to $4.1 million, compared to $1.6 million in Q2 2024 [15][16] Business Strategy - Sunrise Realty Trust, Inc. is positioned as a lender on the Tannenbaum Capital Group Real Estate platform, focusing on providing flexible financing solutions for transitional commercial real estate projects in the Southern United States [8][10] - The company emphasizes its expertise in structured solutions for sponsors of transitional commercial real estate, which is expected to capitalize on current market dynamics [3] Investor Relations - The company has made available an investor presentation for Q2 2025, which can be accessed on its website [5] - A conference call was scheduled for August 7, 2025, to discuss the financial results and business updates, with participation options available through a live audio webcast [7]

Extends Revolving Credit Facility Maturity to 2028 CHICAGO, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) ("Chicago Atlantic" or the "Company"), a commercial mortgage real estate investment trust, today announced its results for the quarter ended June 30, 2025. Peter Sack, Co-Chief Executive Officer, noted, "As our second quarter results demonstrate, we are managing our loan portfolio with a disciplined focus on solid consumer and product-focused cannabis operat ...