Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $10.6 million or negative $0.22 per basic common share for Q1 2025, which includes a provision for credit losses of $3.8 million or negative $0.08 per basic common share [23] - The book value at March 31 was $8.24 per common share, a decline of about $0.23 per share from Q4, primarily due to the GAAP net loss [24] - The aggregate CECL reserve at March 31 was approximately $180 million or $3.72 per common share, down from $201 million or $4.12 per common share in the previous quarter [24] Business Line Data and Key Metrics Changes - The total loan portfolio commitments at the end of Q1 were $2 billion, with an outstanding principal balance of $1.9 billion and about $93 million of future fundings [14] - The realized loan portfolio yield for Q1 was 6.8%, up from 6.6% in the prior quarter, while excluding nonaccrual loans, the yield was 8.5% [15][16] - The company resolved two non-accrual loans totaling about $97 million during Q1, reducing the risk-rated five loan count from seven at year-end to three remaining [10][11] Market Data and Key Metrics Changes - The commercial real estate market showed improved sentiment at the beginning of 2025, with credit spreads tightening and enhanced liquidity, although recent tariff announcements have introduced renewed uncertainty [9] - The company noted that commercial real estate is better positioned today compared to previous years, with a lower reset basis across most property types and markets [9] Company Strategy and Development Direction - The company plans to maintain higher liquidity, extend debt maturities, and engage in value-enhancing activities while navigating market volatility [12] - The management anticipates returning to new originations in the latter part of the year, which is expected to improve run rate profitability and earnings over time [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the commercial real estate market, noting that while there are headwinds, the debt markets remain open and functioning [11] - The company is focused on resolving non-accrual loans and expects to further pay down remaining expensive debt, which should enhance profitability [25] Other Important Information - The company repurchased about 900,000 common shares during Q1, believing that the current market price does not reflect the business's value [12] - The company has about $86 million of unrestricted cash and total leverage remained unchanged at 2.2 times relative to the prior quarter [26] Q&A Session Summary Question: Potentially starting originations back up in the second half of the year - Management indicated a balance between preserving liquidity and stock buybacks, with flexibility to continue buybacks while considering new originations later in the year [28][29] Question: Progress on working down risk-rated loans - Management noted that the majority of the portfolio is performing well, with no negative credit migration in Q1 and only one rating change overall [30][32] Question: Clarification on write-offs and realized losses - Management confirmed that the $37 million write-off includes $22 million related to one resolution and $15 million related to another [40][42] Question: Remaining term to maturity of the portfolio - Management clarified that there are loans maturing in 2025, 2026, and some extending into 2027, with over 20% of the portfolio expected to mature in 2025 [46][50] Question: Reserve on risk-rated loans - The reserve on risk-rated four loans is approximately $13.1 million, relating to a balance of $174 million [54][56] Question: Income generation from REO assets - Management indicated that the REO properties are expected to generate positive NOI, with ongoing leasing discussions [59][65]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $10.6 million or negative $0.22 per basic common share for Q1 2025, which includes a provision for credit losses of $3.8 million or negative $0.08 per basic common share [23] - The book value at March 31 was $8.24 per common share, a decline of about $0.23 per share from Q4, primarily due to the GAAP net loss [24] - The aggregate CECL reserve at March 31 was approximately $180 million or $3.72 per common share, down from $201 million or $4.12 per common share in the previous quarter [24] Business Line Data and Key Metrics Changes - The total loan portfolio commitments ended the first quarter at $2 billion, with an outstanding principal balance of $1.9 billion and about $93 million of future fundings [14] - The loan portfolio yield for Q1 was 6.8%, up from 6.6% in the prior quarter, while excluding nonaccrual loans, the yield was 8.5% compared to 8.8% previously [15] - The company resolved two nonaccrual loans totaling about $97 million in UPB during the first quarter, reducing the risk-rated V loan count from seven at year-end to three remaining [10][11] Market Data and Key Metrics Changes - The commercial real estate market showed improved sentiment at the beginning of 2025, with tightening credit spreads and enhanced liquidity, although recent tariff announcements have introduced renewed uncertainty [8] - The company noted that commercial real estate is better positioned today compared to previous years, with a lower reset basis across most property types and markets [8] Company Strategy and Development Direction - The company plans to maintain higher liquidity, extend debt maturities, and engage in value-enhancing activities while navigating market volatility [12] - The company anticipates returning to new originations in the latter part of the year, which is expected to improve run rate profitability and earnings over time [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the commercial real estate market, noting that while there are headwinds, the debt markets remain open and functioning [11] - The management team emphasized the importance of resolving nonaccrual loans and maintaining liquidity to maximize value during uncertain times [21] Other Important Information - The company repurchased about 900,000 shares of common stock during the first quarter and has about 3.9 million shares remaining under its existing buyback authorization [12] - The company has three remaining nonaccrual loans rated five, with a total balance of about $223 million [25] Q&A Session Summary Question: How does the company balance stock buybacks versus originating new loans? - Management indicated that they are currently focused on preserving liquidity and have been active in stock buybacks, with plans to balance this against new originations later in the year [28][29] Question: What is the status of the risk-rated loans and potential downgrades? - Management noted that the majority of the portfolio is performing well, with no negative credit migration in the first quarter, and they are closely monitoring the risk-rated loans [30][32] Question: Can you clarify the realized losses and their timing? - Management confirmed that the $37 million write-off includes $22 million related to one resolution, and they expect to recognize these in distributable EPS [40][41] Question: What percentage of the portfolio matures in 2025? - Management clarified that a little over 20% of the portfolio has a final maturity in 2025, with loans maturing in 2026 and beyond as well [49][50] Question: What is the reserve on risk-rated four loans? - The reserve on risk-rated four loans is approximately $13.1 million, which relates to a balance of $174 million [53][54] Question: What is the status of the Miami office property? - Management indicated that the Miami office property is a high-quality Class A asset with potential, and they are actively reviewing resolution alternatives and leasing discussions [63][64]

Financial Data and Key Metrics Changes - For Q1 2025, the company generated distributable earnings of $0.31 per basic weighted average share, aligning with preannounced expectations [5][6] - Book value per share as of 03/31/2025 was $13.77, within the expected range of $13.6 to $13.9 [5][6] - Net interest income for the quarter was $4.6 million, with GAAP net income at $3.1 million or $0.27 per share [14][16] Business Line Data and Key Metrics Changes - The TCG real estate platform originated $213 million in loans during the quarter, with SUNS committing $148 million and funding $110 million [10][11] - As of 03/31/2025, SUNS had $352 million in commitments and $233 million funded across 12 loans [15][16] - The weighted average portfolio yield to maturity was reported at 12.1% [16] Market Data and Key Metrics Changes - The company noted a pullback from banks in the commercial real estate lending market, creating opportunities for alternative lenders like SUNS [9][10] - The current portfolio is well-positioned with 88% of outstanding principal at floating rates, benefiting from a weighted average floor of 4.1% [11][12] Company Strategy and Development Direction - The company aims to focus on high-quality assets in growing markets, particularly in the Southern United States [9][10] - There is an emphasis on well-located residential and mixed-use assets backed by experienced sponsors [12] - The management team is optimistic about earnings growth in the second half of 2025 and into 2026 due to the acceleration of construction loan funding [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the existing portfolio's resilience despite market volatility and tariff policy uncertainties [9][10] - The company is monitoring potential impacts on construction projects but does not anticipate material effects at this time [10][39] - Management indicated that they have sufficient capital to execute their business plan and are planning an unsecured raise in Q4 2025 [43][44] Other Important Information - The Board declared a dividend of $0.30 per share for Q1 2025, with expectations for a similar dividend in Q2 [14][56] - The company has waived approximately $570,000 of base management fees and $300,000 of incentive fees for the quarter [25][29] Q&A Session Summary Question: Changes in loan pipeline - The loan pipeline has decreased from $1.4 billion to $800 million due to evolving market conditions and the withdrawal of some lenders, but the overall opportunity set remains strong [18][20] Question: Dallas loan rate concerns - The Dallas loan aligns with portfolio construction strategies, and while it has a lower rate, it is expected to provide good risk-adjusted returns [21][23] Question: Future management fee waivers - The company has waived a total of $800,000 in fees so far and plans to fulfill the commitment of waiving $1 million by the end of the year [29][30] Question: Florida residential market outlook - The company is cautious about the Florida market but has not seen significant weakness yet; they are extending absorption schedules for new deals [38][39] Question: Capital availability and funding plans - The company has sufficient capital to execute its business plan and plans to expand its bank line to $200 million [43][44] Question: Allocation of signed term sheets - Allocation decisions for the signed term sheets depend on capital availability and conditions precedent for closing deals [48][49] Question: Dividend expectations for the rest of the year - The company expects Q2 dividends to be in line with distributable earnings, with guidance for future dividends remaining consistent [54][56]

Financial Data and Key Metrics Changes - The loan portfolio principal totaled $407 million across 30 portfolio companies with a weighted average yield to maturity of 16.9%, down from 17.2% in the previous quarter [11] - Net interest income for Q1 was $13 million, a 7.3% decrease from $14.1 million in Q4 2024, primarily due to a decrease in non-recurring fees [15] - Total leverage was 28% of book equity as of March 31, down from 34% at the end of 2024 [12] - Distributable earnings per share were approximately $0.47 and $0.46 for basic and fully diluted shares, consistent with the previous quarter [19] Business Line Data and Key Metrics Changes - Gross originations during the quarter were $4.4 million, with $500,000 to new borrowers and $3.9 million to existing borrowers on delayed draw, offset by $9.2 million in sales and repayments [11] - The percentage of fixed-rate loans and floating-rate loans with floors greater than or equal to the prevailing prime rate was 71.2% [11] Market Data and Key Metrics Changes - The cannabis pipeline across the Chicago Atlantic platform stands at $462 million, with expectations for deployments to accelerate in Q2 and Q3 [9][23] - The company remains the third top-performing exchange-listed mortgage REIT, outperforming the median and average total return for all exchange-listed mortgage REITs by approximately 51% and 55% respectively since inception [10] Company Strategy and Development Direction - The company aims to create a differentiated and low-levered risk-return profile insulated from cannabis equity volatility [9] - The focus is on deploying capital with consumer and product-focused operators in limited license jurisdictions at low leverage profiles [7] - The company is cautious in its approach, reflecting selectivity in deployment due to market uncertainties and low valuations in the cannabis sector [40] Management's Comments on Operating Environment and Future Outlook - Management believes that the current operating environment is characterized by volatility and uncertainty, particularly in the cannabis equity markets [6][12] - The company expects to compete for refinancing opportunities in 2025, with a significant number of maturities anticipated [30] - Rescheduling of cannabis regulations could lead to increased cash flow for borrowers and greater market activity, although significant new entrants to the market are not yet evident [32][34] Other Important Information - The company raised approximately $1 million in net proceeds from the issuance of common stock through its ATM program [19] - The CECL reserve on loans held for investment decreased to approximately $3.3 million from $4.4 million, primarily due to the reversal of reserves related to loan number nine [17] Q&A Session Summary Question: Can you provide details on the near-term pipeline of $462 million? - The pipeline is generally related to CapEx, with expectations for deployments to accelerate in Q2 and Q3 [22][23] Question: What pricing assumptions are being made in underwriting? - Pricing in the industry is evolving, with adjustments made based on market conditions and state-specific developments [25][26] Question: How much visibility is there into repayments and net portfolio growth in 2025? - The aim is to achieve net portfolio growth in 2025, with significant maturities expected [30] Question: How would rescheduling impact the business? - Rescheduling could significantly increase after-tax free cash flow for borrowers and enhance the overall market environment [32] Question: What are the unfunded commitments at the end of the quarter? - There are approximately $19.8 million of unfunded commitments related to construction milestones and other projects [43]

Financial Data and Key Metrics Changes - The company's net interest income for Q1 2025 was $13 million, a 7.3% decrease from $14.1 million in Q4 2024, primarily due to a decrease in non-recurring fees and the impact of a 50 basis point decrease in the prime rate [14][18] - The loan portfolio principal totaled $407 million across 30 portfolio companies, with a weighted average yield to maturity of 16.9%, down from 17.2% in the previous quarter [10][11] - Total leverage was 28% of book equity as of March 31, compared to 34% at the end of 2024 [11] Business Line Data and Key Metrics Changes - Gross originations during the quarter were $4.4 million, with $500,000 funded to new borrowers and $3.9 million to existing borrowers on delayed draw, offset by sales and repayments of $9.2 million [10] - The percentage of fixed-rate loans and floating-rate loans with floors at or above the prevailing prime rate was 71.2% [10] Market Data and Key Metrics Changes - The cannabis pipeline across the Chicago Intake platform stands at $462 million, with expectations for deployments to accelerate in Q2 and Q3 [8][21] - The company remains the third top-performing exchange-listed mortgage REIT, outperforming the median and average total return for all exchange-listed mortgage REITs by approximately 51% and 55% respectively since inception [9] Company Strategy and Development Direction - The company aims to create a differentiated and low-levered risk-return profile insulated from cannabis equity volatility, focusing on credit and collateral first [6][8] - The management emphasizes a disciplined and patient approach to capital deployment, prioritizing credit protection and risk-adjusted returns [8] Management's Comments on Operating Environment and Future Outlook - Management noted that the current operating environment is characterized by volatility in the cannabis equity markets, which affects capital providers [6] - The company is optimistic about net portfolio growth in 2025, with significant maturities expected and a focus on refinancing strong-performing assets [30][42] Other Important Information - The company raised approximately $1 million in net proceeds from the issuance of common stock through its ATM program, with a weighted average selling price representing a premium to book value [18] - The CECL reserve on loans held for investment decreased to approximately $3.3 million from $4.4 million, primarily due to the reversal of reserves related to loan number nine [15][16] Q&A Session Summary Question: Can you provide details on the near-term pipeline of $462 million? - Management indicated that the pipeline is generally related to CapEx and expects deployments to accelerate in Q2 and Q3 [21][22] Question: How are pricing assumptions being adjusted in underwriting? - Management noted that pricing in the industry is evolving, with downward price compression observed in various states, including Massachusetts [24][26] Question: What visibility do you have into repayments and net portfolio growth? - Management aims for net portfolio growth in 2025, with a focus on refinancing strong-performing assets [30][42] Question: How would rescheduling impact the business? - Management believes rescheduling would significantly increase after-tax free cash flow for borrowers, enhancing downside protection and supporting growth [33] Question: What are the unfunded commitments at the end of the quarter? - The company has approximately $19.8 million in unfunded commitments, which are contingent on meeting certain conditions [44] Question: How does the allocation process for funding opportunities work? - Management explained that all opportunities are given equal consideration across funds, but specific allocations depend on eligibility and diversification requirements [50]

Financial Data and Key Metrics Changes - The company reported distributable earnings of $57.3 million or $0.28 per share, and $0.31 per share excluding one-time realized losses from the sale of two REO assets [19] - The return on equity (ROE) for the first quarter was approximately 10% [19] - The company anticipates a quarterly distributable earnings guidance of $0.30 to $0.35 for 2025 [19] Business Line Data and Key Metrics Changes - The balance sheet lending platform originated $370 million in new bridge loans during the first quarter, with a full-year guidance of $1.5 billion to $2 billion [12][13] - The agency business had a slow first quarter, producing $6 million in originations and $731 million in loan sales, maintaining strong margins of 1.75% [25] - The investment portfolio grew to $11.5 billion at March 31, with an all-in yield of 7.85% [26] Market Data and Key Metrics Changes - The company experienced a reduction in delinquencies, down 20% to $654 million at March 31 compared to $819 million at December 31 [22] - The average yield on core investments decreased to 8.15% from 8.52% due to a reduction in the average SOFR rate [26] - The overall net interest spread in core assets decreased to 1.26% from 1.44% [28] Company Strategy and Development Direction - The company is focused on resolving REO assets and delinquencies, viewing 2025 as a transitional year to set up for growth in 2026 [18] - The company plans to leverage efficiencies in the securitization market to drive higher returns on capital [6][18] - The strategy includes repositioning underperforming assets to improve occupancy and net operating income (NOI) [11] Management's Comments on Operating Environment and Future Outlook - Management noted significant uncertainty and volatility in the interest rate environment, impacting the ability to predict future performance [8] - The company expects continued challenges in the short term due to the drag on earnings from REO assets and delinquencies [12] - If interest rates decrease, it could positively impact the company's ability to convert non-interest earning assets into income-producing investments [11] Other Important Information - The company has successfully modified $38 million of loans and brought $39 million of loans back to full performance [10] - The company took back $197 million of REO assets in the first quarter, with expectations to increase REO assets to between $400 million and $500 million [52] - The company has managed to deleverage its business by 30%, reducing the leverage ratio to 2.8:1 [29] Q&A Session Summary Question: Outlook for the Bridge Loan Portfolio - Management expects net growth in the bridge loan portfolio in 2025, targeting $1.5 billion to $2 billion in new business [32][34] Question: Reasons for Poor Performance in Previous Vintages - Management attributed poor performance to a combination of market corrections, economic factors, and inexperienced management in the multifamily sector [40][42] Question: Liquidity and NPLs Expectations - The company currently has $325 million in cash and liquidity, with expectations for NPLs to decrease as they work through the REO assets [48][54] Question: Non-Cash Income and Interest - The company reported $15.3 million of non-cash interest during the quarter, which is a moving number based on loan modifications [65][66] Question: Interest Rate Environment - Management discussed the impact of interest rates on business performance, noting that lower rates could enhance earnings potential [72][74]

NYSE:NREF 1Q 2022 FINANCIAL SUPPLEMENT 1Q 2025 Financial Supplement May 1, 2025 CONTACT NEXPOINT REAL ESTATE FINANCE (NYSE:NREF) 300 Crescent Court, Suite 700 Dallas, Texas 75201 (w) nref.nexpoint.com INVESTOR RELATIONS Kristen Griffith (e) kgriffith@nexpoint.com 28 APRIL 2022 NYSE:NR EF Cautionary Statements FORWARD LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expe ...

Financial Data and Key Metrics Changes - The economic return for Q1 2025 was 3%, consistent with the previous quarter, with earnings available for distribution per share at $0.72 [18][19] - Book value per share slightly declined to $19.02, a decrease of less than 1% quarter over quarter [19][22] - The common stock dividend was increased from $0.65 to $0.70 per share, reflecting earnings momentum [7][19] Business Line Data and Key Metrics Changes - The Agency portfolio saw a notional growth of $3.5 billion, driven by purchases of intermediate coupon TBAs [10][11] - The Residential Credit portfolio decreased by $340 million quarter over quarter, ending at $6.6 billion in market value [12][13] - The Mortgage Servicing Rights (MSR) portfolio remained relatively unchanged at $3.3 billion in market value [15][16] Market Data and Key Metrics Changes - Economic leverage increased modestly to 5.7 turns, remaining at the low end of the historical range [9][19] - The housing market showed signs of regional disparity, with home price appreciation slowing down due to increased inventory and affordability issues [13][60] - Inventory levels increased by 18% year over year, impacting existing home sales, which were at their lowest since February [57][58] Company Strategy and Development Direction - The company aims to maintain a conservative leverage approach amidst market volatility while focusing on agency investments due to attractive returns [17][37] - The strategic alignment with industry-leading sub-servicing partners is expected to create competitive advantages in the MSR business [15][16] - The company is optimistic about the potential for regulatory reforms that could positively impact the market dynamics [32][71] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment remains uncertain, with volatility expected to persist [9][17] - The outlook for the housing market is stable in the long term, supported by low delinquencies and tight underwriting standards, despite short-term pullbacks [60][61] - The company is prepared for potential market fluctuations with a diversified and actively managed portfolio [17][22] Other Important Information - The company has approximately $7.5 billion in assets available for financing, reflecting a $600 million increase compared to the previous quarter [22] - The weighted average repo days extended to 50 days, indicating a strategic shift in financing [21] Q&A Session Summary Question: Update on book value quarter to date - The book value was off roughly 3.5% as of the latest update, improving from a 4.5% decline post-Easter [25] Question: Outlook for spreads and regulatory impacts - Swap spreads have tightened due to volatility, and regulatory reforms are anticipated to positively influence market conditions [26][32] Question: Thoughts on leverage amidst spread widening - The company is balancing the opportunity to increase leverage against the risks posed by high volatility [36][37] Question: Housing price moderation and systemic risks - Housing price increases are regional, with some areas experiencing declines, but overall, the market remains stable due to strong borrower equity [60][61] Question: Agency portfolio supply-demand dynamics - Demand from fixed income funds was strong before recent volatility, with banks and REITs also showing reasonable demand [85] Question: Impact of rate and spread volatility on loan acquisitions - The company is adopting a more defensive posture in response to increased spreads, but lock volumes remain stable [90]

Core Viewpoint - Sachem Capital Corp. reported financial results for Q1 2025, indicating stability despite challenges in the real estate market, with a focus on managing its loan portfolio and capital allocation [2][3]. Financial Performance - Total revenue for Q1 2025 was $11.4 million, down from $16.8 million in Q1 2024, primarily due to fewer loan originations and an increase in nonperforming loans [3]. - Operating costs decreased to $10.4 million in Q1 2025 from $12.5 million in the same quarter last year, attributed to reductions in interest, amortization, and employee benefits [4]. - The net loss attributable to common shareholders was $213,000, or $0.00 per share, compared to a net income of $3.6 million, or $0.08 per share, in Q1 2024 [5]. Balance Sheet Overview - Total assets as of March 31, 2025, were $491.4 million, slightly down from $492.0 million at the end of 2024 [6]. - Total liabilities increased to $312.1 million from $310.3 million at year-end 2024 [6]. - Total shareholders' equity decreased to $179.3 million from $181.7 million at year-end 2024, with a book value per common share of $2.57 [8]. Dividend Information - The company paid a dividend of $0.484375 per share to Series A Preferred Stockholders and $0.05 per share to common shareholders in Q1 2025 [10][11]. - As a Real Estate Investment Trust (REIT), the company intends to distribute at least 90% of taxable income to shareholders [9]. Company Profile - Sachem Capital Corp. specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, primarily offering short-term loans to real estate investors [15].

BrightSpire Capital (BRSP) Q1 2025 Earnings Call April 30, 2025 10:00 AM ET Company Participants David Palamé - Executive VP, General Counsel & SecretaryMichael Mazzei - CEO & Board MemberAndrew Witt - President & COOFrank Saracino - Executive VP, CFO & TreasurerSteve Delaney - Director of MortgageJason Weaver - Managing Director - Equity ResearchJohn Nickodemus - Vice President, Equity ResearchRandy Binner - Managing DirectorGaurav Mehta - Managing Director Operator Good day, and welcome to the BrightSpire ...