Financial Data and Key Metrics Changes - Distributable Earnings for Q4 2025 were reported at $4.6 million, or $0.28 per share, with an adjusted figure of $0.31 per share when accounting for the rights offering dilution [4][16] - The company raised $61.5 million in net proceeds from a rights offering, increasing investment capacity by over $200 million [4][5] - For the full year of 2025, distributable earnings were $1.21 per share, with a run rate annual dividend of $1.12 per share, representing a 93% payout ratio [16][19] Business Line Data and Key Metrics Changes - The loan portfolio increased by $83 million year-over-year, reaching total commitments of $724.5 million across 24 floating-rate first mortgage loans [8] - The weighted average all-in yield was reported at 7.92%, with a weighted average risk rating improving to 2.8 [8] - The company invested in three new loans totaling $101.3 million during Q4 2025, including loans secured by student housing, a hotel, and an industrial property [5][7] Market Data and Key Metrics Changes - Market conditions improved in Q4 2025, with two additional 25 basis point rate cuts, bringing the target Fed funds rate to 350-375 basis points [11] - Office transaction volume increased by 25% year-over-year, indicating a recovery in the market [12] - Demand for short-term floating rate bridge loans remains strong, with a broad range of transactions being evaluated [13][14] Company Strategy and Development Direction - The company aims to capitalize on middle-market lending opportunities with enhanced liquidity following the rights offering [9] - There is a focus on deploying capital selectively into attractive opportunities across various property types and geographies [13] - The strategy remains centered on senior secured positions, avoiding riskier junior tranches for the time being [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transaction activity continuing to increase in 2026, driven by improving market conditions and increased financing activity [12][13] - The company expects first quarter distributable earnings to be in the range of $0.22 to $0.24 per share, with a temporary drag on earnings due to the rights offering [18] - The expectation is to reach close to $1 billion in total loan portfolio size by year-end 2026, with quarterly new originations targeted at $200 million [34] Other Important Information - The company ended Q4 2025 with $123 million in cash and extended the maturities of two secured financing facilities, increasing capacity to $377 million [19][20] - The CECL reserve remains modest at 130 basis points of total loan commitments, indicating a conservative risk profile [19] Q&A Session Summary Question: How is the company finding pockets of inefficiency in the current competitive environment? - Management noted that while multifamily contributes significantly to activity, they are focusing on sectors like storage, industrial, and medical office for better risk-adjusted returns [24][25] Question: Are there opportunities outside of the first lien space being evaluated? - Management confirmed that the focus remains on senior secured positions, with no current plans to explore mezzanine or preferred equity [26] Question: Does the distributable EPS guidance assume full deployment of the rights offering capital? - Management clarified that the guidance does not assume full deployment by the end of Q1, but expects earnings to recover by year-end [29] Question: Is the current dividend secure through the end of 2026? - Management affirmed commitment to the $0.28 per quarter dividend, despite temporary earnings drag from the rights offering [33] Question: What is the expected portfolio growth following the rights offering? - Management anticipates reaching close to $1 billion in total loan portfolio size by year-end, with significant new originations expected in the coming quarters [34]

Financial Data and Key Metrics Changes - Distributable Earnings for Q4 2025 were reported at $4.6 million, or $0.28 per share, with an adjusted figure of $0.31 per share when accounting for the rights offering dilution [4][16] - The full year 2025 distributable earnings were $1.21 per share, with a run rate annual dividend of $1.12 per share, representing a 93% payout ratio [16][19] - The weighted average all-in yield was 7.92%, and the weighted average risk rating improved to 2.8 [8] Business Line Data and Key Metrics Changes - The company invested in three new loans totaling $101.3 million during Q4 2025, including a $37.3 million loan for student housing, a $37 million hotel loan, and a $27 million industrial property loan [5] - Total commitments as of December 31, 2025, were $724.5 million across 24 floating-rate first mortgage loans, with a year-over-year increase of $83 million, or approximately 13% [8] Market Data and Key Metrics Changes - Market conditions improved in Q4 2025, with two 25 basis point rate cuts bringing the target Fed funds rate to 350-375 basis points, leading to increased financing activity [11] - Office transaction volume increased by 25% year-over-year, indicating a recovery in the market [12] Company Strategy and Development Direction - The company aims to capitalize on middle-market lending opportunities with enhanced liquidity following the rights offering and a focus on disciplined capital deployment [9] - The strategy includes diversifying investments beyond multifamily and industrial sectors to include medical office, necessity-based retail, and hospitality [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transaction activity continuing to increase in 2026, driven by recovering acquisition and refinancing volumes [12] - The company expects first quarter distributable earnings to be in the range of $0.22 to $0.24 per share, reflecting temporary impacts from the rights offering [18] Other Important Information - The company ended Q4 2025 with $123 million in cash and extended the maturities of two secured financing facilities, increasing the maximum size of one facility by $125 million [19][20] - The CECL reserve remains modest at 130 basis points of total loan commitments, down 20 basis points from the previous quarter [19] Q&A Session Summary Question: How is the company finding pockets of inefficiency in the current competitive environment? - Management noted that while multifamily remains liquid, they are focusing on sectors like storage, industrial, and medical office for better risk-adjusted returns [22][25] Question: Does the $0.22-$0.24 distributable EPS guidance assume full deployment of the raised capital? - Management clarified that the guidance does not assume full deployment by the end of Q1, as some loans are still in the pipeline [31] Question: Is the current dividend secure through the end of 2026? - Management confirmed commitment to the $0.28 per quarter dividend, despite temporary earnings drag from the rights offering [35] Question: What is the expected portfolio size by year-end? - Management anticipates reaching close to $1 billion in total loan portfolio size by year-end, depending on repayments and new originations [36]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.2 million and distributable earnings of $18.5 million, or $0.24 per common share [10] - For the full year 2025, GAAP net income was $45.5 million, or $0.57 per share, with distributable earnings of $76.8 million, or $0.97 per common share, achieving a coverage ratio of 1.01x on the annual dividend of $0.96 per share [10] - Book value per common share decreased to $11.07 from $11.25 quarter-over-quarter [10] Business Line Data and Key Metrics Changes - The company originated 20 loans with total commitments of $1.9 billion in 2025, with a weighted average credit spread of 2.82% [11] - The loan portfolio was 100% performing at year-end, with a weighted average risk rating unchanged at 3.0 [11] - The company upgraded 2 multifamily loans and downgraded 1 multifamily loan based on operational performance [12] Market Data and Key Metrics Changes - The company increased its exposure to multifamily and industrial collateral from 30% at the beginning of 2022 to over 72% of the current balance sheet [7] - The cost of funds declined by 18 basis points year-over-year, from 2.0% to 1.82% [13] - Total leverage increased to 3.02x from 2.64x quarter-over-quarter due to substantial loan origination volume [13] Company Strategy and Development Direction - The company aims to continue net asset growth through prudent investment and risk management, targeting a leverage ratio of 3.5-3.75x [8][25] - The focus remains on multifamily and industrial sectors, with plans to increase industrial exposure to 25%-30% [42] - The company is committed to maximizing shareholder value and exploring opportunities for growth, both organic and inorganic [36] Management's Comments on Operating Environment and Future Outlook - The broader economic backdrop is favorable for investment activity in the real estate sector, with increased capital allocation towards real estate credit [4] - The company anticipates a very active year for borrowers and lenders, driven by clarity around interest rates and favorable credit spreads [17] - Management expressed confidence in the ability to deliver strong performance in 2026, supported by a stable balance sheet and attractive investment opportunities [8] Other Important Information - The company ended the quarter with near-term liquidity of $143 million, including $72.6 million in cash available for investment [12] - The liability structure is 82% non-mark-to-market, an increase from 77% at the end of 2024 [13] Q&A Session Summary Question: Expectations for origination pace in Q1 2026 - Management indicated that the pipeline is robust, with significant activity across all property types and regions, suggesting a positive outlook for origination pace in 2026 [15] Question: Target leverage and REO assets - The target leverage is set at 3.5-3.75x, with plans to sell down REO assets throughout the year as market conditions improve [25][26] Question: Appropriate ROE target - Management believes that an ROE in excess of SOFR + 5% is achievable, reflecting the health of the back leverage market [30] Question: Closing the value gap in stock price - Management is focused on maximizing shareholder value and is actively seeking opportunities to close the valuation gap [35] Question: Industrial exposure growth - Industrial exposure has increased significantly, with a target level of 25%-30% anticipated as the company continues to assess market conditions [42]

Core Viewpoint - Sachem Capital Corp. has made significant progress in its portfolio initiatives, including the sale of an office asset and the acquisition of condominium assets in Naples, Florida, aimed at strengthening liquidity and enhancing shareholder value [2][3]. Portfolio and Financing Activities - The company sold its office property in Westport, Connecticut, generating net cash proceeds of approximately $19.9 million and realizing a book gain of about $4.0 million, which bolstered its liquidity and balance sheet [3]. - The acquisition of condominium assets in Naples, Florida, involved a noncash exchange transaction valued at approximately $39.9 million, allowing the company to consolidate control over these assets while maintaining a secured lender position on a separate waterfront parcel [5][9]. - Urbane Capital, the company's subsidiary, will manage and develop the acquired condominium assets, which include three completed units and a southern parcel entitled for four additional units, with sales expected over the next 18 to 24 months [6][8]. Credit Facility Update - The company amended its $50.0 million revolving credit facility, extending its maturity from March 2, 2026, to March 2, 2028, with an option for an additional one-year extension, enhancing liquidity and balance sheet flexibility [10][11]. Preliminary Results for 2025 - Net income attributable to common shareholders for 2025 is projected to be between $0.01 and $0.04 per share, a significant improvement from a net loss of $0.93 per share in 2024 [12]. - The book value per common share is expected to range from $2.43 to $2.46, down from $2.64 in 2024, primarily due to cash dividends exceeding net income for the year [13].

Core Insights - Sunrise Realty Trust, Inc. has successfully originated, closed, and exited a $14.0 million commitment for a $21.6 million senior bridge loan to finance the acquisition of 11,000 acres of Silver Mountain Ranch in Colorado [1][2] - The loan was provided to JW Cattle Ranch LLC, a specialized land investor, to facilitate the acquisition from The Nature Conservancy, ensuring the property is protected by a conservation easement [1][2] Company Overview - Sunrise Realty Trust, Inc. (Nasdaq: SUNS) is an institutional commercial real estate lender focused on providing flexible financing solutions primarily in the Southern United States [4] - The company targets transitional commercial real estate projects with potential for near-term value creation, backed by high-quality assets in rapidly expanding markets [4] Transaction Details - The bridge loan is structured as a short-term facility of up to six months, contingent on the closing of the sale to the buyer [2] - The transaction highlights the company's ability to execute customized financing solutions that meet sponsors' timelines while delivering attractive risk-adjusted returns [3] Strategic Focus - The company emphasizes its strong credit profile for the loan, supported by comprehensive guarantees and a clear exit strategy involving a premier institutional-quality buyer [3] - Sunrise Realty Trust aims to support sponsors with deep expertise in specific asset classes, enhancing value for shareholders [3]

Company Overview - Sunrise Realty Trust (SUNS) is an institutional lender focused on originating and funding commercial real estate loans, primarily in the Southern United States[16] - The company targets a portfolio net internal rate of return (IRR) in the low-teens[16] - The management team has structured over $21 billion in CRE and credit transactions[16] Market Opportunity - Approximately $656 billion of CRE deals have been sourced by SUNS Manager and its affiliates since October 2023, with the company pursuing only about 16% of these deals[17] - Over $2 trillion in CRE loans are maturing by the end of 2027, creating an opportunity for SUNS to scale quickly[17] - Target states in the Southern U S have experienced significant population and employment growth from Q4 2019 to Q2 2025, with total population increasing by 89% and total employment by 106%, outpacing the rest of the U S [34] Portfolio Composition - As of November 3, 2025, total current commitments were $4211 million, with a principal balance of $2952 million and a weighted average yield to maturity of 118%[55] - Senior loans constitute 94% of the portfolio, while subordinate loans make up the remaining 6%[59] - Residential assets account for 62% of the portfolio, with geographic exposure concentrated in Florida (52%) and Texas (35%)[59] Financial Performance - For the three months ended September 30, 2025, net income was $405 million, or $030 per basic common share[66] - Distributable earnings for the same period were $412 million, or $031 per basic weighted average share[67] - Loans held for investment at carrying value, net of current expected credit loss reserve, totaled $25023 million as of September 30, 2025[65]

Core Insights - Sunrise Realty Trust, Inc. has committed $30 million to a $45 million senior bridge loan for refinancing a Class-A retail property in Houston, Texas [1] - The project is fully leased to high-end lifestyle establishments, indicating strong tenant demand and market positioning [2][3] Company Overview - Sunrise Realty Trust, Inc. is an institutional commercial real estate lender focused on transitional CRE projects in the Southern United States [4] - The company aims to provide flexible financing solutions that support near-term value creation, primarily in established and rapidly expanding markets [4] Project Details - The retail property is located at the intersection of Galleria and River Oaks, two desirable areas in Houston, and is fully leased to a mix of high-performing tenants [2][3] - Tenants include a private social club, an upscale restaurant, and a leading-edge healthcare facility, showcasing a diverse and complementary tenant mix [2] Market Positioning - The CEO of Sunrise Realty Trust expressed confidence in the project due to its prime location, fully leased status, and strong demographic trends, suggesting it is well-positioned to capture demand [3] - The project is a joint venture involving experienced leaders in hospitality and luxury development, further enhancing its credibility and potential for success [1][3]

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]

Investment & Finance - Schroders 写销了其在美国商业房地产贷款机构 A10 Capital 的股份 [1] Real Estate Market - 消息人士称，Schroders 减记了其在 A10 Capital 的股份，表明对美国商业地产贷款市场前景的担忧 [1]

Financial Data and Key Metrics Changes - For the quarter ended 03/31/2025, the company generated distributable earnings of $0.31 per basic weighted average share, which was in the middle of the preannounced range [7] - The book value per share as of 03/31/2025 was $13.77, also in the middle of the expected range of $13.6 to $13.9 [8] - The company declared a dividend of $0.30 per share for March, which aligns with the distributable earnings guidance [9] - Net interest income for the quarter was $4.6 million, with GAAP net income at $3.1 million or $0.27 per share [16][17] 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 [12] - As of 03/31/2025, the SUNS portfolio had $352 million in commitments, with $233 million funded across 12 loans [17] - The weighted average portfolio yield to maturity was reported at 12.1% [17] Market Data and Key Metrics Changes - The company noted that banks have pulled back from the market, focusing on more liquid loans, which has created opportunities for alternative lenders like SUNS [11] - The current administration's tariff policy has introduced uncertainty in the real estate markets, but the company does not anticipate material impacts on project budgets or timelines at this time [12] Company Strategy and Development Direction - The company is focused on providing credit to sponsors of transitional commercial real estate projects in the Southern United States, emphasizing high-quality assets in growing markets [11] - The portfolio is expected to remain similar in composition, with a focus on well-located residential and mixed-use assets backed by experienced sponsors [14] - The company plans to execute an unsecured raise in the fourth quarter of the year, depending on market conditions [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about potential earnings growth in the second half of 2025 and into 2026, as construction loans in the current portfolio are expected to accelerate funding [9] - The company is monitoring the impact of tariffs on the residential housing market, particularly in Florida, but has not seen significant weakness yet [44] Other Important Information - The company has increased analyst coverage from one in 2024 to five currently, enhancing communication with investors [9] - The CECL reserve as of 03/31/2025 was approximately $158,000, representing seven basis points for loans at carrying value [17] Q&A Session Summary Question: Changes in loan pipeline - The loan pipeline has decreased from $1.4 billion to $800 million due to evolving deals, with a strong opportunity set as lenders pull back [20][21] Question: Dallas loan rate concerns - The Dallas loan aligns with portfolio construction goals, and the company expects to back lever it in the future [25][27] Question: Management fee waivers - The company has waived approximately $570,000 of base management fees and $300,000 of incentive fees for the quarter, with expectations to fulfill a total waiver of $1 million [28][33] Question: Construction activity and geographic expansion - The company remains focused on Florida and Texas but is also exploring opportunities in other Southern states like Georgia and the Carolinas [39] Question: Florida residential market outlook - The company is cautious about new deals in Florida due to potential absorption slowdowns but is currently seeing good activity in existing projects [44] Question: Capital availability and funding plans - The company has sufficient capital to execute its business plan and plans to fill its bank line to $200 million in the coming quarters [48][49] Question: Allocation of signed term sheets - Allocation decisions for signed term sheets depend on capital availability and conditions precedent for closing deals [54] Question: Dividend expectations - The company expects the Q2 dividend to be at or around the Q1 level of $0.30, with potential for increased earnings from construction loans in the future [61][62]