The following table provides a reconciliation of GAAP Net income to Distributable Earnings:

 
                                 Period 
                     Three        from        Nine     Period from 
                     months    August 28,    months     August 28, 
                     ended      2023 to      ended        2023 to 
                   September   September   September     September 
                      30,         30,         30,           30, 
                     2024         2023        2024        2023 
 
Net income        $1,738,363   $    7,767  $5,014,451  $    7,767 
Adjustments to 
net income: 
   Stock-based 
    compensation 
    expense          160,139           --     160,139          -- 
   Depreciation 
   and 
   amortization           --           --          --          -- 
   Unrealized 
   (gains) 
   losses, or 
   other 
   non-cash 
   items                  --           --          --          -- 
   (Decrease) 
    increase in 
    provision 
    for current 
    expected 
    credit 
    losses           (47,527)          --      24,327          -- 
   TRS (income) 
   loss                   --           --          --          -- 
   One-time 
   events 
   pursuant to 
   changes in 
   GAAP and 
   certain 
   non-cash 
   charges                --           --          --          -- 
                   ---------    ---------   ---------   --------- 
Distributable 
 earnings         $1,850,975   $    7,767  $5,198,917  $    7,767 
                   ---------    ---------   ---------   --------- 
Basic weighted 
 average shares 
 of common stock 
 outstanding       6,800,500    6,889,032   6,800,500   6,889,032 
                   ---------    ---------   ---------   --------- 
Distributable 
 earnings per 
 basic weighted 
 average share    $     0.27   $     0.00  $     0.76  $     0.00 
                   =========    =========   =========   ========= 
 
 

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. Words such as "believes," "expects," "will," "intends," "plans," "guidance," "estimates," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including statements about our future growth and strategies for such growth, are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. Certain factors, including the ability of our manager to locate suitable loan opportunities for us, monitor and actively manage our loan portfolio and implement our investment strategy; the demand for commercial real estate investment; management's current estimate of expected credit losses and current expected credit loss reserve and other factors could cause actual results and performance to differ materially from those projected in these forward-looking statements. More information on these risks and other potential factors that could affect our business and financial results is included in SUNS's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of SUNS's Information Statement filed as Exhibit 99.1 to Form 8-K filed on July 3, 2024 and subsequently filed Quarterly Reports on Form 10-Q. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect SUNS. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contact:

Robyn Tannenbaum

(561) 510-2293

ir@sunriserealtytrust.com

Media Contact:

Profile Advisors

Rich Myers & Rachel Goun

347-774-1125

rmyers@profileadvisors.com

(1) Distributable Earnings is a non-GAAP financial measure. See the "Non-GAAP Metrics" section of this release for a reconciliation of GAAP Net Income to Distributable Earnings.

(END) Dow Jones Newswires

November 07, 2024 07:33 ET (12:33 GMT)