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)