S
Sunrise Realty Trust, Inc.
SUNSCIK 0002012706NasdaqEmerging GrowthReal Estate Investment TrustsMarylandFY ends Dec 31
Period
FY 2025
Revenue
$21.57M
Net Income
$12.14M
Total Assets
$310.23M
Equity
$181.96M
Shares Out
13.52M
Op. Cash Flow
$-3.43M
Business
Sunrise Realty Trust, Inc. originates and invests in secured commercial real estate loans and related debt-like securities as a publicly traded REIT. It offers senior mortgage loans, mezzanine loans, B-notes, CMBS and debt-like preferred equity, generally for transitional, construction, recapitalization and liquidity needs. The company is externally managed by Sunrise Manager LLC and leverages Tannenbaum Capital Group affiliates for origination, underwriting, investment committee review and portfolio management. SUNS focuses primarily on the Southern U.S., sourcing transactions through TCG’s network across multifamily, retail, office, hospitality, industrial, mixed-use and specialty real estate.
Summary from filing dated 2025-03-06
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Interest income | 26 | 11 | |
| Interest expense | −5 | −216,268 | |
| Net interest income | 22 | 11 | |
| Management and incentive fees | 2 | 815,301 | |
| General and administrative expenses | 3 | 1 | |
| Stock-based compensation | 1 | 338,404 | |
| Professional fees | 1 | 1 | |
| Total expenses | 7 | 4 | |
| Provision for current expected credit losses | −2 | −40,180 | |
| Net income before income taxes | 12 | 7 | |
| Income tax expense | 0 | 0 | |
| Net income | 12 | 7 | |
| Basic (in dollars per share) | 0.93 | 1.01 | |
| Diluted (in dollars per share) | 0.93 | 1 | |
| Basic (in shares) | 13 | 7 | |
| Diluted (in shares) | 13 | 7 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-08-31 |
|---|---|---|---|---|---|
| Loans held for investment at carrying value, net | 303 | 131 | — | — | |
| Current expected credit loss reserve | −2 | −21,782 | 0 | — | |
| Loans held for investment at carrying value, net of current expected credit loss reserve | 301 | 131 | 0 | — | |
| Cash and cash equivalents | 6 | 185 | 31 | — | |
| Interest receivable | 2 | 1 | 0 | — | |
| Prepaid expenses and other assets | 735,230 | 1 | 0 | — | |
| Total assets | 310 | 318 | 31 | — | |
| Accrued interest | 730,644 | 131,617 | 0 | — | |
| Dividends payable | 4 | 3 | 0 | — | |
| Current expected credit loss reserve | 178,066 | 18,398 | 0 | — | |
| Accrued management and incentive fees | 692,716 | 393,063 | 0 | — | |
| Accrued direct administrative expenses | 282,296 | 715,574 | 0 | — | |
| Accounts payable and other liabilities | 355,865 | 357,417 | 10,000 | — | |
| Total liabilities | 128 | 203 | 10,000 | — | |
| Commitments and contingencies (Note 7) | — | — | — | — | |
| Preferred stock, par value $0.01 per share, 10,000 shares authorized at December 31, 2025 and 2024 and 0 shares issued and outstanding at December 31, 2025 and 2024, respectively | 0 | 0 | 0 | — | |
| Common stock, par value $0.01 per share, 50,000,000 shares authorized at December 31, 2025 and 2024 and 13,420,986 and 7,004,676 shares issued and outstanding at December 31, 2025 and 2024, respectively | 134,210 | 70,047 | 0 | — | |
| Additional paid-in capital | 187 | 115 | 0 | — | |
| Accumulated (deficit) earnings | −5 | −954,334 | 0 | — | |
| Total shareholders' equity | 182 | 114 | 31 | 0 | |
| Total liabilities and shareholders' equity | 310 | 318 | 31 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Amortization of deferred financing costs | 477,989 | 41,455 | |
| Accretion of deferred loan original issue discount and premium, net | −1 | −263,102 | |
| Stock-based compensation | 1 | 326,904 | |
| Interest drawn on loans | −17 | −5 | |
| PIK interest | −45,722 | 0 | |
| Interest receivable | −1 | −1 | |
| Prepaid expenses and other assets | 445,998 | −530,818 | |
| Accrued interest | 599,027 | 131,617 | |
| Accrued management and incentive fees | 299,653 | 393,063 | |
| Accrued direct administrative expenses | −433,278 | 715,574 | |
| Accounts payable and other liabilities | −3,749 | 347,417 | |
| Net cash (used in) provided by operating activities | −3 | 2 | |
| Issuance of and fundings on loans | −205 | −158 | |
| Principal repayment of loans | 52 | 33 | |
| Net cash used in investing activities | −153 | −125 | |
| Net transfers and distributions from (to) Former Parent | 0 | 80 | |
| Proceeds from sale of common stock | 73 | 0 | |
| Payment of offering costs - equity offering | −2 | 0 | |
| Payment of financing costs | −600,616 | −569,238 | |
| Borrowings on revolving credit facilities | 214 | 249 | |
| Repayment of revolving credit facilities | −291 | −50 | |
| Dividends paid to common shareholders | −15 | −1 | |
| Net cash (used in) provided by financing activities | −22 | 277 | |
| Net (decrease) increase in cash and cash equivalents | −178 | 153 | |
| OID withheld from funding of loans | 2 | 2 | |
| Offering costs included in accounts payable and other liabilities | 2,197 | 0 | |
| Interest paid during the period | 4 | 43,197 | |
| Income taxes paid during the period | 0 | 0 |
Filings
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