Sunrise Realty Trust, Inc. SUNS
The following description of the business of Sunrise Realty Trust, Inc. should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025.
SUNS is a Maryland corporation that was formed on August 28, 2023, that elected to be treated as a real estate investment trust for U.S. federal income tax purposes for its taxable year ended December 31, 2024, and made its first investment in January 2024. SUNS is an integral part of the platform of affiliated asset managers under the Tannenbaum Capital Group ("TCG"). We are led by a veteran team of commercial real estate investment professionals and our external manager, Sunrise Manager LLC (our "Manager"), which, alongside other TCG platform asset managers pursuing similar or adjacent opportunities, are supported by the marketing, reporting, legal and other non-investment support services provided by the team of professionals within the TCG platform. Our and our Manager's relationship with TCG provide us with investment opportunities through a robust relationship network of commercial real estate owners, operators and related businesses as well as significant back-office personnel to assist in management of loans.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $21.6M | $10.6M | — |
| SG&A | $2.9M | $1.3M | — |
| Total operating expenses | $7.4M | $3.7M | — |
| Pre-tax income | $12.1M | $6.9M | — |
| Income tax | $0 | $0 | — |
| Net income | $12.1M | $6.9M | — |
| EPS, basic | 0.93 | 1.01 | — |
| EPS, diluted | 0.93 | 1.00 | — |
| Shares, diluted (wtd. avg.) | 12.8M | 6.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $6.4M | $184.6M | $31.2M |
| Total assets | $310.2M | $317.5M | $31.2M |
| Total liabilities | $128.3M | $203.4M | $10.0K |
| Retained earnings | -$4.9M | -$954.3K | $0 |
| Total equity | $182.0M | $114.1M | $31.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$3.4M | $1.6M | — |
| Stock-based compensation | $1.0M | $326.9K | — |
| Investing cash flow | -$153.1M | -$125.2M | — |
| Financing cash flow | -$21.7M | $276.9M | — |
| Dividends paid | $15.0M | $1.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-017017.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | — | $10.6M | $21.6M |
| Gross profit | — | — | — |
| Net income | — | $6.9M | $12.1M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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