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Sunrise Realty Trust, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $1,738,363, or $0.26 per basic weighted average common share. The company reported interest income of $3,220,930, offset by interest expenses of $43,197.
Operating expenses for the quarter were $1,486,897, including management and incentive fees of $422,238 and general and administrative expenses of $572,249.
The company completed a spin-off from Advanced Flower Capital Inc. on July 9, 2024, becoming an independent, publicly traded company listed under the symbol 'SUNS' on the Nasdaq Capital Market.
Sunrise Realty Trust, Inc. operates as an institutional lender providing debt capital solutions in the commercial real estate market in the Southern United States.
The company reported a decrease in the provision for current expected credit losses of $47,527 for the quarter.
As of September 30, 2024, Sunrise Realty Trust had a total of six loans held at carrying value, with an aggregate outstanding principal of $97,547,112.
The company issued a regular cash dividend of $0.21 per share, payable on October 15, 2024, to shareholders of record on September 30, 2024.
Sunrise Realty Trust entered into a new revolving credit facility agreement in November 2024, with $50.0 million in initial aggregate commitments, maturing on November 8, 2027.
The company does not anticipate any material legal proceedings that could impact its business, financial condition, or results of operations as of the end of the reporting period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sunrise Realty Trust Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.