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Sunrise Realty Trust Inc. (SUNS-0.67%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Sunrise Realty Trust's operations, focusing on its activities as a commercial real estate finance company that provides debt capital solutions to CRE markets in the Southern United States.
Sunrise Realty Trust's investment portfolio includes senior mortgage loans and subordinate debt, with a total commitment of approximately $190.9 million and an outstanding principal of approximately $132.6 million as of December 31, 2024.
The company reported net income of approximately $6.9 million for the year ended December 31, 2024, with net interest income of approximately $10.6 million.
Operating expenses for the year were approximately $3.7 million, which included management and incentive fees, general and administrative expenses, and professional fees.
Sunrise Realty Trust's cash and cash equivalents totaled approximately $184.6 million as of December 31, 2024, with a significant portion of its liquidity coming from a revolving credit facility and an unsecured revolving credit facility.
The company declared dividends totaling $0.63 per share for the year, amounting to approximately $4.4 million.
Sunrise Realty Trust intends to elect to be taxed as a REIT for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2024, and plans to distribute at least 90% of its REIT taxable income to shareholders.
The filing also outlines various risks, including competition for capital investments, interest rate fluctuations, and regulatory changes that could impact the company's operations and financial performance.
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. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.