SUNS on Nasdaq
Sunrise Realty Trust, Inc.
American real estate investment trust, incorporated in Maryland. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerSUNS on Nasdaq1
- IndustryReal Estate Investment Trusts1
- HeadquartersWest Palm Beach, Florida1
- Incorporated inMD2
- Business address525 Okeechobee Blvd., Suite 1650, West Palm Beach, Fl 334012
- Filer category, Emerging growth company2
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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, 2025.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs44¢$9.4M
- Profit56¢$12.1M
Out of $21.6M in revenue.4
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Interest income | $26.4M | $10.8M |
| Interest expense | -$4.8M | -$216.3K |
| Net interest income | $21.6M | $10.6M |
| Management and incentive fees | $2.5M | $815.3K |
| General and administrative expenses | $2.9M | $1.3M |
| Stock-based compensation | $1.0M | $338.4K |
| Professional fees | $1.0M | $1.3M |
| Total expenses | $7.4M | $3.7M |
| Provision for current expected credit losses | -$2.0M | -$40.2K |
| Net income before income taxes | $12.1M | $6.9M |
| Income tax expense | $0 | $0 |
| Net income | $12.1M | $6.9M |
| Basic (in dollars per share) | $0.93 | $1.01 |
| Diluted (in dollars per share) | $0.93 | $1.00 |
| Basic (in shares) | 12.7M shares | 6.8M shares |
| Diluted (in shares) | 12.8M shares | 6.8M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2024-06-30 | 2024-02-29 | 2023-12-31 |
|---|---|---|---|---|---|
| Loans held for investment at carrying value, net | $302.7M | $130.7M | |||
| Current expected credit loss reserve | -$1.9M | -$21.8K | |||
| Loans held for investment at carrying value, net of current expected credit loss reserve | $300.8M | $130.7M | |||
| Cash and cash equivalents | $6.4M | $184.6M | |||
| Interest receivable | $2.3M | $1.1M | |||
| Prepaid expenses and other assets | $735.2K | $1.1M | |||
| Total assets | $310.2M | $317.5M | |||
| Accrued interest | $730.6K | $131.6K | |||
| Dividends payable | $4.0M | $2.9M | |||
| Current expected credit loss reserve | $178.1K | $18.4K | |||
| Accrued management and incentive fees | $692.7K | $393.1K | |||
| Accrued direct administrative expenses | $282.3K | $715.6K | |||
| Accounts payable and other liabilities | $355.9K | $357.4K | |||
| Total liabilities | $128.3M | $203.4M | |||
| 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 | |||
| 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 | $134.2K | $70.0K | |||
| Additional paid-in capital | $186.7M | $115.0M | |||
| Accumulated (deficit) earnings | -$4.9M | -$954.3K | |||
| Total shareholders' equity | $182.0M | $114.1M | $31.2M | ||
| Total liabilities and shareholders' equity | $310.2M | $317.5M | |||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ||
| Preferred stock, authorized (in shares) | 10.0K shares | 10.0K shares | 10.0K shares | ||
| Preferred stock, issued (in shares) | 0 shares | 0 shares | |||
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |||
| Common stock, authorized (in shares) | 50.0M shares | 50.0M shares | 50.0M shares | ||
| Common stock, issued (in shares) | 13.4M shares | 7.0M shares | |||
| Common stock, outstanding (in shares) | 13.4M shares | 7.0M shares | 6.9M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2024-06-30 | 2024-02-29 | 2023-12-31 |
|---|---|---|---|---|---|
| Loans held for investment at carrying value, net | $302.7M | $130.7M | |||
| Current expected credit loss reserve | -$1.9M | -$21.8K | |||
| Loans held for investment at carrying value, net of current expected credit loss reserve | $300.8M | $130.7M | |||
| Cash and cash equivalents | $6.4M | $184.6M | |||
| Interest receivable | $2.3M | $1.1M | |||
| Prepaid expenses and other assets | $735.2K | $1.1M | |||
| Total assets | $310.2M | $317.5M | |||
| Accrued interest | $730.6K | $131.6K | |||
| Dividends payable | $4.0M | $2.9M | |||
| Current expected credit loss reserve | $178.1K | $18.4K | |||
| Accrued management and incentive fees | $692.7K | $393.1K | |||
| Accrued direct administrative expenses | $282.3K | $715.6K | |||
| Accounts payable and other liabilities | $355.9K | $357.4K | |||
| Total liabilities | $128.3M | $203.4M | |||
| 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 | |||
| 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 | $134.2K | $70.0K | |||
| Additional paid-in capital | $186.7M | $115.0M | |||
| Accumulated (deficit) earnings | -$4.9M | -$954.3K | |||
| Total shareholders' equity | $182.0M | $114.1M | $31.2M | ||
| Total liabilities and shareholders' equity | $310.2M | $317.5M | |||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ||
| Preferred stock, authorized (in shares) | 10.0K shares | 10.0K shares | 10.0K shares | ||
| Preferred stock, issued (in shares) | 0 shares | 0 shares | |||
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |||
| Common stock, authorized (in shares) | 50.0M shares | 50.0M shares | 50.0M shares | ||
| Common stock, issued (in shares) | 13.4M shares | 7.0M shares | |||
| Common stock, outstanding (in shares) | 13.4M shares | 7.0M shares | 6.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net income | $12.1M | $6.9M |
| Provision for current expected credit losses | $2.0M | $40.2K |
| Amortization of deferred financing costs | $478.0K | $41.5K |
| Accretion of deferred loan original issue discount and premium, net | -$1.5M | -$263.1K |
| Stock-based compensation | $1.0M | $326.9K |
| Interest drawn on loans | -$17.4M | -$5.3M |
| PIK interest | -$45.7K | $0 |
| Interest receivable | -$1.1M | -$1.1M |
| Prepaid expenses and other assets | $446.0K | -$530.8K |
| Accrued interest | $599.0K | $131.6K |
| Accrued management and incentive fees | $299.7K | $393.1K |
| Accrued direct administrative expenses | -$433.3K | $715.6K |
| Accounts payable and other liabilities | -$3.7K | $347.4K |
| Net cash (used in) provided by operating activities | -$3.4M | $1.6M |
| Issuance of and fundings on loans | -$204.6M | -$158.3M |
| Principal repayment of loans | $51.5M | $33.2M |
| Net cash used in investing activities | -$153.1M | -$125.2M |
| Net transfers and distributions from (to) Former Parent | $0 | $80.1M |
| Proceeds from sale of common stock | $72.6M | $0 |
| Payment of offering costs - equity offering | -$1.8M | $0 |
| Payment of financing costs | -$600.6K | -$569.2K |
| Borrowings on revolving credit facilities | $214.1M | $248.8M |
| Repayment of revolving credit facilities | -$290.9M | -$50.0M |
| Dividends paid to common shareholders | -$15.0M | -$1.5M |
| Net cash (used in) provided by financing activities | -$21.7M | $276.9M |
| Net (decrease) increase in cash and cash equivalents | -$178.2M | $153.4M |
| OID withheld from funding of loans | $2.1M | $2.1M |
| Offering costs included in accounts payable and other liabilities | $2.2K | $0 |
| Interest paid during the period | $3.7M | $43.2K |
| Income taxes paid during the period | $0 | $0 |
No quarter-by-quarter statement was filed.
Leadership
Who has led Sunrise Realty Trust, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
- Chief executive officerBrian Sedrish Jul 2, 2024 to now8
- PresidentRobyn Tannenbaum Jul 2, 2024 to now9
- Chief financial officerBrandon Hetzel Jul 2, 2024 to now10
Board members and other officers (4)
- Board memberAlexander C. Frank Jul 2, 2024 to now11
- Board memberBrian Sedrish Jul 2, 2024 to now8
- Board memberJames C. Fagan Jul 2, 2024 to now12
- Board memberJodi Hanson Bond Jul 2, 2024 to now13
Timeline
- Jul 2, 2024New chief executive Brian Sedrish becomes CEO8
Filings
169 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 26 major events, 69 insider forms, 15 large holders, 50 other. The latest 20:
- Oct 13, 2026DEFA14A EDGAR
- Oct 13, 2026DEFA14A EDGAR
- Oct 13, 20268-K EDGAR
- Oct 13, 2026DEFA14A EDGAR
- Sep 23, 20268-K EDGAR
- Sep 18, 2026DEFM14A EDGAR
- Sep 8, 2026PREM14A EDGAR
- Aug 17, 20264 EDGAR
- Aug 13, 20264 EDGAR
- Aug 13, 20264 EDGAR
- Aug 11, 20264 EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- May 26, 20268-K EDGAR
- May 14, 20268-K EDGAR
- May 14, 202610-Q EDGAR
- Apr 15, 2026ARS EDGAR
- Apr 15, 2026DEFA14A EDGAR
- Apr 15, 2026DEF 14A EDGAR
The 169 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
66 open-market trades by officers, directors and large owners since October 2021: 66 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 50,000 | $7.50 | $375.0K | Form 4 |
| Aug 12, 2026 | Hetzel BrandonCFO and Treasurer | Buy | 713 | $7.58 | $5.4K | Form 4 |
| Aug 11, 2026 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 20,000 | $7.60 | $152.0K | Form 4 |
| Aug 10, 2026 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 25,000 | $7.79 | $194.8K | Form 4 |
| Aug 7, 2026 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 23,109 | $7.73 | $178.6K | Form 4 |
| Dec 31, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 100,000 | $9.40 | $940.0K | Form 4 |
| Dec 30, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 37,000 | $9.77 | $361.5K | Form 4 |
| Nov 24, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 13,000 | $9.72 | $126.4K | Form 4 |
| Nov 20, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 21,408 | $9.39 | $201.0K | Form 4 |
| Nov 19, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 3,592 | $9.48 | $34.1K | Form 4 |
| Nov 18, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 17,790 | $9.45 | $168.1K | Form 4 |
| Nov 17, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 17,500 | $9.61 | $168.2K | Form 4 |
| Nov 14, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 14,710 | $9.38 | $138.0K | Form 4 |
| Aug 26, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 10,000 | $10.79 | $107.9K | Form 4 |
| Aug 22, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 20,200 | $11.00 | $222.2K | Form 4 |
| Aug 20, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 10,411 | $10.42 | $108.5K | Form 4 |
| Aug 15, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 4,406 | $10.50 | $46.3K | Form 4 |
| Aug 12, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 32,275 | $10.48 | $338.2K | Form 4 |
| Aug 11, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 20,900 | $10.17 | $212.6K | Form 4 |
| Jun 16, 2025 | TANNENBAUM LEONARD MExecutive Chairman | Buy | 6,000 | $10.86 | $65.2K | Form 4 |
All 66 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- WASATCH ADVISORS LPSCHEDULE 13G/A, 4 filings Nov 14, 2024 to Feb 10, 202614
- Caption Management, LLCSCHEDULE 13G/A, 2 filings May 9, 2025 to Jan 26, 202615
- Leonard M. TannenbaumSCHEDULE 13D/A, 6 filings Dec 26, 2024 to Jan 2, 202616
- Philadelphia Financial Management of San Francisco, LLCSCHEDULE 13G, 1 filing Feb 3, 202517
- BlackRockSC 13G, 2 filings Oct 22, 2024 to Nov 8, 202418
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 70. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9SEC EDGARRobyn Tannenbaum, President
- 10
- 11SEC EDGARAlexander C. Frank, Board member
- 12SEC EDGARJames C. Fagan, Board member
- 13SEC EDGARJodi Hanson Bond, Board member
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- 15
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- 18