Sunrise Realty Trust Inc Stock Price, News & Analysis

Sunrise Realty Trust (SUNS) has secured a new senior secured revolving credit facility with East West Bank, providing access up to $200 million in borrowing capacity. The facility includes an initial commitment of $50 million with an interest rate of SOFR plus 2.75% (subject to a SOFR floor of 2.63%). This financing arrangement enhances SUNS' ability to pursue strategic growth initiatives and investment opportunities across the Southern United States. East West Bank, with over $74.5 billion in assets, serves as both agent and initial lender for the facility.

Sunrise Realty Trust (NASDAQ:SUNS) reported strong Q3 2024 financial results with GAAP net income of $1.7 million ($0.26 per share) and Distributable Earnings of $1.9 million ($0.27 per share). The company successfully closed $87.4 million in deals and secured a new revolving credit facility with East West Bank, providing an initial $50 million commitment, expandable to $200 million. SUNS paid a Q3 dividend of $0.21 per share and declared a Q4 dividend of $0.42 per share, payable January 15, 2025.

Sunrise Realty Trust (SUNS) has committed $30.0 million to a $96.0 million senior loan for the development of Sixth & Rio, a luxury condominium project in Fort Lauderdale, Florida. The company has initially funded $3.6 million, with the remaining $66.0 million syndicated to two co-lenders. The project, developed by OceanLand Investments, will feature 94 units including townhomes and condominiums, offering amenities such as an infinity pool, clubroom, fitness center, and water-trolley service. Located on the New River at the intersection of Rio Vista, Riverwalk, and Las Olas, the development aims to capitalize on Fort Lauderdale's growing luxury residential market.

Sunrise Realty Trust (Nasdaq: SUNS) has announced its plans to report earnings for the quarter ended September 30, 2024, on Thursday, November 7, 2024. The company will host a conference call at 10:00 am Eastern Time on the same day to discuss its quarterly financial results.

Interested parties can participate in the call through a live audio webcast available on the Investor Relations section of SUNS' website at www.sunriserealtytrust.com. For telephone participation, registration is required in advance via a provided link. Upon registration, participants will receive a confirmation email with dial-in details and unique access codes.

The complete webcast will be archived for 90 days on the company's Investor Relations website section.

Sunrise Realty Trust (NASDAQ:SUNS) has provided a quarterly business update and declared dividends for Q3 and Q4 2024. Key points include:

• A partial Q3 2024 dividend of $0.21 per common share, payable on October 15, 2024
• A regular Q4 2024 dividend of $0.42 per common share, payable on January 15, 2025
• Current portfolio totaling $119.6 million in commitments, with $96.2 million funded as of August 5, 2024
• Focus on commercial real estate lending in the Southern United States
• New vintage assets portfolio with no legacy assets
• Successful spin-off completed on July 9, 2024

The company expressed confidence in its ongoing business strategy and commitment to shareholder value.

Sunrise Realty Trust (SUNS) has committed $40.0 million to a $160.0 million credit facility for the development of Panther National, a luxury golf community in Palm Beach Gardens, Florida. SUNS has already funded $27.5 million of its commitment. The project, sponsored by Centaur Holdings, spans 392 acres and features 218 residences, an 18-hole championship golf course designed by Jack Nicklaus and Justin Thomas, and various resort-style amenities.

The funding will support Phase II of the development, including construction of remaining residences, a 60,000 square foot clubhouse, Health & Lifestyle Club, and Tour Golf Performance Center. Current real estate sales have exceeded $300 million, indicating strong market appeal. SUNS CEO Brian Sedrish expressed excitement about the partnership, highlighting the company's focus on strong risk-adjusted returns in the Southern United States.

Sunrise Realty Trust (Nasdaq: SUNS) has committed $27.3 million, with $25 million already funded, in a $42 million senior loan for refinancing the Thompson San Antonio Hotel. This marks SUNS's second transaction with DC Partners, the project's sponsor. The hotel, part of a 20-story mixed-use development completed in 2020, features 162 luxury rooms and various amenities. Located near San Antonio's Riverwalk and key attractions, it's positioned to meet the city's growing demand for upscale accommodations. San Antonio, the seventh most populous U.S. city, attracts over 30 million visitors annually. Brian Sedrish, CEO of SUNS, emphasized their commitment to supporting borrowers with customized financing solutions.

Sunrise Realty Trust (Nasdaq: SUNS) has scheduled its second quarter 2024 earnings conference call for August 14, 2024, at 10:00 am Eastern Time. The company will report earnings for the quarter ended June 30, 2024, on the same day. Interested parties can participate through a live audio webcast available on the Investor Relations section of SUNS' website or via telephone by registering in advance. The complete webcast will be archived for 90 days on the company's website for those unable to attend the live call.

Sunrise Realty Trust (SUNS) has invested $14.1 million in a senior secured mortgage loan to refinance Jovie Belterra, a 150-unit 55+ active adult multi-family rental development in southwest Austin.

An additional $21.1 million for the total loan amount was contributed by an affiliated fund. The Project occupies over 140,000+ net rentable square feet within the Belterra Master Planned Community in Dripping Springs, Hays County, a high-growth area in Texas.

Wilson Capital, an Austin-based developer, is managing the Project, which features resort-style amenities and is expected to complete in Q3 2024.

CEO Brian Sedrish highlighted supply and high demand for such properties in Texas, suggesting strong risk-adjusted returns for investors.