Caption Management discloses 0.75% Sunrise Realty (SUNS) stake via options

Rhea-AI Filing Summary

Sunrise Realty Trust, Inc. received an updated ownership report showing that Caption Management, LLC, together with William Cooper and Jason Strasser, has a relatively small economic interest in the company. As of December 31, 2025, they may be deemed to beneficially own call options exercisable for 100,000 shares of common stock, representing 0.75% of the class, based on 13,420,986 shares outstanding as of November 7, 2025.

The filing notes that Caption Management holds investment and voting power over securities in certain funds and managed accounts it manages, and that Cooper and Strasser share control of Caption Management. Each reporting person disclaims beneficial ownership of the securities, and certifies that the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Sunrise Realty Trust.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Sunrise Realty Trust, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

867981102

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 867981102

1

Names of Reporting Persons

Caption Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 100,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 100,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

100,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.75 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 867981102

1

Names of Reporting Persons

William Cooper

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 100,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 100,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

100,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.75 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. 867981102

1

Names of Reporting Persons

Jason Strasser

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 100,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 100,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

100,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.75 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Sunrise Realty Trust, Inc.
(b)	Address of issuer's principal executive offices: 525 Okeechobee Blvd., Suite 1650, West Palm Beach, Florida, 33401
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Caption Management, LLC ("Caption Management") with respect to shares of common stock, par value $0.01 per share ("Shares"), of the Issuer held by certain investment funds and managed accounts it manages; (ii) William Cooper ("Mr. Cooper") with respect to Shares beneficially owned by Caption Management; and (iii) Jason Strasser ("Mr. Strasser") with respect to Shares beneficially owned by Caption Management.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of Caption Management, Mr. Cooper and Mr. Strasser is 499 W Sheridan Ave., Suite 2250, Oklahoma City, Oklahoma, 73102.
(c)	Citizenship: Caption Management is a Delaware limited liability company. Mr. Cooper and Mr. Strasser are each United States citizens.
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 867981102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information contained in rows 5, 6, 7, 8, 9, 10 and 11 on each of the cover pages of this Schedule 13G is incorporated by reference in its entirety into this item 4. Pursuant to investment management agreements, Caption Management maintains investment and voting power with respect to the securities held by certain investment funds and managed accounts it manages. Mr. Cooper and Mr. Strasser share control of Caption Management. As of December 31, 2025, each of Caption Management, Mr. Cooper, and Mr. Strasser may be deemed to beneficially own call options exercisable for 100,000 Shares, or 0.75% of the Shares based on 13,420,986 shares outstanding as of November 7, 2025 as reported in the Quarterly Report on Form 10-Q filed by the Issuer with the Securities and Exchange Commission on November 13, 2025. Each of Caption Management, Mr. Cooper and Mr. Strasser disclaims beneficial ownership of any of the securities covered by this statement.
(b)	Percent of class: See each cover page hereof.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See each cover page hereof.
	(ii) Shared power to vote or to direct the vote: See each cover page hereof.
	(iii) Sole power to dispose or to direct the disposition of: See each cover page hereof.
	(iv) Shared power to dispose or to direct the disposition of: See each cover page hereof.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Caption Management, LLC

Signature:	/s/ William Cooper
Name/Title:	William Cooper, Managing Member
Date:	01/26/2026

William Cooper

Signature:	/s/ William Cooper
Name/Title:	William Cooper
Date:	01/26/2026

Jason Strasser

Signature:	/s/ Jason Strasser
Name/Title:	Jason Strasser
Date:	01/26/2026

Exhibit Information

99.2 Item 7 Information

FAQ

What stake in Sunrise Realty Trust (SUNS) is reported in this Schedule 13G/A?

The filing reports that Caption Management, William Cooper, and Jason Strasser may be deemed to beneficially own call options exercisable for 100,000 shares of Sunrise Realty Trust common stock, representing 0.75% of the class based on 13,420,986 shares outstanding as of November 7, 2025.

Who are the reporting persons in this Sunrise Realty Trust (SUNS) Schedule 13G/A?

The reporting persons are Caption Management, LLC, a Delaware investment adviser, and two U.S. individuals, William Cooper and Jason Strasser, who share control of Caption Management.

What type of securities of Sunrise Realty Trust (SUNS) are covered in this filing?

The filing concerns common stock of Sunrise Realty Trust, Inc., par value $0.01 per share, identified by CUSIP 867981102, held through call options exercisable for 100,000 shares.

Does Caption Management aim to influence control of Sunrise Realty Trust (SUNS)?

No. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Sunrise Realty Trust, and not in connection with any transaction having that purpose or effect.

How is voting and dispositive power over Sunrise Realty Trust (SUNS) shares allocated among the filers?

The cover pages show each reporting person with 0 shares of sole voting or dispositive power and 100,000 shares of shared voting and shared dispositive power, reflecting their shared control over Caption Management.

When did the reportable event occur for this Sunrise Realty Trust (SUNS) Schedule 13G/A?

The date of the event requiring this statement is listed as December 31, 2025, with ownership figures based on 13,420,986 shares outstanding as of November 7, 2025.