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Here are 1-3 brief analogies for Sunrise Realty Trust (SUNS):

• It's like a combination of Prologis (PLD) and Boston Properties (BXP), focusing on office and industrial properties across the U.S. Sunbelt.
• Think of it as a regional version of a diversified commercial REIT like Vornado Realty Trust (VNO), but concentrated on the Sunbelt's office and industrial markets.

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• Leasing of Real Estate Properties: Providing various types of space, such as commercial, residential, or industrial properties, to tenants under lease agreements.
• Property Management Services: Overseeing the daily operations, maintenance, and tenant relations for its portfolio of owned real estate assets.
• Real Estate Portfolio Investment: Acquiring, developing, and strategically managing income-producing properties to expand its asset base and generate long-term returns.

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Upon review of publicly available financial databases and SEC filings, a public company named Sunrise Realty Trust with the stock symbol SUNS could not be identified.

It is possible that the company name or symbol provided is incorrect, refers to a private entity, or to a company that is no longer publicly traded under that exact name and symbol.

Without the ability to identify the specific public company, its major customers cannot be determined.

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Brian Sedrish, Chief Executive Officer and Director

Mr. Sedrish became Chief Executive Officer of Sunrise Realty Trust in July 2024 or September 2023. He brings over 20 years of leadership experience in real estate private equity, specializing in institutional commercial real estate opportunities. Before joining Sunrise Realty Trust, he was a Managing Director and Portfolio Manager at Related Fund Management from 2013 to 2023. Mr. Sedrish also served as the Head of Commercial Real Estate Acquisitions Special Situations for Deutsche Bank.

Brandon Hetzel, Chief Financial Officer, Principal Accounting Officer and Treasurer

Mr. Hetzel has over 14 years of real estate and financial management experience, with a focus on real estate investment trusts (REITs). Prior to his role at Sunrise Realty Trust, he served as VP of Finance for a real estate development and asset management company. He also spent seven years at PricewaterhouseCoopers, where he managed the REIT audit practice.

Leonard M. Tannenbaum, CFA, Founder and Executive Chairman

Mr. Tannenbaum founded Sunrise Realty Trust on August 28, 2023. He is the Founder of TCG/Tannenbaum Capital Group, an alternative investment firm focused on private credit, real estate lending, and strategic general partnerships. With over three decades of experience, he has underwritten billions in loans and guided numerous companies to public offerings. At age 27, he founded Fifth Street Capital, which grew into an alternative credit asset manager with $5 billion in assets across various investment vehicles and three publicly traded companies, including two Business Development Companies (BDCs). Fifth Street Capital was sold to Oaktree Capital Management in 2017, after which Mr. Tannenbaum established his family office.

Robyn Tannenbaum, President

Ms. Tannenbaum began her career in the investment banking healthcare division at CIT Group, where she concentrated on mergers & acquisitions and leveraged finance transactions for middle market healthcare companies. She successfully managed three publicly traded entities during her tenure as Executive Director and Head of Investor Relations at Fifth Street Asset Management.

Gabriel Katz, Chief Legal Officer

Mr. Katz serves as the Chief Legal Officer for Sunrise Realty Trust.

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1. Risk of a U.S. Economic Recession and Elevated Loan Losses: The principal risk identified for Sunrise Realty Trust is that the U.S. economy may not accelerate as expected, potentially leading to a recession. This economic downturn could result in elevated loan losses for SUNS.
2. Concentration of Loans in Residential Properties: Sunrise Realty Trust has a significant concentration (62%) of its loan portfolio in residential properties, particularly in the Sun Belt region. While management views this as a lower-risk strategy, an elevated supply of multifamily properties in the Sun Belt could undermine this approach.
3. Shareholder Dilution from Future Capital Issuance: The company's plans to issue new capital instruments to support portfolio growth could lead to a dilution of the book value per share for common shareholders. This potential dilution could diminish the current appeal of the stock, which includes a discount to its book value.

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The clear emerging threat for Sunrise Realty Trust (SUNS) is the increasing ability and preference for seniors to "age in place" in their own homes, supported by advancing technology and evolving home-based care services. This trend, facilitated by innovations in remote health monitoring, telemedicine, smart home systems, and the growth of comprehensive in-home support networks, directly competes with the demand for traditional senior living facilities. As more seniors choose and are able to remain in their homes longer, it could lead to reduced occupancy rates, slower rent growth, and increased competitive pressure for senior living REITs like SUNS.

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• The total commercial real estate mortgage borrowing and lending (annual originations) is estimated to have been $498 billion in 2024. This market is projected to increase by 16% to approximately $583 billion in 2025.
• The total outstanding commercial real estate debt in the U.S. was approximately $5.9 trillion as of the fourth quarter of 2023 and the second quarter of 2024.

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Here are 3-5 expected drivers of future revenue growth for Sunrise Realty Trust (SUNS) over the next 2-3 years:

1. Expansion of Loan Commitments and Funded Loans: Sunrise Realty Trust is actively expanding its lending capacity and originating new loans for commercial real estate projects. The company's senior secured credit facility has the potential to expand from $140 million to $200 million. Recent activities in October 2025, such as committing $30 million to a senior bridge loan in Houston and providing senior loan financing for CollectionSuites projects in Florida, demonstrate a continued focus on increasing its loan portfolio. As of June 30, 2025, the portfolio had $360 million in commitments with $251 million funded, indicating a consistent growth in both commitments and deployed capital.
2. Strategic Focus on High-Growth Sunbelt Markets: The company's primary investment strategy targets commercial real estate in the Southern United States. Analysts highlight that a strategic focus on these "high-growth Sunbelt markets" supports revenue growth, loan demand, and asset quality. This geographical emphasis leverages favorable demographic shifts and sustained demand for convenience and fueling services in these regions.
3. Benefiting from Floating-Rate Loan Portfolio and Net Interest Margin Expansion: A significant portion of Sunrise Realty Trust's loan portfolio, approximately 86% as of June 30, 2025, comprises floating-rate loans with a weighted-average SOFR floor of 4.1%. With their credit line having an approximate floor of 2.6%, the company is well-positioned to expand its net interest margin, particularly in an environment of stable or rising interest rates. This structure is a direct driver for increasing interest income, which forms the core of their revenue.
4. Capitalizing on Commercial Real Estate Market Dislocation: Sunrise Realty Trust identifies a significant opportunity in the current commercial real estate (CRE) debt markets due to market dislocations, increasing interest rates, reduced liquidity, and the retrenchment of traditional banks from CRE lending. This market environment allows SUNS to strategically position itself to provide flexible and timely financing solutions, thereby capturing attractive lending opportunities that contribute to revenue growth.
5. Focus on Transitional Commercial Real Estate Projects: The company specializes in providing financing solutions for transitional commercial real estate, specifically targeting projects that demonstrate clear potential for near-term value creation. This focused investment approach allows Sunrise Realty Trust to identify and fund projects with strong underlying value, which in turn supports a disciplined investment process and fosters lasting partnerships, leading to sustained revenue generation from successful project financing.

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Share Issuance

• In January 2025, Sunrise Realty Trust priced an upsized public offering of 5,750,000 shares of common stock at $12.00 per share, anticipating gross proceeds of approximately $69 million.
• The company's 2024 10-K report indicated that a registered public offering of 5,750,000 shares of common stock resulted in net proceeds of $65.3 million.
• The proceeds from this offering are intended to fund existing borrower commitments, originate new commercial real estate loans in the Southern United States, and for general corporate purposes, including debt repayment.

Inbound Investments

• Sunrise Realty Trust established a Revolving Credit Facility with East West Bank, with initial commitments totaling $50 million.
• During the second quarter of 2025, the company expanded its Senior Secured Revolving Credit Facility by adding $90 million in additional commitments from Citi National Bank of Florida and EverBank, bringing total commitments to $140 million, with the potential to expand to $200 million.

Outbound Investments

• For the year ended December 31, 2024, Sunrise Realty Trust reported net cash used in investing activities of $(125.2) million, primarily due to the issuance and funding of loans.
• In 2024, significant loan transactions included a secured mezzanine loan facility in Sarasota, Florida, and a senior secured mortgage loan for a multi-family residential development.
• As of August 1, 2025, the company's investment portfolio consisted of $360.2 million of current commitments and $253.2 million of principal outstanding across 13 loans.