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Sunrise Realty Trust Reports Strong Q3 2024 Results
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Sunrise Realty Trust Reports Strong Q3 2024 Results

Sunrise Realty Trust, Inc. ( (SUNS) ) has released its Q3 earnings. Here is a breakdown of the information Sunrise Realty Trust, Inc. presented to its investors.

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Sunrise Realty Trust, Inc. is an institutional commercial real estate lender that provides flexible financing solutions to sponsors of commercial real estate in the Southern United States, focusing on transitional business plans with opportunities for near-term value creation.

Sunrise Realty Trust, Inc. reported its financial results for the third quarter of 2024, highlighting a GAAP net income of $1.7 million or $0.26 per basic weighted average common share and Distributable Earnings of $1.9 million or $0.27 per share.

The company successfully closed $87.4 million in deals during the quarter and announced a new revolving credit facility with East West Bank, providing an initial commitment of $50 million, expandable to $200 million. This development aims to enhance the company’s flexibility to pursue its robust $1.2 billion pipeline and drive long-term shareholder value.

Additionally, Sunrise Realty Trust declared a regular cash dividend of $0.42 per common share for the fourth quarter of 2024, reflecting confidence in the company’s loan portfolio growth.

Looking ahead, Sunrise Realty Trust is poised to leverage its strengthened capital structure and strategic growth initiatives to expand its presence in key Southern U.S. states, aiming to capitalize on promising market opportunities.

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