Sunrise Realty Trust prices 5.75M shares at $12.00 in upsized offering

Sunrise Realty Trust (SUNS) announced the pricing on January 27, 2025, of its upsized underwritten public offering of 5,750,000 shares of its common stock at a public offering price of $12.00 per share. SUNS has granted the underwriters of the Offering a 30-day option to purchase up to an additional 862,500 shares of common stock. SUNS anticipates total gross proceeds of approximately $69M, before deducting underwriting discounts and commissions and other offering expenses and excluding any exercise of the underwriters’ option to purchase additional shares. SUNS intends to use the net proceeds from the Offering to fund loans related to unfunded commitments to its existing borrowers, to originate and participate in commercial loans to commercial real estate projects in the Southern U.S. that are consistent with its investment strategy, and for working capital and other general corporate purposes, including the repayment of debt. The Offering is expected to close on or about January 29, 2025, subject to the satisfaction of customary closing conditions. 1,000,000 shares to be sold in the Offering will be sold to an affiliated investor of the Company at the public offering price. Raymond James & Associates, Keefe, Bruyette & Woods and Oppenheimer & Co. are acting as joint book-running managers for the Offering.