Sunrise Realty Trust Inc 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________ SUNRISE REALTY TRUST, INC. (Exact name of registrant as specified in its charter)Maryland93-3168928(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number) 525 Okeechobee Blvd.,Suite 1650,West Palm Beach,FL33401(Address of principal executive offices) (Zip Code) (561) 530-3315(Registrant’s telephone number, including area code) N/A(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, $0.01 par value per shareSUNSThe Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large acceleratedfiler☐Accelerated filer☐Non-accelerated filer☒Smaller reportingcompany☒Emerging growthcompany☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ SUNRISE REALTY TRUST, INC. TABLE OF CONTENTS INDEX SUNRISE REALTY TRUST, INC.CONSOLIDATED BALANCE SHEETS SUNRISE REALTY TRUST, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) SUNRISE REALTY TRUST, INC.CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY(unaudited) SUNRISE REALTY TRUST, INC.NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTSAs of March31, 2026(unaudited) 1.ORGANIZATION Sunrise Realty Trust, Inc. (the “Company” or “SUNS”) was formed on August 28, 2023, and converted from a Delaware limitedliability company to a Maryland corporation in February 2024. The Company is an institutional lender that provides debt capitalsolutions to the commercial real estate (“CRE”) market in the Southern United States, with a primary focus on opportunities inArizona, Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee and Texas. The Company focuses on originating,underwriting and managing CRE debt investments and providing capital to high-quality borrowers and sponsors with transitionalbusiness plans collateralized by CRE assets with opportunities for near-term value creation, as well as recapitalization opportunities.The Company intends to further diversify its investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, B-notes, commercial mortgage-backed securities (“CMBS”) and debt-like preferred equity securities across CRE asset classes. TheCompany intends for its investment mix to include high quality residential (including multi-family, condominiums and single-familyresidential communities), retail, office, hospitality, industrial, mixed-use and specialty-use real estate. The Company operates in oneoperating segment. SUNS is externally managed and advised by Sunrise Manager LLC (“SUNS Manager” or the “Manager”), a registered investmentadviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Company consolidates all of its subsidiaries,which are consolidated within the Company’s consolidated financial statements. The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code (the“Code”), commencing with the taxable year ending December 31, 2024. The Company generally will not be subject to United Statesfederal income taxes on its REIT taxable income as long as it annually distributes all of its REIT taxable income prior to the deductionfor dividends paid to shareholders and