Sunrise Realty Trust, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting GAAP net income of $1.7 million, or $0.26 per basic weighted average common share. Distributable Earnings for the quarter reached $1.9 million, or $0.27 per basic weighted average common share.
The company successfully closed $87.4 million in deals during the third quarter, demonstrating continued momentum in its lending activities. Subsequent to the quarter-end, on November 6, 2024, SUNS established a new senior secured revolving credit facility with East West Bank.
This new credit facility provides an initial $50 million in borrowing capacity and can be expanded up to $200 million, maturing in November 2027. The facility carries an interest rate of SOFR plus 2.75% per annum, subject to a SOFR floor of 2.63%.
The Board of Directors declared a regular cash dividend of $0.42 per common share for the fourth quarter of 2024, payable on January 15, 2025. This represents a significant increase from the partial cash dividend of $0.21 per common share paid for the third quarter of 2024.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.