Sunrise Realty Trust Enters Material Agreement, Incurs Financial Obligation
Ticker: SUNS · Form: 8-K · Filed: Sep 26, 2024 · CIK: 2012706
| Field | Detail |
|---|---|
| Company | Sunrise Realty Trust, Inc. (SUNS) |
| Form Type | 8-K |
| Filed Date | Sep 26, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $50 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
Sunrise Realty Trust just signed a big deal and took on debt. Watch this space.
AI Summary
On September 26, 2024, Sunrise Realty Trust, Inc. entered into a material definitive agreement and created a direct financial obligation. The filing is a current report (8-K) detailing these events, with the company's principal executive offices located at 525 Okeechobee Blvd., Suite 1650, West Palm Beach, FL.
Why It Matters
This filing indicates a significant new financial commitment or partnership for Sunrise Realty Trust, which could impact its future operations and financial standing.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and incurring financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet its obligations.
Key Players & Entities
- Sunrise Realty Trust, Inc. (company) — Registrant
- September 26, 2024 (date) — Date of earliest event reported
- 525 Okeechobee Blvd., Suite 1650, West Palm Beach, FL, 33401 (location) — Address of principal executive offices
- 561-510-2390 (phone_number) — Registrant's telephone number
FAQ
What type of material definitive agreement did Sunrise Realty Trust, Inc. enter into?
The filing indicates the entry into a material definitive agreement but does not specify the nature of the agreement in the provided text.
What is the nature of the direct financial obligation incurred by Sunrise Realty Trust, Inc.?
The filing states that a direct financial obligation was created, but the specific details of this obligation are not provided in the excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on September 26, 2024.
Where are Sunrise Realty Trust, Inc.'s principal executive offices located?
Sunrise Realty Trust, Inc.'s principal executive offices are located at 525 Okeechobee Blvd., Suite 1650, West Palm Beach, FL, 33401.
What is the SEC file number for Sunrise Realty Trust, Inc.'s 8-K filing?
The SEC file number for this 8-K filing is 001-41971.
Filing Stats: 641 words · 3 min read · ~2 pages · Grade level 11.2 · Accepted 2024-09-26 16:54:28
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share SUNS The Nasdaq Stock Mar
- $50 million — lity (the "SRT Credit Facility") with a $50 million commitment, which may be borrowed, repa
Filing Documents
- sunriserealty_8k.htm (8-K) — 39KB
- sunriserealty_ex10-1.htm (EX-10.1) — 250KB
- img_001.jpg (GRAPHIC) — 4KB
- 0001829126-24-006493.txt ( ) — 526KB
- cik0002012706-20240926.xsd (EX-101.SCH) — 3KB
- cik0002012706-20240926_lab.xml (EX-101.LAB) — 33KB
- cik0002012706-20240926_pre.xml (EX-101.PRE) — 22KB
- sunriserealty_8k_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On September 26, 2024, Sunrise Realty Trust, Inc. (the "Company") entered into an unsecured revolving credit agreement (the "Credit Agreement"), by and between the Company, as borrower, and SRT Finance LLC, as agent and lender. SRT Finance LLC is indirectly owned by Leonard M. Tannenbaum, Executive Chairman of the Company's Board of Directors and one of the Company's officers, and Robyn Tannenbaum, President of the Company, along with their family members and associated family trusts. The Credit Agreement provides for an unsecured revolving credit facility (the "SRT Credit Facility") with a $50 million commitment, which may be borrowed, repaid and redrawn, subject to a draw fee and the other conditions provided in the Credit Agreement. Interest is payable on the SRT Credit Facility at 1 month SOFR (subject to a 3.0% floor) plus a margin of 2.75%, with a maturity date of December 31, 2025. The foregoing description of the Credit Agreement is qualified in its entirety by reference to the terms of the Credit Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) The following exhibit is being filed with this report: Exhibit No. Description 10.1 Unsecured Revolving Credit Agreement, dated September 26, 2024, by and between Sunrise Realty Trust, Inc., as borrower, and SRT Finance LLC, as agent and lender. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SUNRISE REALTY TRUST, INC. Date: September 26, 2024 By: /s/ Brandon Hetzel Brandon Hetzel Chief Financial Officer and Treasurer 2