Sunrise Realty Trust Enters Material Agreement, Incurs Financial Obligation
Ticker: SUNS · Form: 8-K · Filed: Dec 9, 2024 · CIK: 2012706
| Field | Detail |
|---|---|
| Company | Sunrise Realty Trust, Inc. (SUNS) |
| Form Type | 8-K |
| Filed Date | Dec 9, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $75 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 December 9, 2024, Sunrise Realty Trust, Inc. filed an 8-K report detailing the entry into a material definitive agreement and the creation of a direct financial obligation. The filing also includes financial statements and exhibits related to these events.
Why It Matters
This filing indicates significant new financial commitments or agreements for Sunrise Realty Trust, which could impact its financial health and future operations.
Risk Assessment
Risk Level: medium — The creation of a direct financial obligation and entry into a material definitive agreement suggests potential new risks and financial commitments for the company.
Key Players & Entities
- Sunrise Realty Trust, Inc. (company) — Registrant
- December 9, 2024 (date) — Date of earliest event reported
- 525 Okeechobee Blvd., Suite 1650 (location) — Principal executive offices address
- West Palm Beach, FL (location) — Principal executive offices city and state
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 the specific details of the agreement are not provided in this summary.
What is the nature of the direct financial obligation created?
The filing states the creation of a direct financial obligation, but the specific terms and amount of this obligation are not detailed in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on December 9, 2024.
What is the principal business address of Sunrise Realty Trust, Inc.?
The principal executive offices of Sunrise Realty Trust, Inc. are located at 525 Okeechobee Blvd., Suite 1650, West Palm Beach, FL.
What is the SEC file number for Sunrise Realty Trust, Inc.?
The SEC file number for Sunrise Realty Trust, Inc. is 001-41971.
Filing Stats: 762 words · 3 min read · ~3 pages · Grade level 11.3 · Accepted 2024-12-09 16:53:30
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share SUNS The Nasdaq Stock Market
- $75 million — lity (the "SRT Credit Facility") with a $75 million commitment, which may be borrowed, repa
Filing Documents
- suns-20241209.htm (8-K) — 27KB
- ex101sunriserealty-srtfina.htm (EX-10.1) — 305KB
- suns-20241209_g1.jpg (GRAPHIC) — 605KB
- 0002012706-24-000020.txt ( ) — 1929KB
- suns-20241209.xsd (EX-101.SCH) — 2KB
- suns-20241209_lab.xml (EX-101.LAB) — 23KB
- suns-20241209_pre.xml (EX-101.PRE) — 13KB
- suns-20241209_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement On December 9, 2024, Sunrise Realty Trust, Inc. (the "Company") entered into an unsecured revolving credit agreement (the "Credit Agreement"), by and among the Company, as borrower, the lenders party thereto from time to time, 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 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 $75 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 a rate per annum equal to 8.00%. The SRT Credit Facility matures on the earlier of (i) May 31, 2028 and (ii) the date of the closing of any Refinancing Indebtedness (as defined in the Credit Agreement) with an aggregate principal amount equal to or greater than $75 million. Commencing on January 1, 2026, the Company is required to pay an annual fee equal to 1.00% of the aggregate commitments ratably to the lenders, payable on the first business day of each calendar year; provided that the fee due and payable on January 3, 2028 will be pro rated on the basis of a year of 360 days for the actual number of days elapsed from and including January 1, 2028 until and excluding May 31, 2028. 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
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 December 9, 2024, by and among Sunrise Realty Trust, Inc., as borrower, the lenders party thereto from time to time and SRT Finance LLC, as agent and lender. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SUNRISE REALTY TRUST, INC. By: /s/ Brandon Hetzel Brandon Hetzel Chief Financial Officer and Treasurer Date: December 9, 2024 3