Sunrise Realty Trust completes Southern Realty Trust merger, creating $285M book value lender

Sunrise Realty Trust, Inc.

• SRT shareholders received 1.45 SUNS shares plus $0.05 cash per share; SUNS issued 8,464,975 shares, bringing total shares outstanding to 21,980,826.
• Former SRT holders own about 38.5% of combined company; pre-merger SUNS holders own about 61.5%; certain SRT holders (~32%) accepted 120-day lock-up.
• Pro forma as of June 30, 2026: ~$285M book value after transaction costs, ~$534M total assets, and ~$604M loan commitments across 14 loans in Southern U.S. markets.
• Amended management agreement cuts incentive fee to 17.5% from 20%, hurdle to 7.0% from 8.0% annually, and trims base fee by $250,000 per quarter for four quarters ($1.0M total).
• Board expanded by one seat; Howard Sudnow, SRT-designated independent director, appointed. Stub-period dividend of $0.09 per share payable Nov. 5 to holders of record Nov. 2.