secwatch.observer — SEC 8-K summary
======================================

Issuer:     Sunrise Realty Trust, Inc. (SUNS)
CIK:        0002012706
Form:       8-K
Filed at:   2026-11-05T21:47:58+00:00
Accession:  0001628280-26-071144
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/2012706/000162828026071144/0001628280-26-071144-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/2012706/000162828026071144/suns-20261105.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-071144

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer