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Sep 30, 2024
Sunrise Realty Trust Inc Q3 2024 Earnings Report
Reported GAAP net income and distributable earnings for Q3 2024.
Key Takeaways
Sunrise Realty Trust, Inc. reported a GAAP net income of $1.7 million, or $0.26 per basic weighted average common share, and Distributable Earnings of $1.9 million, or $0.27 per basic weighted average common share, for the third quarter of 2024. The company closed $87.4 million in deals during the quarter and strengthened its capital structure with a new $50 million revolving credit facility that can be expanded to $200 million.
GAAP net income was $1.7 million, or $0.26 per share.
Distributable Earnings were $1.9 million, or $0.27 per share.
Closed $87.4 million in deals during the third quarter.
Established a new revolving credit facility with an initial commitment of $50 million, expandable to $200 million.
Forward Guidance
The company has a robust pipeline of $1.2 billion, positioning it to drive long-term value for shareholders and expand its presence in key Southern U.S. states. The Board of Directors previously declared a regular cash dividend of $0.42 per common share for the fourth quarter of 2024, based on visibility into the growth of the company’s loan portfolio.
Positive Outlook
- Strong performance in the third quarter.
- Successfully closed $87.4 million in deals.
- Strengthened capital structure with a new revolving credit facility.
- Robust $1.2 billion pipeline.
- Declared a regular cash dividend of $0.42 per common share for the fourth quarter of 2024.
Challenges Ahead
- Forward-looking statements are subject to inherent uncertainties.
- Ability of manager to locate suitable loan opportunities can affect results.
- Demand for commercial real estate investment can affect results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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