SUNS earnings analysis
What we found in SUNS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In Q1 2026, Sunrise Realty Trust recorded a significant increase in revenue and net income, driven largely by a 107.2% surge in interest income to $10.3 million. EPS improved to $0.32 compared to $0.27 in Q1 2025. Despite this growth, management noted challenges such as increased interest expenses due to higher borrowing levels. The company's cash holdings decreased slightly to $5.7 million, with strategic real estate financing noted as a focus area for future growth.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue reached $10,272,686, rising 107.2% year-over-year from $4,958,523.
- Increased EPS
- Earnings per share rose to $0.32, up from $0.27 in Q1 2025.
- Higher Net Income
- Net income increased to $4,253,350 compared to $3,099,437 in the prior year.
- Robust Distributable Earnings
- Distributable earnings improved to $4,683,595, or $0.35 per share, from $3,460,706.
- Portfolio Growth
- Total loans held at carrying value decreased to $299,286,738 from $305,513,185.
- Liquidity Management
- Cash on hand held at $5.7 million with adequate capacity under credit facilities.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Interest Expenses
- Interest expense surged to $2,967,637, up from $336,159, impacting margins.
- Credit Quality Concerns
- CECL reserve balance was approximately $0.6 million, representing 0.19% of total loans.
- Concentration Risk
- Top three borrowers represent approximately 43.8% of loans, raising exposure levels.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.32
What they said about what is next.
Outlook included indications of continued focus on financing quality real estate with rising interest income.
The filing reads better than the one before it.
What came before.
- 10-K · March 12, 2026
- Sunrise Realty Trust positions itself as a non-bank CRE lender focused on the Southern U.S., targeting senior mortgages, mezzanine/B-notes, CMBS and debt-like preferred equity with a portfolio IRR target in the…
- 10-Q · August 7, 2025
- Sunrise Realty Trust reported strong top-line and loan-portfolio growth in Q2 2025 with interest income of $6,752,679 (Q2 2025) versus $1,979,576 (Q2 2024) and diluted EPS of $0.25 (Q2 2025) versus $0.22 (Q2 2024).…
- 10-Q · May 7, 2025
- Sunrise Realty Trust reported strong origination and interest income growth in Q1 2025: interest income rose to $4,958,523 (Q1 2025) from $2,026,306 (Q1 2024) and net income was $3,099,437 vs $1,762,345 a year ago. The…
- 10-K · March 6, 2025
- Sunrise Realty Trust (SUNS) is an early-stage CRE lending REIT spun off on July 9, 2024 with approximately $114.8 million of net assets contributed at the Spin‑Off and a strategy to originate secured CRE loans…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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