Sunrise Realty Trust (SUNS) is a commercial real estate mortgage REIT that originates and invests in secured loans backed by transitional real estate assets, primarily in the Southern U.S. SUNS' core product is short-term, floating-rate senior mortgage loans — and to a lesser extent mezzanine loans, B-notes, and preferred equity structures — to real estate sponsors and developers constructing, renovating, or repositioning properties that have not yet reached stabilization. Loan sizes typically range from $15M to $100M, with durations of 2-5 years, and are indexed to SOFR plus a credit spread. SUNS earns the spread between interest income on its loan portfolio and the cost of its bank credit facilities, supplemented by origination and exit fees. The portfolio targets a loan-to-value of no more than 75% at origination. SUNS focuses geographically on the South — primarily Florida and Texas — where it argues demographic tailwinds and local market relationships provide a sourcing edge. SUNS currently operates at low leverage relative to its medium-term target of 1.0-1.5x debt-to-equity, and deliberately avoids repo or warehouse lines in favor of bank credit facilities and eventually unsecured debt. SUNS is externally managed by Sunrise Manager LLC, part of the Tannenbaum Capital Group platform, which also manages a private REIT with overlapping objectives. SUNS was formed in 2023, spun out in mid-2024, and trades on Nasdaq.