GlobeNewswire·Nov 5, 2026, 4:05 PM ET

Sunrise Realty Trust, Inc. and Southern Realty Trust Inc., Tannenbaum Capital Group Affiliates, Complete Merger

SUNS

Sunrise Realty Trust, Inc. (SUNS) completed its merger with Southern Realty Trust Inc. (SRT) to create a single Nasdaq-listed commercial real estate lending platform.
On a pro forma basis as of June 30, 2026, the combined company holds approximately $285 million in book value, $534 million in total assets, and $604 million in total loan commitments across 14 loans.
The combined portfolio consists of loans collateralized by assets located predominantly in core Southern U.S. markets.
SUNS shares will continue trading on Nasdaq under the ticker symbol "SUNS."
Each SRT share was converted into 1.45 SUNS shares plus $0.05 cash from SUNS Manager LLC.
SUNS issued 8,464,975 new shares, bringing total outstanding shares to 21,980,826.
Former SRT stockholders now own approximately 38.5% of the combined company, while pre-Merger SUNS stockholders own 61.5%.
Certain former SRT stockholders holding 32% of SRT stock agreed to a 120-day lock-up period for their new SUNS shares.
The amended management agreement reduces the incentive fee rate from 20% to 17.5% and the hurdle rate from 8.0% to 7.0%.
The base management fee will be reduced by $250,000 per quarter for the first four full fiscal quarters of 2027, totaling $1.0 million.
The SUNS Board of Directors expanded by one seat, with Howard Sudnow appointed as an independent director.
SUNS declared a prorated Stub Period Dividend of $0.09 per share payable on November 5, 2026, to stockholders of record on November 2, 2026.
A Form 8-K detailing the Merger was filed with the SEC.