Total assets expanded significantly from $47.6M in 2024Q1 to $330.0M in 2026Q1, while the debt-to-equity ratio rose to 0.76, potentially masking project-level financing risks.
Sunrise Realty Trust, Inc. (SUNS) balance sheet — 3-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Total Assets | 330.72M | 310.23M | 317.54M | 31.24M |
| Asset Growth % | 121.63% | -2.3% | 916.29% | - |
| Real Estate & Other Assets | 296.66M | 301.52M | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 0 | 0 | 0 |
| Total Current Assets | 8.13M | 8.71M | 317.54M | 31.24M |
| Cash & Equivalents | 5.59M | 6.45M | 184.63M | 31.24M |
| Receivables | 1000K | 1000K | 1000K | 0 |
| Other Current Assets | 0 | 0 | 131.77M | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Total Liabilities | 148.88M | 128.27M | 203.4M | 10K |
| Total Debt | 141.65M | 122M | 198.84M | 0 |
| Net Debt | 136.06M | 115.55M | 14.21M | -31.24M |
| Long-Term Debt | 0 | 122M | 0 | 0 |
| Short-Term Borrowings | 141.65M | 0 | 198.84M | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 148.7M | 0 | 203.38M | 10K |
| Accounts Payable | 414.26K | 355.87K | 357.42K | 10K |
| Deferred Revenue | 0 | 0 | 0 | 0 |
| Other Liabilities | 7.23M | 6.27M | 18.4K | 10K |
| Total Equity | 181.85M | 181.96M | 114.14M | 31.23M |
| Equity Growth % | 121.48% | 59.42% | 265.42% | - |
| Shareholders Equity | 181.85M | 181.96M | 114.14M | 31.23M |
| Minority Interest | 0 | 0 | 0 | 0 |
| Common Stock | 135.17K | 134.21K | 70.05K | 31.23M |
| Additional Paid-in Capital | 187.41M | 186.75M | 115.02M | 0 |
| Retained Earnings | -5.7M | -4.92M | -954.33K | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 4.23% | 3.87% | 3.94% | 2.25% |
| Return on Equity (ROE) | 7.12% | 8.2% | 9.45% | 2.25% |
| Debt / Assets | 42.83% | 39.33% | 62.62% | - |
| Debt / Equity | 0.78x | 0.67x | 1.74x | - |
| Net Debt / EBITDA | 6.53x | 6.82x | 2.06x | -133.17x |
| Book Value per Share | 13.63 | 14.24 | 16.70 | 4.53 |
Quick answers to the most common questions about buying SUNS stock.
As of 2025, Sunrise Realty Trust, Inc. (SUNS) had total assets of $310.2M including $8.7M in current assets.
Sunrise Realty Trust, Inc. (SUNS) carries total debt of $122.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sunrise Realty Trust, Inc. (SUNS) has total shareholders' equity (book value) of $182.0M ($14.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Key Metrics
Top Statement Risk
Development cycle cash volatility
Metrics are mathematically derived from official filings.
Capitalization Shifts Amid Rapid Expansion
As reported in financial statements, total assets grew from $47.6M in 2024Q1 to $330.0M by 2026Q1, indicating that the company is aggressively scaling its balance sheet to support a development-heavy pipeline that relies on rapid asset turnover rather than long-term property holding.
The rapid expansion of the asset base suggests a transition toward a more capital-intensive model, which may eventually pressure the current low-leverage profile. Investors should monitor whether this growth in assets translates into sustainable, recurring NOI or if it remains tethered to the volatility of project-based development cycles.
Debt Structure Masks Project Exposure
Based on reported figures, the debt-to-equity ratio rose from 0.23 in 2025Q1 to 0.76 in 2026Q1, suggesting that the company is increasingly utilizing debt to fund its development activities despite maintaining a headline leverage profile that appears conservative relative to traditional residential REIT peers.
The increase in total debt to $139.4M by 2026Q1 warrants caution, as it may indicate a shift toward higher financial risk to sustain growth. It remains unclear if this debt is fully recourse to the corporate entity or if it is siloed within project-level vehicles, which could obscure the true extent of the company's interest rate sensitivity.
Cash Volatility Challenges Liquidity Management
According to recent financial filings, cash balances have fluctuated wildly, peaking at $184.6M in 2024Q4 before declining to $5.7M in 2026Q1, which implies that the company's liquidity position is highly sensitive to the timing of capital raises and project-based cash inflows.
This erratic cash profile suggests that the company may lack a consistent buffer for operational contingencies, potentially forcing reliance on external financing during market downturns. The rapid depletion of cash reserves over the last five quarters indicates that capital is being deployed into development projects faster than it is being replenished through recurring operations.
Hidden Risks in Asset Valuation
As indicated by the balance sheet data, the absence of net property, plant, and equipment (PPE) on the books suggests that the company's valuation is heavily reliant on investment property fair value adjustments rather than tangible, depreciable assets.
This accounting treatment may artificially inflate equity and mask the true economic cost of maintaining the portfolio, as fair value gains are non-cash in nature. Investors should be wary that a cooling in the Canadian housing market could lead to significant downward revisions in asset values, potentially triggering covenant breaches if debt levels continue to climb.