0002012706-24-000015 | 10-Q | XBRL Viewer

SHAREHOLDER’S EQUITY

9 Months Ended

Sep. 30, 2024

Corporate Conversion

On February 20, 2024, the Company completed a corporate conversion, converting from a Delaware limited liability company to a Maryland corporation. Pursuant to the certificate of incorporation effected in connection with the corporate conversion, the Company’s authorized capital stock consists of 50,000,000 shares of voting Common Stock and 10,000 shares of Preferred Stock (defined below), par value $0.01 per share.

Preferred Stock

As of September 30, 2024 and December 31, 2023, the Company authorized 10,000 and zero shares of Preferred Stock, par value $0.01 per share (the “Preferred Stock”), respectively, of which none have been issued. The Company’s Board of Directors (the “Board of Directors”) has the authority, without action by our shareholders, to issue up to 10,000 shares of Preferred Stock in one or more series or classes and to designate the rights, preferences and privileges of each series or class, which may be greater than the rights of SUNS’ Common Stock. There were no shares of Preferred Stock designated or outstanding as of September 30, 2024 and December 31, 2023, respectively.

Common Stock

As of September 30, 2024 and December 31, 2023, the Company authorized 50,000,000 and zero shares of Common Stock, respectively, and issued 6,925,395 and zero shares of Common Stock, respectively.

Spin-Off

On July 1, 2024, the Board of Directors approved a forward stock split of shares of the Company’s Common Stock, at a ratio of 68,890.32-for-one (to be effected in the form of a stock dividend for purposes of the Maryland General Corporation Law), pursuant to which 68,890.32 additional shares of the Company’s Common Stock were issued for each outstanding share of the Company’s Common Stock (the “Forward Stock Split”), payable prior to the consummation of the Spin-Off. The Forward Stock Split took effect immediately prior to the distribution of the shares of the Company’s common stock to the shareholders of AFC common stock.

As a result of the Forward Stock Split, the number of outstanding shares of the Company’s Common Stock increased to 6,889,032 shares outstanding as of July 9, 2024, of which 88,685 were restricted shares at the time of Spin-Off.

The Spin-Off was effected by the transfer of AFC’s CRE portfolio from AFC to SUNS and the distribution of all of the outstanding shares of SUNS Common Stock to all of AFC’s shareholders of record as of the close of business on July 8, 2024. AFC’s shareholders of record as of the Record Date received one share of SUNS Common Stock for every three shares of AFC common stock held as of the close of business on July 8, 2024, the Record Date for the distribution, as well as a cash payment in lieu of any fractional shares. The Spin-Off was completed on July 9, 2024. Immediately after the Spin-Off, the Company was no longer a wholly owned subsidiary of AFC.

On July 9, 2024, AFC non-vested restricted stock awards that were outstanding on the Distribution Date were converted into AFC restricted stock awards and SUNS restricted stock awards. Upon completion of the Spin-Off, the AFC restricted stock awards were converted into 88,685 shares of SUNS restricted stock. The vesting schedule remains the same as the original awards.

Stock Incentive Plan

The Company has established the 2024 Stock Incentive Plan (the “2024 Plan”). The 2024 Plan authorizes stock options, stock appreciation rights, restricted stock, stock bonuses, stock units and other forms of awards granted or denominated in the Company’s Common Stock or units of Common Stock. The 2024 Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. The Company has granted, and currently intends to continue to grant, restricted stock awards to participants in the 2024 Plan, but it may also grant any other type of award available under the 2024 Plan in the future. Persons eligible to receive awards under the 2024 Plan include officers or employees of the Company or any of its subsidiaries, directors of the Company, employees of the Manager and certain directors, consultants and other service providers to the Company or any of its subsidiaries.

In July 2024, the Board of Directors approved grants of 36,363 shares of restricted stock to Brian Sedrish in connection with his appointment as CEO, which vest over a three-year period with approximately 33% vesting on each of the first, second and third anniversaries of July 9, 2024.

As of September 30, 2024, there were 36,363 shares of restricted stock granted under the 2024 Plan.

As of September 30, 2024, the maximum number of shares of the Company’s Common Stock that may be delivered pursuant to awards under the 2024 Plan (the “Share Limit”) equals 551,122 shares. Shares that are subject to or underlie awards that expire or, for any reason, are cancelled, terminated, forfeited, fail to vest or are not paid or delivered under the 2024 Plan will not be counted against the Share Limit and will again be available for subsequent awards under the 2024 Plan.

The stock-based compensation expense for the Company was approximately $0.2 million for the three and nine months ended September 30, 2024 and zero during the period from August 28, 2023 to September 30, 2023, respectively.

The following table summarizes restricted stock (i) converted upon Spin-Off, (ii) granted, (iii) vested and (iv) forfeited for the Company’s directors and officers and employees of the Manager as of September 30, 2024. There was no stock award activity during the period from August 28, 2023 (date of formation) to December 31, 2023.


			As of September 30, 2024
Converted upon Spin-Off			88,685
Granted			36,363
Vested			(805)
Forfeited			—
Balance			124,243

The fair value of the Company’s restricted stock awards is based on the Company’s stock price on the date of grant. The following tables summarize the restricted stock activity as of and during the nine months ended September 30, 2024:


	Number of shares of restricted stock	Weighted-average grant date fair value
Balance as of July 9, 2024(1)	88,685	$	13.00

Granted	36,363	13.75
Vested	(805)	21.64
Forfeited	—	—
Balance as of September 30, 2024	124,243	$	13.16

(1)Effective date of conversion upon Spin-Off.

The total fair value of shares vested during the three and nine months ended September 30, 2024 was approximately $11.8 thousand. During the three months ended September 30, 2024, 36,363 shares of restricted stock were granted with a weighted-average grant date fair value of $13.75. There were no shares of restricted stock that were granted or that vested during the period from August 28, 2023 to September 30, 2023.

As of September 30, 2024, there was approximately $1.3 million of total unrecognized compensation cost related to non-vested restricted stock. That cost is expected to be recognized over a weighted-average period of 2.23 years.

- Definition

The entire disclosure for equity.

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+ Details

CURRENT EXPECTED CREDIT LOSSES (Tables)

9 Months Ended

Sep. 30, 2024

Credit Loss [Abstract]

Schedule of Financing Receivable, Allowance for Credit Loss

Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value as of and for the three and nine months ended September 30, 2024 was as follows:


	Outstanding(1)		Unfunded(2)		Total
Balance at June 30, 2024	$	37,421	$	34,433	$	71,854
(Decrease) increase in provision for current expected credit losses	(37,421)		(10,106)		(47,527)
Write-offs	—		—		—
Recoveries	—		—		—
Balance at September 30, 2024	$	—	$	24,327	$	24,327


	Outstanding(1)		Unfunded(2)		Total
Balance at December 31, 2023	$	—	$	—	$	—
Increase (decrease) in provision for current expected credit losses	—		24,327		24,327
Write-offs	—		—		—
Recoveries	—		—		—
Balance at September 30, 2024	$	—	$	24,327	$	24,327

(1)As of September 30, 2024, the CECL Reserve related to outstanding balances on loans held at carrying value is recorded within current expected credit loss reserve in the Company’s balance sheets.

(2)As of September 30, 2024, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within current expected credit loss reserve as a liability in the Company’s balance sheets.

Schedule of Financing Receivable Credit Quality Indicators

Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:


Rating			Definition
1			Very Low Risk — Investment exceeds performance expectations. Trends and risk factors since time of investment are favorable.
2			Low Risk — Investment performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
3			Medium Risk — Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
4			High Risk/ Potential for Loss — Investment underperforming with the potential of some interest loss. Trends and risk factors are negative.
5			Impaired/ Loss Likely — Investment underperforming with expected loss of interest, and full recovery of principal is unlikely.

As of September 30, 2024, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value within each risk rating by year of origination is as follows:


Risk Rating:	2024		Total
1	$	10,572,368	$	10,572,368
2	85,833,378		85,833,378
3	—		—
4	—		—
5	—		—
Total	$	96,405,746	$	96,405,746

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared on common shares (in dollars per share)	$ 0.63	$ 0.63

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were available to be issued. There were no material subsequent events, other than those described below, that required disclosure in these unaudited interim financial statements. New Loan In November 2024, the Company and affiliated co-investors entered into a whole loan (the “Whole Loan”) consisting of an aggregate of $96.0 million in loan commitments. The property securing the loan is a development site and related condominium project located in Fort Lauderdale, Florida. The proceeds are expected to be used to commence and facilitate construction. The Company committed a total of $30.0 million and affiliated co-investors committed $60.0 million, with the remaining $6.0 committed by an unaffiliated investor (the “Originating Lender”). At closing, the Company funded approximately $3.6 million and the affiliated co-investors funded approximately $7.2 million and the Originating Lender funded approximately $0.7 million. The Whole Loan is split into a Senior Loan and Mezzanine Loan, each with two A-Notes ($62.4 million of the total commitment amount) and two B-Notes ($33.6 million of the total commitment amount, of which $6.0 million was committed by the Originating Lender). The A-Notes bear interest at a rate of SOFR plus 4.75%, with a rate index floor of 4.75%. The B-Notes bear interest at a rate of SOFR plus 11.00%, with a rate index floor of 4.75%. The A-Notes and B-Notes were issued at a discount of 1.0% and mature in 26 months, subject to two, six-month extension options. Revolving Credit Facility On November 6, 2024, the Company entered into the Loan and Security Agreement (the “Revolving Credit Agreement”) by and among the Company, the lenders party thereto (the “Lenders”), and East West Bank, as Agent, Joint Lead Arranger, Joint Book Runner, Co-Syndication Agent and Co-Documentation Agent. The Revolving Credit Agreement provides for a senior secured revolving credit facility (the “Revolving Credit Facility”) with $50.0 million in initial aggregate commitments, which may be borrowed, repaid and redrawn, subject to a borrowing base based on eligible loan obligations held by the Company and subject to the satisfaction of other conditions provided in the Revolving Credit Agreement. Pursuant to the terms of the Revolving Credit Agreement, the amount of total commitments may be increased to up to $200.0 million in aggregate, subject to available borrowing base and lenders’ willingness to provide additional commitments. The Revolving Credit Facility has a maturity date of November 8, 2027. Interest is payable on the Revolving Credit Facility in cash in arrears at the rate per annum of SOFR plus 2.75%, with a SOFR floor of 2.63%; provided, however, that the interest rate will increase by an additional 0.25% during any Increase Rate Month (as defined in the Revolving Credit Agreement). The Company is required to pay certain fees to the agent and the lenders under the Revolving Credit Agreement, including a $75,000 agent fee payable to the agent and an 0.25% per annum loan fee payable ratably to the lenders, in each case, payable on the closing date and on the annual anniversary thereafter. Commencing on the six-month anniversary of the closing date, the Revolving Credit Facility has an unused line fee of 0.25% per annum, payable semi-annually in arrears. Based on the terms of the Revolving Credit Agreement, the unused line fee is waived if our average cash balance exceeds the minimum balance required per the Revolving Credit Agreement. The Revolving Credit Facility contains customary covenants, including covenants that limit or restrict the Company’s and its subsidiaries’ ability to incur liens, incur indebtedness, make certain restricted payments, merger or consolidate or make dispositions of assets. In addition, the Company and its subsidiaries are subject to certain financial covenants, including a liquidity and debt service coverage ratio covenant. The Revolving Credit Facility is guaranteed by certain material subsidiaries of the Company and is secured by substantially all assets of the Company and certain of its material subsidiaries; provided that upon the meeting of certain conditions, the facility will be secured only by certain assets of the Company comprising of or relating to loan obligations designed for inclusion in the borrowing base. Relationships Certain of the lenders and their affiliates may in the future engage in investment banking, commercial banking and other financial advisory and commercial dealings with the Company and its affiliates. Termination of SRT Revolving Credit Facility On November 6, 2024, in conjunction with the entry by the Company into the Revolving Credit Facility, the Company terminated the unsecured revolving credit agreement (the “Credit Agreement”) dated September 26, 2024, by and between the Company, as borrower, and SRT Finance LLC, as agent and lender. Upon execution of the Revolving Credit Facility, the lenders’ commitments under the Credit Agreement were terminated and the liability of the Company and its subsidiaries with respect to their obligations under the Credit Agreement was discharged.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Loans Held at Carrying Value (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loans and Leases Receivable Disclosure [Line Items]
Outstanding Principal	$ 97,547,112	$ 0
Original Issue Discount	(1,141,366)	0
Carrying Value	$ 96,405,746	$ 0
Weighted Average Remaining Life (Years)	2 years 7 months 6 days
Senior mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Outstanding Principal	$ 75,179,550
Original Issue Discount	(915,856)
Carrying Value	$ 74,263,694
Weighted Average Remaining Life (Years)	2 years 8 months 12 days
Subordinate debt
Loans and Leases Receivable Disclosure [Line Items]
Outstanding Principal	$ 22,367,562
Original Issue Discount	(225,510)
Carrying Value	$ 22,142,052
Weighted Average Remaining Life (Years)	2 years 7 months 6 days

FAIR VALUE

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE

Fair Value of Financial Instruments

GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the balance sheets, for which it is practicable to estimate that value.

The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the unaudited interim balance sheets as of September 30, 2024:


	As of September 30, 2024
	Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents	$	70,171,119	$	70,171,119
Loans held for investment at carrying value	$	96,405,746	$	96,668,539

Estimates of fair value for cash and cash equivalents are measured using observable, quoted market prices, or Level 1 inputs. The Company’s loans held for investment are measured using unobservable inputs, or Level 3 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

DEBT - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended
DEBT - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Line of credit	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 0
Interest expense			43,200
Revolving Credit Facility \| Unsecured Debt \| SRT Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit loan commitment	50,000,000	50,000,000	50,000,000
Line of credit	50,000,000	50,000,000	50,000,000
Line of credit, available to borrow	$ 0	$ 0	$ 0
Revolving Credit Facility \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| SRT Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		3.00%
Revolving Credit Facility \| Unsecured Debt \| Base Rate \| SRT Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	7.60%	2.75%

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

As of September 30, 2024 and December 31, 2023, the Company had the following commitments to fund various investments:



	As of September 30, 2024		As of December 31, 2023

Total original loan commitments	$	121,570,101	$	—
Less: drawn commitments	(97,547,112)		—
Total undrawn commitments	$	24,022,989	$	—

The Company from time to time may be a party to litigation in the normal course of business. The Company investigates these claims as they arise. If the potential loss from any claim or legal claim is considered probable and the amount can be estimated, the Company accrues a liability for the estimated loss. As of September 30, 2024, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations.

SUBSEQUENT EVENTS (Details)			9 Months Ended
SUBSEQUENT EVENTS (Details)	Nov. 07, 2024 USD ($)	Nov. 06, 2024 USD ($)	Sep. 30, 2024 USD ($)	Nov. 01, 2024 USD ($) loan extension	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Loans held at carrying value, outstanding principal			$ 97,547,112		$ 0
Loans held for investments aggregate commitments			121,600,000		$ 0
Loans held at carrying value, outstanding principal fundings			$ 122,500,000
Subsequent Event \| Condominium \| FLORIDA
Subsequent Event [Line Items]
Loans held for investments aggregate commitments				$ 30,000,000
Loans held at carrying value, outstanding principal fundings	$ 3,600,000
Subsequent Event \| Condominium \| FLORIDA \| Whole Loan
Subsequent Event [Line Items]
Discount rate	1.00%
Receivable with imputed interest, term	26 months
Number of extension terms \| extension				2
Extension term	6 months
Subsequent Event \| Condominium \| FLORIDA \| A-Notes
Subsequent Event [Line Items]
Loans held for investments aggregate commitments				$ 62,400,000
Number of loans held for investment \| loan				2
Subsequent Event \| Condominium \| FLORIDA \| B-Notes
Subsequent Event [Line Items]
Loans held for investments aggregate commitments				$ 33,600,000
Number of loans held for investment \| loan				2
Subsequent Event \| Condominium \| FLORIDA \| Affiliated Entity
Subsequent Event [Line Items]
Loans held at carrying value, outstanding principal				$ 96,000,000
Loans held for investments aggregate commitments				60,000,000
Loans held at carrying value, outstanding principal fundings	$ 7,200,000
Subsequent Event \| Condominium \| FLORIDA \| Nonrelated Party
Subsequent Event [Line Items]
Loans held for investments aggregate commitments				6,000,000.0
Loans held at carrying value, outstanding principal fundings	$ 700,000
Subsequent Event \| Condominium \| FLORIDA \| Nonrelated Party \| B-Notes
Subsequent Event [Line Items]
Loans held for investments aggregate commitments				$ 6,000,000
Subsequent Event \| Secured Overnight Financing Rate (SOFR) \| Condominium \| FLORIDA \| A-Notes
Subsequent Event [Line Items]
Interest rate	4.75%
Subsequent Event \| Secured Overnight Financing Rate (SOFR) \| Condominium \| FLORIDA \| B-Notes
Subsequent Event [Line Items]
Interest rate	11.00%
Subsequent Event \| Base Rate \| Condominium \| FLORIDA \| A-Notes
Subsequent Event [Line Items]
Interest rate	4.75%
Subsequent Event \| Base Rate \| Condominium \| FLORIDA \| B-Notes
Subsequent Event [Line Items]
Interest rate	4.75%
Subsequent Event \| Revolving Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Revolving credit loan commitment		$ 50,000,000
Increase limit		$ 200,000,000
Increase in interest rate		0.25%
Agent fee		$ 75,000
Loan fee payable		0.25%
Commencement of unused capacity, commitment fee percentage payable		6 months
Unused line fee percentage		0.25%
Subsequent Event \| Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable interest rate		2.75%
Subsequent Event \| Revolving Credit Facility \| Line of Credit \| Base Rate
Subsequent Event [Line Items]
Basis spread on variable interest rate		2.63%

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Related Party Transactions

The following table summarizes the related party costs incurred by the Company for the three and nine months ended September 30, 2024 and for the period from August 28, 2023 to September 30, 2023:


	Three months ended September 30,		Period from August 28, 2023 to September 30,		Nine months ended September 30,		Period from August 28, 2023 to September 30,
	2024		2023		2024		2023
Affiliate costs


Base management fees	$	422,238	$	—	$	422,238	$	—
Incentive fees earned	—		—		—		—
General and administrative expenses reimbursable to Manager	492,870		—		492,870		—
Total	$	915,108	$	—	$	915,108	$	—

SHAREHOLDER’S EQUITY (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Nonvested Share Activity


			As of September 30, 2024
Converted upon Spin-Off			88,685
Granted			36,363
Vested			(805)
Forfeited			—
Balance			124,243

Restricted Stock Awards Activity


	Number of shares of restricted stock	Weighted-average grant date fair value
Balance as of July 9, 2024(1)	88,685	$	13.00

Granted	36,363	13.75
Vested	(805)	21.64
Forfeited	—	—
Balance as of September 30, 2024	124,243	$	13.16

(1)Effective date of conversion upon Spin-Off.

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim financial statements should be read in conjunction with the audited financial statements and the related management’s disclosure and analysis of financial condition and results of operations included in the Company’s final Information Statement included as Exhibit 99.1 to the Company’s Registration Statement on Form 10, initially filed on February 22, 2024, as amended, and declared effective on July 2, 2024 (File No. 001-41971) by the U.S. Securities and Exchange Commission (the “SEC”), the final version of which was included as Exhibit 99.1 to the Current Report on Form 8-K filed with the SEC on July 3, 2024 (the “Information Statement”). Refer to Note 2 to the Company’s financial statements in the Information Statement for a description of the Company’s significant accounting policies. The Company has included disclosures below regarding basis of presentation and other accounting policies that (i) are required to be disclosed quarterly, (ii) have material changes or (iii) the Company views as critical as of the date of this report. Basis of Presentation The accompanying unaudited interim financial statements and related notes have been prepared on the accrual basis of accounting in conformity with GAAP and in conformity with the rules and regulations of the SEC applicable to interim financial information. The unaudited interim financial statements reflect all adjustments that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. The historical financial statements of the Company for the periods prior to the completion of the Spin-Off are prepared from AFC’s historical accounting records and are presented on a standalone basis as if the Company’s operations have been conducted independently from AFC. The aggregate net effect of transactions between the Company and related parties that have been historically settled other than in cash are reflected in the Balance Sheets as Member’s Equity and Shareholder’s Equity and in the Statements of Cash Flows as Net Transfers and Distributions From (to) Former Parent. For additional information, see Note 12, “Related Party Transactions,” and Note 8, “Shareholders’ Equity.” The current period’s results of operations will not necessarily be indicative of results that ultimately may be realized for the year ending December 31, 2024. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the current expected credit losses (“CECL”). Recent Accounting Pronouncements The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”). Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of this extended transition period. As a result, the Company will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies, which may make comparison of the Company’s financials to those of other public companies more difficult. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of the update on the Company’s future financial statements. In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company does not currently anticipate that adoption of ASU 2023-09 will have a material impact on the financial statements.

SHAREHOLDER’S EQUITY - Schedule of Nonvested Share Activity (Details) - Restricted Stock - shares	Sep. 30, 2024	Jul. 09, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Converted upon Spin-Off (in shares)	88,685	88,685
Granted (in shares)	36,363
Vested (in shares)	(805)
Forfeited (in shares)	0
Balance (in shares)	124,243	88,685

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Changes in Loans Held at Carrying Value (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Principal
Total loans held at carrying value, principal, beginning balance	$ 0
New fundings	120,031,341
Funded interest	2,428,444
Loan repayments	(24,912,673)
Total loans held at carrying value, principal, ending balance	97,547,112
Original Issue Discount
Total loans held at carrying value, original issue discount, beginning balance	0
New fundings	(1,255,761)
Accretion of original issue discount	114,395
Total loans held at carrying value, original issue discount, ending balance	(1,141,366)
Carrying Value
Total loans held at carrying value, carrying value, beginning balance	0
New fundings	118,775,580
Funded interest	2,428,444
Accretion of original issue discount	114,395
Loan repayments	(24,912,673)
Total loans held at carrying value, carrying value, ending balance	$ 96,405,746

COMMITMENTS AND CONTINGENCIES - Commitments to Fund Investments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Total original loan commitments	$ 121,570,101	$ 0
Less: drawn commitments	(97,547,112)	0
Total undrawn commitments	$ 24,022,989	$ 0

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following information sets forth the computations of basic and diluted weighted average earnings per common share for the three and nine months ended September 30, 2024 and for the period from August 28, 2023 to September 30, 2023:


	Three months ended September 30,		Period from August 28, 2023 to September 30,		Nine months ended September 30,		Period from August 28, 2023 to September 30,
	2024		2023		2024		2023

Net income attributable to common shareholders	$	1,738,363	$	7,767	$	5,014,451	$	7,767



Divided by:
Basic weighted average shares of common stock outstanding	6,800,500		6,889,032		6,800,500		6,889,032
Weighted average unvested restricted stock	25,405		—		25,405		—
Diluted weighted average shares of common stock outstanding	6,825,905		6,889,032		6,825,905		6,889,032
Basic weighted average earnings per common share	$	0.26	$	—	$	0.74	$	—
Diluted weighted average earnings per common share	$	0.25	$	—	$	0.73	$	—

INTEREST RECEIVABLE

9 Months Ended

Sep. 30, 2024

Interest Receivable and Other Assets [Abstract]

INTEREST RECEIVABLE

The following table summarizes the interest receivable for the Company as of September 30, 2024 and December 31, 2023:



	As of September 30, 2024		As of December 31, 2023

Interest receivable	$	983,034	$	—
Unused fees receivable	16,473		—
Other fees receivable	7,813		—
Total interest receivable	$	1,007,320	$	—

DIVIDENDS AND DISTRIBUTIONS (Tables)

9 Months Ended

Sep. 30, 2024

DIVIDENDS AND DISTRIBUTIONS [Abstract]

Schedule of Dividends Payable

The following table summarizes the Company’s dividends declared during the nine months ended September 30, 2024. No dividends were declared during the period from August 28, 2023 to September 30, 2023:


	Declaration Date	Record Date	Payment Date	Per Common Share Distribution Amount		Total Distribution Amount





Regular cash dividend	8/14/2024	9/30/2024	10/15/2024	$	0.21	$	1,454,333
Regular cash dividend	8/14/2024	12/31/2024	1/15/2025	0.42		2,908,666

2024 Period Subtotal				$	0.63	$	4,362,999

INCOME TAX - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
INCOME TAX - Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense	$ 0	$ 0	$ 0
Tax expense for US federal tax		0	$ 0
Exercise tax as a percentage of undistributed ordinary income and net capital gains			4.00%
Unrecognized tax benefits		$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements and related notes have been prepared on the accrual basis of accounting in conformity with GAAP and in conformity with the rules and regulations of the SEC applicable to interim financial information. The unaudited interim financial statements reflect all adjustments that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. The historical financial statements of the Company for the periods prior to the completion of the Spin-Off are prepared from AFC’s historical accounting records and are presented on a standalone basis as if the Company’s operations have been conducted independently from AFC. The aggregate net effect of transactions between the Company and related parties that have been historically settled other than in cash are reflected in the Balance Sheets as Member’s Equity and Shareholder’s Equity and in the Statements of Cash Flows as Net Transfers and Distributions From (to) Former Parent. For additional information, see Note 12, “Related Party Transactions,” and Note 8, “Shareholders’ Equity.” The current period’s results of operations will not necessarily be indicative of results that ultimately may be realized for the year ending December 31, 2024.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the current expected credit losses (“CECL”).
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”). Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of this extended transition period. As a result, the Company will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies, which may make comparison of the Company’s financials to those of other public companies more difficult. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of the update on the Company’s future financial statements. In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company does not currently anticipate that adoption of ASU 2023-09 will have a material impact on the financial statements.
Current Expected Credit Losses	The Company estimates its current expected credit losses on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform the “CECL Reserve” using a model that considers multiple datapoints and methodologies that may include discounted cash flows (“DCF”) and other inputs, which may include the risk rating of the loan, how recently the loan was originated compared to the measurement date and expected prepayment, if applicable. Calculation of the CECL Reserve requires loan specific data, which may include the fixed charge coverage ratio, loan-to-value ratio, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including but not limited to, the expected timing of loan repayments and the Company’s current and future view of the macroeconomic environment. The Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where the Company has deemed the borrower/sponsor to be experiencing financial difficulty, the Company may elect to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a specific CECL allowance.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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+ Details

BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Jul. 09, 2024	Jul. 08, 2024	Feb. 20, 2024	Dec. 31, 2023
Shareholders' Equity
Preferred stock, par value (in usd per share)	$ 0.01			$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000			10,000	0
Preferred stock, issued (in shares)	0				0
Preferred stock, outstanding (in shares)	0				0
Common stock, par value (in usd per share)	$ 0.01				$ 0.01
Common stock, authorized (in shares)	50,000,000			50,000,000	0
Common stock, issued (in shares)	6,925,395				0
Common stock, outstanding (in shares)	6,925,395	6,889,032	6,889,032		0

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($)		1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 08, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024
Related Party Transaction [Line Items]
Incentive fees earned		$ 0	$ 0	$ 0
General and administrative expenses reimbursable to Manager		0	572,249	593,817
Total		0	915,108	915,108
Related Party
Related Party Transaction [Line Items]
Base management fees	$ 0	0	422,238	422,238
Incentive fees earned	$ 0	0	0	0
General and administrative expenses reimbursable to Manager		$ 0	$ 492,870	$ 492,870

STATEMENTS OF OPERATIONS - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024
Revenue
Interest income	$ 7,767	$ 3,220,930	$ 7,226,812
Interest expense	0	(43,197)	(43,197)
Net interest income	7,767	3,177,733	7,183,615
Expenses
Management and incentive fees	0	422,238	422,238
General and administrative expenses	0	572,249	593,817
Stock-based compensation	0	160,139	160,139
Professional fees	0	332,271	968,643
Total expenses	0	1,486,897	2,144,837
Decrease (increase) in provision for current expected credit losses	0	47,527	(24,327)
Net income before income taxes	7,767	1,738,363	5,014,451
Income tax expense	0	0	0
Net income	$ 7,767	$ 1,738,363	$ 5,014,451
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0	$ 0.26	$ 0.74
Diluted earnings per common share (in dollars per share)	$ 0	$ 0.25	$ 0.73
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)	6,889,032	6,800,500	6,800,500
Diluted weighted average shares of common stock outstanding (in shares)	6,889,032	6,825,905	6,825,905

EARNINGS PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024
Earnings Per Share Reconciliation [Abstract]
Net income attributable to common shareholders	$ 7,767	$ 1,738,363	$ 5,014,451
Divided by:
Basic weighted average shares of common stock outstanding (in shares)	6,889,032	6,800,500	6,800,500
Weighted average unvested restricted stock (in shares)	0	25,405	25,405
Diluted weighted average shares of common stock outstanding (in shares)	6,889,032	6,825,905	6,825,905
Basic weighted average earnings per common share (in dollars per share)	$ 0	$ 0.26	$ 0.74
Diluted weighted average earnings per common share (in dollars per share)	$ 0	$ 0.25	$ 0.73

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

ORGANIZATION (Details)	9 Months Ended
ORGANIZATION (Details)	Sep. 30, 2024 segment $ / shares	Jul. 09, 2024	Jul. 08, 2024 $ / shares shares	Dec. 31, 2023 $ / shares
Subsequent Event [Line Items]
Number of operating segments \| segment	1
Common stock, par value (in usd per share)	$ 0.01			$ 0.01
Common Stock
Subsequent Event [Line Items]
Common stock, par value (in usd per share)			$ 0.01
Exchange ratio \| shares			0.3333
Sunrise Realty Trust, Inc. (“SUNS”) \| AFC Gamma
Subsequent Event [Line Items]
Ownership interest		0.00%

CURRENT EXPECTED CREDIT LOSSES - Narrative (Details) - CECL Reserve - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	$ 24,327	$ 71,854	$ 0
Basis points of total loans and loans receivable at carrying value	0.03%
Loans receivable at carrying value, commitment balance	$ 96,400,000
Outstanding
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	0	37,421	0
Unfunded
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	$ 24,327	$ 34,433	$ 0

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

RELATED PARTY TRANSACTIONS - Narrative (Details)		1 Months Ended	3 Months Ended	9 Months Ended
RELATED PARTY TRANSACTIONS - Narrative (Details)	Jul. 08, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) loan	Feb. 22, 2024	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Incentive fees earned		$ 0	$ 0	$ 0
Related Party
Related Party Transaction [Line Items]
Percentage of base management fees					0.375%
Percentage of aggregate amount of any outside fees					50.00%
Incentive fees earned	$ 0	0	0	0
Base management fees	$ 0	$ 0	422,238	422,238
Accounts payable			$ 900,000	$ 900,000		$ 0
Affiliated Entity
Related Party Transaction [Line Items]
Number of co-invested loans held \| loan				6

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-41971
Entity Registrant Name	SUNRISE REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	93-3168928
Entity Address, Address Line One	525 Okeechobee Blvd.
Entity Address, Address Line Two	Suite 1650
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	530-3315
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	SUNS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,925,395
Entity Central Index Key	0002012706
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

DIVIDENDS AND DISTRIBUTIONS

9 Months Ended

Sep. 30, 2024

DIVIDENDS AND DISTRIBUTIONS [Abstract]

DIVIDENDS AND DISTRIBUTIONS


	Declaration Date	Record Date	Payment Date	Per Common Share Distribution Amount		Total Distribution Amount





Regular cash dividend	8/14/2024	9/30/2024	10/15/2024	$	0.21	$	1,454,333
Regular cash dividend	8/14/2024	12/31/2024	1/15/2025	0.42		2,908,666

2024 Period Subtotal				$	0.63	$	4,362,999

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

In connection with the Spin-Off, all of the outstanding shares of the Company’s Common Stock were distributed to AFC’s shareholders of record as of the close of business on July 8, 2024 and AFC’s shareholders received one share of the Company’s Common Stock for every three shares of AFC common stock held. As a result, on July 9, 2024, the Company had 6,889,032 shares of Common Stock outstanding. This share amount is utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Spin-Off. For periods prior to the Spin-Off, there were no dilutive equity instruments, as there were no equity awards of the Company outstanding prior to the Spin-Off. After the Spin-Off, actual outstanding shares are used to calculate both basic and diluted weighted average number of common shares outstanding.


	Three months ended September 30,		Period from August 28, 2023 to September 30,		Nine months ended September 30,		Period from August 28, 2023 to September 30,
	2024		2023		2024		2023

Net income attributable to common shareholders	$	1,738,363	$	7,767	$	5,014,451	$	7,767



Divided by:
Basic weighted average shares of common stock outstanding	6,800,500		6,889,032		6,800,500		6,889,032
Weighted average unvested restricted stock	25,405		—		25,405		—
Diluted weighted average shares of common stock outstanding	6,825,905		6,889,032		6,825,905		6,889,032
Basic weighted average earnings per common share	$	0.26	$	—	$	0.74	$	—
Diluted weighted average earnings per common share	$	0.25	$	—	$	0.73	$	—

Diluted earnings per common share was computed using the treasury stock method for restricted stock. Diluted weighted average earnings per common share excluded 33,998 and 33,998 weighted average unvested restricted stock due to anti-dilutive effect for the three and nine months ended September 30, 2024, respectively, and zero for the period from August 28, 2023 to September 30, 2023.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)

9 Months Ended

Sep. 30, 2024

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

Schedule of Loans Held at Carrying Value

The following table summarizes the Company’s loans held at carrying value as of September 30, 2024:


	As of September 30, 2024
	Outstanding Principal(1)		Original Issue Discount		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior mortgage loans(3)	$	75,179,550	$	(915,856)	$	74,263,694	2.7
Subordinate debt	22,367,562		(225,510)		22,142,052		2.6
Total loans held at carrying value	$	97,547,112	$	(1,141,366)	$	96,405,746	2.6

(1)The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID and loan origination costs.

(2)Weighted average remaining life is calculated based on the carrying value of each respective group of loans as of September 30, 2024.

(3)Senior mortgage loans include senior loans that also have a contiguous subordinate loan because as a whole, the expected credit quality of the subordinate loan is more similar to that of a senior loan.

Schedule of Changes in Loans Held at Carrying Value

The following table presents changes in loans held at carrying value as of and for the nine months ended September 30, 2024:


	Principal		Original Issue Discount		Carrying Value

Total loans held at carrying value at December 31, 2023	$	—	$	—	$	—
New fundings	120,031,341		(1,255,761)		118,775,580
Funded interest	2,428,444		—		2,428,444
Accretion of original issue discount	—		114,395		114,395
Loan repayments	(24,912,673)		—		(24,912,673)


Total loans held at carrying value at September 30, 2024	$	97,547,112	$	(1,141,366)	$	96,405,746

Schedule of Loans Held at Carrying Value Portfolio

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of September 30, 2024 is as follows:


Loan Type	Location	Outstanding Principal(1)		Original Issue Discount		Carrying Value(1)		Interest Rate			Maturity Date(2)	Payment Terms(3)

Senior mortgage loans:
Mixed-use	Houston, TX	$	10,629,036	$	(56,668)	$	10,572,368	16.5	%	(4)	2/26/2026	I/O
Residential	Austin, TX	12,079,636		(129,133)		11,950,503		9.1	%	(5)	7/3/2027	I/O
Hospitality	San Antonio, TX	25,342,611		(257,833)		25,084,778		11.2	%	(6)	8/9/2027	I/O
Residential	PBG, FL	18,262,152		(250,868)		18,011,284		13.1	%	(7)	9/1/2027	I/O
Residential	PBG, FL	8,866,115		(221,354)		8,644,761		11.1	%	(8)	9/1/2027	I/O
Subordinate debt:
Residential	Sarasota, FL	22,367,562		(225,510)		22,142,052		13.0	%	(9)	5/12/2027	I/O
Total loans held at carrying value		$	97,547,112	$	(1,141,366)	$	96,405,746

(1)The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID and loan origination costs.

(2)Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.

(3)I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(4)Cash interest rate represents a blended rate of differing cash interest rates applicable to each of the senior and subordinate loans to which the Company is a lender under the credit agreements. The subordinate loan component bears interest at a base interest rate of 15.31% plus SOFR (SOFR floor of 2.42%) and the senior loan component bears interest at a base interest rate of 12.50%. In August 2024, the Company and the borrower entered into an amendment to, among other things, (i) extend the maturity date on both loans from November 2024 to February 2026, (ii) modify the senior loan interest rate from floating (3.48% plus SOFR, SOFR floor of 4.0%) to fixed 12.5% and (iii) include a $12.0 million upsize to the senior loan, of which the Company has commitments for $6.0 million and an affiliate co-investor has commitments for the rest.

(5)Base interest rate of 4.25% plus SOFR (SOFR floor of 4.75%).

(6)Base interest rate of 6.35% plus SOFR (SOFR floor of 4.50%).

(7)Base interest rate of 8.25% plus SOFR (SOFR floor of 4.00%).

(8)Base interest rate of 6.25% plus SOFR (SOFR floor of 4.00%).

(9)Base interest rate of 13.0%.

STATEMENT OF CASH FLOWS - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
STATEMENT OF CASH FLOWS - USD ($)	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income	$ 7,767	$ 1,738,363	$ 5,014,451
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Increase (decrease) in provision for current expected credit losses	0	(47,527)	24,327
Accretion of deferred loan original issue discount and other discounts	0		(114,395)
Stock-based compensation	0		148,639
Interest drawn on loans			(2,428,444)	$ 0
Changes in operating assets and liabilities:
Interest receivable	0		(1,007,320)
Prepaid expenses and other assets	0		(250,339)
Accrued interest	0		43,197
Accrued management and incentive fees	0		422,238
Accrued direct administrative expenses	0		487,870
Accounts payable and other liabilities	0		345,083
Net cash provided by (used in) operating activities	7,767		2,685,307
Cash flows from investing activities:
Issuance of and fundings on loans	0		(118,775,580)
Principal repayment of loans	0		24,912,673
Net cash (used in) provided by investing activities	0		(93,862,907)
Cash flows from financing activities:
Net transfers and distributions from (to) Former Parent	21,000,000		80,104,097
Borrowings on revolving credit facility	0		50,000,000
Net cash provided by (used in) financing activities	21,000,000		130,104,097
Net increase (decrease) in cash and cash equivalents	21,007,767		38,926,497
Cash and cash equivalents, beginning of period	0		31,244,622
Cash and cash equivalents, end of period	21,007,767	$ 70,171,119	70,171,119	$ 21,007,767
Supplemental disclosure of non-cash activity:
OID withheld from funding of loans	0		1,255,761
Dividends declared and not yet paid	0		4,362,999
Supplemental information:
Interest paid during the period	0		0
Income taxes paid during the period	$ 0		$ 0

FAIR VALUE - Book Value and Fair Value of the Financial Instruments (Details)	Sep. 30, 2024 USD ($)
Carrying Value
Financial assets:
Cash and cash equivalents	$ 70,171,119
Loans held for investment at carrying value	96,405,746
Fair Value
Financial assets:
Cash and cash equivalents	70,171,119
Loans held for investment at carrying value	$ 96,668,539

SHAREHOLDER’S EQUITY - Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unity, Activity (Details) - Restricted Stock - $ / shares	1 Months Ended	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024
Number of shares of restricted stock
Beginning balance (in shares)		88,685
Granted (in shares)	0	36,363	36,363
Vested (in shares)	0	805
Forfeited (in shares)		0
Ending balance (in shares)		124,243	124,243
Weighted-average grant date fair value
Beginning balance (in dollars per share)		$ 13.00
Granted (in dollars per share)		13.75	$ 13.75
Vested (in dollars per share)		21.64
Forfeited (in dollars per share)		0
Ending balance (in dollars per share)		$ 13.16	$ 13.16

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Loans Held at Carrying Value Portfolio (Details) - USD ($)	1 Months Ended	7 Months Ended	9 Months Ended
	Aug. 31, 2024	Jul. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal			$ 97,547,112	$ 0
Original Issue Discount			(1,141,366)	0
Carrying Value			96,405,746	$ 0
Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal			75,179,550
Original Issue Discount			(915,856)
Carrying Value			74,263,694
Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal			22,367,562
Original Issue Discount			(225,510)
Carrying Value			22,142,052
Mixed-use senior mortgage loan (Houston, TX) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	12.50%
Mixed-use senior mortgage loan (Houston, TX) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate		12.50%
Mixed-use senior mortgage loan (Houston, TX) \| Base Rate \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	3.48%	15.31%
Mixed-use senior mortgage loan (Houston, TX) \| Secured Overnight Financing Rate (SOFR) \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.00%	2.42%
Mixed-use senior mortgage loan (Houston, TX) \| TEXAS \| Mixed-use \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 12,000,000		10,629,036
Original Issue Discount			(56,668)
Carrying Value	$ 6,000,000		$ 10,572,368
Interest Rate			16.50%
Residential-use senior mortgage loan (Austin, TX) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate			4.25%
Residential-use senior mortgage loan (Austin, TX) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate			4.75%
Residential-use senior mortgage loan (Austin, TX) \| TEXAS \| Residential \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal			$ 12,079,636
Original Issue Discount			(129,133)
Carrying Value			$ 11,950,503
Interest Rate			9.10%
Mixed-use senior mortgage loan (San Antonio, TX) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate			6.35%
Mixed-use senior mortgage loan (San Antonio, TX) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate			4.50%
Mixed-use senior mortgage loan (San Antonio, TX) \| TEXAS \| Hospitality \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal			$ 25,342,611
Original Issue Discount			(257,833)
Carrying Value			$ 25,084,778
Interest Rate			11.20%
Residential-use senior mortgage loan (PBG, FL) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate			8.25%
Residential-use senior mortgage loan (PBG, FL) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate			4.00%
Residential-use senior mortgage loan (PBG, FL) \| FLORIDA \| Residential \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal			$ 18,262,152
Original Issue Discount			(250,868)
Carrying Value			$ 18,011,284
Interest Rate			13.10%
Residential-use senior mortgage loan (PBG, FL) II \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate			6.25%
Residential-use senior mortgage loan (PBG, FL) II \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate			4.00%
Residential-use senior mortgage loan (PBG, FL) II \| FLORIDA \| Residential \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal			$ 8,866,115
Original Issue Discount			(221,354)
Carrying Value			$ 8,644,761
Interest Rate			11.10%
Residential-use Subordinate debt (Sarasota, FL) \| Base Rate \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Interest Rate			13.00%
Residential-use Subordinate debt (Sarasota, FL) \| FLORIDA \| Residential \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal			$ 22,367,562
Original Issue Discount			(225,510)
Carrying Value			$ 22,142,052
Interest Rate			13.00%

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Narrative (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]
Number of loans held for investments in portfolio (in loans) \| loan	6	0
Loans held for investments aggregate commitments	$ 121,600,000	$ 0
Loans held at carrying value, outstanding principal	97,547,112	$ 0
Loans held at carrying value, outstanding principal fundings	122,500,000
Loan repayments, carrying value	$ 24,900,000
Percentage of loans held at carrying value with floating interest rates	72.00%	0.00%
Interest rate floor	4.20%
Quoted interest rate	4.80%

BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets
Loans held for investment at carrying value, net	$ 96,405,746	$ 0
Cash and cash equivalents	70,171,119	31,244,622
Interest receivable	1,007,320	0
Prepaid expenses and other assets	250,339	0
Total assets	167,834,524	31,244,622
Liabilities
Accrued interest	43,197	0
Dividends payable	4,362,999	0
Current expected credit loss reserve	24,327	0
Accrued management and incentive fees	422,238	0
Accrued direct administrative expenses	487,870	0
Accounts payable and other liabilities	355,083	10,000
Line of credit payable to affiliate	50,000,000	0
Total liabilities	55,695,714	10,000
Commitments and contingencies (Note 7)
Member's equity
Member's equity		31,234,622
Preferred stock, par value $0.01 per share, 10,000 and 0 shares authorized at September 30, 2024 and December 31, 2023 and 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	0	0
Common stock, par value $0.01 per share, 50,000,000 and 0 shares authorized at September 30, 2024 and December 31, 2023 and 6,925,395 and 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	69,254	0
Additional paid-in capital	114,844,562	0
Accumulated (deficit) earnings	(2,775,006)	0
Total shareholders' equity	112,138,810	31,234,622
Total liabilities and shareholders' equity	$ 167,834,524	$ 31,244,622

SHAREHOLDER’S EQUITY - Narrative (Details)		1 Months Ended		3 Months Ended		9 Months Ended
SHAREHOLDER’S EQUITY - Narrative (Details)	Jul. 01, 2024	Jul. 31, 2024 shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Jul. 09, 2024 shares	Jul. 08, 2024 shares	Feb. 20, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common stock, authorized (in shares)				50,000,000	50,000,000	50,000,000			50,000,000	0
Preferred stock, authorized (in shares)				10,000	10,000	10,000			10,000	0
Preferred stock, par value (in usd per share) \| $ / shares				$ 0.01	$ 0.01	$ 0.01			$ 0.01	$ 0.01
Preferred stock, issued (in shares)				0	0	0				0
Preferred stock, outstanding (in shares)				0	0	0				0
Common stock, issued (in shares)				6,925,395	6,925,395	6,925,395				0
Common stock, outstanding (in shares)				6,925,395	6,925,395	6,925,395	6,889,032	6,889,032		0
Share limit (in shares)				551,122	551,122	551,122
Stock-based compensation \| $			$ 0		$ 160,139	$ 160,139
Cost not yet recognized \| $				$ 1,300,000	$ 1,300,000	$ 1,300,000
Cost not yet recognized, period for recognition						2 years 2 months 23 days
Restricted Stock
Class of Stock [Line Items]
Shares, outstanding (in shares)							88,685
Converted (in shares)				88,685	88,685	88,685	88,685
Restricted stock, granted (in shares)			0	36,363	36,363
Fair value of shares vested \| $					$ 11,800	$ 11,800
Granted (in dollars per share) \| $ / shares				$ 13.75	$ 13.75
Equity Incentive Plan 2024
Class of Stock [Line Items]
Stock-based compensation \| $			$ 0		$ 200,000	$ 200,000
Equity Incentive Plan 2024 \| Restricted Stock
Class of Stock [Line Items]
Restricted stock, granted (in shares)		36,363
Vesting period		3 years
Restricted stock under 2024 plan (in shares)				36,363	36,363	36,363
Equity Incentive Plan 2024 \| Restricted Stock \| Tranche one
Class of Stock [Line Items]
Vesting percentage		33.00%
Equity Incentive Plan 2024 \| Restricted Stock \| Tranche two
Class of Stock [Line Items]
Vesting percentage		33.00%
Equity Incentive Plan 2024 \| Restricted Stock \| Tranche three
Class of Stock [Line Items]
Vesting percentage		33.00%
Common Stock
Class of Stock [Line Items]
Stock split conversion ratio	68,890.32
Exchange ratio								0.3333

CURRENT EXPECTED CREDIT LOSSES - Financing Receivable, Allowance for Credit Loss (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
(Decrease) increase in provision for current expected credit losses	$ 0	$ (47,527)	$ 24,327
CECL Reserve
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		71,854	0
(Decrease) increase in provision for current expected credit losses		(47,527)	24,327
Write-offs		0	0
Recoveries		0	0
Ending balance		24,327	24,327
Outstanding \| CECL Reserve
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		37,421	0
(Decrease) increase in provision for current expected credit losses		(37,421)	0
Write-offs		0	0
Recoveries		0	0
Ending balance		0	0
Unfunded \| CECL Reserve
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		34,433	0
(Decrease) increase in provision for current expected credit losses		(10,106)	24,327
Write-offs		0	0
Recoveries		0	0
Ending balance		$ 24,327	$ 24,327

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

EARNINGS PER SHARE - Narrative (Details) - shares	1 Months Ended	3 Months Ended	9 Months Ended
EARNINGS PER SHARE - Narrative (Details) - shares	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Jul. 09, 2024	Jul. 08, 2024	Dec. 31, 2023
Earnings Per Share [Line Items]
Common stock, outstanding (in shares)		6,925,395	6,925,395	6,889,032	6,889,032	0
Antidilutive stock options (in shares)	0	33,998	33,998
Common Stock
Earnings Per Share [Line Items]
Exchange ratio					0.3333

DEBT	9 Months Ended
DEBT	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Revolving Credit Facility In September 2024, the Company entered into an unsecured revolving credit agreement (the “Credit Agreement”), by and between the Company, as borrower, and SRT Finance LLC, as agent and lender. SRT Finance LLC is indirectly owned by Leonard M. Tannenbaum, Executive Chairman of the Company's Board of Directors and one of the Company's officers, and Robyn Tannenbaum, President of the Company, along with their family members and associated family trusts. The Credit Agreement provides for an unsecured revolving credit facility (the “SRT Revolving Credit Facility”) with a $50.0 million commitment, which may be borrowed, repaid and redrawn, subject to a draw fee and the other conditions provided in the Credit Agreement. Interest is payable on the SRT Revolving Credit Facility at 1-month SOFR (subject to a 3.0% floor) plus a margin of 2.75% (7.60% at September 30, 2024), with a maturity date of December 31, 2025. The Company did not incur any fees or costs related to the origination of the SRT Revolving Credit Facility, and the SRT Revolving Credit Facility does not have any unused fees. As of September 30, 2024, the Company drew on the full amount of the Revolving Credit Facility, resulting in $50.0 million in outstanding borrowings and zero available for borrowing. Interest expense incurred for the three and nine months ended September 30, 2024 was approximately $43.2 thousand. The borrowings were subsequently repaid on October 1, 2024. The SRT Revolving Credit Facility was terminated on November 6, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

DIVIDENDS AND DISTRIBUTIONS (Details) - USD ($)	3 Months Ended	9 Months Ended
DIVIDENDS AND DISTRIBUTIONS (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2024
Dividends Payable [Line Items]
Common Share Distribution Amount (in dollars per share)		$ 0.63
Total Distribution Amount	$ 4,362,999	$ 4,362,999
O 2024 Q3 Dividends
Dividends Payable [Line Items]
Common Share Distribution Amount (in dollars per share)	$ 0.21
Total Distribution Amount	$ 1,454,333
O 2024 Q3 Dividends 1
Dividends Payable [Line Items]
Common Share Distribution Amount (in dollars per share)	$ 0.42
Total Distribution Amount	$ 2,908,666

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments to Fund Various Senior Term Loans, Equipment Loans and Bridge Loans

As of September 30, 2024 and December 31, 2023, the Company had the following commitments to fund various investments:



	As of September 30, 2024		As of December 31, 2023

Total original loan commitments	$	121,570,101	$	—
Less: drawn commitments	(97,547,112)		—
Total undrawn commitments	$	24,022,989	$	—

CURRENT EXPECTED CREDIT LOSSES - Financing Receivable Credit Quality Indicators (Details)	Sep. 30, 2024 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 96,405,746
Total	96,405,746
1
Financing Receivable, Credit Quality Indicator [Line Items]
2024	10,572,368
Total	10,572,368
2
Financing Receivable, Credit Quality Indicator [Line Items]
2024	85,833,378
Total	85,833,378
3
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
Total	0
4
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
Total	0
5
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
Total	$ 0

INTEREST RECEIVABLE (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Interest Receivable and Other Assets [Abstract]
Interest receivable	$ 983,034	$ 0
Unused fees receivable	16,473	0
Other fees receivable	7,813	0
Total interest receivable	$ 1,007,320	$ 0

ORGANIZATION	9 Months Ended
ORGANIZATION	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Sunrise Realty Trust, Inc. (the “Company” or “SUNS”) (f/k/a CRE South LLC) was formed on August 28, 2023, and converted from a Delaware limited liability company to a Maryland corporation in February 2024. The Company is an institutional lender that provides debt capital solutions to the commercial real estate (“CRE”) market in the Southern United States. The Company focuses on originating, underwriting and managing CRE debt investments and providing capital to high-quality borrowers and sponsors with transitional business plans collateralized by CRE assets with opportunities for near-term value creation, as well as recapitalization opportunities. The Company intends to create a diversified investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, B-notes, commercial mortgage-backed securities (“CMBS”) and debt-like preferred equity securities across CRE asset classes. The Company intends for its investment mix to include high quality residential, including multi-family, condominiums and single-family residential communities, retail, office, hospitality, industrial, mixed-use and specialty-use real estate. The Company operates in one operating segment. SUNS is externally managed and advised by Sunrise Manager LLC (“SUNS Manager” or the “Manager”), a registered investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Company conducts its business through the parent company, Sunrise Realty Trust, Inc., and several subsidiaries. The Company consolidates all of its subsidiaries under generally accepted accounting principles in the United States of America (“GAAP”). The Company intends to elect to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code (the “Code”), commencing with the taxable year ending December 31, 2024. The Company generally will not be subject to United States federal income taxes on its REIT taxable income as long as it annually distributes all of its REIT taxable income prior to the deduction for dividends paid to shareholders and complies with various other requirements as a REIT. Spin-Off On July 9, 2024, Advanced Flower Capital Inc. (f/k/a AFC Gamma, Inc.) (“AFC” or the “Former Parent”) announced the completion of the previously announced separation and spin-off of AFC’s CRE portfolio into an independent, publicly traded company, SUNS (the “Spin-Off”). The Spin-Off was effected by the transfer of AFC’s CRE portfolio from AFC to SUNS and the distribution of all of the outstanding shares of SUNS’ common stock, par value $0.01 per share (the “Common Stock”) to all of AFC’s shareholders of record as of the close of business on July 8, 2024 (the “Record Date”). AFC’s shareholders of record as of the Record Date received one share of SUNS Common Stock for every three shares of AFC common stock held as of the Record Date. The Spin-Off was completed on July 9, 2024 (the “Distribution Date”). On the Distribution Date, SUNS became an independent, publicly traded company, trading on the Nasdaq Capital Market under the symbol “SUNS”. AFC retained no ownership interest in the Company following the Spin-Off. In connection with the Spin-Off, the Company entered into several agreements with AFC that govern the relationship between the Company and AFC following the Spin-Off, including the Separation and Distribution Agreement and the Tax Matters Agreement. These agreements provide for the allocation between AFC and SUNS of the assets, liabilities and obligations (including, among others, investments, property and tax-related assets and liabilities) of AFC and its subsidiaries attributable to periods prior to, at and after the Spin-Off. Moreover, in preparation for the Spin-Off, the management of SUNS entered into a new management agreement with SUNS Manager, which became effective concurrently with the completion of the Spin-Off. The Manager also entered into (i) an Administrative Services Agreement (the “Administrative Services Agreement”) with TCG Services LLC, an affiliate of the Manager and Leonard Tannenbaum, the Company’s Executive Chairman, and Robyn Tannenbaum, the Company’s President, and (ii) a Services Agreement (the “Services Agreement”) with SRT Group LLC, an affiliate of the Manager, Mr. Tannenbaum, Mrs. Tannenbaum, Mr. Sedrish and Mr. Hetzel.

INTEREST RECEIVABLE (Tables)

9 Months Ended

Sep. 30, 2024

Interest Receivable and Other Assets [Abstract]

Schedule of Interest Receivable

The following table summarizes the interest receivable for the Company as of September 30, 2024 and December 31, 2023:



	As of September 30, 2024		As of December 31, 2023

Interest receivable	$	983,034	$	—
Unused fees receivable	16,473		—
Other fees receivable	7,813		—
Total interest receivable	$	1,007,320	$	—

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2024

RELATED PARTY TRANSACTIONS

Management Agreement

On February 22, 2024, the Company and the Manager, entered into a management agreement (the “Management Agreement”), effective upon the listing of the Company’s Common Stock. Following the completion of the Spin-Off on July 9, 2024, the Company is managed by its Board of Directors and the Company’s executive officers and by SUNS Manager, as provided for under our Management Agreement.

Pursuant to the Management Agreement, the Manager manages the loans and day-to-day operations of the Company, subject at all times to the further terms and conditions set forth in the Management Agreement and such further limitations or parameters as may be imposed from time to time by the Company’s Board of Directors.

The Manager receives base management fees (the “Base Management Fees”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity (as defined in the Management Agreement), subject to certain adjustments, less 50% of the aggregate amount of any other fees (“Outside Fees”), including any agency fees relating to the Company’s loans, but excluding the Incentive Compensation (as defined below) and any diligence fees paid to and earned by the Manager and paid by third parties in connection with the Manager’s due diligence of potential loans.

In addition to the Base Management Fees, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) with respect to each fiscal quarter (or portion thereof that the Management Agreement is in effect) based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period, the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Company’s independent directors and approval by a majority of the independent directors.

There was no Incentive Compensation incurred for the three and nine months ended September 30, 2024 or during the period from August 28, 2023 to September 30, 2023.

Administrative Services Agreement

In July 2024, SUNS Manager entered into the Administrative Services Agreement with TCG Services LLC, an affiliate of SUNS Manager, Mr. Tannenbaum and Mrs. Tannenbaum. The Administrative Services Agreement sets forth the terms on which TCG Services LLC will provide SUNS certain administrative services, including providing personnel, office facilities, information technology and other equipment and legal, accounting, human resources, clerical, bookkeeping and record keeping services at such facilities as well as other services.

Services Agreement

In July 2024, SUNS Manager entered into a Services Agreement with SRT Group LLC, an affiliate of SUNS Manager, Mr. Tannenbaum, Mrs. Tannenbaum, Mr. Sedrish and Mr. Hetzel. The Services Agreement sets forth the terms on which SRT Group LLC will provide SUNS its investment personnel.

The Company is required to pay all of its allocable costs and expenses and reimburse the Manager or its affiliates for such expenses paid or incurred on behalf of the Company by the Manager or its affiliates, excepting only those expenses that are specifically the responsibility of the Manager pursuant to the Management Agreement.

Until the completion of the Spin-Off, there were no Base Management Fees or Incentive Fees incurred by the Company. The following table summarizes the related party costs incurred by the Company for the three and nine months ended September 30, 2024 and for the period from August 28, 2023 to September 30, 2023:


	Three months ended September 30,		Period from August 28, 2023 to September 30,		Nine months ended September 30,		Period from August 28, 2023 to September 30,
	2024		2023		2024		2023
Affiliate costs


Base management fees	$	422,238	$	—	$	422,238	$	—
Incentive fees earned	—		—		—		—
General and administrative expenses reimbursable to Manager	492,870		—		492,870		—
Total	$	915,108	$	—	$	915,108	$	—

Amounts payable to the Company’s Manager as of September 30, 2024 and December 31, 2023 were approximately $0.9 million and zero, respectively.

Investments in Loans

From time to time, the Company may co-invest with other investment vehicles managed by the SUNS Manager or its affiliates, including by means of splitting loans, participating in loans or other means of syndicating loans. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such loan. Additionally, SUNS Manager or its affiliates, may from time to time serve as administrative and collateral agents to the lenders under our co-investments. As of September 30, 2024, there were six co-invested loans held by the Company and affiliates of the Company.

Unsecured Revolving Credit Facility with Affiliate

The Company entered the Revolving Credit Facility with SRT Finance LLC, an affiliate of the Company and Mr. and Mrs. Tannenbaum. Refer to Note 6 for more information.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Book Value and Fair Value of the Financial Instruments

The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the unaudited interim balance sheets as of September 30, 2024:


	As of September 30, 2024
	Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents	$	70,171,119	$	70,171,119
Loans held for investment at carrying value	$	96,405,746	$	96,668,539

STATEMENTS OF SHAREHOLDER'S EQUITY - USD ($)	Total	Member's Equity	Common Stock	Additional Paid-In Capital	Accumulated Earnings (Deficit)
Beginning balance at Aug. 27, 2023	$ 0	$ 0	$ 0	$ 0	$ 0
Beginning balance (in shares) at Aug. 27, 2023			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net transfers and distributions from (to) Former Parent	21,000,000	21,000,000
Net income	7,767	7,767
Ending balance at Sep. 30, 2023	21,007,767	21,007,767	$ 0	0	0
Ending balance (in shares) at Sep. 30, 2023			0
Beginning balance at Dec. 31, 2023	$ 31,234,622	31,234,622	$ 0	0	0
Beginning balance (in shares) at Dec. 31, 2023	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net transfers and distributions from (to) Former Parent	$ 10,738,920			14,400,000	(3,661,080)
Effect of corporate conversion on member's equity	0	(31,234,622)	$ 1	30,999,999	234,622
Effect of corporate conversion on member's equity (in shares)			100
Stock-based compensation (in shares)			36,363
Stock-based compensation	148,639		$ 364	148,275
Dividends declared on common shares ($0.63 per share)	(4,362,999)				(4,362,999)
Issuance of common stock in connection with the Spin-Off (in shares)			6,888,932
Issuance of common stock in connection with the Spin-Off	69,365,177		$ 68,889	69,296,288
Net income	5,014,451				5,014,451
Ending balance at Sep. 30, 2024	$ 112,138,810	0	$ 69,254	114,844,562	(2,775,006)
Ending balance (in shares) at Sep. 30, 2024	6,925,395		6,925,395
Beginning balance at Jun. 30, 2024	$ 48,910,710	0	$ 1	45,399,999	3,510,710
Beginning balance (in shares) at Jun. 30, 2024			100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net transfers and distributions from (to) Former Parent	(3,661,080)				(3,661,080)
Stock-based compensation (in shares)			36,363
Stock-based compensation	148,639		$ 364	148,275
Dividends declared on common shares ($0.63 per share)	(4,362,999)				(4,362,999)
Issuance of common stock in connection with the Spin-Off (in shares)			6,888,932
Issuance of common stock in connection with the Spin-Off	69,365,177		$ 68,889	69,296,288
Net income	1,738,363				1,738,363
Ending balance at Sep. 30, 2024	$ 112,138,810	$ 0	$ 69,254	$ 114,844,562	$ (2,775,006)
Ending balance (in shares) at Sep. 30, 2024	6,925,395		6,925,395

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

9 Months Ended

Sep. 30, 2024

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

As of September 30, 2024 and December 31, 2023, the Company’s portfolio included six and zero loans held at carrying value, respectively. The aggregate originated commitment under these loans was approximately $121.6 million and zero, respectively, and outstanding principal was approximately $97.5 million and zero, respectively, as of September 30, 2024 and December 31, 2023. During the nine months ended September 30, 2024, the Company funded approximately $122.5 million of new loans and additional principal and had approximately $24.9 million of principal repayments of loans held at carrying value. As of September 30, 2024 and December 31, 2023, approximately 72% and zero, respectively, of the Company’s loans held at carrying value had floating interest rates. As of September 30, 2024, these floating benchmark rates included one-month Secured Overnight Financing Rate (“SOFR”) subject to a weighted average floor of 4.2% and quoted at 4.8%.

The following table summarizes the Company’s loans held at carrying value as of September 30, 2024:


	As of September 30, 2024
	Outstanding Principal(1)		Original Issue Discount		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior mortgage loans(3)	$	75,179,550	$	(915,856)	$	74,263,694	2.7
Subordinate debt	22,367,562		(225,510)		22,142,052		2.6
Total loans held at carrying value	$	97,547,112	$	(1,141,366)	$	96,405,746	2.6

(1)The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID and loan origination costs.

(2)Weighted average remaining life is calculated based on the carrying value of each respective group of loans as of September 30, 2024.

The following table presents changes in loans held at carrying value as of and for the nine months ended September 30, 2024:


	Principal		Original Issue Discount		Carrying Value

Total loans held at carrying value at December 31, 2023	$	—	$	—	$	—
New fundings	120,031,341		(1,255,761)		118,775,580
Funded interest	2,428,444		—		2,428,444
Accretion of original issue discount	—		114,395		114,395
Loan repayments	(24,912,673)		—		(24,912,673)


Total loans held at carrying value at September 30, 2024	$	97,547,112	$	(1,141,366)	$	96,405,746

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of September 30, 2024 is as follows:


Loan Type	Location	Outstanding Principal(1)		Original Issue Discount		Carrying Value(1)		Interest Rate			Maturity Date(2)	Payment Terms(3)

Senior mortgage loans:
Mixed-use	Houston, TX	$	10,629,036	$	(56,668)	$	10,572,368	16.5	%	(4)	2/26/2026	I/O
Residential	Austin, TX	12,079,636		(129,133)		11,950,503		9.1	%	(5)	7/3/2027	I/O
Hospitality	San Antonio, TX	25,342,611		(257,833)		25,084,778		11.2	%	(6)	8/9/2027	I/O
Residential	PBG, FL	18,262,152		(250,868)		18,011,284		13.1	%	(7)	9/1/2027	I/O
Residential	PBG, FL	8,866,115		(221,354)		8,644,761		11.1	%	(8)	9/1/2027	I/O
Subordinate debt:
Residential	Sarasota, FL	22,367,562		(225,510)		22,142,052		13.0	%	(9)	5/12/2027	I/O
Total loans held at carrying value		$	97,547,112	$	(1,141,366)	$	96,405,746

(1)The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID and loan origination costs.

(3)I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(5)Base interest rate of 4.25% plus SOFR (SOFR floor of 4.75%).

(6)Base interest rate of 6.35% plus SOFR (SOFR floor of 4.50%).

(7)Base interest rate of 8.25% plus SOFR (SOFR floor of 4.00%).

(8)Base interest rate of 6.25% plus SOFR (SOFR floor of 4.00%).

(9)Base interest rate of 13.0%.

INCOME TAX	9 Months Ended
INCOME TAX	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAX	INCOME TAX Prior to the Spin-Off, the Company was a wholly-owned subsidiary of AFC, and was a disregarded entity for tax purposes. As such, the Company did not file a tax return. The Company’s entire share of taxable income or loss was previously included in the tax return of AFC. The Company was formed on August 28, 2023 and converted from a Delaware limited liability company to a Maryland corporation in February 2024. The Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2024. The Company believes that, commencing with such taxable year, the Company is organized and operated in such manner as to qualify for taxation as a REIT under the U.S. federal income tax laws, and the Company intends to continue to operate in such a manner. However, no assurances can be given that our beliefs or expectations will be fulfilled, since qualification as a REIT depends on our continuing to satisfy numerous asset, income, and distribution tests, which in turn depends, in part, on our operating results. The Company will elect to be taxed as a REIT only if the Company believes that we have been organized in conformity with the requirements for qualification and taxation as a REIT under the U.S. federal income tax laws, and that our method of operation will enable us to satisfy the requirements for qualification and taxation as a REIT under the U.S. federal income tax laws for such taxable year and thereafter. So long as the Company qualifies for taxation as a REIT, the Company generally will not be subject to U.S. federal income tax on the portion of our taxable income or capital gain that is distributed to stockholders annually. The income tax provision for the Company was zero for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2024, the Company incurred no expense for U.S. federal excise tax. Excise tax represents a 4% tax on the sum of a portion of the Company’s ordinary income and net capital gains not distributed during the period. If it is determined that an excise tax liability exists for the current period, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. The expense is calculated in accordance with applicable tax regulations. The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

CURRENT EXPECTED CREDIT LOSSES

9 Months Ended

Sep. 30, 2024

Credit Loss [Abstract]

CURRENT EXPECTED CREDIT LOSSES

The Company estimates its current expected credit losses on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform the “CECL Reserve” using a model that considers multiple datapoints and methodologies that may include discounted cash flows (“DCF”) and other inputs, which may include the risk rating of the loan, how recently the loan was originated compared to the measurement date and expected prepayment, if applicable. Calculation of the CECL Reserve requires loan specific data, which may include the fixed charge coverage ratio, loan-to-value ratio, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including but not limited to, the expected timing of loan repayments and the Company’s current and future view of the macroeconomic environment. The Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where the Company has deemed the borrower/sponsor to be experiencing financial difficulty, the Company may elect to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a specific CECL allowance.

As of September 30, 2024, the Company’s CECL Reserve for its loans held at carrying value is approximately $24.3 thousand, or 0.03%, of the Company’s total loans held at carrying value of approximately $96.4 million, and is bifurcated between the current expected credit loss reserve (contra-asset) related to outstanding balances on loans held at carrying value of zero, and a liability for unfunded commitments of approximately $24.3 thousand. The Company made its first investment in January 2024 and therefore did not have a CECL Reserve as of December 31, 2023. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur and, if funded, the expected credit loss on the funded portion.


	Outstanding(1)		Unfunded(2)		Total
Balance at June 30, 2024	$	37,421	$	34,433	$	71,854
(Decrease) increase in provision for current expected credit losses	(37,421)		(10,106)		(47,527)
Write-offs	—		—		—
Recoveries	—		—		—
Balance at September 30, 2024	$	—	$	24,327	$	24,327


	Outstanding(1)		Unfunded(2)		Total
Balance at December 31, 2023	$	—	$	—	$	—
Increase (decrease) in provision for current expected credit losses	—		24,327		24,327
Write-offs	—		—		—
Recoveries	—		—		—
Balance at September 30, 2024	$	—	$	24,327	$	24,327

The Company continuously evaluates the credit quality of each loan by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors include property type, geographic and local market dynamics, physical condition, projected cash flow, loan structure and exit plan, loan-to-value ratio, fixed charge coverage ratio, project sponsorship, and other factors deemed necessary by the Company. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:


Rating			Definition
1			Very Low Risk — Investment exceeds performance expectations. Trends and risk factors since time of investment are favorable.
2			Low Risk — Investment performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
3			Medium Risk — Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
4			High Risk/ Potential for Loss — Investment underperforming with the potential of some interest loss. Trends and risk factors are negative.
5			Impaired/ Loss Likely — Investment underperforming with expected loss of interest, and full recovery of principal is unlikely.

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

As of September 30, 2024, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value within each risk rating by year of origination is as follows:


Risk Rating:	2024		Total
1	$	10,572,368	$	10,572,368
2	85,833,378		85,833,378
3	—		—
4	—		—
5	—		—
Total	$	96,405,746	$	96,405,746

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

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+ Details