Brandon Hetzel
About Brandon Hetzel
Brandon Hetzel, age 39, is Chief Financial Officer and Treasurer of Sunrise Realty Trust (SUNS) since February 2024; he also serves as CFO/Treasurer of AFC Gamma (since March 2023) and CFO of Southern Realty Trust (since September 2023). He has 15+ years of real estate and REIT financial management experience; prior roles include VP Finance at El‑Ad National Properties and seven years with PwC’s REIT audit practice; he holds an MBA, BSBA in Accounting, and BSBA in Finance from the University of Central Florida and is a licensed CPA . SUNS is externally managed; executive cash compensation is reimbursed to the Manager, while equity awards may be granted under the 2024 Stock Incentive Plan .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sunrise Realty Trust, Inc. (SUNS) | Chief Financial Officer & Treasurer | Feb 2024–present | Built external-manager finance interface; oversight of REIT reporting and treasury . |
| AFC Gamma, Inc. (AFC) | Chief Financial Officer & Treasurer | Mar 2023–present | Led public REIT finance, controls, and capital markets for spin-related structure . |
| Southern Realty Trust, Inc. (SRT) | Chief Financial Officer | Sep 2023–present | Oversight of affiliate CRE finance platform . |
| AFC Gamma, Inc. | Executive Vice President | Dec 2022–Mar 2023 | Senior finance leadership pre-CFO transition . |
| AFC Gamma, Inc. | Controller | Sep 2020–Mar 2023 | Built public company reporting and REIT accounting . |
| El-Ad National Properties, LLC | VP of Finance | Prior to Sep 2020 | Real estate development/asset management finance leadership . |
| PwC (REIT audit practice) | Manager | ~7 years prior to El‑Ad | Audit leadership across REITs and real estate asset classes . |
External Roles
| Organization | Role | Years |
|---|---|---|
| AFC Gamma, Inc. | CFO & Treasurer | Mar 2023–present |
| Southern Realty Trust, Inc. | CFO | Sep 2023–present |
Fixed Compensation
| Metric (USD) | 2024 |
|---|---|
| Base Salary | $43,628 |
| Annual Bonus (Paid) | $47,128 |
| Stock Awards (Grant-date fair value) | $75,008 |
| Options | None disclosed |
Notes: SUNS reimburses the Manager for executive cash comp; equity awards may be granted under the 2024 Stock Incentive Plan .
Performance Compensation
| Metric/Instrument | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Restricted Stock (time-based) | Not disclosed | Service-vesting | Grant-date FV $75,008 (2024 total) | 3-year vesting, approx. 33% on 1st/2nd/3rd anniversaries per award agreements |
Outstanding unvested equity by award (as of 12/31/2024):
| Award | Unvested Shares | Market Value (12/31/24) | Vesting Schedule |
|---|---|---|---|
| RS under 2024 Plan (granted 12/19/2024) | 5,704 | $80,312 | 33% on each of the first, second, third anniversaries of 12/19/2024 |
| RS (spin-related from AFC grant; vesting from 1/2/2024) | 4,274 | $60,178 | 33% on each of the first, second, third anniversaries of 1/2/2024 |
| RS (spin-related from AFC grant; vesting from 1/3/2023) | 1,427 | $20,092 | 33% on each of the first, second, third anniversaries of 1/3/2023 |
| RS (spin-related from AFC grant; vesting from 1/11/2022) | 275 | $3,872 | 33% on each of the first, second, third anniversaries of 1/11/2022 |
No performance share units (PSUs) or options disclosed; awards are time-based restricted stock .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (shares) | 13,242; represents less than 1% of outstanding common stock |
| Shares Outstanding (context) | 13,421,494 (as of April 1, 2025) |
| Unvested RS included in beneficial ownership | 9,406 shares; 3,702 of these from spin-related AFC grants |
| Pledging/Hedging | Prohibited for insiders (no margining or pledging of company securities) |
| Ownership guidelines | Not disclosed |
| Options (exercisable/unexercisable) | None disclosed |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date (SUNS CFO) | February 2024 |
| Employment arrangement | SUNS externally managed; executive officers employed by Manager/affiliates; SUNS reimburses allocable cash comp; equity may be granted under 2024 Plan |
| Contract term, auto-renewal | Not disclosed |
| Severance provisions | Not disclosed |
| Change-of-control (exec) | Not disclosed |
| Manager termination economics (context) | If Management Agreement termination under certain circumstances, termination fee equals 3×(annual base management fee + annual incentive compensation) per the prior 12 months |
| Clawback policy | Company will claw back erroneously awarded incentive comp for covered officers for the 3 fiscal years preceding a restatement (SEC/Nasdaq compliant) |
| Non-compete / non-solicit / garden leave | Not disclosed |
| Insider trading policy | Prohibits hedging and pledging; governs insider trading compliance |
Investment Implications
- Pay-for-performance: 2024 compensation mix skews toward fixed cash plus time-based restricted stock; lack of disclosed performance metrics (PSUs/TSR/EBITDA targets) suggests limited direct linkage to operating outcomes, though clawback protection mitigates restatement risk .
- Vesting/selling pressure: Multiple concurrent three-year RS vest schedules (2019–2025 grants’ anniversary schedules) can create periodic supply overhang; monitor vest dates noted above for potential insider sale windows within trading policy constraints .
- Alignment/pledging: Beneficial ownership is small (<1%), but hedging and pledging are prohibited, reducing misalignment/credit risk from collateralized shares .
- Retention risk: No disclosed individual severance/change-of-control terms; reliance on external manager structure may limit executive-specific retention economics while Manager termination fee terms incentivize continuity at the platform level .
Governance controls: Audit & Valuation Committee oversees related-party transactions and amounts payable to the Manager; Compensation Committee administers the 2024 Stock Incentive Plan and reviews reimbursement practices, providing oversight on potential conflicts from affiliate arrangements .