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[Form 4] First Business Financial Services, Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Positive)
Form Type
4
Rhea-AI Filing Summary

Sunrise AG真人官方ty Trust, Inc. (Nasdaq: SUNS) has filed a shelf Registration Statement on Form S-3 that allows the REIT to issue up to $500 million of common stock, preferred stock, debt securities, warrants, rights or units in one or more future offerings. The filing positions the company鈥攁n emerging growth and smaller reporting company鈥攖o raise capital quickly under Rule 415.

Sunrise is an externally managed real-estate debt fund created via a July 2024 spin-off from AFC Gamma. It targets transitional commercial real-estate loans across the U.S. Sunbelt and, as of 30 June 2025, held a loan portfolio with $251 million of outstanding principal. The trust may invest proceeds in senior mortgages, mezzanine loans, CMBS and debt-like preferred equity and intends to maintain REIT status and Investment Company Act exemption.

The shelf provides financing flexibility for growth, but could dilute existing shareholders; 13.4 million common shares are currently outstanding. No specific issuance timetable, pricing, or use-of-proceeds details were disclosed; each will be set in future prospectus supplements. Last reported share price (31 July 2025) was $10.01. Key risks highlighted include concentration, leverage, credit market conditions and ability to sustain REIT qualification.

Sunrise AG真人官方ty Trust, Inc. (Nasdaq: SUNS) ha presentato una dichiarazione di registrazione shelf sul modulo S-3 che consente al REIT di emettere fino a 500 milioni di dollari di azioni ordinarie, azioni privilegiate, titoli di debito, warrant, diritti o unit脿 in una o pi霉 offerte future. La registrazione posiziona la societ脿鈥攗n'azienda in crescita emergente e di dimensioni pi霉 contenute鈥攑er raccogliere capitale rapidamente ai sensi della Regola 415.

Sunrise 猫 un fondo immobiliare gestito esternamente, creato tramite uno spin-off da AFC Gamma nel luglio 2024. Si concentra su prestiti immobiliari commerciali transitori nell'area del Sunbelt degli Stati Uniti e, al 30 giugno 2025, deteneva un portafoglio prestiti con un capitale residuo di 251 milioni di dollari. Il trust pu貌 investire i proventi in ipoteche senior, prestiti mezzanini, CMBS e azioni privilegiate con caratteristiche di debito, mantenendo l'intenzione di conservare lo status REIT e l'esenzione ai sensi dell'Investment Company Act.

Il shelf offre flessibilit脿 finanziaria per la crescita, ma potrebbe diluire gli azionisti esistenti; attualmente sono in circolazione 13,4 milioni di azioni ordinarie. Non sono stati divulgati dettagli specifici su tempistiche di emissione, prezzi o utilizzo dei proventi; ognuno sar脿 definito in futuri supplementi al prospetto. L'ultimo prezzo azionario riportato (31 luglio 2025) era di 10,01 dollari. I principali rischi evidenziati includono concentrazione, leva finanziaria, condizioni del mercato del credito e capacit脿 di mantenere la qualifica REIT.

Sunrise AG真人官方ty Trust, Inc. (Nasdaq: SUNS) ha presentado una declaraci贸n de registro shelf en el Formulario S-3 que permite al REIT emitir hasta 500 millones de d贸lares en acciones comunes, acciones preferentes, valores de deuda, warrants, derechos o unidades en una o m谩s ofertas futuras. Esta presentaci贸n posiciona a la compa帽铆a鈥攗na empresa emergente y de menor tama帽o reportante鈥攑ara recaudar capital r谩pidamente bajo la Regla 415.

Sunrise es un fondo de deuda inmobiliaria gestionado externamente, creado mediante una escisi贸n de AFC Gamma en julio de 2024. Se enfoca en pr茅stamos inmobiliarios comerciales transicionales en la regi贸n del Sunbelt de EE.UU. Y, al 30 de junio de 2025, pose铆a una cartera de pr茅stamos con un principal pendiente de 251 millones de d贸lares. El fideicomiso puede invertir los ingresos en hipotecas senior, pr茅stamos mezzanine, CMBS y capital preferente con caracter铆sticas de deuda, y tiene la intenci贸n de mantener el estatus REIT y la exenci贸n bajo la Ley de Sociedades de Inversi贸n.

El shelf brinda flexibilidad financiera para el crecimiento, pero podr铆a diluir a los accionistas existentes; actualmente hay 13,4 millones de acciones comunes en circulaci贸n. No se divulgaron detalles espec铆ficos sobre el calendario de emisi贸n, precios o uso de los ingresos; cada uno se establecer谩 en futuros suplementos del prospecto. El 煤ltimo precio reportado de la acci贸n (31 de julio de 2025) fue de 10,01 d贸lares. Los riesgos clave destacados incluyen concentraci贸n, apalancamiento, condiciones del mercado crediticio y la capacidad para mantener la calificaci贸n REIT.

Sunrise AG真人官方ty Trust, Inc. (雮橃姢雼�: SUNS)電� 斓滊寑 5鞏� 雼煬 攴滊鞚� 氤错喌欤�, 鞖办劆欤�, 毂勲 歃濌秾, 鞗岆煱韸�, 甓岆Μ 霕愲姅 雼渼毳� 頃� 氩� 鞚挫儊鞚� 氙鸽灅 瓿惦鞐愳劀 氚滍枆頃� 靾� 鞛堧姅 S-3 鞏戩嫕鞚� 靹犽摫搿� 靹滊毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 霌彪鞚 鞁犿潵 靹膘灔 氚� 靻岅窚氇� 氤搓碃 須岇偓鞚� 鞚� 旮办梾鞚� Rule 415鞐� 霐半澕 鞁犾啀頃橁矊 鞛愲掣鞚� 臁半嫭頃� 靾� 鞛堧弰搿� 頃╇媹雼�.

Sunrise電� 2024雲� 7鞗� AFC Gamma鞐愳劀 攵勳偓頃橃棳 靹る霅� 鞕鸽秬 甏毽槙 攵霃欖偘 毂勲 韼霌滌瀰雼堧嫟. 氙戈淡 靹犽波韸� 歆鞐潣 鞝勴櫂旮� 靸侅梾鞖� 攵霃欖偘 雽於滌潉 雽靸侅溂搿� 頃橂┌, 2025雲� 6鞗� 30鞚� 旮办 氙胳儊頇� 鞗愱笀 2鞏� 5,100毵� 雼煬 攴滊鞚� 雽於� 韽姼韽措Μ鞓るゼ 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 鞚� 韸鸽煬鞀ろ姼電� 靹犾垳鞙� 雼措炒雽於�, 氅旍瀽雼� 雽於�, CMBS 氚� 毂勲 靹标博鞚� 鞖办劆欤检棎 韴瀽頃� 靾� 鞛堨溂氅�, REIT 歆鞙� 氚� 韴瀽須岇偓氩� 氅挫牅毳� 鞙犾頃� 瓿勴殟鞛呺媹雼�.

鞚� 靹犽摫搿濎潃 靹膘灔鞐� 頃勳殧頃� 鞛愱笀 臁半嫭鞚� 鞙犾棸靹膘潉 鞝滉车頃橃毵� 旮办〈 欤检< 歆攵� 頋劃 臧電レ劚鞚� 鞛堨姷雼堧嫟; 順勳灛 1,340毵� 欤检潣 氤错喌欤缄皜 氚滍枆霅橃柎 鞛堨姷雼堧嫟. 甑泊鞝侅澑 氚滍枆 鞚检爼, 臧瓴� 霕愲姅 鞛愱笀 靷毄 瓿勴殟鞚 瓿店皽霅橃 鞎婌晿鞙茧┌, 臧侁皝鞚 頄ロ泟 歃濌秾 靹る獏靹� 氤挫订靹滌棎靹� 鞝曧暣歆� 鞓堨爼鞛呺媹雼�. 毵堨毵� 氤搓碃霅� 欤缄皜(2025雲� 7鞗� 31鞚�)電� 10.01雼煬鞓鞀惦媹雼�. 欤检殧 鞙勴棙 鞖旍唽搿滊姅 歆戩霃�, 霠堧矂毽, 鞁犾毄 鞁滌灔 靸來櫓 氚� REIT 鞛愱博 鞙犾 電ル牓鞚� 臧曥“霅橃棃鞀惦媹雼�.

Sunrise AG真人官方ty Trust, Inc. (Nasdaq : SUNS) a d茅pos茅 une d茅claration d鈥檈nregistrement shelf sur le formulaire S-3, permettant au REIT d鈥櫭﹎ettre jusqu鈥櫭� 500 millions de dollars d鈥檃ctions ordinaires, d鈥檃ctions privil茅gi茅es, de titres de dette, de bons de souscription, de droits ou d鈥檜nit茅s lors d鈥檜ne ou plusieurs offres futures. Ce d茅p么t positionne la soci茅t茅鈥攗ne entreprise en croissance 茅mergente et de plus petite taille鈥攑our lever des fonds rapidement selon la r猫gle 415.

Sunrise est un fonds de dette immobili猫re g茅r茅 en externe, cr茅茅 suite 脿 une scission d鈥橝FC Gamma en juillet 2024. Il cible des pr锚ts immobiliers commerciaux en phase de transition dans la r茅gion du Sunbelt aux 脡tats-Unis et, au 30 juin 2025, d茅tenait un portefeuille de pr锚ts avec un principal impay茅 de 251 millions de dollars. Le trust peut investir les produits dans des hypoth猫ques senior, des pr锚ts mezzanine, des CMBS et des actions privil茅gi茅es de type dette, tout en ayant l鈥檌ntention de conserver son statut de REIT et son exemption au titre de l鈥橧nvestment Company Act.

Le shelf offre une flexibilit茅 de financement pour la croissance, mais pourrait diluer les actionnaires existants ; 13,4 millions d鈥檃ctions ordinaires sont actuellement en circulation. Aucun calendrier d鈥櫭﹎ission, prix ou utilisation des fonds sp茅cifique n鈥檃 茅t茅 divulgu茅 ; chacun sera pr茅cis茅 dans de futurs suppl茅ments au prospectus. Le dernier cours rapport茅 (31 juillet 2025) 茅tait de 10,01 dollars. Les principaux risques soulign茅s comprennent la concentration, l鈥檈ffet de levier, les conditions du march茅 du cr茅dit et la capacit茅 脿 maintenir la qualification REIT.

Sunrise AG真人官方ty Trust, Inc. (Nasdaq: SUNS) hat eine Shelf-Registrierungserkl盲rung auf Formular S-3 eingereicht, die dem REIT erlaubt, bis zu 500 Millionen US-Dollar an Stammaktien, Vorzugsaktien, Schuldverschreibungen, Warrants, Bezugsrechte oder Einheiten in einer oder mehreren zuk眉nftigen Platzierungen auszugeben. Die Einreichung positioniert das Unternehmen鈥攅in aufstrebendes Wachstums- und kleiner berichtendes Unternehmen鈥攗m schnell Kapital gem盲脽 Regel 415 zu beschaffen.

Sunrise ist ein extern verwalteter Immobilien-Debt-Fonds, der im Juli 2024 durch einen Spin-off von AFC Gamma gegr眉ndet wurde. Er fokussiert sich auf 脺bergangsfinanzierungen f眉r gewerbliche Immobilien im US-Sunbelt und hielt zum 30. Juni 2025 ein Darlehensportfolio mit einem ausstehenden Kapital von 251 Millionen US-Dollar. Der Trust kann Erl枚se in Senior-Hypotheken, Mezzanine-Darlehen, CMBS und schuld盲hnliche Vorzugsaktien investieren und beabsichtigt, den REIT-Status und die Befreiung nach dem Investment Company Act beizubehalten.

Das Shelf bietet finanzielle Flexibilit盲t f眉r Wachstum, k枚nnte jedoch bestehende Aktion盲re verw盲ssern; derzeit sind 13,4 Millionen Stammaktien ausstehend. Es wurden keine spezifischen Angaben zu Emissionszeitplan, Preisgestaltung oder Verwendung der Erl枚se gemacht; diese werden in zuk眉nftigen Prospekterg盲nzungen festgelegt. Der zuletzt gemeldete Aktienkurs (31. Juli 2025) lag bei 10,01 US-Dollar. Zu den hervorgehobenen Hauptrisiken z盲hlen Konzentration, Verschuldung, Kreditmarktbedingungen und die F盲higkeit, die REIT-Qualifikation aufrechtzuerhalten.

Positive
  • Financing flexibility: Shelf registration enables rapid access to up to $500 million across equity and debt instruments.
  • Growth runway: Proceeds can expand the $251 million CRE loan portfolio and diversify revenue streams.
  • Regulatory readiness: Ability to file as a non-accelerated, emerging-growth REIT shows compliance strength.
Negative
  • Dilution risk: Equity issuances could significantly expand the 13.4 million share base.
  • Market overhang: Knowledge of a large shelf can depress share price until capital is raised and deployed.
  • Unspecified use of proceeds: Lack of detail on deployment raises uncertainty about accretion and timing.

Insights

TL;DR Shelf boosts funding flexibility but adds dilution overhang; neutral near-term, strategic long-term.

The $500 million mixed-shelf equals roughly 4脳 SUNS鈥檚 current market cap, giving management ample dry powder to scale its $251 million loan book. For a young, non-accelerated REIT, access to opportunistic capital is critical as loan origination ramps, especially if credit spreads widen. However, absent immediate deployment plans, the filing creates an equity overhang that can pressure the $10 stock. Investors should watch offering cadence, leverage policy and earnings accretion from any debt issuance. Overall impact is neutral until terms are announced.

TL;DR Form S-3 signals intention to tap markets; credit to growth odds, caution on shareholder dilution.

SUNS qualifies for universal shelf despite its emerging-growth status鈥攁 positive sign of regulatory readiness. Rule 415 expedites issuance of multiple security types, letting management match funding to asset-level opportunities. Yet raising up to $500 million could more than triple share count at current prices or materially increase leverage if debt is favored. Investors should model NAV dilution thresholds and monitor covenant headroom. Until a takedown occurs, the filing is strategically important but not immediately cash-flow altering.

Sunrise AG真人官方ty Trust, Inc. (Nasdaq: SUNS) ha presentato una dichiarazione di registrazione shelf sul modulo S-3 che consente al REIT di emettere fino a 500 milioni di dollari di azioni ordinarie, azioni privilegiate, titoli di debito, warrant, diritti o unit脿 in una o pi霉 offerte future. La registrazione posiziona la societ脿鈥攗n'azienda in crescita emergente e di dimensioni pi霉 contenute鈥攑er raccogliere capitale rapidamente ai sensi della Regola 415.

Sunrise 猫 un fondo immobiliare gestito esternamente, creato tramite uno spin-off da AFC Gamma nel luglio 2024. Si concentra su prestiti immobiliari commerciali transitori nell'area del Sunbelt degli Stati Uniti e, al 30 giugno 2025, deteneva un portafoglio prestiti con un capitale residuo di 251 milioni di dollari. Il trust pu貌 investire i proventi in ipoteche senior, prestiti mezzanini, CMBS e azioni privilegiate con caratteristiche di debito, mantenendo l'intenzione di conservare lo status REIT e l'esenzione ai sensi dell'Investment Company Act.

Il shelf offre flessibilit脿 finanziaria per la crescita, ma potrebbe diluire gli azionisti esistenti; attualmente sono in circolazione 13,4 milioni di azioni ordinarie. Non sono stati divulgati dettagli specifici su tempistiche di emissione, prezzi o utilizzo dei proventi; ognuno sar脿 definito in futuri supplementi al prospetto. L'ultimo prezzo azionario riportato (31 luglio 2025) era di 10,01 dollari. I principali rischi evidenziati includono concentrazione, leva finanziaria, condizioni del mercato del credito e capacit脿 di mantenere la qualifica REIT.

Sunrise AG真人官方ty Trust, Inc. (Nasdaq: SUNS) ha presentado una declaraci贸n de registro shelf en el Formulario S-3 que permite al REIT emitir hasta 500 millones de d贸lares en acciones comunes, acciones preferentes, valores de deuda, warrants, derechos o unidades en una o m谩s ofertas futuras. Esta presentaci贸n posiciona a la compa帽铆a鈥攗na empresa emergente y de menor tama帽o reportante鈥攑ara recaudar capital r谩pidamente bajo la Regla 415.

Sunrise es un fondo de deuda inmobiliaria gestionado externamente, creado mediante una escisi贸n de AFC Gamma en julio de 2024. Se enfoca en pr茅stamos inmobiliarios comerciales transicionales en la regi贸n del Sunbelt de EE.UU. Y, al 30 de junio de 2025, pose铆a una cartera de pr茅stamos con un principal pendiente de 251 millones de d贸lares. El fideicomiso puede invertir los ingresos en hipotecas senior, pr茅stamos mezzanine, CMBS y capital preferente con caracter铆sticas de deuda, y tiene la intenci贸n de mantener el estatus REIT y la exenci贸n bajo la Ley de Sociedades de Inversi贸n.

El shelf brinda flexibilidad financiera para el crecimiento, pero podr铆a diluir a los accionistas existentes; actualmente hay 13,4 millones de acciones comunes en circulaci贸n. No se divulgaron detalles espec铆ficos sobre el calendario de emisi贸n, precios o uso de los ingresos; cada uno se establecer谩 en futuros suplementos del prospecto. El 煤ltimo precio reportado de la acci贸n (31 de julio de 2025) fue de 10,01 d贸lares. Los riesgos clave destacados incluyen concentraci贸n, apalancamiento, condiciones del mercado crediticio y la capacidad para mantener la calificaci贸n REIT.

Sunrise AG真人官方ty Trust, Inc. (雮橃姢雼�: SUNS)電� 斓滊寑 5鞏� 雼煬 攴滊鞚� 氤错喌欤�, 鞖办劆欤�, 毂勲 歃濌秾, 鞗岆煱韸�, 甓岆Μ 霕愲姅 雼渼毳� 頃� 氩� 鞚挫儊鞚� 氙鸽灅 瓿惦鞐愳劀 氚滍枆頃� 靾� 鞛堧姅 S-3 鞏戩嫕鞚� 靹犽摫搿� 靹滊毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 霌彪鞚 鞁犿潵 靹膘灔 氚� 靻岅窚氇� 氤搓碃 須岇偓鞚� 鞚� 旮办梾鞚� Rule 415鞐� 霐半澕 鞁犾啀頃橁矊 鞛愲掣鞚� 臁半嫭頃� 靾� 鞛堧弰搿� 頃╇媹雼�.

Sunrise電� 2024雲� 7鞗� AFC Gamma鞐愳劀 攵勳偓頃橃棳 靹る霅� 鞕鸽秬 甏毽槙 攵霃欖偘 毂勲 韼霌滌瀰雼堧嫟. 氙戈淡 靹犽波韸� 歆鞐潣 鞝勴櫂旮� 靸侅梾鞖� 攵霃欖偘 雽於滌潉 雽靸侅溂搿� 頃橂┌, 2025雲� 6鞗� 30鞚� 旮办 氙胳儊頇� 鞗愱笀 2鞏� 5,100毵� 雼煬 攴滊鞚� 雽於� 韽姼韽措Μ鞓るゼ 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 鞚� 韸鸽煬鞀ろ姼電� 靹犾垳鞙� 雼措炒雽於�, 氅旍瀽雼� 雽於�, CMBS 氚� 毂勲 靹标博鞚� 鞖办劆欤检棎 韴瀽頃� 靾� 鞛堨溂氅�, REIT 歆鞙� 氚� 韴瀽須岇偓氩� 氅挫牅毳� 鞙犾頃� 瓿勴殟鞛呺媹雼�.

鞚� 靹犽摫搿濎潃 靹膘灔鞐� 頃勳殧頃� 鞛愱笀 臁半嫭鞚� 鞙犾棸靹膘潉 鞝滉车頃橃毵� 旮办〈 欤检< 歆攵� 頋劃 臧電レ劚鞚� 鞛堨姷雼堧嫟; 順勳灛 1,340毵� 欤检潣 氤错喌欤缄皜 氚滍枆霅橃柎 鞛堨姷雼堧嫟. 甑泊鞝侅澑 氚滍枆 鞚检爼, 臧瓴� 霕愲姅 鞛愱笀 靷毄 瓿勴殟鞚 瓿店皽霅橃 鞎婌晿鞙茧┌, 臧侁皝鞚 頄ロ泟 歃濌秾 靹る獏靹� 氤挫订靹滌棎靹� 鞝曧暣歆� 鞓堨爼鞛呺媹雼�. 毵堨毵� 氤搓碃霅� 欤缄皜(2025雲� 7鞗� 31鞚�)電� 10.01雼煬鞓鞀惦媹雼�. 欤检殧 鞙勴棙 鞖旍唽搿滊姅 歆戩霃�, 霠堧矂毽, 鞁犾毄 鞁滌灔 靸來櫓 氚� REIT 鞛愱博 鞙犾 電ル牓鞚� 臧曥“霅橃棃鞀惦媹雼�.

Sunrise AG真人官方ty Trust, Inc. (Nasdaq : SUNS) a d茅pos茅 une d茅claration d鈥檈nregistrement shelf sur le formulaire S-3, permettant au REIT d鈥櫭﹎ettre jusqu鈥櫭� 500 millions de dollars d鈥檃ctions ordinaires, d鈥檃ctions privil茅gi茅es, de titres de dette, de bons de souscription, de droits ou d鈥檜nit茅s lors d鈥檜ne ou plusieurs offres futures. Ce d茅p么t positionne la soci茅t茅鈥攗ne entreprise en croissance 茅mergente et de plus petite taille鈥攑our lever des fonds rapidement selon la r猫gle 415.

Sunrise est un fonds de dette immobili猫re g茅r茅 en externe, cr茅茅 suite 脿 une scission d鈥橝FC Gamma en juillet 2024. Il cible des pr锚ts immobiliers commerciaux en phase de transition dans la r茅gion du Sunbelt aux 脡tats-Unis et, au 30 juin 2025, d茅tenait un portefeuille de pr锚ts avec un principal impay茅 de 251 millions de dollars. Le trust peut investir les produits dans des hypoth猫ques senior, des pr锚ts mezzanine, des CMBS et des actions privil茅gi茅es de type dette, tout en ayant l鈥檌ntention de conserver son statut de REIT et son exemption au titre de l鈥橧nvestment Company Act.

Le shelf offre une flexibilit茅 de financement pour la croissance, mais pourrait diluer les actionnaires existants ; 13,4 millions d鈥檃ctions ordinaires sont actuellement en circulation. Aucun calendrier d鈥櫭﹎ission, prix ou utilisation des fonds sp茅cifique n鈥檃 茅t茅 divulgu茅 ; chacun sera pr茅cis茅 dans de futurs suppl茅ments au prospectus. Le dernier cours rapport茅 (31 juillet 2025) 茅tait de 10,01 dollars. Les principaux risques soulign茅s comprennent la concentration, l鈥檈ffet de levier, les conditions du march茅 du cr茅dit et la capacit茅 脿 maintenir la qualification REIT.

Sunrise AG真人官方ty Trust, Inc. (Nasdaq: SUNS) hat eine Shelf-Registrierungserkl盲rung auf Formular S-3 eingereicht, die dem REIT erlaubt, bis zu 500 Millionen US-Dollar an Stammaktien, Vorzugsaktien, Schuldverschreibungen, Warrants, Bezugsrechte oder Einheiten in einer oder mehreren zuk眉nftigen Platzierungen auszugeben. Die Einreichung positioniert das Unternehmen鈥攅in aufstrebendes Wachstums- und kleiner berichtendes Unternehmen鈥攗m schnell Kapital gem盲脽 Regel 415 zu beschaffen.

Sunrise ist ein extern verwalteter Immobilien-Debt-Fonds, der im Juli 2024 durch einen Spin-off von AFC Gamma gegr眉ndet wurde. Er fokussiert sich auf 脺bergangsfinanzierungen f眉r gewerbliche Immobilien im US-Sunbelt und hielt zum 30. Juni 2025 ein Darlehensportfolio mit einem ausstehenden Kapital von 251 Millionen US-Dollar. Der Trust kann Erl枚se in Senior-Hypotheken, Mezzanine-Darlehen, CMBS und schuld盲hnliche Vorzugsaktien investieren und beabsichtigt, den REIT-Status und die Befreiung nach dem Investment Company Act beizubehalten.

Das Shelf bietet finanzielle Flexibilit盲t f眉r Wachstum, k枚nnte jedoch bestehende Aktion盲re verw盲ssern; derzeit sind 13,4 Millionen Stammaktien ausstehend. Es wurden keine spezifischen Angaben zu Emissionszeitplan, Preisgestaltung oder Verwendung der Erl枚se gemacht; diese werden in zuk眉nftigen Prospekterg盲nzungen festgelegt. Der zuletzt gemeldete Aktienkurs (31. Juli 2025) lag bei 10,01 US-Dollar. Zu den hervorgehobenen Hauptrisiken z盲hlen Konzentration, Verschuldung, Kreditmarktbedingungen und die F盲higkeit, die REIT-Qualifikation aufrechtzuerhalten.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Graham Jason R

(Last) (First) (Middle)
401 CHARMANY DRIVE

(Street)
MADISON WI 53719

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
FIRST BUSINESS FINANCIAL SERVICES, INC. [ FBIZ ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/30/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/30/2025 P 1,000 A $47.865(1) 3,220(2) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. The price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $47.50 to $48.25, inclusive. The reporting person undertakes to provide to First Business Financial Services, Inc., any security holders of First Business Financial Services, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
2. 1,600 shares are held by reporting person's IRA and 1,000 shares are held by the GRAHAM LIVING TRUST, dated August 7, 2009.
Peter J. Wilder (Pursuant to Power of Attorney) 08/01/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much capital can Sunrise AG真人官方ty Trust (SUNS) raise under the new Form S-3?

The universal shelf permits issuance of up to $500 million in various securities.

What types of securities may Sunrise offer?

SUNS may issue common stock, preferred stock, debt securities, warrants, rights or units, individually or in any combination.

Will the shelf registration immediately dilute existing shareholders?

No. Dilution occurs only if and when SUNS issues new equity; the filing itself authorizes but does not mandate sales.

What is Sunrise AG真人官方ty Trust鈥檚 current loan portfolio size?

As of 30 June 2025 the portfolio鈥檚 outstanding principal was approximately $251 million.

Why might Sunrise choose debt over equity issuances?

Debt could fund growth without share dilution, but would raise leverage; the optimal mix will depend on market rates and portfolio yields.

Where is SUNS stock listed and what was the last reported price?

Shares trade on Nasdaq under symbol SUNS; the last reported price on 31 July 2025 was $10.01.
First Business Finl Svcs Inc W

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