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"text": "\n\nBy the Numbers\n\nSUNS KEY METRICS\n$315mm\nCurrent\nCommitments\n~15%\nDividend\nYield¹\n$13.45\nBook Value\nper Share²\n\nTCG REAL ESTATE ORIGINATIONS³\n~$1.0bn\nin Active\nPipeline⁴\n~1.3%\nDeal Selectivity\nSince Inception⁵\n12.3%\nYield to\nMaturity⁶\n\nSUNS PORTFOLIO COMPOSITION⁷\n12\nPortfolio\nInvestments\n70%\nSenior\nLoans\n46%\nResidential\nAssets\n\nCAPITAL FORMATION\nUp to $200mm\nEast West Bank\n(\"EWB\") Led Credit Line⁸\n$165mm\nCommitments to\nEWB Line\n4\nResearch Analysts\nCovering SUNS⁹",
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"text": "\n\n## Company Overview\n\n- Sunrise Realty Trust (Nasdaq: SUNS) is an institutional lender that originates and funds loans to sponsors of commercial real estate projects primarily in the Southern United States\n- SUNS seeks to target a portfolio net internal rate of return (\"IRR\") in the low-teens\n- Robust investment process with high-quality originations, methodical due diligence, specialized structuring and ongoing monitoring, emphasizing credit discipline throughout the cycle from sourcing to portfolio management\n- Founded by veteran credit investors Brian Sedrish and Leonard Tannenbaum with investments beginning in 2024\n- Collectively, the management team has structured over $24 billion in CRE and credit transactions",
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"text": "\n\nNote: Company data based on past SEC filings and current financial information. Financial and market data as of 8/3/2026 unless otherwise noted. Aggregate portfolio data shown as of 8/3/2026 excludes the owned asset in San Antonio, Texas.\n1. Q2 2026 dividend declared of $0.30 per share annualized and divided by the closing stock price of $7.78 as of 8/3/2026.\n2. SUNS book value per share as of 6/30/2026.\n3. Represents projects for which SUNS and its affiliates are in varying negotiation stages and for which due diligence has not been completed. As such, there can be no assurance that we will proceed with any of these potential investments. A component of these loans may be held through co-investment vehicles managed by a manager affiliated with SUNS Manager.\n4. TCG refers to Tannenbaum Capital Group and its affiliates. TCG Real Estate (\"TCG RE\") refers to Tannenbaum Capital Group's real estate platform.\n5. Deal selectivity represents the total number of closed loans since inception divided by the aggregate count of all deals sourced since 10/1/2023 by members of SUNS investment team on behalf of SUNS or on behalf of an entity managed by a manager affiliated with SUNS sponsor.\n6. Portfolio rate calculated as a weighted average by total SUNS Current Commitment. Rate calculations utilize Chatham Financial forward SOFR projections (as of 8/3/2026), are compounded monthly, may include back leverage, and excludes loans on non-accrual as of the date of calculation. Target performance is not a guarantee or prediction and is not necessarily indicative of future results. Potential investors should not rely on such target performance information in making an investment decision.\n7. See pages 12-13 for detailed current portfolio composition metrics and calculation assumptions.\n8. The credit facility provides up to $200 million in borrowing capacity, subject to available borrowing base and additional lender participation, with current total commitments of $165 million.\n9. Firms covering SUNS by date of initiating coverage report: Alliance Global Partners; Keefe, Bruyette & Woods; B. Riley Securities; Oppenheimer & Co.",
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"text": "\n\n<::Headshot of James Velgot, a man with short gray hair, wearing a light blue collared shirt and a dark suit jacket, smiling slightly.\n: photo::>\nJAMES\nVELGOT\nChief Marketing\nOfficer\n30+ YEARS EXPERIENCE\n\n- Chief Marketing\nOfficer of all TCG\nplatform entities\n- Former Chief\nMarketing Officer at\nFifth Street Asset\nManagement\n- Former Global Head\nof Brand & Strategic\nCommunications at\nAlliance Bernstein",
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"text": "\n\n**30+ YEARS EXPERIENCE**\n\n* Founded TCG, an alternative asset management platform focused on real estate and strategic private credit investing\n* Founder and CEO of $5 billion AUM Fifth Street prior to its 2017 sale to Oaktree",
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"text": "\n\n25+ YEARS EXPERIENCE\n\n- Former Portfolio Manager at Related Fund Management\n- Former Head of Real Estate Acquisitions Special Situations at Deutsche Bank\n- Previously employed at Fortress, Goldman Sachs and Lazard Freres",
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"text": "\n\nChief Financial\nOfficer, Treasurer\n\n15+ YEARS EXPERIENCE\n\n- Chief Financial\nOfficer and\nTreasurer of multiple\nTCG platform\nentities\n- Former VP of\nFinance for El-AD\nNational Properties,\nLLC\n- Former Manager in\nREIT audit practice\nat PwC",
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"text": "\n\n15+ YEARS EXPERIENCE\n\n- Co-Founder and Partner of TCG, including President of two public REITs\n- 5+ years as Head of Investor Relations for three Fifth Street public entities\n- 7+ years focused on mergers and acquisitions and leveraged loans at CIT Group",
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"text": "\n\n## 12+ YEARS EXPERIENCE\n\n* Chief Legal Officer of multiple TCG platform entities\n* Former Corporate & Securities Counsel at AmLaw 100 law firms and Lead Corporate Counsel at a unicorn technology startup\n* Advised public and private companies in securities offerings and M&A",
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"text": "\n\nExecutive team with **decades of investment experience** in CRE and\ncredit with **operational expertise** across key business functions",
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"text": "\n\nStrong Population & Employment Growth¹\n\n<::map of the United States with several states highlighted in blue and marked with white stars, representing 'Primary Target States'. The highlighted states include Washington, Oregon, California, Nevada, Utah, Arizona, Colorado, New Mexico, Texas, Oklahoma, Arkansas, Louisiana, Mississippi, Alabama, Georgia, Florida, South Carolina, North Carolina, Tennessee, Kentucky, and Virginia.\n\nBelow the map is a table showing Total Growth from Q4-19 to Q2-26 for 'Primary Target States³' and 'Rest of U.S.'\n\n| Category | Primary Target States³ | Rest of U.S. |\n|:-------------------|:-----------------------|:-------------|\n| Total Population | 9.2% | 1.8% |\n| Total Employment | 10.8% | 3.0% |\n| Office Employment | 13.0% | 0.4% |\n| Industrial Employment| 9.8% | 0.9% |\n: table and map::>\n\nMigration trends are driving both population and\nemployment growth in the Southern U.S.",
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"text": "\n\n<::Select Southern Cities Outpacing on Employment Growth²\n\nLegend:\nAtlanta\nCharlotte\nDallas\nHouston\nLas Vegas\nMiami\nNashville\nPhoenix\nRaleigh\nTampa\nRest of U.S.\n\nY-axis: 0%, 4%, 8%, 12%\nX-axis: June 2021, December 2022, June 2024, December 2025\n\nLine chart showing employment growth over time for various Southern cities and the Rest of U.S. The lines generally show an upward trend, with most cities growing faster than the \"Rest of U.S.\" line, which is a dashed black line.\n\nWith employment growth accelerating in key cities in SUNS' target states since June 2021\n: chart::>",
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"text": "\n\n# Demographic Shifts Favor the Southern U.S.\n\nCOVID had a material impact on U.S. migration patterns, with the Southern U.S. benefiting from increased population and employment growth, which in select key Southern cities is outpacing the rest of the U.S.",
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"text": "\n\n1. Total growth from 12/31/2019 to 3/31/2026, CoStar Market Data. U.S. Census Bureau Data.\n2. Data released on 1/28/2026; Federal Reserve Bank of St. Louis.\n3. Primary target states include FL, TX, GA, TN, NC, SC, AZ, and NV; Other states that SUNS will consider, but not limited to, for investment include AL, AR, DE, KY, LA, MD, MS, NM, OK, UT, VA, WV, and D.C.",
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"text": "\n\n<::\nDiagram titled \"Target Investment Attributes\" in the center, surrounded by five segments:\n- Top right segment (dark blue): \"POSITIVE MARKET FUNDAMENTALS\"\n- Right segment (blue): \"SOUND BUSINESS PLAN\"\n- Bottom segment (teal): \"SUBSTANTIAL MARGIN OF SAFETY\"\n- Bottom left segment (dark grey): \"STRONG FINANCIAL SPONSOR\"\n- Top left segment (light grey): \"DEBT STRUCTURE & TERMS\"\n: diagram::>",
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"text": "\n\n# Highly-Selective Investment Process\n\nSUNS takes a patient approach to investing, targeting opportunities with clear potential for value creation that meet a defined set of investment criteria",
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"text": "\n\n# Market\n\n* Supply constrained markets with recognizable demand drivers\n* Superior location within market",
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"text": "\n\nBusiness Plan\n\nReadily executable strategy to stabilize property\nAbility to refinance upon stabilization or protect in downside case",
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"text": "\n\nTransaction\n\nSignificant equity cushion to absorb potential losses\nConservative leverage provides strategic flexibility and mitigates risk",
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"text": "\n\n## Sponsor\nInstitutional sponsors and operators with track records and expertise\nAlignment of interests through appropriate capital commitments",
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"text": "\n\nMultiple Origination Channels\n<::donut chart\n: Center: Sourcing Channels\nSegments (clockwise from top right):\n- Co-Lenders\n- Owners / Operators\n- Brokers\n- Private Equity Firms\n- Other Financial Institutions\n- 3rd Party Databases\n- REITs::>\n",
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"text": "\n\nTCG Real Estate Loan Pipeline\n<::funnel chart:\n- Sourcing: ~$95bn CRE Deals Sourced¹\n- Closed since Inception: $997mm Closed Deals²\n- Loan Commitments in Portfolio: $315mm Current SUNS Commitments³\n- Loans Principal Balance in Portfolio: $249mm SUNS Principal Balance⁴\n\nAdditional data:\n- ~$1.0bn Currently in Active Pipeline⁵\n- ~1.3% Deal Selectivity Since Inception⁶\n: chart::>\n",
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"text": "\n\n# Robust Direct Origination Platform\n\nSUNS' relationship with its Manager, coupled with its focus on key growth markets in the Southern United States, continues to provide access to a robust and attractive investment pipeline, originated through a multi-channel network",
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"text": "\n\n## Powerful Deal Flow Engine\n* Sector and product expertise paired with local knowledge generates targeted inbounds\n* Reputation as a credible, reliable and regionally-focused partner\n* Deep network of long-standing relationships\n* Solution-driven flexibility and negotiating in good faith solidify repeat partnerships",
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"text": "\n\nNote: All data is provided as of 8/3/2026 and refers to CRE loans across the TCG Real Estate platform, in each case unless otherwise specified.\n1. Comprising all deals sourced since 10/1/2023 by members of SUNS investment team on behalf of SUNS or on behalf of an entity managed by a manager affiliated with SUNS sponsor.\n2. Represents full loan amounts on loans closed since 10/1/2023, including loans held by SUNS and through one or more co-investment vehicles managed by a manager affiliated with SUNS Manager.\n3. Represents current SUNS loan commitments on loans closed since 10/1/2023, excluding the owned asset in San Antonio, Texas.\n4. Represents current SUNS principal balance on loans closed since 10/1/2023, excluding the owned asset in San Antonio, Texas.\n5. Represents projects for which SUNS and its affiliates are in varying negotiation stages and for which due diligence has not been completed. As such, there can be no assurance that we will proceed with any of these potential investments. A component of these loans may be held through co-investment vehicles managed by a manager affiliated with SUNS Manager.\n6. Deal selectivity represents the total number of closed loans since inception divided by the aggregate count of all deals sourced since 10/1/2023 by members of SUNS' investment team on behalf of SUNS or on behalf of an entity managed by a manager affiliated with SUNS' sponsor.",
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"text": "\n\nPortfolio Composition by Current Loan Commitments\n\nPROPERTY TYPE\n\n<::transcription of the content\n: chart\nIndustrial\n6%\nRetail\n10%\nNet\nLeased\nTenant\n14%\nHospitality\n24%\nResidential\n46%::>\n\nThe team will continue\nits focus on curating a\nportfolio of loans\ncollateralized by top\ntier assets, with a\nparticular emphasis on\nhigh-quality residential\nand mixed-use assets\nand, selectively high-\nquality hospitality and\nspecialty-use assets\n\nGEOGRAPHY\n\n<::transcription of the content\n: chart\nTexas\n20%\nOther\n31%\nFlorida\n49%::>\n\nGeographic exposure\nis concentrated in\nFlorida and Texas\nwith pipeline assets\nbroadening our\npresence across the\nSouthern U.S.",
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"text": "\n\nPortfolio Composition by Loan Principal Outstanding\n\nINTEREST RATE TYPE LOAN SENIORITY\n<::pie chart\nFixed: 5%\nFloating: 95%\n: chart::> <::pie chart\nSubordinate: 30%\nSenior: 70%\n: chart::>\nOur portfolio is SUNS portfolio\nprimarily primarily consists of\nfloating rate senior loans, while we\nwith SOFR floors have also pursued\n select subordinate\n loan investments\n<::logo: SUNRISE::>",
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"text": "\n\n# SUNS Portfolio Composition\n\nThe SUNS portfolio consists primarily of senior, floating-rate loans collateralized by high-quality residential and commercial real estate assets located in growing markets across the Southern United States. The team plans to continue expanding the loan book across its target geographies, while broadly maintaining its historical sector exposure",
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"text": "\n\nNote: All data provided is based on CRE loans in the SUNS portfolio as of 8/3/2026, and excludes the owned asset in San Antonio, Texas.\n1. Residential includes multifamily, for sale condominiums, and for sale single family communities.",
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