[ { "page": 1, "job_id": "parse-01m0e1s8nc3mxnsebwncphec73", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.7, "figures": [ { "page": 1, "kind": "photograph", "description": "A close-up, low-angle architectural photograph featuring the geometric facade of a modern building. The structure is composed of a repetitive, interlocking grid of triangular glass panels held together by dark, thick metal framing. The overall color palette is dominated by cool blue tones, with artificial lights reflecting on the glass surfaces, creating a pattern of bright spots and dark, angular shadows. The composition emphasizes the complex, angular geometry and the rhythmic, repeating nature of the architectural design.", "box": { "left": 0.0, "top": 0.27064517, "right": 0.37797993, "bottom": 0.97456813 }, "values": [], "footnotes": [], "node_id": "figure-0" } ], "tables": [], "context": [ { "page": 1, "kind": "logo", "text": "[SUNRISE_ICON]\nSUNRISE\nREALTY TRUST\n", "box": { "left": 0.05622615, "top": 0.04766465, "right": 0.31328839, "bottom": 0.19994697 }, "node_id": "logo-0" }, { "page": 1, "kind": "text", "text": "*A TCG Company*\n", "box": { "left": 0.18659903, "top": 0.20424516, "right": 0.31109625, "bottom": 0.2371072 }, "node_id": "text-0" }, { "page": 1, "kind": "marginalia", "text": "NASDAQ:SUNS | FIRST QUARTER 2026\n", "box": { "left": 0.64855719, "top": 0.03439249, "right": 0.96310961, "bottom": 0.06495454 }, "node_id": "marginalia-0" }, { "page": 1, "kind": "text", "text": "Investor Presentation\n", "box": { "left": 0.42103356, "top": 0.38913077, "right": 0.9456988, "bottom": 0.45952213 }, "node_id": "text-1" }, { "page": 1, "kind": "text", "text": "First Quarter 2026\n", "box": { "left": 0.42048663, "top": 0.47861814, "right": 0.70885712, "bottom": 0.5335325 }, "node_id": "text-2" }, { "page": 1, "kind": "text", "text": "May 14, 2026\n", "box": { "left": 0.42003462, "top": 0.69012022, "right": 0.61379915, "bottom": 0.74078214 }, "node_id": "text-3" } ] }, { "page": 4, "job_id": "parse-01m0e1s8jn2j5awkt0bn03hhra", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.6, "figures": [ { "page": 4, "kind": "chart", "description": "The figure is a data dashboard titled 'By the Numbers' organized into four horizontal sections, each containing three columns of financial metrics. The background is a dark blue abstract geometric pattern. The text is white and clean, presented in a grid-like layout.", "box": { "left": 0.50765753, "top": 0.17473707, "right": 0.97592449, "bottom": 0.80213892 }, "values": [ { "rows": [ [ { "text": "Category", "provenance": "unclassified", "footnotes": [] }, { "text": "Metric 1", "provenance": "unclassified", "footnotes": [] }, { "text": "Metric 2", "provenance": "unclassified", "footnotes": [] }, { "text": "Metric 3", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "SUNS KEY METRICS", "provenance": "unclassified", "footnotes": [] }, { "text": "$380mm Current Commitments", "provenance": "unclassified", "footnotes": [] }, { "text": "~16% Dividend Yield1", "provenance": "unclassified", "footnotes": [] }, { "text": "$13.50 Book Value per Share2", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "TCG REAL ESTATE ORIGINATIONS3", "provenance": "unclassified", "footnotes": [] }, { "text": "$707mm in Active Pipeline4", "provenance": "unclassified", "footnotes": [] }, { "text": "~1.4% Deal Selectivity Since Inception5", "provenance": "unclassified", "footnotes": [] }, { "text": "12.4% Yield to Maturity6", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "SUNS PORTFOLIO COMPOSITION7", "provenance": "unclassified", "footnotes": [] }, { "text": "14 Portfolio Investments", "provenance": "unclassified", "footnotes": [] }, { "text": "74% Senior Loans", "provenance": "unclassified", "footnotes": [] }, { "text": "53% Residential Assets", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "CAPITAL FORMATION", "provenance": "unclassified", "footnotes": [] }, { "text": "Up to $200mm East West Bank (\u201cEWB\u201d) Led Credit Line8", "provenance": "unclassified", "footnotes": [] }, { "text": "$165mm Commitments to EWB Line (from $140mm in Q3 \u201825)", "provenance": "unclassified", "footnotes": [] }, { "text": "4 Research Analysts Covering SUNS9", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "", "text": "Note: Company data based on past SEC filings and current financial information. Financial and market data as of 5/8/2026 unless otherwise noted. Aggregate portfolio data shown as of 5/8/2026 excludes the owned asset in San Antonio, Texas.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "1", "text": "Q1 2026 dividend declared of $0.30 per share annualized and divided by the closing stock price of $7.63 as of 5/8/2026.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "2", "text": "SUNS book value per share as of 3/31/2026.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "3", "text": "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.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "4", "text": "TCG refers to Tannenbaum Capital Group and its affiliates. TCG RE refers to Tannenbaum Capital Group's real estate platform.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "5", "text": "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.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "6", "text": "Rate calculations utilize Chatham Financial forward SOFR projections (as of 5/8/2026), 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.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "8", "text": "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.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "9", "text": "Firms covering SUNS by date of initiating coverage report: Alliance Global Partners; KBW; B. Riley Securities; Oppenheimer & Co.", "sources": [ "agent" ], "corroborated": false, "placed": false } ], "node_id": "figure-0" } ], "tables": [], "context": [ { "page": 4, "kind": "text", "text": "NASDAQ:SUNS | INVESTOR PRESENTATION\n", "box": { "left": 0.02914843, "top": 0.03251288, "right": 0.3469823, "bottom": 0.06026422 }, "node_id": "text-0" }, { "page": 4, "kind": "text", "text": "COMPANY OVERVIEW\n", "box": { "left": 0.80584359, "top": 0.03054527, "right": 0.96853781, "bottom": 0.05839996 }, "node_id": "text-1" }, { "page": 4, "kind": "text", "text": "An Institutional Lender to CRE in the Southern U.S.\n", "box": { "left": 0.02368802, "top": 0.09153129, "right": 0.75970554, "bottom": 0.14200732 }, "node_id": "text-2" }, { "page": 4, "kind": "text", "text": "# Company Overview\n\n- Sunrise Realty Trust (Nasdaq: SUNS) is an\ninstitutional lender that originates and funds loans\nto sponsors of commercial real estate projects\nprimarily in the Southern United States\n- SUNS seeks to target a portfolio net internal rate of\nreturn (\u201cIRR\u201d) in the low-teens\n- Robust investment process with high-quality\noriginations, methodical due diligence, specialized\nstructuring and ongoing monitoring, emphasizing\ncredit discipline throughout the cycle from sourcing\nto portfolio management\n- Founded by veteran credit investors Brian Sedrish\nand Leonard Tannenbaum with investments\nbeginning in 2024\n- Collectively, the management team has structured\nover $21 billion in CRE and credit transactions\n", "box": { "left": 0.04154518, "top": 0.16825899, "right": 0.47619781, "bottom": 0.78781474 }, "node_id": "text-3" }, { "page": 4, "kind": "text", "text": "Note: Company data based on past SEC filings and current financial information. Financial and market data as of 5/8/2026 unless otherwise noted. Aggregate portfolio data shown as of 5/8/2026 excludes the owned asset in San Antonio, Texas.\n 1. Q1 2026 dividend declared of $0.30 per share annualized and divided by the closing stock price of $7.63 as of 5/8/2026.\n 2. SUNS book value per share as of 3/31/2026.\n 3. 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\nthese potential investments. A component of these loans may be held through co-investment vehicles managed by a manager affiliated with SUNS Manager.\n 4. TCG refers to Tannenbaum Capital Group and its affiliates. TCG RE refers to Tannenbaum Capital Group's real estate platform.\n 5. 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\nbehalf of an entity managed by a manager affiliated with SUNS sponsor.\n 6. Rate calculations utilize Chatham Financial forward SOFR projections (as of 5/8/2026), are compounded monthly, may include back leverage, and excludes loans on non-accrual as of the date of calculation.\n 7. 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.\nSee pages 12-13 for detailed portfolio composition metrics and calculation assumptions.\n 8. 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.\n 9. Firms covering SUNS by date of initiating coverage report: Alliance Global Partners; KBW; B. Riley Securities; Oppenheimer & Co.\n\n", "box": { "left": 0.165335, "top": 0.8209731, "right": 0.92638665, "bottom": 0.98654121 }, "node_id": "text-4" }, { "page": 4, "kind": "logo", "text": "SUNRISE [SUN_ICON]\nREALTY TRUST\n", "box": { "left": 0.01885134, "top": 0.89847189, "right": 0.14106283, "bottom": 0.97146851 }, "node_id": "logo-0" }, { "page": 4, "kind": "marginalia", "text": "4\n", "box": { "left": 0.94054031, "top": 0.92984003, "right": 0.95873928, "bottom": 0.95583624 }, "node_id": "marginalia-0" } ] }, { "page": 6, "job_id": "parse-01m0e1s8k7x1r9n0q2d4b66qr6", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.6, "figures": [ { "page": 6, "kind": "photograph", "description": "A circular-cropped professional headshot photograph of a middle-aged man with short, curly brown hair and glasses. He is smiling slightly, facing forward, and wearing a light blue button-down shirt underneath a dark navy blue pinstripe blazer. The background is a solid, neutral gray gradient.", "box": { "left": 0.02752171, "top": 0.17294577, "right": 0.15157603, "bottom": 0.33234659 }, "values": [], "footnotes": [], "node_id": "figure-0" }, { "page": 6, "kind": "photograph", "description": "A circular portrait photograph of a man with brown hair and glasses, smiling directly at the camera, wearing a blue collared shirt and a dark blazer. The portrait is set against a light grey background.", "box": { "left": 0.18938734, "top": 0.17375173, "right": 0.31940931, "bottom": 0.44930136 }, "values": [], "footnotes": [], "node_id": "figure-1" }, { "page": 6, "kind": "photograph", "description": "A professional headshot of a man, Brandon Hetzel, presented within a circular frame against a dark background. Below the circular portrait, the text 'BRANDON HETZEL' is displayed in bold, dark blue, sans-serif capital letters, set against a light blue-grey rectangular background.", "box": { "left": 0.35604626, "top": 0.17361364, "right": 0.47985679, "bottom": 0.39385465 }, "values": [], "footnotes": [], "node_id": "figure-2" }, { "page": 6, "kind": "photograph", "description": "A circular portrait photograph of a woman with long, brown hair smiling, set against a plain grey background. Below the circular portrait, the text reads 'ROBYN TANNENBAUM' in large, dark blue, capitalized letters, followed by the title 'President' in smaller, dark blue letters, all centered on a light blue-grey background.", "box": { "left": 0.51588959, "top": 0.17350346, "right": 0.64962643, "bottom": 0.43866551 }, "values": [], "footnotes": [], "node_id": "figure-3" }, { "page": 6, "kind": "photograph", "description": "A circular portrait photograph of a man with dark hair, wearing a dark suit jacket and a light-colored button-down shirt, set against a light grey background. Below the circular image, centered text reads: GABRIEL KATZ, followed by the title, Chief Legal Officer.", "box": { "left": 0.67768502, "top": 0.17223351, "right": 0.81467652, "bottom": 0.44948983 }, "values": [], "footnotes": [], "node_id": "figure-4" }, { "page": 6, "kind": "photograph", "description": "The figure is a professional profile graphic featuring a circular headshot photograph of a man at the top, centered against a light gray background. Below the photo, the text 'JAMES VELGOT' is printed in bold, dark blue capital letters. Underneath his name, 'Chief Marketing Officer' is written in a smaller, dark blue font. A blue rectangular banner spans the width of the profile containing the white text '30+ YEARS EXPERIENCE'. Below this banner, a list of professional experience is provided, marked by three dark blue square bullet points: 'Chief Marketing Officer of all TCG platform entities', 'Former Chief Marketing Officer at Fifth Street Asset Management', and 'Former Global Head of Brand & Strategic Communications at Alliance Bernstein'.", "box": { "left": 0.83751488, "top": 0.17228088, "right": 0.98435819, "bottom": 0.74638975 }, "values": [], "footnotes": [], "node_id": "figure-5" } ], "tables": [], "context": [ { "page": 6, "kind": "text", "text": "NASDAQ:SUNS | INVESTOR PRESENTATION\n", "box": { "left": 0.02939209, "top": 0.03268748, "right": 0.34691799, "bottom": 0.0597911 }, "node_id": "text-0" }, { "page": 6, "kind": "marginalia", "text": "MANAGEMENT TEAM\n", "box": { "left": 0.81072539, "top": 0.03089229, "right": 0.96748143, "bottom": 0.05759935 }, "node_id": "marginalia-0" }, { "page": 6, "kind": "text", "text": "Management with Demonstrated Track-Record\n", "box": { "left": 0.02504906, "top": 0.09133809, "right": 0.72446597, "bottom": 0.13954204 }, "node_id": "text-1" }, { "page": 6, "kind": "text", "text": "LEONARD TANNENBAUM\nExecutive\nChairman", "box": { "left": 0.02498367, "top": 0.33972275, "right": 0.15433303, "bottom": 0.44892013 }, "node_id": "text-2" }, { "page": 6, "kind": "text", "text": "30+ YEARS EXPERIENCE\n - Founded TCG, an\nalternative asset\nmanagement\nplatform focused on\nreal estate and\nstrategic private\ncredit investing\n - Founder and CEO of\n$5 billion AUM Fifth\nStreet prior to its\n2017 sale to Oaktree\n", "box": { "left": 0.01656587, "top": 0.45262906, "right": 0.16614279, "bottom": 0.73752189 }, "node_id": "text-3" }, { "page": 6, "kind": "text", "text": "### 25+ 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 ", "box": { "left": 0.18030405, "top": 0.45169246, "right": 0.32926214, "bottom": 0.7475493 }, "node_id": "text-4" }, { "page": 6, "kind": "text", "text": "Chief Financial \nOfficer, Treasurer \n15+ YEARS EXPERIENCE \n- Chief Financial Officer and Treasurer of multiple TCG platform entities \n- Former VP of Finance for EI-AD National Properties, LLC \n- Former Manager in REIT audit practice at PwC ", "box": { "left": 0.34429303, "top": 0.39893937, "right": 0.4943209, "bottom": 0.7686733 }, "node_id": "text-5" }, { "page": 6, "kind": "text", "text": "15+ YEARS EXPERIENCE\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", "box": { "left": 0.50856274, "top": 0.45207015, "right": 0.65779132, "bottom": 0.79251289 }, "node_id": "text-6" }, { "page": 6, "kind": "text", "text": "12+ YEARS EXPERIENCE \n- Chief Legal Officer \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 ", "box": { "left": 0.67153698, "top": 0.45151573, "right": 0.82395035, "bottom": 0.80440968 }, "node_id": "text-7" }, { "page": 6, "kind": "text", "text": "Executive team with **decades of investment experience** in CRE and\ncredit with **operational expertise** across key business functions\n", "box": { "left": 0.16879934, "top": 0.83135229, "right": 0.85635716, "bottom": 0.90581423 }, "node_id": "text-8" }, { "page": 6, "kind": "logo", "text": "SUNRISE [SUNRISE ICON]\nREALTY TRUST\n", "box": { "left": 0.01974067, "top": 0.89889216, "right": 0.14059691, "bottom": 0.97115541 }, "node_id": "logo-0" }, { "page": 6, "kind": "marginalia", "text": "6\n", "box": { "left": 0.9396705, "top": 0.92902851, "right": 0.95893866, "bottom": 0.95647526 }, "node_id": "marginalia-1" } ] }, { "page": 8, "job_id": "parse-01m0e1s8wf6cg634wy7ctvaz6x", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.4, "figures": [ { "page": 8, "kind": "chart", "description": "A combined infographic featuring a map of the United States and a comparative data table. The map highlights a selection of states in the Southern and Western regions in light blue, with white star markers indicating specific states. Below the map, a table compares growth metrics between 'Primary Target States' (highlighted in blue) and the 'Rest of U.S.' for the period Q4-19 to Q2-26. A concluding text box at the bottom summarizes the trend.", "box": { "left": 0.02854219, "top": 0.23433134, "right": 0.490738, "bottom": 0.89237058 }, "values": [ { "rows": [ [ { "text": "Total Growth Q4-19 to Q2-26", "provenance": "unclassified", "footnotes": [] }, { "text": "Primary Target States\u00b3", "provenance": "unclassified", "footnotes": [ { "marker": "3", "text": "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." } ] }, { "text": "Rest of U.S.", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Total Population", "provenance": "unclassified", "footnotes": [] }, { "text": "9.2%", "provenance": "unclassified", "footnotes": [] }, { "text": "1.8%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Total Employment", "provenance": "unclassified", "footnotes": [] }, { "text": "10.8%", "provenance": "unclassified", "footnotes": [] }, { "text": "3.0%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Office Employment", "provenance": "unclassified", "footnotes": [] }, { "text": "13.0%", "provenance": "unclassified", "footnotes": [] }, { "text": "0.4%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Industrial Employment", "provenance": "unclassified", "footnotes": [] }, { "text": "9.8%", "provenance": "unclassified", "footnotes": [] }, { "text": "0.9%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "1", "text": "Total growth from 12/31/2019 to 3/31/2026, CoStar Market Data. U.S. Census Bureau Data.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "3", "text": "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.", "sources": [ "agent" ], "corroborated": false, "placed": true } ], "node_id": "figure-0" }, { "page": 8, "kind": "chart", "description": "This is a line chart titled 'Select Southern Cities Outpacing on Employment Growth'. The x-axis represents time, spanning from June 2021 to December 2025. The y-axis represents employment growth percentage, ranging from 0% to 12%+. The chart displays multiple colored lines representing different cities (Atlanta, Charlotte, Dallas, Houston, Las Vegas, Miami, Nashville, Phoenix, Raleigh, Tampa) and a dashed black line representing the 'Rest of U.S.'. All city lines show a positive trend in employment growth over the period, generally outpacing the 'Rest of U.S.' benchmark. A text box below the chart summarizes the finding: 'With employment growth accelerating in key cities in SUNS\u2019 target states since June 2021'.", "box": { "left": 0.49389768, "top": 0.23192492, "right": 0.97819984, "bottom": 0.89559138 }, "values": [ { "rows": [ [ { "text": "Category", "provenance": "unclassified", "footnotes": [] }, { "text": "Details", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Title", "provenance": "unclassified", "footnotes": [] }, { "text": "Select Southern Cities Outpacing on Employment Growth", "provenance": "unclassified", "footnotes": [ { "marker": "2", "text": "Data released on 1/28/2026; Federal Reserve Bank of St. Louis." } ] } ], [ { "text": "X-Axis", "provenance": "unclassified", "footnotes": [] }, { "text": "Time (June 2021, December 2022, June 2024, December 2025)", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Y-Axis", "provenance": "unclassified", "footnotes": [] }, { "text": "Employment Growth (0%, 4%, 8%, 12%)", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Series", "provenance": "unclassified", "footnotes": [] }, { "text": "Atlanta (Dark Green), Charlotte (Dark Blue), Dallas (Light Grey), Houston (Light Blue), Las Vegas (Teal), Miami (Dark Red/Brown), Nashville (Dark Blue), Phoenix (Tan), Raleigh (Medium Green), Tampa (Bright Blue), Rest of U.S. (Dashed Black Line)", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Footer Note", "provenance": "unclassified", "footnotes": [] }, { "text": "With employment growth accelerating in key cities in SUNS\u2019 target states since June 2021", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "2", "text": "Data released on 1/28/2026; Federal Reserve Bank of St. Louis.", "sources": [ "agent" ], "corroborated": false, "placed": true } ], "node_id": "figure-1" } ], "tables": [], "context": [ { "page": 8, "kind": "text", "text": "NASDAQ:SUNS | INVESTOR PRESENTATION\n", "box": { "left": 0.02930196, "top": 0.03270938, "right": 0.34704894, "bottom": 0.05994672 }, "node_id": "text-0" }, { "page": 8, "kind": "text", "text": "MARKET OPPORTUNITY\n", "box": { "left": 0.79072303, "top": 0.03068519, "right": 0.96866399, "bottom": 0.05771472 }, "node_id": "text-1" }, { "page": 8, "kind": "text", "text": "# 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\nemployment growth, which in select key Southern cities is outpacing the rest of the U.S.\n", "box": { "left": 0.02234492, "top": 0.09175251, "right": 0.894835, "bottom": 0.20756884 }, "node_id": "text-2" }, { "page": 8, "kind": "logo", "text": "SUNRISE [SUNRISE ICON]\nREALTY TRUST\n", "box": { "left": 0.01899356, "top": 0.89894128, "right": 0.14144579, "bottom": 0.97071183 }, "node_id": "logo-0" }, { "page": 8, "kind": "text", "text": "1. 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.\n", "box": { "left": 0.16454524, "top": 0.91845214, "right": 0.9006533, "bottom": 0.96255398 }, "node_id": "text-3" }, { "page": 8, "kind": "marginalia", "text": "8\n", "box": { "left": 0.93970245, "top": 0.92919171, "right": 0.9588303, "bottom": 0.95588064 }, "node_id": "marginalia-0" } ] }, { "page": 10, "job_id": "parse-01m0e1s8j4n2aq1narkanpr3v1", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.0, "figures": [ { "page": 10, "kind": "diagram", "description": "The figure is a circular diagram illustrating 'Target Investment Attributes'. It consists of five distinct segments arranged in a clockwise, spiraling, or gear-like pattern, all converging toward a central text label. The central label reads 'Target Investment Attributes'. The five surrounding segments, each containing text, are arranged as follows: 1. Top segment (dark navy blue): 'POSITIVE MARKET FUNDAMENTALS'. 2. Top-right segment (medium blue): 'SOUND BUSINESS PLAN'. 3. Bottom-right segment (light blue-grey): 'SUBSTANTIAL MARGIN OF SAFETY'. 4. Bottom-left segment (dark grey): 'STRONG FINANCIAL SPONSOR'. 5. Top-left segment (light grey): 'DEBT STRUCTURE & TERMS'. The layout visually suggests a holistic approach to evaluating investment opportunities, where each attribute contributes to the overall target criteria.", "box": { "left": 0.5508768, "top": 0.2688655, "right": 0.9888162, "bottom": 0.84004724 }, "values": [], "footnotes": [], "node_id": "figure-0" } ], "tables": [], "context": [ { "page": 10, "kind": "text", "text": "NASDAQ:SUNS | INVESTOR PRESENTATION\n", "box": { "left": 0.02913433, "top": 0.03182069, "right": 0.34714863, "bottom": 0.06059875 }, "node_id": "text-0" }, { "page": 10, "kind": "marginalia", "text": "INVESTMENT PROCESS\n", "box": { "left": 0.79446816, "top": 0.0299857, "right": 0.96857727, "bottom": 0.05817278 }, "node_id": "marginalia-0" }, { "page": 10, "kind": "text", "text": "# 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\ninvestment criteria\n", "box": { "left": 0.02289808, "top": 0.08815261, "right": 0.97130567, "bottom": 0.21004647 }, "node_id": "text-1" }, { "page": 10, "kind": "text", "text": "Market\nSupply constrained markets with recognizable demand drivers\nSuperior location within market\n", "box": { "left": 0.03136545, "top": 0.26092604, "right": 0.54131311, "bottom": 0.39742675 }, "node_id": "text-2" }, { "page": 10, "kind": "text", "text": "# Business Plan\n\nReadily executable strategy to stabilize property\nAbility to refinance upon stabilization or protect in downside case\n", "box": { "left": 0.03356799, "top": 0.40886486, "right": 0.53891015, "bottom": 0.54310822 }, "node_id": "text-3" }, { "page": 10, "kind": "text", "text": "Transaction\nSignificant equity cushion to absorb potential losses\nConservative leverage provides strategic flexibility and mitigates risk\n", "box": { "left": 0.03237695, "top": 0.55423605, "right": 0.54013205, "bottom": 0.68964684 }, "node_id": "text-4" }, { "page": 10, "kind": "text", "text": "Sponsor\nInstitutional sponsors and operators with track records and expertise\nAlignment of interests through appropriate capital commitments\n", "box": { "left": 0.03100118, "top": 0.69859558, "right": 0.54036868, "bottom": 0.83851987 }, "node_id": "text-5" }, { "page": 10, "kind": "logo", "text": "SUNRISE [SUNRISE ICON]\nREALTY TRUST\n", "box": { "left": 0.0181329, "top": 0.89836067, "right": 0.14186639, "bottom": 0.97320729 }, "node_id": "logo-0" }, { "page": 10, "kind": "marginalia", "text": "10\n", "box": { "left": 0.9375422, "top": 0.92722118, "right": 0.96209073, "bottom": 0.95920885 }, "node_id": "marginalia-1" } ] }, { "page": 11, "job_id": "parse-01m0e1s8krpy6fq7762xq3tk15", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.5, "figures": [ { "page": 11, "kind": "diagram", "description": "This diagram is a circular, radial chart illustrating various 'Sourcing Channels' used for originating deals or loans. At the center of the circle is a white hub labeled 'Sourcing Channels'. Radiating outward from this hub are seven distinct wedge-shaped segments, each representing a different channel, colored in varying shades of blue and grey, arranged clockwise: 1. 'Co-Lenders' (dark navy blue), 2. 'Owners / Operators' (medium blue), 3. 'Brokers' (bright cyan), 4. 'Private Equity Firms' (medium-dark blue), 5. 'Other Financial Institutions' (deep blue), 6. '3rd Party Databases' (dark grey), and 7. 'REITs' (light grey). The layout effectively groups these entities as contributors to the central sourcing hub.", "box": { "left": 0.05502307, "top": 0.22803499, "right": 0.45160007, "bottom": 0.58137292 }, "values": [], "footnotes": [], "node_id": "figure-0" }, { "page": 11, "kind": "diagram", "description": "The figure is a funnel diagram titled \"TCG Real Estate Loan Pipeline\". The funnel consists of four stacked, trapezoidal segments, narrowing from top to bottom, representing the stages of the loan process. Arrows point downwards between each segment. Below the funnel, there are two rectangular boxes side-by-side.", "box": { "left": 0.47302434, "top": 0.22975832, "right": 0.97990751, "bottom": 0.87387258 }, "values": [], "footnotes": [ { "marker": "", "text": "All data is provided as of 5/8/2026 and refers to CRE loans across the TCG Real Estate platform, in each case unless otherwise specified.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "1", "text": "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.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "2", "text": "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.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "3", "text": "Represents current SUNS loan commitments on loans closed since 10/1/2023, excluding the owned asset in San Antonio, Texas.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "4", "text": "Represents current SUNS loans funded on loans closed since 10/1/2023, excluding the owned asset in San Antonio, Texas.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "5", "text": "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.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "6", "text": "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.", "sources": [ "agent" ], "corroborated": false, "placed": false } ], "node_id": "figure-1" } ], "tables": [], "context": [ { "page": 11, "kind": "marginalia", "text": "NASDAQ:SUNS | INVESTOR PRESENTATION\n", "box": { "left": 0.02921428, "top": 0.03232634, "right": 0.3471362, "bottom": 0.06023592 }, "node_id": "marginalia-0" }, { "page": 11, "kind": "marginalia", "text": "ACTIVE PIPELINE\n", "box": { "left": 0.83485764, "top": 0.03102594, "right": 0.96871465, "bottom": 0.05791699 }, "node_id": "marginalia-1" }, { "page": 11, "kind": "text", "text": "# Robust Direct Origination Platform\n\nSUNS\u2019 relationship with its Manager, coupled with its focus on key growth markets in the Southern United States, continues\nto provide access to a robust and attractive investment pipeline, originated through a multi-channel network\n", "box": { "left": 0.02291161, "top": 0.09048177, "right": 0.90341806, "bottom": 0.21201344 }, "node_id": "text-0" }, { "page": 11, "kind": "text", "text": "# Powerful Deal Flow Engine\n\n\n - [x] Sector and product expertise paired with local\nknowledge generates targeted inbounds\n - [x] Reputation as a credible, reliable and regionally-\nfocused partner\n - [x] Deep network of long-standing relationships\n - [x] Solution-driven flexibility and negotiating in\ngood faith solidify repeat partnerships\n", "box": { "left": 0.05606669, "top": 0.59247428, "right": 0.4505688, "bottom": 0.85123843 }, "node_id": "text-1" }, { "page": 11, "kind": "logo", "text": "SUNRISE [SUNRISE LOGO]\nREALTY TRUST\n", "box": { "left": 0.01760204, "top": 0.89636636, "right": 0.14186668, "bottom": 0.9736625 }, "node_id": "logo-0" }, { "page": 11, "kind": "text", "text": "Note: All data is provided as of 5/8/2026 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 loans funded 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\nthese 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\nbehalf of an entity managed by a manager affiliated with SUNS' sponsor.\n", "box": { "left": 0.16488254, "top": 0.87542939, "right": 0.9180851, "bottom": 0.98737049 }, "node_id": "text-2" }, { "page": 11, "kind": "marginalia", "text": "11\n", "box": { "left": 0.93730754, "top": 0.92761463, "right": 0.96156496, "bottom": 0.95740145 }, "node_id": "marginalia-2" } ] }, { "page": 13, "job_id": "parse-01m0e1sm5zkn10zj3sjrtwyw5p", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.3, "figures": [ { "page": 13, "kind": "chart", "description": "The figure is titled \"Portfolio Composition by Current Loan Commitments\" and consists of two pie charts representing the breakdown of the portfolio by Property Type and Geography.\n\nThe Property Type chart is accompanied by the text: \"We believe that residential real estate has compelling fundamentals and have thus intentionally curated an existing portfolio and pipeline that are majority residential.\"\n\nThe Geography chart is accompanied by the text: \"Geographic exposure is concentrated in Florida and Texas with pipeline assets broadening our presence across the Southern U.S.\"", "box": { "left": 0.02538481, "top": 0.21957389, "right": 0.97498131, "bottom": 0.56606686 }, "values": [ { "rows": [ [ { "text": "Property Type", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Residential", "provenance": "unclassified", "footnotes": [ { "marker": "1", "text": "Residential includes multifamily, for sale condominiums, and for sale single family communities." } ] }, { "text": "53%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Hospitality", "provenance": "unclassified", "footnotes": [] }, { "text": "21%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Net Leased Tenant", "provenance": "unclassified", "footnotes": [] }, { "text": "12%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Retail", "provenance": "unclassified", "footnotes": [] }, { "text": "8%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Industrial", "provenance": "unclassified", "footnotes": [] }, { "text": "6%", "provenance": "unclassified", "footnotes": [] } ] ] }, { "rows": [ [ { "text": "Geography", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Florida", "provenance": "unclassified", "footnotes": [] }, { "text": "57%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Other", "provenance": "unclassified", "footnotes": [] }, { "text": "27%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Texas", "provenance": "unclassified", "footnotes": [] }, { "text": "16%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "", "text": "All data provided is based on CRE loans in the SUNS portfolio as of 5/8/2026, and excludes the owned asset in San Antonio, Texas.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "1", "text": "Residential includes multifamily, for sale condominiums, and for sale single family communities.", "sources": [ "agent" ], "corroborated": false, "placed": true } ], "node_id": "figure-0" }, { "page": 13, "kind": "chart", "description": "The figure displays two pie charts illustrating the 'Portfolio Composition by Loan Principal Outstanding'. The overall title is at the top center.\n\nThe left pie chart shows that 96% of the portfolio is 'Floating' rate and 4% is 'Fixed' rate. To the right of this chart, a text annotation states: 'Our portfolio is primarily floating rate with SOFR floors'.\n\nThe right pie chart shows that 74% of the portfolio is 'Senior' and 26% is 'Subordinate'. To the right of this chart, a text annotation states: 'SUNS portfolio primarily consists of senior loans, while we have also pursued select subordinate loan investments'.", "box": { "left": 0.0225977, "top": 0.56798643, "right": 0.97725403, "bottom": 0.91823703 }, "values": [ { "rows": [ [ { "text": "INTEREST RATE TYPE", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Fixed", "provenance": "unclassified", "footnotes": [] }, { "text": "4%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Floating", "provenance": "unclassified", "footnotes": [] }, { "text": "96%", "provenance": "unclassified", "footnotes": [] } ] ] }, { "rows": [ [ { "text": "LOAN SENIORITY", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Subordinate", "provenance": "unclassified", "footnotes": [] }, { "text": "26%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Senior", "provenance": "unclassified", "footnotes": [] }, { "text": "74%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-1" } ], "tables": [], "context": [ { "page": 13, "kind": "text", "text": "NASDAQ:SUNS | INVESTOR PRESENTATION\n", "box": { "left": 0.02944404, "top": 0.03236714, "right": 0.34698287, "bottom": 0.06013841 }, "node_id": "text-0" }, { "page": 13, "kind": "marginalia", "text": "PORTFOLIO COMPOSITION\n", "box": { "left": 0.76773256, "top": 0.03050667, "right": 0.96929187, "bottom": 0.05802601 }, "node_id": "marginalia-0" }, { "page": 13, "kind": "text", "text": "# SUNS Portfolio Composition\n\nThe SUNS portfolio primarily consists of senior floating-rate loans allocated to the residential sector in Florida and Texas, and the\nteam plans to continue expanding the loan book across our target states while broadly maintaining current sector exposure\n", "box": { "left": 0.02354217, "top": 0.09047431, "right": 0.94876736, "bottom": 0.21166417 }, "node_id": "text-1" }, { "page": 13, "kind": "logo", "text": "SUNRISE\nREALTY TRUST\n", "box": { "left": 0.01947421, "top": 0.92081314, "right": 0.14049721, "bottom": 0.96881968 }, "node_id": "logo-0" }, { "page": 13, "kind": "text", "text": "Note: All data provided is based on CRE loans in the SUNS portfolio as of 5/8/2026, and excludes the owned asset in San Antonio, Texas.\n 1. Residential includes multifamily, for sale condominiums, and for sale single family communities.\n", "box": { "left": 0.16757247, "top": 0.92527419, "right": 0.65114141, "bottom": 0.95487076 }, "node_id": "text-2" }, { "page": 13, "kind": "marginalia", "text": "13\n", "box": { "left": 0.9380458, "top": 0.92899561, "right": 0.9613921, "bottom": 0.9569869 }, "node_id": "marginalia-1" } ] }, { "page": 15, "job_id": "parse-01m0e1sm9w5bvj3yx9shja46k1", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.6, "figures": [], "tables": [], "context": [ { "page": 15, "kind": "logo", "text": "\u2600\ufe0f\nREALTY TRUST\nA TCG Company\nSUNRISE\n", "box": { "left": 0.00169667, "top": 0.86105388, "right": 0.16479334, "bottom": 0.98115462 }, "node_id": "logo-0" }, { "page": 15, "kind": "marginalia", "text": "NASDAQ:SUNS | FIRST QUARTER 2026\n", "box": { "left": 0.64949656, "top": 0.03530389, "right": 0.96298885, "bottom": 0.06381205 }, "node_id": "marginalia-0" }, { "page": 15, "kind": "text", "text": "Appendix\n", "box": { "left": 0.39911291, "top": 0.44641566, "right": 0.64934492, "bottom": 0.52412778 }, "node_id": "text-0" }, { "page": 15, "kind": "marginalia", "text": "15\n", "box": { "left": 0.93879926, "top": 0.92897087, "right": 0.96135068, "bottom": 0.9571771 }, "node_id": "marginalia-1" } ] }, { "page": 19, "job_id": "parse-01m0e1sm8kemsn18vctgpg7bxe", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.8, "figures": [ { "page": 19, "kind": "photograph", "description": "A close-up, upward-angled architectural photograph capturing the exterior facade of a modern skyscraper, likely The Gherkin in London. The image features a repeating geometric pattern of steel beams arranged in a diagrid (triangular) structure. The glass panels within the frame reflect the interior office spaces, showing blurred outlines of desks, chairs, and office layouts. The lighting is cool-toned, with a blue hue cast over the entire structure, emphasizing the metallic and glass textures. The composition focuses on the intersection of the diagonal beams, creating a sense of height and complex structural engineering.", "box": { "left": 0.0, "top": 0.27836049, "right": 0.37891093, "bottom": 0.98819816 }, "values": [], "footnotes": [], "node_id": "figure-0" } ], "tables": [], "context": [ { "page": 19, "kind": "text", "text": "[SUNRISE ICON]\nSUNRISE\nREALTY TRUST\nA TCG Company\n", "box": { "left": 0.05675155, "top": 0.04699931, "right": 0.31398684, "bottom": 0.23655772 }, "node_id": "text-0" }, { "page": 19, "kind": "text", "text": "Contact Us\n", "box": { "left": 0.41749406, "top": 0.35915497, "right": 0.70117056, "bottom": 0.43536827 }, "node_id": "text-1" }, { "page": 19, "kind": "text", "text": "ir@theTCG.com\nwww.SunriseRealtyTrust.com", "box": { "left": 0.42767403, "top": 0.76024818, "right": 0.76144087, "bottom": 0.85570478 }, "node_id": "text-2" } ] } ]