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"markdown": "\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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"markdown": "\n\nStrong Population & Employment Growth\u00b9\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 States\u00b3' and 'Rest of U.S.'\n\n| Category | Primary Target States\u00b3 | 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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"markdown": "\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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"markdown": "\n\nNASDAQ:SUNS | INVESTOR PRESENTATION\n\n\n\nMARKET OPPORTUNITY\n\n\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.\n\n\n\nStrong Population & Employment Growth\u00b9\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 States\u00b3' and 'Rest of U.S.'\n\n| Category | Primary Target States\u00b3 | 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.\n\n\n\n<::Select Southern Cities Outpacing on Employment Growth\u00b2\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::>\n\n\n\n<::logo: Sunrise Realty Trust\nSUNRISE REALTY TRUST\nA sun graphic is placed above the word \"SUNRISE\" which is in dark blue, while \"REALTY TRUST\" is in a lighter orange color below it.::>\n\n\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.\n\n\n\nA TCG Company\n\n\n\n8",
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