2 unchanged sentences
We intend for our investment mix to include high quality residential, including multi-family, condominiums and single-family residential communities, retail, office, hospitality, industrial, mixed-use and specialty-use real estate.
−Removed: We believe that SUNS Manager’s rigorous investment process on our behalf will enable us to make investments with potential for value creation as we seek to provide capital to strong sponsors with readily executable business plans while endeavoring to implement significant downside protections.
+Added: We believe that our Manager’s rigorous investment process on our behalf will enable us to make investments with potential for value creation as we seek to provide capital to strong sponsors with readily executable business plans while endeavoring to implement significant downside protections.
The allocation of capital among our target assets will depend on prevailing market conditions at the time we invest, among other considerations, and may change over time in response to changes in market conditions, including with respect to interest rates and general economic and credit market conditions as well as local economic conditions in markets where we are active.
3 unchanged sentences
We may carry our loans at fair value or carrying value in our balance sheets.
−Removed: As of September 30, 2024 and December 31, 2023, none of our loans held for investment were carried at fair value.
+Added: As of March 31, 2025 and December 31, 2024, none of our loans held for investment were carried at fair value.
We evaluate our loans on a quarterly basis and fair value is determined by our Board of Directors through its independent Audit and Valuation Committee.
21 unchanged sentences
Further, an increase in short-term interest rates could also have a negative impact on the market value of our target investments.
−Removed: If any of these events happen, we could experience a decrease in net income or incur a net loss during these periods, which could adversely affect our liquidity and results of operations.
+Added: of these events happen, we could experience a decrease in net income or incur a net loss during these periods, which could adversely affect our liquidity and results of operations.
We are exposed to market risks in the ordinary course of our business.
5 unchanged sentences
however, this is mitigated to the extent our loans bear interest at a floating rate.
−Removed: As of September 30, 2024, we had five floating-rate loans, representing approximately 72% of our portfolio based on aggregate outstanding principal balances.
−Removed: These floating benchmark rates included one-month SOFR subject to a weighted average floor of 4.2% and quoted at 4.8%.
−Removed: We estimate that a hypothetical 100 basis points increase in the floating benchmark rate would result in an increase in annual interest income of approximately $0.7 million and a hypothetical 100 basis points decrease in the floating benchmark rate would result in a decrease in annual interest income of approximately $(0.4) million.
+Added: As of March 31, 2025, we had ten floating-rate loans, representing approximately 89% of our portfolio based on aggregate outstanding principal balances.
+Added: These floating benchmark rates included one-month SOFR quoted at 4.3% and subject to a weighted average floor of 4.1% based on outstanding principal.
+Added: We estimate that a hypothetical 100 basis points increase in the floating benchmark rate would result in an increase in annual interest income of approximately $2.1 million and a hypothetical 100 basis points decrease in the floating benchmark rate would result in a decrease in annual interest income of approximately $(0.4) million due to the affects of the benchmark floor.
Interest Rate Cap Risk
24 unchanged sentences
As a result, we cannot predict the percentage of our capital that will be invested in any individual target investment at any given time.
+Added: Our loan portfolio as of March 31, 2025 was concentrated with the top three borrowers representing approximately 41.9% of the aggregate outstanding principal balances and approximately 42.7% of the total loan commitments.
+Added: We made our first investment in January 2024 and expect to continue to diversify our loan portfolio as loans in our pipeline are evaluated and are originated through the deployment of our capital.
Real Estate Risk
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.