SUI // Sun Communities Inc.

DES <GO> NYSE CIK 0000912593 ↗

Financials • Real Estate Investment Trusts

$112.24 ▲ +2.06 (+1.87%)

MKT CAP: $13.40B • VOL: 1.51M

52W L $110 52W H $138

ALTMAN Z

2.78 GREY

PIOTROSKI

7 / 9

SUI // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 64/100 [C] (-1 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

63 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

11 / 20

NEUTRAL

FCF +0.2% vs NI +200% • ROIC-WACC +7.5% • Z 2.78

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

14 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

Why did SUI's Whale & Options Flow & Insider Conviction sub-score just flash a warning? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever SUI is Upgraded or Downgraded.

SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON SUI)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +3.55σ

SUI Accounting Gap: Net Income (+220%) Outpaced OCF (+0.4%) With +-35.4% Working-Capital Build

CASH CONVERSION GAP

+219.6% (NI vs OCF)

RECEIVABLES / WC BLOAT

-35.4% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Sun Communities Inc. (SUI) exposes a +219.6% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (+0.4%). Non-cash current assets and receivables expanded -35.4% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

SUI // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -11.40%▼ DESCENDING CHANNEL

2026-10-30O $113.4H $114.2L $112.7C $113.3VOL 1.70M

RES: $120.9SUP: $107.5SMA50: $116.1SMA200: $123.5

SUI // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 51/100

BEAR 0

100 BULL

Sun Communities Inc. (SUI) exhibits 41.0% gross margins and 15.9% return on invested capital within Financials (Real Estate Investment Trusts), balanced against a 8.3x enterprise multiple and 6.6% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 41.0% gross profitability converts into 74.8% operating margin and 15.9% ROIC, outpacing sector cost of capital.

ROIC: 15.9% // GM: 41.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +2.0% paired with 5.68% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +2.0% // FCF YLD: 5.68%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 2.78 and Piotroski F-Score of 7/9 indicate low near-term refinancing stress.

ALTMAN Z: 2.78 // F-SCORE: 7/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 9.5x trailing P/E (8.8x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 9.5x // EV/EBITDA: 8.3x

02. Options Skew & Event Volatility Risk

Options market prices a ±6.6% implied move with a 0.67 put/call ratio around $110.00 max pain.

IMPL MOVE: ±6.6% // P/C: 0.67

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Real Estate Investment Trusts require continuous execution to defend 61.3% net margins.

NET MARGIN: 61.3% // D/E: 0.31x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 8.8x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.91).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 9.5x

FORWARD P/E 8.8x

EV / EBITDA 8.3x

FCF YIELD 5.68%

GROSS MARGIN 41.0%

OPERATING MARGIN 74.8%

NET MARGIN 61.3%

ROIC % 15.9%

REV GROWTH YOY +2.0%

DILUTED EPS TTM $11.85

DEBT / EQUITY 0.31x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 45.7

5Y EQUITY BETA 0.91

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // SUIPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $102.70

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for SUI & activate live FRED threshold breach alerts.

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