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On September 25, 2024, Blue Orca Capital published a report concerning Sun Communities. In this report, Blue Orca Capital stated that “Our diligence reveals that SUI’s CEO received an undisclosed $4 million loan from the family of a purportedly independent Director who has sat on the Audit Committee and chaired the Compensation Committee for close to a decade. Put simply, undisclosed to investors, the family of a Board member overseeing the CEO’s compensation and Company controls has been lending the CEO money to finance the purchase of luxury real estate. Stunningly, this is not the only undisclosed personal loan we uncovered from a SUI Board member to the CEO.”
Following this news, a decrease in the Company’s share price was observed during the early morning trading on the same day.