FOR IMMEDIATE RELEASE

PRESS RELEASE

March 23, 2026

SYGNUS REAL ESTATE FINANCE GENERATES 17.5% AVERAGE RETURN ON EQUITY
SINCE INCEPTION, POSITIONS PORTFOLIO FOR NEXT GROWTH PHASE

(Kingston, Jamaica) – Sygnus Real Estate Finance (‘SRF’ or ‘the company’), during its March 18, 2026 AGM, reported a six-year average return of 17.5% on shareholders’ equity, underscoring the strength of its investment strategy, as the company shared its performance for the financial year ended August 31, 2025. During the meeting, the company also outlined key portfolio developments and strategic priorities that will guide its next phase of real estate investment and capital deployment.

Notably, SRF has generated positive net profit in each of its first six financial years, successfully navigating the challenges of the COVID-19 environment and subsequent global supply chain disruptions while continuing to execute on its investment strategy.
Since its launch in 2019, SRF has deployed more than J$18 billion into real estate investments across 28 assets, while generating J$4.18 billion in cumulative net profits and achieving a 1.81x residual value to paid-in capital. The company has also successfully completed thirteen investment exits, underscoring its disciplined approach to value creation across the investment
lifecycle.

SRF’s financial performance remained strong with net profit reaching J$787.01 million, supported by gains in investment properties and growth in joint venture investments. Total assets increased to J$17.04 billion, while shareholders’ equity grew to J$9.21 billion, reflecting the continued expansion of the company’s real estate portfolio.

For the financial year ended August 31, 2025, total investment income rose to J$1.61 billion, up 92.2% year-over-year, while net investment income increased to J$1.18 billion, up 132.1 per cent. Earnings per share grew to J$2.34, representing a 142.8 per cent increase, and book value per share rose to J$26.54.

“SRF was built to unlock value in real estate through disciplined capital deployment and strategic development projects,” said David Cummings, Vice President and Head of Real Estate and Project Finance at Sygnus Capital. “Over the past six years, we have built a diversified portfolio that includes commercial, industrial and hospitality opportunities, and we are now entering a new investment cycle that will see us advance major developments such as the Lakespen Industrial Park while continuing to recycle capital from mature assets.”

One of the company’s flagship projects is the Lakespen Industrial Park, a 55-acre development in St. Catherine that is expected to play a key role in SRF’s next growth phase. The project, which broke ground in December 2025, features 46.4 saleable acres, modern infrastructure including underground electrical distribution and engineered drainage systems, and strong connectivity to both Jamaica’s north and south coast highways.

In addition to Lakespen, SRF continues to progress other strategic assets, including Mammee Bay, a 14-acre beachfront property in St. Ann, and One Belmont, a commercial office tower in Kingston, where occupancy continues to increase as new tenants come on board. These developments form part of SRF’s broader strategy to increase income-generating assets while
unlocking development value.

SRF is now in its second investment lifecycle, which will focus on accelerating the execution of key developments, expanding income-generating assets, and unlocking value through more active capital recycling. Jason Morris, Executive Vice President and Chief Investment Officer at Sygnus, said the company remains focused on strengthening its investment pipeline while expanding opportunities across the region. “Looking ahead, our strategy is centred on deepening access to flexible capital, expanding our pipeline of real estate investment notes and co-development opportunities, and evaluating new investments both in Jamaica and across the Caribbean,”

Morris said. “At the same time, we remain disciplined about harvesting gains from completed projects and redeploying that capital into new opportunities that can drive long-term shareholder value.”

SRF’s performance and forward direction are closely tied to its broader strategy of disciplined capital deployment and value creation across market cycles. Berisford Grey, President and CEO of Sygnus, said: “The first investment cycle validated our strategy, we have built a high-quality portfolio, delivered consistent profitability, and created tangible value through assets like One Belmont. As we enter our second investment cycle, the focus is clear: accelerate execution, monetise key assets, and deploy capital with precision in areas such as logistics, commercial real estate and hospitality where we have strong conviction.”

As SRF prepares for its next investment cycle, the company is also evaluating over J$3 billion in potential real estate investments, including additional real estate investment notes and partnerships with developers across the region.

 

 

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About Sygnus

Sygnus is a leading alternative investment firm in the Caribbean and Latin America, dedicated to driving economic development across the region through creative and innovative financing solutions. By offering a range of investment alternatives, including private credit, real estate financing, private equity and impact investing, Sygnus addresses unmet demands, unlocking capital for growing enterprises and playing a pivotal role in regional economic growth. The cutting-edge alternative investment (AI) platform is fueled by transformative strategies designed to accelerate development across the Caribbean and Latin America. This platform is backed by a team of forward-thinking experts who craft tailored solutions for our clients, complemented by dedicated investment banking and wealth management services. Sygnus also provides specialised services in Puerto Rico through Sygnus Capital PR LLC, formerly known as Acrecent Financial. As of December 2023, the company expanded its offerings, reaffirming its commitment to delivering innovative and personalised financing solutions that foster the island’s economic growth.

FOR IMMEDIATE RELEASE

PRESS RELEASE

January 19, 2026

SYGNUS REAL ESTATE FINANCE BREAKS GROUND ON 55-ACRE LAKESPEN INDUSTRIAL PARK, GROWS INVESTMENT ASSETS TO J$16.77 BILLION

(Kingston, Jamaica) – Sygnus Real Estate Finance Limited (‘SRF’ or the ‘company’) broke ground on its 55-acre industrial asset dubbed the “Lakespen Industrial Park” on the 9th of December 2025, with an intention to commence construction in early 2026. The company also reported continued growth in its real estate investment portfolio and active execution of exits for the three months ended November 30, 2025. This performance reflects steady progress in SRF’s second investment life cycle and its deliberate strategy of investing in and developing real estate assets in Jamaica.

During the quarter, real estate investment assets increased by 21.2% year-on-year to J$16.77 billion, while SRF recorded J$43.89 million in exits. Shareholders’ equity increased to J$9.03 billion, compared with J$7.81 billion in the prior year. Book value per share increased to J$26.01, compared with J$23.93 in the prior year, underscoring continued value creation across the company’s Jamaica-based portfolio, which spans commercial, industrial, residential and hospitality assets.

For the quarter, total investment income was -J$23.19 million, compared with -J$125.65 million in the prior year, while net loss amounted to -J$182.31 million, compared with -J$235.69 million previously.

Commenting on the results, Jason Morris, Executive Vice President and Chief Investment Officer of Sygnus, said, “The quarter reflected continued execution across our real estate investment platform, with growth in invested assets and tangible progress on exits and monetisation. As we move through our second investment life cycle, we anticipate the development of our key strategic assets and disciplined investment exits to support long-term shareholder value and more regular dividend distributions.”

Exits during the quarter were driven by proceeds received from the partial exit of a third-party real estate investment note, supporting capital recycling and the continued execution of SRF’s investment strategy.

From an asset execution standpoint, SRF continued to advance several Jamaica-based developments aligned with its long-term investment thesis. The company held thegroundbreaking ceremony in December 2025 for its 55-acre Lakespen Industrial Park in St. Catherine, with construction targeted to commence in early 2026.

The Lakespen Industrial Park is being positioned as a high-quality industrial development, designed with a strong focus on durability, operational security, and infrastructure resilience. The project incorporates a 2.4-metre (8-foot) perimeter wall with anti-climb security spikes, complemented by a comprehensive surveillance camera system covering all common areas and a rapid-response armed security presence on site. Core infrastructure will include an underground electrical distribution network to support reliable operations and improved site aesthetics, along with a 70,000-gallon reserve water tank to ensure business continuity. These elements are intended to support a secure and fully serviced industrial park that caters to Jamaica’s expanding logistics and warehousing needs. The publicly listed company is on track to deliver the industrial lots by summer 2027. More information about the Lakespen project can be accessed at https://lakespenindustrialpark.com/.

Operational execution also progressed across the portfolio. Interior build-out works continued for select tenants at the One Belmont commercial office tower, which is now effectively 100% completed, with a third tenant occupancy expected in 2026. Value creation initiatives were also advanced at the Mammee Bay hospitality asset in St. Ann, alongside ongoing development activities for the Lakespen industrial asset in St. Catherine, where construction is targeted to commence in early 2026.

David Cummings, Vice President and Head of Real Estate and Project Finance at Sygnus, added. “The developments we are advancing are not only investment opportunities, but long-term assets that contribute to the country’s real estate development landscape. Through projects like One Belmont and Lakespen, we are deliberately deploying capital into developments that support business growth, job creation, and Jamaica’s broader development objectives. Though our real estate strategy is currently rooted in Jamaica, we are exploring multiple pipeline opportunities across the region.”

SRF remains focused on unlocking value across its real estate assets through disciplined investment execution, active asset management, and targeted exits to enhance long-term shareholder value.

For full details on SRF’s financial results, please click here. The full recording of the earnings call is available at www.youtube.com/watch?app=desktop&v=SwE3Irx5BQE.

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About Sygnus

Sygnus is a leading alternative investment firm in the Caribbean and Latin America, dedicated to driving economic development across the region through creative and innovative financing solutions. By offering a range of investment alternatives, including private credit, real estate financing, private equity and impact investing, Sygnus addresses unmet demands, unlocking capital for growing enterprises and playing a pivotal role in regional economic growth. The cutting-edge alternative investment (AI) platform is fueled by transformative strategies designed to accelerate development across the Caribbean and Latin America. This platform is backed by a team of forward-thinking experts who craft tailored solutions for our clients, complemented by dedicated investment banking and wealth management services. Sygnus also provides specialised services in Puerto Rico through Sygnus Capital PR LLC, formerly known as Acrecent Financial. As of December 2023, the company expanded its offerings, reaffirming its commitment to delivering innovative and personalised financing solutions that foster the island’s economic growth.

FOR IMMEDIATE RELEASE
PRESS RELEASE

NOVEMBER 17, 2025

SYGNUS LAUNCHES J$60M RELIEF & REBUILD INITIATIVE, WELCOMES BAHAMAS STRIPING AS FIRST PARTNER
INITIATIVE PRIORITISES IMMEDIATE RELIEF EFFORTS, SUPPORTS REBUILDING SCHOOLS AND HOSPITALS, PROMOTES SUSTAINABLE AGRICULTURE RECOVERY

(Kingston, Jamaica) In response to the widespread devastation caused by Hurricane Melissa, Sygnus has launched its Hurricane Relief and Rebuild Initiative, committing US$100,000 (over J$16 million) toward a broader goal of raising US$375,000 (J$60 million) to support recovery efforts across Jamaica’s most affected communities. The initiative, led by Sygnus and supported by regional and international partners, aims to restore key sectors such as education, healthcare, and agriculture.

Designed to move beyond short-term relief, the initiative will strategically direct 30 per cent of funds toward immediate relief efforts, including food, clean water, solar lighting, hygiene kits, medical supplies, and agricultural inputs, while 70 per cent will go toward rebuilding and resilience projects across the aforementioned key sectors.

Berisford Grey, President and CEO of Sygnus Capital, said the initiative reflects the company’s belief that rebuilding after a disaster must go hand in hand with resilience and sustainability. “The damage left by Hurricane Melissa has tested the strength of our communities, but it has also reminded us of our collective power to rebuild better,” Grey said. “This initiative is about more than restoring what was lost. It’s about creating systems that will endure, powering schools and hospitals with renewable energy, revitalising agriculture with modern tools, and ensuring that our families and communities not only recover but also thrive, building a stronger, more resilient foundation.”

Adding significant regional support to the initiative, Bahamas Striping Group of Companies has become the first partner to contribute, donating J$16 million and pledging to provide 5,000 school bags valued at US$20,000 for students affected by the hurricane. The donation is part of the company’s commitment to education and its long-standing belief in giving back to the Caribbean community that helped build its success.

Atario Mitchell, President of Bahamas Striping Group of Companies, said the decision to stand with Jamaica was deeply personal and symbolic for his team, given the bond between both nations and the company’s history of support from Jamaican investors such as Sygnus. “From the very beginning, Jamaicans believed in us; they invested in our growth and in our dream,” Mitchell said. “When we saw the destruction caused by Hurricane Melissa, standing aside was not an option. This contribution is our way of saying thank you and standing in solidarity. Whether Bahamian or Jamaican, we are one people, united by shared hope and a vision for a stronger Caribbean.”

Sygnus’ relief initiative is being structured to ensure transparency and accountability and will leverage other partnerships with international agencies and corporate donors specialising in emergency logistics, housing, education, healthcare, and agricultural recovery. Sygnus will also collaborate with the Ministries of Education and Agriculture to ensure interventions are aligned with national recovery priorities. This effort highlights the importance of collaborative regional support in the face of natural disasters.

 

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About Sygnus

Sygnus is a leading alternative investment firm in the Caribbean and Latin America, dedicated to driving economic development across the region through creative and innovative financing solutions. By offering a range of investment alternatives, including private credit, real estate financing, private equity and impact investing, Sygnus addresses unmet demands, unlocking capital for growing enterprises and playing a pivotal role in regional economic growth. The cutting-edge alternative investment (AI) platform is fueled by transformative strategies designed to accelerate development across the Caribbean and Latin America. This platform is backed by a team of forward-thinking experts who craft tailored solutions for our clients, complemented by dedicated investment banking and wealth management services. Sygnus also provides specialised services in Puerto Rico through Sygnus Capital PR LLC, formerly known as Acrecent Financial. As of December 2023, the company expanded its offerings, reaffirming its commitment to delivering innovative and personalised financing solutions that foster the island’s economic growth.

FOR IMMEDIATE RELEASE
PRESS RELEASE

NOVEMBER 17, 2025

SYGNUS REAL ESTATE ACHIEVES EXCEPTIONAL FYE 2025 PERFORMANCE, ENTERS 2ND INVESTMENT LIFE CYCLE AS LAKESPEN PROJECT ADVANCES DESIGN PHASE

(Kingston, Jamaica) – Sygnus Real Estate Finance Limited (SRF) delivered an exceptional financial year for the period ended August 31, 2025, marking the start of the company’s second investment life cycle. The company distinguished itself in Jamaica’s real estate investment sector by completing multiple high-value acquisitions, nearly doubling the value of investments exited, and delivering a substantial increase in profitability. SRF also delivered its first dividend and advanced the design phase of the Lakespen Industrial development, with construction targeted for early 2026, representing a key step forward for one of its major real estate projects.

SRF posted a 92.2% increase in total investment income, rising to J$1.61 billion from J$839.24 million in 2024. Net profit attributable to shareholders more than doubled to J$787.01 million, compared with J$315.08 million last year, driving earnings per share to J$2.34. Shareholders’ equity increased to J$9.21 billion, up from J$8.12 billion, while book value per share rose 6.8% to J$26.54, the highest value since the company’s listing.

Net investment income rose 132.1% to J$1.18 billion, driven by gains on investment property, joint ventures, and acquisitions. The weighted average fair value yield on REINs improved to 9.6%, reflecting SRF’s strategic realignment toward higher-yielding, income-generating opportunities. Operating expenses grew in line with the expanding portfolio and transition to the second investment life cycle, resulting in an efficiency ratio of 26.8%, well below the 45% target.

Transformational Year Marked by Strategic Growth & Portfolio Expansion
During FYE August 2025, SRF executed several major milestones that set the stage for accelerated growth. The company advanced the design phase of the 55 acre Lakespen Industrial development, paid its first dividend and completed the strategic acquisition of 86% of Delphin Holdings Limited (DHL), owner of a 4.9-acre prime property in New Court, Trelawny, located near major hospitality developments including Royalton, Riu Aquarelle, Planet Hollywood, and Excellence.

Throughout the year, SRF deployed over J$2.66 billion in capital, including J$927.04 million in new real estate investment notes (REINs), and nearly doubled the value of investments exited to J$2.01 billion.

Portfolio Highlights
SRF made significant progress across its key assets. The One Belmont commercial tower in Kingston is fully constructed, achieving its second tenant occupancy, while additional tenants

continue interior build-outs, and monetisation of the partial exit is progressing toward FY 2026. The Lakespen industrial project in St. Catherine advanced through the design and regulatory process, with construction targeted for early 2026, representing one of Jamaica’s largest industrial development opportunities. At Mammee Bay in St. Ann, value creation efforts continued on the 14.4-acre beachfront property, with ongoing negotiations and approvals aimed at maximising its long-term potential. Additionally, Delphin Holdings Limited in Trelawny saw preliminary design concepts initiated for the newly acquired 4.9-acre hospitality/residential parcel strategically positioned in Jamaica’s tourism corridor. These initiatives contributed to SRF’s real estate investment portfolio growing 13.2% to J$16.63 billion, spanning 15 investments across hospitality, industrial, commercial, and residential categories.

Jason Morris, Executive Vice President and Chief Investment Officer of Sygnus, stated, “The last two financial years were a defining period for SRF as the company successfully navigated between its first and second investment life cycles. During this transition period we delivered on key strategic milestones, maintained a robust average return on equity of 17.5% since inception, and expanded book value per share to J$26.54, the highest level since becoming a public company. These results affirm the strength of our business model and our ability to unlock value from high-potential real estate assets. As we advance our second investment life cycle, we remain laser-focused on scaling our REIN portfolio, accelerating strategic developments like Lakespen and Mammee Bay, deepening access to flexible capital across the Caribbean, and returning capital to shareholders in the form of dividend distributions.”

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About Sygnus

Sygnus is a leading alternative investment firm in the Caribbean and Latin America, dedicated to driving economic development across the region through creative and innovative financing solutions. By offering a range of investment alternatives, including private credit, real estate financing, private equity and impact investing, Sygnus addresses unmet demands, unlocking capital for growing enterprises and playing a pivotal role in regional economic growth. The cutting-edge alternative investment (AI) platform is fueled by transformative strategies designed to accelerate development across the Caribbean and Latin America. This platform is backed by a team of forward-thinking experts who craft tailored solutions for our clients, complemented by dedicated investment banking and wealth management services. Sygnus also provides specialised services in Puerto Rico through Sygnus Capital PR LLC, formerly known as Acrecent Financial. As of December 2023, the company expanded its offerings, reaffirming its commitment to delivering innovative and personalised financing solutions that foster the island’s economic growth.

Event: SRF Annual General Meeting
Date: March 20, 2025
Location: AC Hotel

On March 20, 2025, Sygnus Real Estate Finance Limited (SRF) held its Annual General Meeting (AGM), where we reflected on SRF’s achievements, discussed key developments, and outlined plans to continue unlocking value beyond the blueprint. Shareholders participated virtually, with the AGM connecting stakeholders from both Jamaica and St. Lucia. Explore the highlights of this key event through our album, capturing the important moments and discussions from the day.

November 8, 2024

FOR IMMEDIATE RELEASE

PRESS RELEASE

 

SYGNUS REAL ESTATE FINANCE LIMITED REPORTS 49% INCREASE IN NET PROFITS AND DECLARES FIRST DIVIDEND

 

(Kingston, Jamaica) Sygnus Real Estate Finance Limited (“SRF” or the “Company”), a specialty real estate investment company that utilizes flexible capital (debt and equity) to unlock value in real estate assets across the industrial, residential, commercial, hospitality and infrastructure segments, has announced its financial results for the financial year ended August 31, 2024 (“FYE Aug 2024”).

 

The Company achieved a 49.0% increase in net profits, reporting J$315.08 million, up from J$211.44 million in the previous year. SRF’s book value per share increased to J$24.85, compared with J$23.89 in the prior year. Over its first investment life cycle, SRF has delivered an average return on equity of 19.1%.

 

SRF also completed its largest capital raise to date, securing the equivalent of J$4.11 billion by way of private placement. Of this amount, J$3.38 billion was raised during the financial year ended August 31, 2024. The capital raise proceeds are earmarked for new real estate investment assets and refinancing existing debt.

 

In a historic move for the Company and at a meeting held on November 6, 2024, the Board of Directors declared SRF’s first dividend payment to shareholders. The dividend will be J$0.2012 per ordinary share, with a record date of December 13, 2024 and a payment date of December 30, 2024.

 

SRF continued to make significant progress on its major real estate assets, including advancing the Belmont Road 9-storey commercial tower to 99% completion. The Company also executed long-term lease agreements and advanced interior buildout works for some tenants. Other key milestones include optimizing returns on properties at 56 and 58 Lady Musgrave Road through a strategic third-party sale, as well as completing the investment exit for the Spanish Town Road Industrial facility. In the latter case, SRF retained a one-third share in the asset, creating a new income-generating class of assets. Following the end of the financial year, SRF successfully exited the 3.2-acre investment property in Kingston’s “Golden Triangle,” which previously housed the former French embassy, selling it for more than the original purchase price. This exit is part of the group’s ongoing strategy to optimize its asset portfolio while maintaining a focus on enhancing shareholder value.

 

Looking ahead, SRF’s second investment cycle will focus on key strategic assets such as Mammee Bay in St Ann and Lakes Pen in St Catherine.  As the company transitions between its first and second investment

cycles, it anticipates a substantial increase in capital redeployment as it completes exits and prepares for new investments.

 

In light of this transition, the company’s management fees have been temporarily reduced effective September 1, 2023 from 2.00% of Core Assets under Management (CAUM). Management fees were reduced to 1.00% of CAUM for the period September 1, 2023 to August 31, 2024 and will be reduced to 1.25% of CAUM for the period September 1, 2024 to August 31, 2025. Management fees will return to 2.00% CAUM effective September 1, 2025.

For the financial year ended August 31, 2024, SRF reported total investment income or core revenues of J$839.24 million compared to J$765.56 million in the prior year. This growth was primarily driven by increased gains on investment properties and a higher share of profits from joint ventures, particularly as the One Belmont project nears the realization of its full income-generating potential.

As of FYE Aug 2024, SRF’s investment portfolio were allocated across nine real estate sub-categories, with the largest allocation to hospitality (39.4%), industrial (20.7%) and commercial (13.4%).  SRF’s capital was allocated across four investment categories, namely property investments at 70.6%, investment in joint venture at 13.8%, Real Estate Investment Notes (REINs) at 12.7% and Lease Participation Investments (LPIs) at 2.9%.

 

“We are pleased with SRF’s strong performance as we near the end of our first investment cycle. Reaching this milestone not only highlights the success of our strategy, but also allows us to reward our shareholders with their first dividend payment. As we transition into our second investment cycle, we look forward to further unlocking value in our real estate assets.”

– Jason Morris, Executive Vice President and Chief Investment Officer, Sygnus Group.

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About Sygnus

Sygnus is a leading alternative investment firm in the Caribbean and Latin America, dedicated to driving economic development across the region through creative and innovative financing solutions. By offering a range of investment alternatives, including private credit, real estate financing, and private equity, Sygnus addresses unmet demands, unlocking capital for growing enterprises and playing a pivotal role in regional economic growth. The cutting-edge alternative investment (AI) platform is fueled by transformative strategies designed to accelerate development across the Caribbean and Latin America. This platform is backed by a team of forward-thinking experts who craft tailored solutions for our clients, complemented by dedicated investment banking and wealth management services. Sygnus also provides specialised services in Puerto Rico through Sygnus Capital PR LLC, formerly known as Acrecent Financial. As of December 2023, the company expanded its offerings, reaffirming its commitment to delivering innovative and personalised financing solutions that foster the island’s economic growth.