AFC Gamma Announces Record Date and Special Dividend for Spin-Off of Commercial Real Estate Portfolio

Core Viewpoint - AFC Gamma, Inc. is set to complete the spin-off of its commercial real estate portfolio into a new publicly-traded REIT, Sunrise Realty Trust, Inc., on July 9, 2024, with a special dividend declared for shareholders [1][2]. Group 1: Spin-Off Details - The spin-off will allow holders of AFC Gamma common stock as of July 8, 2024, to receive one share of SUNS common stock for every three shares of AFCG common stock held [2]. - The distribution of SUNS shares is expected to occur before the market opens on July 9, 2024, with SUNS trading on Nasdaq under the symbol "SUNS" [2]. - Fractional shares will not be issued; instead, cash will be provided for any fractional shares [2]. Group 2: Special Dividend - The Board of Directors declared a special dividend of $0.15 per share of AFC Gamma common stock, payable on July 15, 2024, to shareholders of record as of July 8, 2024 [2]. Group 3: Company Overview - AFC Gamma, Inc. is an institutional lender that focuses on loans secured by commercial real estate, targeting direct lending and bridge loan opportunities typically ranging from $10 million to $100 million [3]. - The company specializes in lending to state-law compliant cannabis operators and is based in West Palm Beach, Florida [3].