AFC Gamma Announces Changes to Composition of Board of Directors Following Planned Spin-Off of Commercial Real Estate Portfolio

Core Viewpoint - AFC Gamma, Inc. is preparing for the spin-off of its commercial real estate portfolio, which will result in the establishment of Sunrise Realty Trust, Inc. as a separate entity that will seek REIT status and trade on Nasdaq [1][2]. Group 1: Spin-Off Details - The spin-off is expected to be completed in mid-2024, at which point SUNS will operate independently [1]. - Jodi Hanson Bond and Jim Fagan will resign from the AFC Gamma Board and are anticipated to join the SUNS Board post-spin-off [1]. - Alexander Frank will remain on the AFC Gamma Board while also being appointed to the SUNS Board [1]. Group 2: Board Composition - Post spin-off, the AFC Gamma Board will include Leonard Tannenbaum as Executive Chairman and Chief Investment Officer, Thomas Harrison as Lead Independent Director, and Alexander Frank as Independent Chair of Audit & Valuation Committee [2]. - The SUNS Board will consist of Leonard Tannenbaum as Executive Chairman, Brian Sedrish as CEO, and Alexander Frank as Lead Independent Director [2]. Group 3: Company Profile - AFC Gamma, Inc. is a publicly-traded institutional lender focused on originating, structuring, and underwriting loans secured by commercial real estate, with loan sizes 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].