Distribution Date Expected to be July 9, 2024WEST PALM BEACH, Fla., June 27, 2024 — AFC Gamma, Inc. today announced that the previously announced spin-off of its commercial real estate portfolio is expected to be completed on July 9, 2024. The commercial real estate portfolio will spin-off into a new independent, publicly-traded REIT, Sunrise Realty Trust, Inc. .
Holders of AFC Gamma common stock as of the close of business on July 8, 2024 will be entitled to receive one share of new SUNS common stock for every three shares of AFCG common stock held. The distribution is expected to occur prior to the opening of trading on July 9, 2024, and shares of SUNS common stock will begin trading on Nasdaq under the symbol “SUNS”. AFC Gamma will not issue fractional shares of its common stock in the distribution.
In connection with the spin-off, the Board of Directors of AFC Gamma declared a special dividend of $0.15 per outstanding share of AFC Gamma common stock, payable on July 15, 2024 to AFC Gamma common stockholders of record as of the close of business on July 8, 2024.AFC Gamma, Inc. is a publicly-traded, institutional lender that originates, structures and underwrites loans secured by commercial real estate and other types of financing solutions.