AFC Gamma, Inc. agreed to Spin-Off Commercial Real Estate Lending Business on February 22, 2024. As per the terms, AFC Gamma shareholders as of the record date for the distribution will receive a special cash dividend of $0.15 cents per common share, also a pro-rata distribution of SUNS? common stock to AFC Gamma?s shareholders will occur.

AFC Gamma, Inc. Board of Directors has unanimously approved a plan to spin-off its commercial real estate portfolio into an independent, publicly traded company that intends to elect REIT status, Sunrise Realty Trust, Inc.. Upon completion of the spin-off, Brian Sedrish, current Chief Executive Officer of Southern Realty Trust Inc., is expected to lead Sunrise Realty Trust as Chief Executive Officer. Following close, AFC Gamma and SUNS will have different external managers.

Sunrise common stock is expected to be listed on the NASDAQ under the symbol ?SUNS.? The planned separation and distribution is subject to final approval by AFC Gamma?s Board of Directors, the Form 10 registration statement being declared effective by the SEC and satisfaction of other conditions, as set forth in the separation and distribution agreement. O'Melveny & Myers LLP is serving as legal counsel to AFC Gamma in connection with the spin-off.

The separation is expected to be completed in mid-2024. Continental Stock Transfer & Trust Company acted as a transfer agent to AFC Gamma, Inc.