AFC Gamma to spin off CRE portfolio into independent, publicly traded company

AFC Gamma announced that its board has unanimously approved a plan to spin-off its commercial real estate, or CRE, portfolio into an independent, publicly traded company that intends to elect REIT status, Sunrise Realty Trust. The spin-off will result in two pure-play debt capital providers – one focused solely on the cannabis industry and a second on CRE in the southern United States. AFC Gamma believes that the separation will allow both companies to focus on their respective portfolios, articulate their own clear investment thesis, and have the flexibility to tailor their business strategies to best capture market opportunities within their specialization. The separation is expected to be completed in mid-2024.