06:00 PM EDT, 06/27/2024 (MT Newswires) -- AFC Gamma ( AFCG ) said Thursday it expects to complete the spinoff of its commercial real estate portfolio on July 9.

The company is spinning off its commercial real estate portfolio into an independent, publicly traded REIT, Sunrise Realty Trust (SUNS)

AFC also said holders of its common shares as of the close of business on July 8 will be entitled to receive one share of new SUNS common stock for every three shares of AFCG common stock held.

It expects the distribution to be undertaken before the July 9 start trading.

In connection with the spinoff, AFC declared a special dividend of $0.15 per share, payable on July 15 to stockholders of record on July 8.

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