AFC Gamma to spin off CRE portfolio as Sunrise Realty Trust; distribution July 9, 2024

Advanced Flower Capital Inc.

Record date July 8, 2024; one SUNS share for every three AFCG shares held; distribution expected July 9, 2024.
SUNS to trade on Nasdaq under symbol 'SUNS'; when-issued trading begins July 9, regular way July 10.
AFC Gamma declares $0.15/share special dividend payable July 15 to holders of record July 8.
SUNS to have ~$115M in assets; ownership capped at 4.9% unless exempted (Tannenbaum exempt to 29.9%).
Distribution taxable to AFCG holders; SUNS intends to qualify as REIT for U.S. tax purposes.

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