---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-031518"
form_type: "8-K"
ticker: "AFCG"
cik: "0001822523"
company_name: "Advanced Flower Capital Inc."
filed_at: "2024-07-09T23:59:59+00:00"
generated_at: "2026-05-31T22:38:32.178930+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# AFC Gamma completes spin-off of CRE business into SUNS; holders get 1 SUNS per 3 AFCG shares

## Summary
- Distribution of 1 SUNS common share for every 3 AFCG shares held as of July 8, 2024 record date; effective July 9, 2024.
- Pro forma Q1 2024 net loss after separation: $1.1M (diluted EPS -$0.06) vs historical net loss $54k.
- Pro forma FY2023 net income $20.8M (diluted EPS $1.01) vs historical $21.0M ($1.02).
- Board changes: Jodi Hanson Bond, James Fagan resign from AFCG board, join SUNS board; Leonard Tannenbaum, Brandon Hetzel, Robyn Tannenbaum assume SUNS executive roles while retaining AFCG positions.
- SUNS begins trading on Nasdaq under symbol "SUNS" on July 9, 2024.

## SEC filing metadata
- accession: 0001628280-24-031518
- form_type: 8-K
- ticker: AFCG
- cik: 0001822523
- company_name: Advanced Flower Capital Inc.
- filed_at: 2024-07-09T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1822523/000162828024031518/0001628280-24-031518-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1822523/000162828024031518/afcg-20240708.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-031518
- JSON: https://secwatch.observer/filing/0001628280-24-031518.json
- Plain text: https://secwatch.observer/filing/0001628280-24-031518.txt

## Key facts
- Executive change
  James Fagan resigned as Director at Advanced Flower Capital Inc..
  - Action: resigned
  - Role: Director
  source text: Jodi Hanson Bond and James Fagan resigned from the Company’s Board of Directors
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822523/000162828024031518/0001628280-24-031518-index.htm
- Executive change
  Jodi Hanson Bond resigned as Director at Advanced Flower Capital Inc..
  - Action: resigned
  - Role: Director
  source text: Jodi Hanson Bond and James Fagan resigned from the Company’s Board of Directors
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822523/000162828024031518/0001628280-24-031518-index.htm
- M&A Transactions
  Advanced Flower Capital Inc. completed a disposition (closed 2024-07-09).
  - Action: disposition
  - Closing: 2024-07-09
  source text: AFC Gamma completed the Spin-Off on July 9, 2024, through the Distribution to all holders of outstanding shares of the Company’s common stock as of the close of business on the Record Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822523/000162828024031518/0001628280-24-031518-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.