AFC Gamma to spin off commercial real estate lending into standalone public REIT SUNS

Advanced Flower Capital Inc.

$115M of CRE loans and cash to be contributed to SUNS; AFC Gamma retains ~$330M cannabis loan portfolio.
Spin-off expected mid-2024; SUNS common stock to list on Nasdaq under "SUNS".
Shareholders to receive pro-rata distribution of SUNS shares plus $0.15 special cash dividend.
Brian Sedrish to serve as CEO of SUNS; overlapping management with AFC Gamma.
Management agreement amended to restrict AFC Gamma investments to cannabis loans only, effective upon spin-off.

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