MoatScopeMoatScope
Spin-offs/AFC Gamma → Sunrise Realty Trust, Inc.

Sunrise Realty Trust, Inc.SUNS

Spin-off from AFC Gamma (AFCG) · Jul 9, 2024 · Nasdaq

Announced
—
Form 10 filed
Feb 22, 2024
Record date
Jul 8, 2024
Distributed
Jul 9, 2024
Ratio
1 : 3
Debt loaded
—
Cash to parent
—
Latest filing
Jun 28, 2024

one share of Sunrise Realty Trust for every three shares of AFC Gamma

Documents

Form 10Information statementNew company filingsParent filings

Both companies today

The new company
Sunrise Realty Trust, Inc.SUNS
Market cap
$100M
Moat
None
Quality
36
Price
$7.48
Fair value
$26.23
Price / FV
0.29×
The parent
AFC GammaAFCG
Market cap
$80M
Moat
None
Quality
17
Price
$3.57
Fair value
$15.37
Price / FV
0.23×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Sunrise Realty Trust is a commercial real estate lending REIT that took over AFC Gamma's commercial real estate loan portfolio at separation, originating and holding loans as an independent public company.

Stated rationaleAFC Gamma said separating the commercial real estate portfolio would let it concentrate on cannabis lending while Sunrise pursues commercial real estate credit on its own.

The four questions

The four-question write-up for Sunrise Realty Trust, Inc. is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.