MoatScopeSunrise Realty Trust, Inc.SUNS
Spin-off from AFC Gamma (AFCG) · Jul 9, 2024 · Nasdaq
one share of Sunrise Realty Trust for every three shares of AFC Gamma
Documents
Both companies today
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
Indiscriminate selling
StrongManagement incentives
AbsentThe hidden jewel
AbsentLeverage
AbsentThe write-up
AFC Gamma distributed Sunrise Realty Trust on July 9, 2024, one Sunrise share for every three AFC Gamma shares, separating a newly formed commercial real estate lender from its cannabis-industry lending book. Sunrise Realty originates transitional commercial real estate loans in the Southern United States, elected REIT status, and made its first investment in January 2024; it is externally managed by an affiliate of its founder, Leonard Tannenbaum, as AFC Gamma is. On MoatScope's framework Sunrise Realty carries no moat rating and a quality score of 36 at a $100 million market value, trading at $7.48 against a base-case fair value estimate of $26.23 — 0.29×. AFC Gamma carries no moat rating and a quality score of 17 at $80 million, 0.23× fair value.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.