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Sunrise Realty Trust

SLR Senior Investment

Solar Senior Capital

Sunrise Realty Trust Inc is a real estate investment trust company. It is focus on originating CRE debt investments and providing capital to high-quality borrowers and sponsors with transitional business plans collateralized by CRE assets with opportunities for near-term value creation, as well as recapitalization opportunities. It intends to create a diversified investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, whole loans, B-notes, CMBS and debt-like preferred equity securities across CRE asset classes and investment mix to include high quality multi-family, condominiums, retail, office, hospitality, industrial, mixed use and specialty-use real estate.

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Zuanic &amp; Associates explains how AFCG secures favorable lending terms due to limited capital access for cannabis operators.

New Laws Could Unleash $1.7B Demand For Cannabis Loans, This Real Estate Stock Is Set To Capitalize

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Around $1.5M Bet On This Real Estate Stock? Check Out These 3 Stocks Insiders Are Buying

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Management

In a recent webinar hosted by Pablo Zuanic from Zuanic &amp; Associates, AFC Gamma&#39;s top executives discussed the company&#39;s strategic direction, focusing on the spin-off of its commercial real estate business, the current state of its cannabis loan book, and its competitive positioning in the industry.

This Cannabis Lender Is Sitting On A Stack Of Capital: 100% Dividends Meet Equity-Like Returns

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Sunstone Hotel Investors, Inc. 6.125% Series H Cumulative Redeemable Preferred Stock

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Raymond James analyst Stephen Laws initiates coverage on Sunrise Realty Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SUNS#NASDAQ">SUNS</a>) with a Outperform rating and announces Price Target of $17.5.

Price Target

Initiation

Raymond James Initiates Coverage On Sunrise Realty Trust with Outperform Rating, Announces Price Target of $17.5

Advanced Flower Capital Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFCG#NASDAQ">AFCG</a>), a NASDAQ-listed commercial mortgage REIT, has positioned itself as one of the leading lenders in the cannabis sector.
As one of two major externally managed REITs focusing on the U.S. cannabis industry, AFCG benefits from a capital supply-demand imbalance.
This imbalance allows the company to generate high yield-to-maturity (YTM) rates, with a reported YTM of 19% as of August 1, 2024, on a loan portfolio valued at $287 million.
<h3 class="wp-block-heading">Capitalizing On Supply-Demand Imbalance</h3>
In a Wednesday note, senior analyst Pablo Zuanic of Zuanic &amp; Associates explains how AFCG secures favorable lending terms due to limited capital access for cannabis operators, driven by federal illegality. With 24 states legalizing adult use and 38 legalizing medical cannabis, AFCG has become a key lender, benefiting from the capital imbalance to maintain high YTM rates while keeping funding costs in the mid to high-single digits.
Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.
<h3 class="wp-block-heading">Streamlined Focus After CRE Spin-Off</h3>
In July 2024, AFCG spun off its commercial real estate (CRE) loan assets into a separate entity, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39866180/this-cannabis-lender-is-sitting-on-a-stack-of-capital-100-dividends-meet-equity-lik">Sunrise Realty Trust </a>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SUNS#NASDAQ">SUNS</a>), marking a strategic move to focus solely on cannabis-related loans.
Zuanic explained that this spin-off was well-received by investors, contributing to a 20% increase in AFCG's stock price since July 9. Following the spin-off, AFCG's loan book stands at $240 million, with an additional $67 million in cash reserves and $88 million in debt. The company has access to over $100 million in capital, which it intends to deploy in further cannabis-related loans.
<h3 class="wp-block-heading">Growing Loan Book With Diverse Borrowers</h3>
AFCG's loan book has shown significant growth, with four new deals totaling over $70 million secured between March and June 2024. Notable deals include loans to Sunburn Cannabis in Florida ($36.5 million), SocietyC in Michigan ($15 million), a Tier-2 licensee in Georgia ($11 million), and Gron Edibles ($7.5 million).
In addition, Zuanic noted the company's loan portfolio is highly concentrated, with eight borrowers accounting for 96% of the principal. Despite this, AFCG has focused on expanding its reach by lending to operators in limited-license states, which tend to offer better financial stability due to restricted competition.
AFCG has encountered challenges with legacy loans, including two loans in non-accrual status totaling $62 million and a third loan in forbearance, valued at $79 million.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40607517/delivering-returns-as-the-cannabis-market-tanks-what-wall-st-wont-tell-you-about-ch">Delivering Returns As The Cannabis Market Tanks: What Wall St Won&#8217;t Tell You About Chicago Atlantic Real Estate&#8217;s Growth</a>
<h3 class="wp-block-heading">Favorable Industry Dynamics</h3>
The cannabis industry continues to present favorable growth prospects for AFCG. Legal cannabis sales in the U.S. are expected to reach $42 billion by 2027, with a compound annual growth rate (CAGR) of nearly 10%.
Zuanic also noted that several key states, including <a href="https://www.benzinga.com/topic/florida-cannabis">Florida</a>, North Dakota, <a href="https://www.benzinga.com/topic/south-dakota-cannabis">South Dakota</a> and <a href="https://www.benzinga.com/topic/pennsylvania-cannabis">Pennsylvania</a> are poised to expand their adult-use and medical cannabis programs, potentially increasing the demand for debt capital by $1.7 billion.
<h3 class="wp-block-heading">Strong Financial Position And Dividend Yield</h3>
According to Zuanic&#8217;s report, AFCG boasts a strong financial position, with a book value per share of $9.64 as of mid-2024.
The company's stock is trading at a price-to-book ratio of 1.04x, in line with its peer Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REFI#NASDAQ">REFI</a>) but below that of sector leader Innovative Industrial Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IIPR#NYSE">IIPR</a>), which trades at 1.82x. AFCG's attractive dividend yield, currently near 13%, makes it an appealing choice for income-focused investors.
The company distributes 85% to 100% of its distributable earnings in dividends and is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39866180/this-cannabis-lender-is-sitting-on-a-stack-of-capital-100-dividends-meet-equity-lik">projected </a>to increase its dividend payout to 36 cents per quarter by the end of 2024.
<h3 class="wp-block-heading">Zuanic's Investment Outlook</h3>
AFCG offers a compelling investment case, driven by its high YTM rates, strong dividend yield and focused cannabis lending strategy. The company's proactive approach to managing legacy loan issues, combined with its access to capital and expanding borrower base, positions it well for continued growth.
Moreover, the potential for favorable federal cannabis reforms and continued industry expansion could further enhance AFCG's financial performance.
While the company's loan book remains concentrated, its strategic focus on lending to well-capitalized operators in restricted-license states provides a measure of security for investors.
Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/08/40175010/2-6b-in-assets-11-debt-ratio-and-dividend-boost-iipr-cannabis-real-estate-stock-reports-q2-resul"> $2.6B In Assets, 11% Debt Ratio And Dividend Boost: IIPR Cannabis Real Estate Stock Reports Q2 Results</a>

 IIPR

Although U.S. stocks closed higher on Monday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#8217;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">Sunrise Realty Trust</h3>
<ul>
<li>The Trade: Sunrise Realty Trust, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SUNS#NASDAQ">SUNS</a>) Executive Chairman Leonard M Tannenbaum <a href="https://www.benzinga.com/quote/SUNS/analyst-ratings">acquired a total of 118,163 shares at</a> an average price of $12.44. To acquire these shares, it cost around $1.47 million.</li>
<li>What's Happening: On Aug. 14, Sunrise Realty Trust posted second-quarter EPS of 22 cents on sales of $1.98 million.</li>
<li>What Sunrise Realty Trust Does: Sunrise Realty Trust Inc is a real estate investment trust company.</li>
</ul>
<h3 class="wp-block-heading">Darling Ingredients</h3>
<ul>
<li>The Trade: Darling Ingredients Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAR#NYSE">DAR</a>) EVP Chief Admin Officer Patrick McNutt acquired a total of 1,300 shares at an average price of $39.85. To acquire these shares, it cost around $51,805.</li>
<li>What's Happening: On July 31, Darling Ingredients reported a sustainable aviation fuel contract through Diamond Green Diesel Joint Venture.</li>
<li>What Darling Ingredients Does: Darling Ingredients Inc develops and manufactures sustainable ingredients for customers in the pharmaceutical, food, pet food, fuel, and fertilizer industries.</li>
</ul>
<h3 class="wp-block-heading">Superior Group of Companies</h3>
<ul>
<li>The Trade: Superior Group of Companies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGC#NASDAQ">SGC</a>) CEO Michael Benstock <a href="https://www.benzinga.com/sec/insider-trades/">bought a total of 10,000 shares</a> at an average price of $13.45. To acquire these shares, it cost around $134,527.</li>
<li>What's Happening: On Aug 12, Superior Group Of Companies disclosed a new $10 million stock repurchase plan.</li>
<li>What Superior Group of Companies Does: Superior Group Of Companies Inc designs apparel products. The company&#8217;s operating segment includes Branded Products; Healthcare Apparel and Contact Centers.</li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40439468/top-3-industrials-stocks-that-may-rocket-higher-this-month">Top 3 Industrials Stocks That May Rocket Higher This Month</a></li>
</ul>

WIIM

Sunrise Realty Trust shares are trading higher on possible continued strength after the company reported Q2 financial results yesterday.

Sunrise Realty Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SUNS#NASDAQ">SUNS</a>) reported quarterly earnings of $0.22 per share. The company reported $1.98 million in sales this quarter.

Earnings

Sunrise Realty Trust Q2 EPS $0.22, Sales $1.98M

In a recent webinar hosted by Pablo Zuanic from Zuanic &amp; Associates, AFC Gamma&#39;s top executives discussed the company&#39;s strategic direction, focusing on the spin-off of its commercial real estate business, the current state of its cannabis loan book, and its competitive positioning in the industry.
<h3>Spin-Off Rationale And Structure</h3>
Dan Neville, CEO of AFC Gamma, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/afcg#NASDAQ">AFCG</a>), detailed the strategic decision to spin off the company&#39;s commercial real estate business into a separate entity, Sunrise Realty Trust (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/suns#NASDAQ">SUNS</a>).
Neville explained, &quot;We identified a void in the industry for traditional institutional lending to the cannabis sector. However, investors wanted pure-play exposure.&quot;
The spin-off was structured as a dividend, resulting in the creation of Sunrise Realty Trust with an initial portfolio of $50 million in deals and $65 million in cash.
<h3>Dividends And Tax Advantage</h3>
This separation allows each entity to focus on its core competencies and target investor bases more effectively. Neville highlighted that AFC Gamma, as a<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39627197/chicago-atlantic-real-estate-finances-stock-valuation-dividend-yield-are-leaving-co"> real estate investment trust</a> (REIT), continues to pay out 90-100% of its earnings as dividends, maintaining a tax advantage for its investors.
The newly formed Sunrise Realty Trust is now independently managed. Neville noted that while AFC Gamma will concentrate solely on cannabis lending, Sunrise Realty Trust will leverage its cash position and new vintage portfolio to explore growth opportunities in the commercial real estate market.
<h3>Post-Spin-Off Valuation</h3>
Post-spin-off, AFC Gamma has sharpened its focus as a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39392754/brick-and-mortar-investments-build-cash-flow-and-11-price-uptick-for-this-cannabis-">dedicated cannabis lender</a>. Neville emphasized the company&#39;s commitment to its core business, highlighting a streamlined structure poised for improved financial performance. &quot;We now have around $300 million in our cannabis loan book.&rdquo;
Robyn Tannenbaum, president of AFC Gamma, highlighted significant progress in exiting underperforming loans and redeploying capital into more promising opportunities. &quot;We&#39;ve already closed two deals worth $42 million this year, with more in the pipeline aiming for $100 million in new capital deployment,&quot; she said.
Neville also addressed the company&#39;s proactive approach to portfolio management, emphasizing the importance of stringent underwriting standards and hands-on oversight.
This meticulous approach not only mitigates risks but also positions AFC Gamma to achieve mid-to-high teen returns, even in a challenging market environment.
The spin-off is expected to drive sustainable growth and enhanced value for shareholders.
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39827388/european-cannabis-companies-race-to-the-nasdaq-1b-in-tax-break-on-the-horizon">European Cannabis Companies Race To The Nasdaq: $1B In Tax Break On The Horizon</a>
<h3>At The Top Of The Capital Stack</h3>
Neville and Tannenbaum addressed AFC Gamma&#39;s performance relative to its peers. Neville emphasized, &quot;We sit at the top of the <a href="https://www.benzinga.com/markets/cannabis/24/06/39421104/the-banking-crisis-for-cannabis-has-been-over-for-several-years-experts-discuss-whats-next">capital stack</a> in a growth industry, earning equity-like returns.&quot; This position is attributed to AFC Gamma&#39;s rigorous underwriting standards and proactive portfolio management, which set it apart in the competitive landscape.
Neville elaborated on the stringent criteria AFC Gamma employs when evaluating potential deals, focusing on robust cash flows, solid licenses, and <a href="https://www.benzinga.com/markets/cannabis/24/05/38994368/asset-light-expansion-into-8b-german-market-adds-potential-to-this-cannabis-stock-on-nasdaq">valuable real estate</a>.
These factors contribute to a meticulous underwriting process that prioritizes high-quality, low-risk loans.
He also noted that the company&#39;s status as a REIT&nbsp;mandates a disciplined approach to capital allocation and risk management, further enhancing investor confidence.
Tannenbaum added, &quot;We&#39;ve visited every single one of our borrowers, some multiple times, to ensure the integrity of our underwrites and the success of our partners.&quot;
Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39850838/is-a-1500-increase-possible-the-bull-case-for-this-cannabis-tech-stock-explained">&nbsp;Is A 1500% Increase Possible? The Bull Case For This Cannabis Tech Stock Explained</a>
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-Generated Image.&nbsp;

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Shares of companies within the broader financial sector are trading higher following recent CPI data.

SLR Investment Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLRC#NASDAQ">SLRC</a>) (&ldquo;SLRC&rdquo;) and SLR Senior Investment Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SUNS#NASDAQ">SUNS</a>) (&ldquo;SUNS&rdquo;)&nbsp;are pleased to announce that each company obtained stockholder approval of the proposals related to the previously announced merger of SLRC and SUNS (the &ldquo;Merger&rdquo;) at their respective special meetings of stockholders held on March 21, 2022.
Stockholders voted overwhelmingly in favor of the proposals relating to the Merger, as approximately 95% of voting SUNS stockholders and approximately 98% of voting SLRC stockholders supported the Merger. The transaction is currently expected to close on or about April 1, 2022, subject to the satisfaction of customary closing conditions.
&ldquo;We would like to thank both SLRC and SUNS stockholders for their overwhelming support of the transaction,&rdquo; said Michael Gross, Co-Chief Executive Officer of SLR Investment Corp. and SLR Senior Investment Corp. &ldquo;We look forward to completing the merger and leveraging the benefits provided by the larger combined company which will operate with greater scale, portfolio diversity and financial flexibility.&rdquo;
About SLR Investment Corp.

SLRC

SLR Investment Corp. And SLR Senior Investment Corp. Announce Stockholder Approval Of Merger

SLR Senior Investment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SUNS#NASDAQ">SUNS</a>) reported its Q4 earnings results on Tuesday, March 1, 2022 at 04:00 PM.
Here&#39;s what investors need to know about the announcement.
<h3>Earnings</h3>
SLR Senior Investment missed estimated earnings by 6.9%, reporting an EPS of $0.27 versus an estimate of $0.29.
Revenue was up $480.00 thousand from the same period last year.
<h3>Past Earnings Performance</h3>
Last quarter the company missed on EPS by $0.02 which was followed by a 0.77% increase in the share price the next day.
Here&#39;s a look at SLR Senior Investment&#39;s past performance:
&nbsp;
<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2021</th>
<th>Q2 2021</th>
<th>Q1 2021</th>
<th>Q4 2020</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.25</td>
<td>0.24</td>
<td>0.3</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.23</td>
<td>0.25</td>
<td>0.2</td>
<td>0.3</td>
</tr>
<tr>
<td>Revenue Estimate</td>
<td>7.69M</td>
<td>7.16M</td>
<td>7.12M</td>
<td>7.56M</td>
</tr>
<tr>
<td>Revenue Actual</td>
<td>7.39M</td>
<td>7.52M</td>
<td>6.63M</td>
<td>7.30M</td>
</tr>
</tbody>
</table>
To track all upcoming earnings announcements, click to use <a href="https://www.benzinga.com/calendars/earnings">Benzinga Earnings Calendar</a>.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

Recap: SLR Senior Investment Q4 Earnings

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Earnings Scheduled For March 1, 2022

SLR Investment Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLRC#NASDAQ">SLRC</a>) (&quot;SLRC&quot;) and SLR Senior Investment Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SUNS#NASDAQ">SUNS</a>) (&quot;SUNS&quot;) today announced that they have entered into an agreement to merge together, with SLRC as the surviving company, subject to stockholder approval and customary closing conditions. The Boards of Directors of both SLRC and SUNS, on the recommendation of their special committees consisting only of the independent directors, have unanimously approved the transaction. 
&nbsp;
Under the terms of the proposed merger, SUNS shareholders will receive an amount of SLRC shares with a net asset value (&quot;NAV&quot;) equal to the NAV of SUNS shares that they hold at the time of closing. The exchange ratio will be determined within forty-eight hours prior to the closing such that shares issued by SLRC to SUNS shareholders will result in an ownership split of the combined company based on the respective NAVs of each of SLRC and SUNS. For illustrative purposes, based on NAVs as of September 30, 2021 and including expected transaction costs and distributions, SLRC would issue approximately 0.7763 shares for each SUNS share outstanding, resulting in approximate pro forma ownership of&nbsp;77.2%&nbsp;for current SLRC stockholders and&nbsp;22.8%&nbsp;for current SUNS stockholders.
SLR Capital Partners, LLC (&quot;SLR Capital Partners&quot; or &quot;we,&quot; &quot;us,&quot; or &quot;our&quot;) will continue to serve as the investment adviser of the combined company and all current SLRC officers and directors will remain in their current positions. Effective upon closing of the merger, SLR Capital Partners has voluntarily agreed to a 25 basis points reduction of the base management fee, resulting in a base management fee of&nbsp;1.50%&nbsp;on gross assets up to&nbsp;200%&nbsp;of SLRC&#39;s total net assets as of the immediately preceding quarter end. SLRC will retain the contractual annual base management fee payable by SLRC of&nbsp;1.00%&nbsp;on gross assets that exceed&nbsp;200%&nbsp;of SLRC&#39;s total net assets as of the immediately preceding quarter end.
The combined company will trade under the ticker symbol &quot;SLRC&quot; on the Nasdaq Global Select Market and currently expects to continue to pay a quarterly distribution of&nbsp;$0.41&nbsp;per share to the combined company&#39;s shareholders. However, there can be no assurance that the combined company will pay quarterly distributions at this amount or in any amount, and all future distributions will be subject to the approval of the combined company&#39;s board of directors.
&quot;Our announcement represents an important step to further drive value for the shareholders of SLRC and SUNS,&quot; said Michael Gross, Co-Chief Executive Officer of SLRC and SUNS. &quot;We look forward to leveraging the benefits provided by the larger combined company which will operate with greater scale, portfolio diversity and financial flexibility.&quot;
Bruce Spohler, Co-Chief Executive Officer of SLRC and SUNS, said, &quot;We believe the proposed merger of SUNS into SLRC will provide several immediate and long-term benefits to shareholders of both companies and will position us to continue to deliver strong risk-adjusted returns and investment performance for both groups of shareholders.&quot;

SLR Investment Corp. And SLR Senior Investment Corp. Announce Entry Into Merger Agreement

UPDATE: Solar Senior Capital Q3 NII $0.23

Solar Senior Capital Q3 NII $0.23 Misses $0.25 Estimate, Sales $7.39M Miss $7.69M Estimate

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