4x6 I initially covered AFC Gamma (NASDAQ:AFCG) in May, rating it a Hold. This decision was informed by a mostly positive view of its role as a real estate lender for the cannabis industry, where supply of capital is low and allows for attractively high yields on its loans. AFCG's story, however, was complicated by its portfolio of distressed, non-cannabis loans in commercial real estate that were pending SEC approval for a spinoff into Sunrise Realty Trust (SUNS). Since then, the spinoff was approved a ...