How to Handle Stock dividend with shares of new company

Realty Income Corporation (ticker “o” NYSE) recently merged with another REIT (VERREIT) and they spun off a entity called Orion Office REIT (“ONL” NYSE). Shareholders of Realty Income Corporation received a stock dividend of shares in this new entity “ONL”.

How does one record this? Is this a “special” dividend of Realty Income Corporation, so manually add the value of this dividend to their distributions, then set-up a new security to start tracking this new security?

Thank you for any input!

I ran into the same issue when Pfizer (PFE) spun off Viatris (VTRS), granting PFE shareholders a few new VTRS shares. I simply entered the new holding with cost base 0$ and went from there. No explicit link between PFE and VTRS reflected on Sharesight, but that’s fine by me…

That makes sense; thank you!!!