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AFC Gamma, Inc. (NASDAQ: AFCG) is a publicly traded, institutional lender specializing in providing finance solutions to commercial real estate and cannabis industry operators. Based in West Palm Beach, Florida, AFC Gamma offers a wide range of customized financing options, including first-lien loans, mortgage loans, construction loans, equipment loans, and bridge financings. The company primarily targets state-law compliant cannabis operators, making it a leader in a rapidly evolving industry.
AFC Gamma's senior management boasts over 20 years of experience in disciplined credit investing, guiding the company through various economic cycles. This expertise enables them to structure, underwrite, and manage senior secured loans effectively.
In recent developments, AFC Gamma declared a $0.48 dividend per share for Q4 2023 and committed $56.4 million in commercial real estate transactions in January 2024. The firm also plans to spin off its commercial real estate portfolio into a new publicly traded entity, Sunrise Realty Trust, Inc. (SUNS), allowing AFC Gamma to focus solely on the cannabis sector.
The company reported a GAAP net loss of $9.2 million for Q4 2023 but achieved distributable earnings of $10 million, reflecting its robust financial performance. AFC Gamma recently provided $34 million in debt capital to Sunburn Cannabis and $90.4 million in loans in Q1 2024, with $56.4 million allocated to commercial real estate and $34 million to cannabis operators.
In addition to its financial activities, AFC Gamma exited its largest loan of $84 million with a 19.9% IRR, showcasing its commitment to proactive portfolio management and shareholder value. The company’s strategic efforts and market focus position it well for future growth.
For more information, visit AFC Gamma's website.
Advanced Flower Capital (AFCG) has declared a quarterly dividend of $0.33 per share for Q4 2024, maintaining the same level as the previous quarter. The dividend will be paid on January 15, 2025 to stockholders of record as of December 31, 2024.
AFCG operates as a commercial mortgage REIT, providing institutional loans to state-compliant cannabis operators in the U.S. The company specializes in originating, structuring, and managing loans ranging from $10 million to over $100 million, secured by real estate assets, license value, and cash flows.
Advanced Flower Capital reported Q3 2024 financial results with GAAP net income of $1.4 million ($0.06 per share) and Distributable Earnings of $7.2 million ($0.35 per share). The company paid a quarterly dividend of $0.33 per share. CEO Daniel Neville highlighted their success in surpassing the 2024 target of $100 million in new originations, demonstrating strong portfolio management and ability to support high-quality operators in key markets.
AFC Gamma, Inc. (Nasdaq:AFCG), operating as Advanced Flower Capital, has announced its plans to report earnings for the quarter ended September 30, 2024, on Wednesday, November 13, 2024. The company will host a conference call at 10:00 am Eastern Time on the same day to discuss its quarterly financial results.
Interested parties can participate in the call through a live audio webcast available on the Investor Relations section of AFC's website. For telephone participation, registration is required in advance. The complete webcast will be archived for 90 days on AFC's website.
Advanced Flower Capital is a leading commercial mortgage REIT providing institutional loans to state law compliant cannabis operators in the U.S. The company originates, structures, and underwrites loans ranging from $10 million to over $100 million, typically secured by real estate assets, license value, and cash flows.
AFC Gamma, Inc. (Nasdaq:AFCG) has committed and funded $41 million to a senior secured credit facility for Story of Maryland, (Story MD), a leading vertically integrated cannabis operator in Maryland. This transaction has helped AFC exceed its 2024 goal of $100 million in new originations. Story MD plans to use the proceeds to refinance existing debt and provide working capital.
Daniel Neville, CEO of AFC, emphasized the company's focus on reinvigorating its origination engine and highlighted Story Cannabis as an example of Cannabis 3.0 lending opportunities. Jason Vedadi, CEO of Story Cannabis, stated that the financing will strengthen Story's balance sheet and support growth initiatives.
The credit facility consists of a first-lien term loan secured by Story MD's real property, cannabis licenses, and operations in Maryland. AFC Gamma, a commercial mortgage REIT, specializes in providing institutional loans to state law compliant cannabis operators in the U.S.
AFC Gamma, Inc. (Nasdaq: AFCG), a leading commercial mortgage REIT for cannabis operators, has announced its first post-spin dividend for the third quarter of 2024. The company's Board of Directors has declared a quarterly dividend of $0.33 per outstanding share of common stock, payable on October 15, 2024, to stockholders of record as of September 30, 2024.
AFC Gamma specializes in providing institutional loans to state law compliant cannabis operators in the U.S., with loan amounts ranging from $10 million to over $100 million. These loans are typically secured by quality real estate assets, license value, and cash flows. The company leverages its management team's extensive network and expertise in credit and cannabis to originate, structure, and underwrite these loans.
AFC Gamma (Nasdaq: AFCG) has announced significant financial moves in the cannabis industry:
1. A new $11 million senior secured credit facility for Private Company Q in Georgia, with $4.3 million funded at closing, to support cultivation, processing, and dispensary expansion.
2. An additional $5.5 million commitment to BeLeaf Medical in Missouri, expanding their credit facility to $26.1 million for acquiring two dispensaries.
3. A $1.8 million expansion of Sunburn Cannabis' credit facility in Florida, bringing it to $36.5 million for new dispensaries and cultivation capacity.
These transactions demonstrate AFC Gamma's strategy of deploying capital in restricted license states with favorable supply-demand dynamics, reinforcing its position as a leading commercial mortgage REIT in the cannabis sector.
AFC Gamma (NASDAQ:AFCG) reported strong Q2 2024 financial results, with GAAP net income of $16.4 million ($0.80 per share) and Distributable Earnings of $11.4 million ($0.56 per share). The company paid a dividend of $0.48 per share for Q2 2024. AFC Gamma has completed its transition to a pure-play cannabis lender after spinning off its commercial real estate portfolio on July 9, 2024. CEO Daniel Neville highlighted the company's strong performance, reduced reserves, and increased book value. AFC Gamma is on track to meet or exceed its $100 million origination goal for the year, positioning itself to capitalize on cannabis market opportunities.
AFC Gamma, Inc. (Nasdaq: AFCG), a leading commercial mortgage REIT for cannabis operators, has announced its second quarter 2024 earnings conference call scheduled for August 7, 2024 at 10:00 am Eastern Time. The company will report earnings for the quarter ended June 30, 2024. Interested parties can participate via a live audio webcast on AFC's website or through telephone registration.
AFC Gamma specializes in providing institutional loans ranging from $10 million to over $100 million to state law compliant cannabis operators in the U.S. These loans are typically secured by real estate assets, license value, and cash flows. The company leverages its management team's extensive network and expertise in credit and cannabis to originate, structure, and underwrite these loans.
AFC Gamma confirms the spin-off of its commercial real estate portfolio into a new publicly-traded entity, Sunrise Realty Trust (SUNS), scheduled for July 9, 2024. Shareholders holding AFC Gamma common stock as of July 8, 2024, will receive one SUNS share for every three AFC Gamma shares held. The SUNS stock will trade on Nasdaq under the symbol 'SUNS,' with regular trading commencing on July 10, 2024. Fractional shares will not be issued; instead, shareholders will receive cash for any fractional shares. No action is required from shareholders to receive their SUNS shares.
AFC Gamma, Inc. (NASDAQ:AFCG) has announced the completion of its commercial real estate portfolio spin-off into a new independent, publicly-traded REIT, Sunrise Realty Trust, Inc. (SUNS), effective July 9, 2024. Shareholders holding AFC Gamma common stock as of July 8, 2024, will receive one share of SUNS for every three shares of AFC Gamma held. SUNS will trade on Nasdaq under the symbol SUNS.
AFC Gamma will issue cash for any fractional shares. Additionally, AFC Gamma has declared a special dividend of $0.15 per share, payable on July 15, 2024, to shareholders of record on July 8, 2024.
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