Advanced Flower Capital Inc. - AFCG STOCK NEWS

AFC Gamma (NASDAQ: AFCG) announced the successful exit of its $84 million loan to a Subsidiary of Public Company H. The loan, which was the largest in AFC Gamma's portfolio, had issues with the borrower missing an April interest payment. Despite this, AFC Gamma sold the loan to a third party at par plus accrued interest, achieving a 19.9% internal rate of return (IRR). CEO Daniel Neville emphasized the company's focus on reducing exposure to underperforming credits and plans to redeploy the capital into deals with strong risk-adjusted returns. AFC Gamma specializes in lending to state-law compliant cannabis operators and targets direct lending opportunities between $10 million and $100 million.

AFC Gamma (NASDAQ: AFCG) has provided a senior secured credit facility to Grön Holdings, a major producer of cannabis-infused edibles. This funding will help Grön expand into new states, particularly on the East Coast. AFC Gamma's CEO highlighted the company's capacity to offer adaptable financing solutions, while Grön's CEO praised AFC Gamma's swift execution and professionalism. The credit facility is secured by all of Grön's assets. This partnership aims to bolster Grön's multi-state presence and diversify AFC Gamma's portfolio. Grön, founded in 2015, currently operates in several states and across Canada.

AFC Gamma (NASDAQ: AFCG) has announced the expected composition of its Board of Directors and that of Sunrise Realty Trust (SUNS) following the planned spin-off of its commercial real estate portfolio. The spin-off, due mid-2024, will see SUNS operating as a separate entity with REIT status, trading on Nasdaq. Key Board changes include the resignation of Jodi Hanson Bond and Jim Fagan from AFC Gamma’s Board, who will join SUNS post-spin-off. Alexander Frank will serve on both boards. AFC Gamma’s Board will consist of Leonard Tannenbaum, Thomas Harrison, Alexander Frank, Robert Levy, and Marnie Sudnow. SUNS’ Board will include Leonard Tannenbaum, Brian Sedrish, Alexander Frank, Jodi Hanson Bond, and Jim Fagan.

AFC Gamma, Inc. reported a GAAP net loss of $(0.1) million for the first quarter 2024, with Distributable Earnings of $10.0 million. They paid a dividend of $0.48 per common share for the same period. The company originated $90.4 million in loans, $34.0 million for cannabis operators and $56.4 million for real estate developers. AFC Gamma is optimistic about legislative developments in the cannabis industry. They encourage monitoring their website for updates. AFC Gamma will host a conference call to discuss the financial results.

AFC Gamma, Inc. (NASDAQ:AFCG) will report earnings for the quarter ended March 31, 2024, on May 9, 2024. A conference call will be held to discuss financial results, open to all interested parties.

AFC Gamma announces a $34.0 million debt capital investment in Florida's Sunburn Cannabis to support refinancing, working capital, and expansion plans. Sunburn aims to increase market share in the Florida cannabis market and build brand presence.

AFC Gamma, Inc. (NASDAQ:AFCG) reported a GAAP net loss of $(9.2) million for Q4 2023, but a full-year net income of $21.0 million in 2023. Distributable Earnings were $10.0 million in Q4 and $41.4 million for the year. The company declared a dividend of $0.48 per share for Q1 2024 and announced plans for a pure play cannabis lending focus in 2024.

AFC Gamma, Inc. (NASDAQ:AFCG) plans to spin-off its commercial real estate portfolio into an independent, publicly traded company, Sunrise Realty Trust, Inc. The separation aims to create two pure-play debt capital providers focusing on the cannabis industry and CRE in the southern U.S. The separation is expected to be completed by mid-2024, with AFC Gamma having a YTM of 21% and assets around $330 million, while SUNS with a YTM of 16% and assets around $115 million.

AFC Gamma, Inc. committed $56.4 million for two commercial real estate mezzanine loans in January 2024. The loans were originated by Southern Realty Trust Inc. and are projected to have high-teens and mid-teens yields to maturity. The first loan was funded to DC Partners for a mixed-use project in Houston, Texas, while the second loan was committed to Belpointe PREP, LLC for a multi-family community development in downtown Sarasota, Florida. AFC Gamma's CEO, Daniel Neville, expressed excitement about the capital deployment and highlighted the alignment with the company's investment strategy.