Advanced Flower Capital Inc. - AFCG STOCK NEWS

AFC Gamma, Inc. (NASDAQ:AFCG) has appointed Brandon Hetzel as Chief Financial Officer and Treasurer, effective immediately. The Board of Directors approved this appointment on March 17, 2023. Hetzel has been with the company since September 2020 and has a strong background in real estate finance. He succeeds Brett Kaufman, who has left the company as part of efforts to rightsize the accounting team. Hetzel's experience includes work in real estate development and asset management, as well as a managerial role at PricewaterhouseCoopers. AFC Gamma specializes in lending secured by commercial real estate, including loans for state-law compliant cannabis operators.

AFC Gamma, Inc. (NASDAQ:AFCG) reported its fourth quarter 2022 GAAP net income at $2.9 million or $0.14 per share, with Distributable Earnings at $12.6 million or $0.62 per share. For the full year, GAAP net income was $35.9 million or $1.80 per share, with Distributable Earnings reaching $49.9 million or $2.51 per share. A cash dividend of $0.56 per share was declared for the first quarter of 2023. The company highlighted its strong liquidity position and continued focus on credit quality in the face of macro challenges, while Robyn Tannenbaum was appointed as President, signaling leadership continuity. The 2023 Annual Shareholders Meeting is scheduled for May 18, 2023.

AFC Gamma, Inc. (NASDAQ:AFCG) has announced its plans to report earnings for the fiscal year ended December 31, 2022, on March 7, 2023. A conference call will be held at 10:00 am ET on the same day to discuss the quarterly and annual financial results, and interested parties can participate via a live audio webcast on the company's website. AFC Gamma specializes in originating and underwriting loans secured by commercial real estate, targeting direct lending and bridge loan opportunities ranging from $5 million to $100 million across various sectors.

AFC Gamma, Inc. (NASDAQ:AFCG) declared a quarterly dividend of $0.56 per share for the quarter ending December 31, 2022. This dividend, representing a 12% year-over-year increase, will be payable on January 13, 2023, to stockholders of record as of December 31, 2022. AFC Gamma is known for providing lending solutions primarily to established operators in the cannabis industry, leveraging over 100 years of combined management experience.

AFC Foundation, linked to Advanced Flower Capital, has donated to Corners Outreach in Georgia, enhancing community support in the cannabis sector. This contribution demonstrates AFC's commitment to social change and upliftment in areas where they operate. Previous donations included support for Pennsylvania Court Appointed Special Advocates, Yo Soy Ella, and The Weldon Project. Corners Outreach focuses on empowering underserved students and families through education and economic opportunities, aiming to integrate better into local communities across Metro Atlanta.

AFC Gamma, Inc. (NASDAQ:AFCG) reported strong financial results for Q3 2022, achieving a net income of $11.5 million, or $0.57 per share, representing a 45% increase from Q3 2021.

Distributable earnings rose 64% year-over-year to $11.8 million, surpassing the declared $0.56 dividend, marking the seventh consecutive quarter of excess earnings over dividends. The company's book value per share increased to $17.06, and it closed $203.8 million in new commitments, with a robust portfolio yield of 20%.

AFC Gamma has amended its $100 million credit facility with Acreage Holdings, providing an additional $50 million. This comprises $25 million available for immediate draw and another $25 million to be accessed upon achieving specific milestones. The facility features a variable interest rate linked to the U.S. prime rate plus 5.75%, with a minimum rate of 5.50%. Funds will support Acreage's expansion and operational needs, particularly in the Northeast region, targeting growth in New Jersey, Connecticut, and New York.

AFC Gamma plans to report its third quarter earnings for the period ending September 30, 2022 on November 8, 2022. A conference call will occur at 10:00 am ET, allowing participation via a live audio webcast. This lender specializes in providing financing solutions to the cannabis industry, focusing on senior secured loans. AFC Gamma's management boasts over 100 years of cumulative experience in investment management and credit investing.

AFC Gamma, Inc. declared a $0.56 dividend per share for the quarter ending September 30, 2022, marking a 30.2% year-over-year increase. The dividend is payable on October 14, 2022, to shareholders on record as of September 30, 2022. AFC Gamma is an institutional lender specializing in financing solutions for the cannabis industry, providing senior secured loans to operators in legalized states. The company's management has over 100 years of combined experience in investment management and credit investing.