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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.
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.
AFC Gamma reported a net income of $11.4 million or $0.58 per share for Q2 2022. Distributable earnings were $13.6 million, translating to $0.69 per share. The company announced a dividend of $0.56, reflecting a 47% increase from the previous year. Total loan commitments reached $483.2 million with an average yield to maturity of 18%. The book value increased to $17.03 per share as of June 30. Despite challenges in capital deployment due to market pressures, the company is optimistic about future deals.
AFC Gamma plans to report its second quarter earnings on August 9, 2022, for the period ending June 30, 2022. A conference call will be held at 10:00 am Eastern Time on the same day to discuss the financial results. The call is open to all interested parties and can be accessed via a live audio webcast on AFC Gamma's Investor Relations page. AFC Gamma specializes in providing lending solutions to operators in the cannabis industry, focusing on senior secured loans and financing in states that have legalized cannabis.
AFC Gamma declared a quarterly dividend of $0.56 per share for the quarter ending June 30, 2022, marking the fourth consecutive increase in its dividend. This represents a 47.4% year-over-year increase. The dividend will be payable on July 15, 2022 to stockholders of record as of June 30, 2022. AFC Gamma operates as an institutional lender, providing financial solutions to the cannabis industry, with over 100 years of combined expertise in investment management.
AFC Foundation, established by the management of Advanced Flower Capital, has made its first charitable donations to three nonprofits: Pennsylvania Court Appointed Special Advocates Association, Yo Soy Ella, and The Weldon Project. These contributions aim to support local communities impacted by the cannabis industry. President Robyn Tannenbaum emphasized the Foundation's commitment to fostering positive social change through collaboration with local operators. The donations will assist initiatives focused on serving vulnerable populations and raising awareness about cannabis-related injustices.
AFC Gamma, Inc. (NASDAQ:AFCG) reported strong Q1 2022 results with a net income of $10.2 million or $0.53 per share and distributable earnings of $11.9 million or $0.62 per share. The company declared a $0.55 dividend on April 15, a 10% increase from the previous quarter. As of March 31, book value stood at $17.04 per share. Notably, total loan commitments reached $482.7 million with a yield to maturity of 19%. Total net interest income surged 261% year-on-year, while expenses rose by 108%.
AFC Gamma (NASDAQ:AFCG) has announced a new senior secured revolving credit facility of $60 million, replacing its previous $75 million credit facility. The new credit line, which can be increased to $100 million, is backed by two FDIC-insured banks with $70 billion in assets. This facility aims to support unfunded commitments and facilitate commercial loans within the cannabis sector. The credit facility has a maturity date of April 29, 2025, and bears interest at a floating rate of Prime + 0.50%, subject to a floor of 4.00%.
AFC Gamma plans to report its Q1 earnings on May 10, 2022. The earnings call is scheduled for 10:00 AM ET and will be accessible via webcast or by phone. As a lender in the cannabis sector, AFC Gamma provides financing solutions to operators in legalized states, leveraging over 100 years of combined management experience in investment and credit. Investors can access the archived call on the company's website.
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