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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 provided $50 million of a $120 million credit facility to Verano Holdings Corp., a leading multi-state cannabis operator. This funding will support Verano's growth across its operations in 11 states, where it manages 11 production facilities. AFC Gamma's CEO expressed confidence in Verano's strong market position and management. Following this investment, AFC Gamma's total commitment to Verano now stands at $60 million. This partnership underscores Verano's ability to attract high-quality lenders and enhance its cost of capital for future expansions.
AFC Gamma, Inc. (NASDAQ:AFCG) will announce its financial results for Q3 2021 on November 4, 2021, prior to market opening. A conference call will take place at 8:30 am ET on the same day, allowing participants to discuss the results. Interested listeners can access the live audio webcast via the company's website. AFC Gamma specializes in providing financing solutions to cannabis companies, leveraging real estate and other collateral. The company's management boasts around 100 years of combined experience in investment management and credit investing.
AFC Gamma plans to offer $100 million of senior unsecured notes due 2027 in a private offering targeted at qualified institutional buyers. These notes will rank equally with existing senior unsecured debt and will be guaranteed by future and existing subsidiaries, excluding certain immaterial ones. The proceeds will fund loans related to existing commitments and commercial loans in the cannabis sector, along with general corporate purposes. The offering's timing depends on market conditions and the notes will not be registered under the Securities Act.
AFC Gamma, a commercial real estate finance company specializing in the cannabis sector, reported significant funding achievements for Q3 2021. During the quarter, the company secured gross funding of $89.3 million, resulting in net funding of $79.3 million after repayments. Total new commitments reached $119.2 million. For the first nine months of 2021, gross funding amounted to $176.7 million with net funding of $154.7 million, totaling $214 million in new commitments. AFC Gamma is positioning itself as a leading lender in the cannabis industry.
AFC Gamma has expanded its senior credit facility to $75.4 million, committing $65.4 million to Justice Cannabis Co. This funding will support Justice Cannabis Co.'s asset acquisitions and operational growth in New Jersey and Pennsylvania, as well as refinance existing debt. The credit facility's security includes first-lien mortgages on Justice Cannabis Co.'s real estate. The partnership reflects AFC Gamma's commitment to supporting borrowers in the evolving cannabis market, with expectations of future growth bolstered by favorable supply and demand dynamics in these states.
AFC Gamma, Inc. (NASDAQ:AFCG) has declared a quarterly dividend of $0.43 per share for the quarter ending September 30, 2021, marking a 13.2% increase over the previous dividend of $0.38.
This dividend is payable on October 15, 2021 to shareholders of record on September 30, 2021. The company focuses on providing innovative financing solutions to cannabis companies, leveraging its expertise in investment management and credit investing.
AFC Gamma has expanded its senior credit facility to Devi Holdings Inc., operating as Nature's Medicines, by $30 million, totaling $62.5 million. This funding aims to support Nature's Medicines in its strategic acquisitions and business expansion. CEO Leonard M. Tannenbaum emphasizes their commitment to aiding borrower growth, while Nature's Medicines' CEO Jigar Patel appreciates AFC Gamma's flexible support. The loan is secured by a first-lien mortgage on real estate and commercial interests, solidifying their ongoing partnership.
AFC Gamma has announced a $23 million credit facility to BeLeaf Medical to support its expansion in Missouri's medical cannabis market. The funds will assist BeLeaf in enhancing its cultivation facilities and purchasing new property. BeLeaf, a leading operator in Missouri, plans to expand its canopy by an additional 16,000 square feet to meet growing demand. With Missouri's medical cannabis sales projected at $225-300 million for 2021, this partnership positions both companies favorably in a rapidly evolving market.
AFC Gamma, Inc. (NASDAQ:AFCG) announced a $19.75 million credit facility to DMA Holdings MA, LLC, marking its first transaction in Massachusetts' cannabis market. This funding will assist DMA in expanding its Tier 6 cultivation license and constructing a processing facility and dispensary in Dudley, Massachusetts. The loan is secured by first-lien mortgages on DMA's real estate. Massachusetts has seen substantial growth, with adult-use cannabis sales projected to reach $1.4 billion in 2021, up from $696 million in 2020.
AFC Gamma Inc. (NASDAQ:AFCG) reported its financial results for Q2 2021, highlighting a net income of $4.6 million, or $0.34 per share. Distributable earnings reached $5.8 million, equivalent to $0.43 per share. The company's net book value per share stood at $16.66. AFCG secured $71.3 million in new commitments during Q2 and funded $77.8 million. A dividend of $0.38 was paid for the quarter, and the firm anticipates maintaining or increasing this dividend in Q3. The portfolio's weighted average yield is approximately 21% as of August 1, 2021, with all loans performing well.
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