Business
AFC Gamma, Inc. Announces Financial Results for First Quarter 2022
WEST PALM BEACH, Fla., May 10, 2022 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) (“AFCG” or “AFC Gamma”) today announced its results for the first
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"WEST PALM BEACH, Fla., May 10, 2022 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) (“AFCG” or “AFC Gamma”) today announced its results for the first quarter of 2022. First Quarter 2022 Highlights Net income of $10.2 million in Q1 2022, or $0.53 per basic weighted average share of common stockDistributable earnings1 of $11.9 million in Q1 2022, or $0.62 per basic weighted average share of common stockPaid a dividend of $0.55 per common share on April 15, 2022 for Q1 2022, representing a 10% increase from the prior quarterDistributable earnings significantly exceeded the declared dividend for the fourth consecutive quarterBook value of $17.04 per share as of March 31, 2022, an increase of $0.43, or 2.6%, compared to December 31, 2021 “We are pleased with our strong performance in the first quarter and continued growth so far into 2022, which is evidenced by AFC Gamma’s results and steady dividend growth. At this time, the Board expects that the quarterly dividend should remain at least $0.55 per common share over the course of 2022,\" stated Leonard Tannenbaum, AFC Gamma’s Chief Executive Officer. “Additionally, the entry into our $60 million senior secured revolving credit facility led by two FDIC-insured banks was another significant milestone for AFC Gamma’s debt cost of capital and enables continued expansion of the portfolio. We look forward to continuing to amplify our presence as a leading lender and driving shareholder value.” Portfolio and Investment Activity Closed $154.2 million of new commitments since the start of Q1 2022 and funded $131.5 million of new and existing commitmentsTotal loan commitments of $482.7 million ($419.1 million of which has been funded) across 12 portfolio companies as of May 9, 2022The portfolio’s weighted average yield to maturity was approximately 19% as of March 31, 2022 and December 31, 2021All loans are current and performing Results of Operations for the Quarter Ended March 31, 2022 Total net interest income of $16.9 million, an increase of $12.3 million, or 261%, compared to Q1 2021Total expenses of $6.4 million before provision for CECL (as defined below), an increase of $3.3 million, or 108%, compared to Q1 2021Distributable earnings1 of $11.9 million, an increase of $8.7 million, or 271%, compared to Q1 2021 Dividend Payments On April 15, 2022, AFCG paid a regular quarterly cash di...