Business
AFC Gamma, Inc. Announces Financial Results for Fourth Quarter and Full Year 2021
Increased dividend to $0.55 per share of common stock for Q1 2022, up 10% from prior quarterIncreased total commitments to $419.2 million as of December 31,
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"Increased dividend to $0.55 per share of common stock for Q1 2022, up 10% from prior quarterIncreased total commitments to $419.2 million as of December 31, 2021, up 288% from end of 2020Company to host a conference call at 10:00 am (Eastern Time) on Thursday, March 10, 2022 WEST PALM BEACH, Fla., March 10, 2022 (GLOBE NEWSWIRE) -- AFC Gamma Inc. (NASDAQ:AFCG) (“AFCG” or “AFC Gamma”) today announced its results for the fourth quarter and year-ended December 31, 2021. Full Year 2021 Highlights Net income of $21.0 million in 2021, or $1.57 per basic weighted average share of common stockDistributable earnings of $24.7 million in 2021, or $1.85 per basic weighted average share of common stockBook value per common share of $16.61 as of December 31, 2021, compared to $14.83 at the end of 2020Closed $341.3 million of new commitments in 2021Since completing its initial public offering (“IPO”) in March 2021, AFCG has distributed dividends of $1.67 per common share, in aggregate, yielding 8.8% on the IPO price Fourth Quarter 2021 and Year-to-Date Highlights Net income of $7.0 million in Q4 2021, or $0.43 per basic weighted average share of common stockDistributable earnings of $8.5 million in Q4 2021, or $0.52 per basic weighted average share of common stockClosed $127.3 million of new commitments in Q4 2021 and funded $125.6 million of new and existing commitmentsPaid a dividend of $0.50 per common share on January 14, 2022 for Q4 2021, representing a 16% increase from the prior quarterSubsequent to the fourth quarter, AFCG closed a follow-on common stock offering of 3,291,832 shares (including partial exercise of the underwriters’ overallotment option), raising approximately $63.0 million of additional net capital “We are proud of all that was accomplished in 2021, including AFC Gamma’s initial public offering and remarkable growth of AFCG’s portfolio, which has positioned us as the largest institutional lender. Operating as a public REIT has allowed us to accomplish several goals, including valuable access to public debt and equity markets, which provides AFCG with an attractive cost of capital relative to its peers,” stated Leonard Tannenbaum, AFC Gamma’s Chief Executive Officer. “Looking ahead to 2022, we are excited to continue expanding our portfolio and supporting the rapidly growing cannabis industry. As a result of our meaningf...