Business
AFC Gamma, Inc. Announces Financial Results for Quarter Ended June 30, 2021
Company to host conference call at 10:00 am (Eastern Time) on Tuesday, August 5, 2021 WEST PALM BEACH, Fla., Aug. 05, 2021 (GLOBE NEWSWIRE) -- AFC Gamma Inc.
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"Company to host conference call at 10:00 am (Eastern Time) on Tuesday, August 5, 2021\nWEST PALM BEACH, Fla., Aug. 05, 2021 (GLOBE NEWSWIRE) -- AFC Gamma Inc. (NASDAQ:AFCG) (“AFCG” or the \"Company\") today announced its financial results for the fiscal quarter ended June 30, 2021. Second Fiscal Quarter 2021 Highlights and Recent Developments Net income in Q2 2021 of $4.6 million, or earnings of $0.34 per basic weighted average share of common stockDistributable earnings in Q2 2021 of $5.8 million, or $0.43 per basic weighted average share of common stockEnding Q2 2021 net book value per common share of $16.66Closed $71.3 million of new commitments in Q2 2021 and funded $77.8 million of new and existing commitmentsClosed $7.6 million of new commitments and funded $10.9 million of new and existing commitments during the third quarter as of August 1, 2021Paid a dividend of $0.38 per common share for Q2 2021 Our Chief Executive Officer, Leonard Tannenbaum, stated, “AFC Gamma has a best-in-class team, strong balance sheet and increased access to capital. Entering the second half of 2021, we continue to see substantial demand for capital and we believe that we are well positioned as a first mover and a leader in the rapidly growing cannabis lending market.” Portfolio and Investment Activity Total loan commitments of $187.7 million ($163.7 million funded, $24.0 million unfunded) as of June 30, 2021 across 13 portfolio companiesAs of August 1, 2021, the portfolio consisted of $195.3 million of loan commitments with $175.3 million of outstanding principal across 14 portfolio companiesWeighted average yield to maturity of the portfolio as of August 1, 2021 was approximately 21% compared to 22% at December 26, 2020, as previously disclosed.All loans are current and performing Results of Operations Total interest income for the quarter ended June 30, 2021 was $8.7 million. Total expenses for the quarter ended June 30, 2021 was $3.6 million. The Company had GAAP net income of $4.6 million, or earnings of $0.34 per basic weighted average common share, and distributable earnings of $5.8 million, or $0.43 per weighted average common share for the quarter ended June 30, 2021. During the quarter ended June 30, 2021, distributable earnings was adjusted by approximately $1.2 million, or approximately $0.09 per basic weighted average common share i...