Business
AFC Gamma, Inc. Announces Financial Results for Quarter Ended September 30, 2021
Company to host a conference call at 8:30 am (Eastern Time) on Thursday, November 4, 2021 WEST PALM BEACH, Fla., Nov. 04, 2021 (GLOBE NEWSWIRE) -- AFC Gamma
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"Company to host a conference call at 8:30 am (Eastern Time) on Thursday, November 4, 2021\nWEST PALM BEACH, Fla., Nov. 04, 2021 (GLOBE NEWSWIRE) -- AFC Gamma Inc. (NASDAQ:AFCG) (“AFCG” or “AFC Gamma”) today announced its results for the quarter ended September 30, 2021. Financial Highlights Net income of $7.9 million in Q3 2021, or $0.48 per basic weighted average share of common stockDistributable earnings of $7.2 million in Q3 2021, or $0.44 per basic weighted average share of common stockBook value per common share of $16.69 as of September 30, 2021Closed $119.2 million of new commitments in Q3 2021 and funded $89.3 million of new and existing commitmentsClosed $50.0 million of new commitments and funded $52.3 million of new and existing commitments in the fourth quarter as of November 1, 2021Paid a dividend of $0.43 per common share on October 15, 2021 for Q3 2021, representing a 13.2% increase from the prior quarterReceived a BBB+ investment grade rating from Egan-Jones in October 2021Subsequent to the third quarter, AFCG closed its $100 million 5.75% senior unsecured debt offering “We are pleased with the progress we are making on our business plan. Since the start of the third quarter, AFC Gamma closed on over $165 million in new commitments, and our pipeline remains robust,” stated Leonard Tannenbaum, AFC Gamma’s Chief Executive Officer. “Importantly, our successful completion of a $100 million unsecured debt offering established AFC Gamma’s initial debt cost of capital and enables the continued expansion of our loan portfolio. As a result of our growth and performance, we were also pleased to increase our quarterly dividend by 13.2% and reward our shareholders. We look forward to continuing to amplify our presence as a lender within the growing cannabis industry while delivering enhanced shareholder value.” Portfolio and Investment Activity Total loan commitments of $296.9 million ($243.0 million funded, $53.9 million unfunded) across 15 portfolio companies, as of September 30, 2021Total loan commitments of $341.9 million as of November 1, 2021, with $292.4 million of outstanding principal across 14 portfolio companiesThe portfolio’s weighted average yield to maturity was approximately 20% as of November 1, 2021, compared to 21% as of September 30, 2021All loans are current and performing Results of Operations for the Q...