Business
AFC Gamma, Inc. Announces Financial Results for Third Quarter 2022
WEST PALM BEACH, Fla., Nov. 08, 2022 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) (“AFCG” or “AFC Gamma”) today announced its results for the third
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"WEST PALM BEACH, Fla., Nov. 08, 2022 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) (“AFCG” or “AFC Gamma”) today announced its results for the third quarter of 2022. Third Quarter 2022 Highlights Net income of $11.5 million in Q3 2022, or $0.57 per basic weighted average share of common stock, representing a 45% increase to net income from Q3 2021Distributable earnings1 of $11.8 million in Q3 2022, or $0.59 per basic weighted average share of common stock, representing a 64% increase to distributable earnings from Q3 2021Paid a dividend of $0.56 per common share on October 14, 2022 for Q3 2022, representing a 30% increase from Q3 2021Distributable earnings exceeded the declared dividend for the seventh consecutive quarter since going publicBook value of $17.06 per share as of September 30, 2022, an increase of $0.45, or 2.7%, compared to December 31, 2021Egan Jones reaffirmed its BBB+ investment grade rating of AFC Gamma “We are pleased with our third quarter performance and that AFC Gamma’s distributable earnings per share has now exceeded its dividend for the seventh consecutive quarter since going public,” stated Leonard Tannenbaum, AFC Gamma’s Chief Executive Officer. “Given the current broader market environment, we continue to act disciplined in our approach towards deploying capital to new and existing operators. Given substantial repayments subsequent to quarter end, our balance sheet remains strong, and we have ample capacity to complete additional deals with strong risk-adjusted returns.” Portfolio and Investment Activity Closed $203.8 million of new commitments and funded $167.6 million of new and existing commitments year-to-date as of November 1, 2022, including approximately $32.0 million which was refinanced from existing borrowersTotal loan commitments of $426.2 million ($368.6 million of which has been funded) across 12 portfolio companies as of November 1, 2022The portfolio’s weighted average yield to maturity was approximately 20% as of November 1, 2022All loans are current and performing Results of Operations for the Quarter Ended September 30, 2022 Total net interest income of $18.1 million, an increase of $7.5 million, or 71%, compared to Q3 2021Distributable earnings1 of $11.8 million, an increase of $4.6 million, or 64%, compared to Q3 2021 Dividend Payments On October 14, 2022, AFCG paid a regular qu...