Business
AFC Gamma Posts Record $119.2 Million in Gross Originations for Quarter Ended September 30
Closed $214 Million of Total Commitments in the First Nine Months of 2021 WEST PALM BEACH, Fla., Oct. 04, 2021 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (“AFC
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"Closed $214 Million of Total Commitments in the First Nine Months of 2021\nWEST PALM BEACH, Fla., Oct. 04, 2021 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (“AFC Gamma”) (Nasdaq: AFCG), a commercial real estate finance company that provides loans to operators in the cannabis industry, today announced certain business updates relating to its quarter ended September 30, 2021. Funding Update Our cannabis expertise and market reputation has allowed us to evaluate a wide universe of potential investment opportunities with attractive risk adjusted returns. Advancing its position as a leading cannabis lender, AFC Gamma is pleased to report that for the quarter ended September 30, 2021, the company’s gross funding was $89.3 million and its net funding, taking into account loan repayments and amortization, was $79.3 million. AFC Gamma closed on total new commitments of $119.2 million during the quarter. For the nine months ended September 30, 2021, the company’s gross funding was $176.7 million and its net funding, taking into account loan repayments and amortization, was $154.7 million. AFC Gamma closed on total new commitments of $214.0 million during the nine months ended September 30, 2021. About AFC Gamma, Inc. AFC Gamma is a commercial real estate finance company that provides a range of lending solutions to established operators in the cannabis industry. AFC Gamma originates, structures and underwrites senior secured loans and other types of loan solutions in states that have legalized medicinal and/or adult use cannabis. AFC Gamma intends to elect and qualify to be taxed as a real estate investment trust, commencing with its taxable year ending December 31, 2020. Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that reflect the AFC Gamma’s current views and projections with respect to, among other things, future events and financial performance. All statements other than historical facts, including, without limitation, statements regarding AFC Gamma’s business updates are forward-looking statements, and the company intends such statements to be covered by the safe harbor provisions contained therein. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and ...