Welcome to our dedicated page for Advanced Flower Capital news (Ticker: AFCG), a resource for investors and traders seeking the latest updates and insights on Advanced Flower Capital stock.
Advanced Flower Capital Inc. (Nasdaq: AFCG) generates news primarily through its activities as a specialty lender to cannabis-related and middle-market businesses and through its transition from a commercial mortgage REIT to a business development company (BDC). Based in West Palm Beach, Florida and externally managed by AFC Management, LLC, the company focuses on senior secured loans and other forms of debt to U.S. cannabis operators in compliant states, ancillary cannabis businesses, and select companies outside the cannabis industry.
News updates for AFCG often center on quarterly and annual financial results, including GAAP net income or loss and the company’s non-GAAP performance measure, Distributable Earnings. Releases commonly discuss portfolio performance, non-accrual positions, loan repayments and the Board’s decisions on quarterly cash dividends, which are informed in part by Distributable Earnings and other factors.
Another recurring theme in Advanced Flower Capital’s news is its strategic and regulatory evolution. The company has announced the expansion of its investment mandate beyond real estate-backed loans, the intention and subsequent approval to convert from a REIT to a BDC, and shareholder votes on key proposals such as a new investment advisory agreement and reduced asset coverage requirements under the Investment Company Act of 1940. These developments are accompanied by commentary from company leadership on investment opportunities and risk-adjusted return objectives.
Operational and financing updates also appear in AFCG’s news flow, including changes to its senior secured revolving credit facility and its use to fund commitments to borrowers, originate or participate in commercial loans to cannabis operators, and support working capital. Investors following AFCG’s news can review earnings releases, dividend declarations, credit facility announcements and regulatory milestones to understand how the company is managing its loan portfolio and capital structure under the REIT and, more recently, BDC frameworks.
AFC Gamma, Inc. (NASDAQ:AFCG) will report its earnings for Q2 2021 on August 5, 2021, before market opening. A conference call is set for 10:00 AM ET on the same day to discuss results, accessible via audio webcast or by phone. AFC Gamma specializes in lending to cannabis companies, offering tailored financing solutions such as first-lien and mortgage loans, supported by experienced management with a collective 100 years in investment and credit sectors. Investors can access call replays and additional details on the company's website.
AFC Gamma, Inc. (AFCG) reported significant business updates for Q2 2021, revealing gross funding of $77.8 million and net funding of $64.9 million. The company secured new loan commitments totaling $71.3 million. AFCG has also entered the Russell 2000® Index, effective June 28, 2021, enhancing its visibility to institutional investors. Furthermore, AFC Gamma received an investment grade rating of BBB- from Egan-Jones Ratings, affirming its financial stability and strategic direction in the growing cannabis lending market.
AFC Gamma, Inc. (NASDAQ: AFCG) announced its underwritten public offering of 2,750,000 shares at $20.50 per share, aiming for approximately $56.4 million in gross proceeds. The offering includes a 30-day option for underwriters to acquire an additional 412,500 shares. Proceeds will fund loans to cannabis industry operators, including unfunded commitments and general corporate expenses. The closing date is expected around June 28, 2021, pending customary conditions. Jefferies, Cowen, and JMP Securities manage the offering.
AFC Gamma has announced a public offering of 2,750,000 shares, with a potential additional 412,500 shares for underwriters. The funds will be used for loans to existing borrowers, new loan originations in the cannabis industry, and general corporate purposes. Jefferies, Cowen, and JMP Securities are the joint book-running managers. A registration statement has been filed with the SEC, but it is not yet effective. This offering will further AFC Gamma's strategy of supporting operators in the cannabis sector.
AFC Gamma Inc. (NASDAQ:AFCG) announced Q1 2021 financial results, reporting net income of $1.4 million ($0.20 per share) and distributable earnings of $3.2 million ($0.45 per share). The company closed $21 million in new investments and declared a dividend of $0.38 for Q2 2021, reflecting strong initial public offering performance with $71 million in deals closed. As of March 31, 2021, total loan commitments reached $130.7 million, with a portfolio yield of approximately 21%.
AFCG has a robust pipeline and expects strong growth in the expanding cannabis sector.
AFC Gamma has announced a $22 million credit facility to Justice Cannabis Co., marking its entry into New Jersey's expanding cannabis market. The financing will support the buildout of a 72,000 square foot cultivation and processing facility along with a dispensary in Ewing, New Jersey. With adult-use marijuana legalized in the state, projections estimate sales may reach between $850 million and $950 million by 2024. This partnership is expected to strengthen AFC's position in the cannabis sector, which shows promising supply-demand dynamics.
AFC Gamma, Inc. (NASDAQ:AFCG) has announced a $15 million investment in Cansortium Inc. as part of a $71 million credit facility aimed at expanding Cansortium's operations in Texas, Michigan, and Pennsylvania. This partnership is expected to leverage favorable market conditions in these states for medical cannabis. Texas is considering expanding its medical cannabis program, while Michigan has seen significant sales growth in its legal cannabis market. Pennsylvania also anticipates reaching $1 billion in cannabis sales within the next few years.
AFC Gamma, Inc. (NASDAQ:AFCG) announced a $13 million credit facility to support a Missouri medical cannabis operator in expanding cultivation and dispensary operations. This marks AFC's initial entry into the Missouri market, which began sales of medical marijuana in October 2020 and generated nearly $25 million as of March 2021. Projections for 2021 estimate the state’s medical marijuana sales could reach between $225 million and $300 million. The loan will be secured by first-lien mortgages on the Borrower’s properties.
AFC Gamma, Inc. (NASDAQ:AFCG) is set to report its earnings for Q1 2021 on May 11, 2021, before market opening. The company is hosting a conference call at 9:00 AM ET on the same day to discuss the financial results. Investors can join via a live audio webcast or by phone. AFC Gamma specializes in providing innovative financing solutions to cannabis companies with strong operational and cash flow prospects. The company emphasizes its management team's extensive experience in investment management and credit investing.
AFC Gamma (NASDAQ:AFCG) announced a credit facility of up to $21 million for FarmaceuticalRX LLC to support its expansion in Ohio's medical marijuana market. The funding will help FarmRX build a 120,000 square foot cultivation and processing facility and acquire a dispensary property. The Ohio medical marijuana market is projected to see sales reach $425 million in 2021, nearly doubling from 2020. AFC Gamma's expertise in financing cannabis businesses positions it as a key player in this growth sector.
FAQ
What is the current stock price of Advanced Flower Capital (AFCG)?
What is the market cap of Advanced Flower Capital (AFCG)?
