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 (AFCG) provides institutional financing solutions to state-compliant cannabis operators through its commercial mortgage REIT structure. This news hub offers investors and industry stakeholders centralized access to verified updates about the company's lending activities, risk management strategies, and market positioning.
Track critical developments including earnings announcements, loan portfolio expansions, regulatory compliance updates, and strategic partnerships. Our curated collection features press releases detailing first-lien mortgage transactions, construction financing milestones, and equipment leasing agreements secured by cannabis-related real estate assets.
Discover analysis of AFCG's disciplined credit underwriting practices and portfolio performance within evolving cannabis markets. The resource serves financial professionals seeking to monitor secured lending trends and institutional investment patterns in this specialized sector.
Bookmark this page for ongoing insights into how AFCG navigates complex regulatory environments while maintaining focus on real estate-backed transactions. Regularly updated content ensures informed decision-making about this niche REIT's operational and financial trajectory.
AFC Gamma, Inc. (NASDAQ:AFCG) has announced the completion of its commercial real estate portfolio spin-off into a new independent, publicly-traded REIT, Sunrise Realty Trust, Inc. (SUNS), effective July 9, 2024. Shareholders holding AFC Gamma common stock as of July 8, 2024, will receive one share of SUNS for every three shares of AFC Gamma held. SUNS will trade on Nasdaq under the symbol SUNS.
AFC Gamma will issue cash for any fractional shares. Additionally, AFC Gamma has declared a special dividend of $0.15 per share, payable on July 15, 2024, to shareholders of record on July 8, 2024.
AFC Gamma (NASDAQ: AFCG) has declared a quarterly dividend of $0.48 per share for the quarter ending June 30, 2024.
This dividend is payable on July 15, 2024, to shareholders of record as of June 24, 2024. The declared dividend matches the previous quarter's dividend, maintaining consistency.
AFC Gamma is a publicly-traded institutional lender specializing in loans secured by commercial real estate and financing solutions, particularly for state-law compliant cannabis operators. The company operates primarily through direct lending and bridge loan opportunities ranging from $10 million to $100 million.
AFC Gamma (NASDAQ: AFCG) announced the successful exit of its $84 million loan to a Subsidiary of Public Company H. The loan, which was the largest in AFC Gamma's portfolio, had issues with the borrower missing an April interest payment. Despite this, AFC Gamma sold the loan to a third party at par plus accrued interest, achieving a 19.9% internal rate of return (IRR). CEO Daniel Neville emphasized the company's focus on reducing exposure to underperforming credits and plans to redeploy the capital into deals with strong risk-adjusted returns. AFC Gamma specializes in lending to state-law compliant cannabis operators and targets direct lending opportunities between $10 million and $100 million.
AFC Gamma (NASDAQ: AFCG) has provided a senior secured credit facility to Grön Holdings, a major producer of cannabis-infused edibles. This funding will help Grön expand into new states, particularly on the East Coast. AFC Gamma's CEO highlighted the company's capacity to offer adaptable financing solutions, while Grön's CEO praised AFC Gamma's swift execution and professionalism. The credit facility is secured by all of Grön's assets. This partnership aims to bolster Grön's multi-state presence and diversify AFC Gamma's portfolio. Grön, founded in 2015, currently operates in several states and across Canada.
AFC Gamma (NASDAQ: AFCG) has announced the expected composition of its Board of Directors and that of Sunrise Realty Trust (SUNS) following the planned spin-off of its commercial real estate portfolio. The spin-off, due mid-2024, will see SUNS operating as a separate entity with REIT status, trading on Nasdaq. Key Board changes include the resignation of Jodi Hanson Bond and Jim Fagan from AFC Gamma’s Board, who will join SUNS post-spin-off. Alexander Frank will serve on both boards. AFC Gamma’s Board will consist of Leonard Tannenbaum, Thomas Harrison, Alexander Frank, Robert Levy, and Marnie Sudnow. SUNS’ Board will include Leonard Tannenbaum, Brian Sedrish, Alexander Frank, Jodi Hanson Bond, and Jim Fagan.
AFC Gamma, Inc. reported a GAAP net loss of $(0.1) million for the first quarter 2024, with Distributable Earnings of $10.0 million. They paid a dividend of $0.48 per common share for the same period. The company originated $90.4 million in loans, $34.0 million for cannabis operators and $56.4 million for real estate developers. AFC Gamma is optimistic about legislative developments in the cannabis industry. They encourage monitoring their website for updates. AFC Gamma will host a conference call to discuss the financial results.
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