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.
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AFC Gamma, Inc. (NASDAQ:AFCG) announced its upcoming earnings report for the quarter ending March 31, 2023, scheduled for May 10, 2023. The company will hold a conference call at 10:00 AM ET on the same day to discuss its financial results. Interested participants can join via a live audio webcast available on AFC Gamma's investor relations website or by registering for a telephone participation link. AFC Gamma specializes in lending solutions, particularly to state-law compliant cannabis operators, targeting loans between $5 million and $100 million across various real estate sectors.
AFC Gamma, Inc. (NASDAQ:AFCG) has appointed Brandon Hetzel as Chief Financial Officer and Treasurer, effective immediately. The Board of Directors approved this appointment on March 17, 2023. Hetzel has been with the company since September 2020 and has a strong background in real estate finance. He succeeds Brett Kaufman, who has left the company as part of efforts to rightsize the accounting team. Hetzel's experience includes work in real estate development and asset management, as well as a managerial role at PricewaterhouseCoopers. AFC Gamma specializes in lending secured by commercial real estate, including loans for state-law compliant cannabis operators.
AFC Gamma, Inc. (NASDAQ:AFCG) reported its fourth quarter 2022 GAAP net income at $2.9 million or $0.14 per share, with Distributable Earnings at $12.6 million or $0.62 per share. For the full year, GAAP net income was $35.9 million or $1.80 per share, with Distributable Earnings reaching $49.9 million or $2.51 per share. A cash dividend of $0.56 per share was declared for the first quarter of 2023. The company highlighted its strong liquidity position and continued focus on credit quality in the face of macro challenges, while Robyn Tannenbaum was appointed as President, signaling leadership continuity. The 2023 Annual Shareholders Meeting is scheduled for May 18, 2023.
AFC Gamma, Inc. (NASDAQ:AFCG) has announced its plans to report earnings for the fiscal year ended December 31, 2022, on March 7, 2023. A conference call will be held at 10:00 am ET on the same day to discuss the quarterly and annual financial results, and interested parties can participate via a live audio webcast on the company's website. AFC Gamma specializes in originating and underwriting loans secured by commercial real estate, targeting direct lending and bridge loan opportunities ranging from $5 million to $100 million across various sectors.
AFC Gamma, Inc. (NASDAQ:AFCG) declared a quarterly dividend of $0.56 per share for the quarter ending December 31, 2022. This dividend, representing a 12% year-over-year increase, will be payable on January 13, 2023, to stockholders of record as of December 31, 2022. AFC Gamma is known for providing lending solutions primarily to established operators in the cannabis industry, leveraging over 100 years of combined management experience.
AFC Foundation, linked to Advanced Flower Capital, has donated to Corners Outreach in Georgia, enhancing community support in the cannabis sector. This contribution demonstrates AFC's commitment to social change and upliftment in areas where they operate. Previous donations included support for Pennsylvania Court Appointed Special Advocates, Yo Soy Ella, and The Weldon Project. Corners Outreach focuses on empowering underserved students and families through education and economic opportunities, aiming to integrate better into local communities across Metro Atlanta.
AFC Gamma, Inc. (NASDAQ:AFCG) reported strong financial results for Q3 2022, achieving a net income of $11.5 million, or $0.57 per share, representing a 45% increase from Q3 2021.
Distributable earnings rose 64% year-over-year to $11.8 million, surpassing the declared $0.56 dividend, marking the seventh consecutive quarter of excess earnings over dividends. The company's book value per share increased to $17.06, and it closed $203.8 million in new commitments, with a robust portfolio yield of 20%.