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, a commercial real estate finance company focused on the cannabis industry, reported significant funding achievements for the year ended December 31, 2021. The company secured total commitments of $341.3 million, with gross funding at $302.5 million and net funding at $275.5 million. In Q4 2021, gross funding reached $125.6 million. Additionally, AFC Gamma attained a BBB+ investment grade rating and closed a $100 million unsecured notes offering. All investments are current with no loans on non-accrual.
AFC Gamma announced a $60 million commitment as part of a $100 million senior secured credit facility to Acreage Holdings to support debt repayment and expansion plans. The credit facility, co-arranged with Viridescent Realty Trust, is backed by first-lien mortgages on Acreage's properties. This partnership aims to enhance Acreage’s financial flexibility and drive profitability in key markets like New York and New Jersey. The facility includes a $50 million accordion option for future funding contingent on performance milestones.
AFC Gamma, Inc. has announced a quarterly dividend of $0.50 per share for Q4 2021, representing a 16% increase from the previous quarter's dividend of $0.43. This dividend will be payable on January 14, 2022, to shareholders on record by December 31, 2021. The increase positions AFC Gamma to distribute an amount equivalent to the low end of their target range of 90% to 100% of distributable earnings for the year. AFC Gamma continues to focus on providing customized financing solutions for cannabis companies.
AFC Gamma Inc. (NASDAQ:AFCG) reported a net income of $7.9 million or $0.48 per share for Q3 2021, marking a 71.4% increase from the previous quarter. Distributable earnings were $7.2 million or $0.44 per share. The company issued $119.2 million in new commitments during the quarter and paid a dividend of $0.43 per share, up 13.2%. Their loan portfolio showed a weighted average yield to maturity of approximately 20% as of November 1, 2021. AFCG recently completed a $100 million senior unsecured debt offering aimed at expanding its operations.
AFC Gamma, Inc. (AFCG) announced the pricing of a $100 million offering of 5.750% Senior Notes due 2027. The offering is set to close on November 3, 2021, subject to customary conditions. These Notes will be general unsecured obligations guaranteed by AFC Gamma's subsidiaries, ranking equally with existing senior unsecured indebtedness. Proceeds will fund loans related to existing commitments, cannabis industry loans, and general corporate purposes. The Notes are not registered under the Securities Act and are being offered to qualified institutional buyers and non-U.S. persons.
AFC Gamma has provided $50 million of a $120 million credit facility to Verano Holdings Corp., a leading multi-state cannabis operator. This funding will support Verano's growth across its operations in 11 states, where it manages 11 production facilities. AFC Gamma's CEO expressed confidence in Verano's strong market position and management. Following this investment, AFC Gamma's total commitment to Verano now stands at $60 million. This partnership underscores Verano's ability to attract high-quality lenders and enhance its cost of capital for future expansions.
AFC Gamma, Inc. (NASDAQ:AFCG) will announce its financial results for Q3 2021 on November 4, 2021, prior to market opening. A conference call will take place at 8:30 am ET on the same day, allowing participants to discuss the results. Interested listeners can access the live audio webcast via the company's website. AFC Gamma specializes in providing financing solutions to cannabis companies, leveraging real estate and other collateral. The company's management boasts around 100 years of combined experience in investment management and credit investing.
AFC Gamma plans to offer $100 million of senior unsecured notes due 2027 in a private offering targeted at qualified institutional buyers. These notes will rank equally with existing senior unsecured debt and will be guaranteed by future and existing subsidiaries, excluding certain immaterial ones. The proceeds will fund loans related to existing commitments and commercial loans in the cannabis sector, along with general corporate purposes. The offering's timing depends on market conditions and the notes will not be registered under the Securities Act.
AFC Gamma, a commercial real estate finance company specializing in the cannabis sector, reported significant funding achievements for Q3 2021. During the quarter, the company secured gross funding of $89.3 million, resulting in net funding of $79.3 million after repayments. Total new commitments reached $119.2 million. For the first nine months of 2021, gross funding amounted to $176.7 million with net funding of $154.7 million, totaling $214 million in new commitments. AFC Gamma is positioning itself as a leading lender in the cannabis industry.
AFC Gamma has expanded its senior credit facility to $75.4 million, committing $65.4 million to Justice Cannabis Co. This funding will support Justice Cannabis Co.'s asset acquisitions and operational growth in New Jersey and Pennsylvania, as well as refinance existing debt. The credit facility's security includes first-lien mortgages on Justice Cannabis Co.'s real estate. The partnership reflects AFC Gamma's commitment to supporting borrowers in the evolving cannabis market, with expectations of future growth bolstered by favorable supply and demand dynamics in these states.