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. reports developments as a publicly traded business development company that provides flexible credit solutions to lower middle-market companies. The company originates, structures, invests in and manages direct senior debt investments, including senior secured credit facilities for borrowers and sponsor-backed transactions across industries.
Recurring news for AFCG includes quarterly and annual financial results, net investment income, net asset value, Distributable Earnings, common stock distributions, investment fundings, leverage, and revolving credit facility activity. Company updates also cover its operating framework as a BDC and the financing sources used to support portfolio investments and general corporate purposes.
AFC Gamma has expanded its credit facilities by $46.9 million, supporting three existing borrowers: Verano, Nature’s Medicines, and Natrabis. The commitments include $26.6 million to Verano, totaling $86.6 million; $15.3 million to Nature's Medicines, totaling $77.8 million; and $5 million to Natrabis, resulting in a total of $15.5 million. This strategic move aims to strengthen relationships and support the borrowers' growth as they expand operations across multiple states.
AFC Gamma, Inc. (NASDAQ:AFCG) plans to announce earnings for Q4 and the fiscal year ending December 31, 2021, on March 10, 2022. The company will host a conference call at 10:00 AM ET on the same date to discuss financial results. Interested parties can access the live audio webcast on AFC Gamma's website or by calling in. AFC Gamma specializes in providing lending solutions for established cannabis operators, with a senior management team boasting over 100 years of combined experience in investment management.
AFC Gamma has announced the appointment of Marnie Sudnow to its Board of Directors, expanding it to eight members. Sudnow brings over 20 years of experience in digital advertising and e-commerce, previously serving as Senior Vice President at Stylitics. Her expertise is expected to enhance the Board's perspective on investment opportunities in the cannabis industry. This move also aligns with AFC Gamma's commitment to board diversity, featuring increased female representation. CEO Leonard M. Tannenbaum emphasized the strategic value of Sudnow’s insights.
AFC Gamma, Inc. (AFCG) announced the pricing of its public offering of 3 million shares at $20.50 each, aiming for gross proceeds of $61.5 million. The offering has a 30-day option for underwriters to purchase an additional 450,000 shares. Proceeds will fund existing loans and support new loans in the cannabis industry, alongside general corporate purposes. The offering is expected to close around January 10, 2022, pending customary conditions. Jefferies, Cowen, and JMP Securities are the lead underwriters.
AFC Gamma, Inc. (AFCG) announced a public offering of 3,000,000 shares of its common stock with an option for underwriters to purchase an additional 450,000 shares. The company plans to use the proceeds for loans to existing borrowers, new loans for cannabis industry operations, and general corporate purposes. Jefferies and Cowen are acting as joint book-running managers for the offering. The registration statement has been filed with the SEC but is not yet effective, meaning shares cannot be sold until it is approved.
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.