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AFC Gamma Inc. (NASDAQ: AFCG) released its results Thursday for the quarter ended September 30, 2021, reporting net income of $7.9 million versus net income of $2.11 million in the same period of the prior year. The cannabis-focused commercial real estate finance company also disclosed adjusted earnings per share of $0.44, compared to adjusted EPS of $0.22 in the same quarter of 2020.
Q2 Financial Highlights
Distributable earnings reached $7.2 million, which compares to $542,450 in the second quarter of the previous year;
Closed $119.2 million of new commitments and funded $89.3 million of new and existing commitments.
Milestones Subsequent To The Second Quarter
Closed $50 million of new commitments and funded $52.3 million of new and existing commitments in the fourth quarter as of November 1, 2021;
Paid a dividend of $0.43 per common share on October 15, 2021 for Q3 2021, representing a 13.2% increase from the prior quarter;
Received a BBB+ investment grade rating from Egan-Jones in October 2021;
Closed its $100 million 5.75% senior unsecured debt offering.
“We are pleased with the progress we are making on our business plan. Since the start of the third quarter, AFC Gamma closed on over $165 million in new commitments, and our pipeline remains robust,” Leonard Tannenbaum, AFC Gamma’s CEO stated. “Importantly, our successful completion of a $100 million unsecured debt offering established AFC Gamma’s initial debt cost of capital and enables the continued expansion of our loan portfolio. As a result of our growth and performance, we were also pleased to increase our quarterly dividend by 13.2% and reward our shareholders. We look forward to continuing to amplify our presence as a lender within the growing cannabis industry while delivering enhanced shareholder value.”
AFC Gamma’s shares were trading 3.67% higher at $24.04 per share at the time of writing Thursday morning.
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