|Over a week ago|
AFC Gamma provides Evermore with $15.5M senior secured credit facility » 08:4607/1507/15/21
AFC Gamma announced that…
AFC Gamma announced that it, along with an affiliate, has provided a credit facility of $15.5 million to The Evermore Cannabis Company, a vertically integrated Maryland operator. The credit facility is designed to provide Evermore with additional capital for the expansion of its cultivation and manufacturing facility in Baltimore, Maryland and to consolidate and streamline its ownership structure. AFC will hold $10.075 million of the credit facility and $5.425 million was syndicated to an affiliate, which consists of a first-lien term loan. AFC Management, LLC served as Lead Arranger and Administrative Agent for the transaction. Greenvision acted as Evermore's Financial Advisor.
AFC Gamma reports $77.8M in gross funding for the quarter » 08:3907/1307/13/21
AFC Gamma announced…
AFC Gamma announced certain business updates relating to its quarter ended June 30, 2021. AFC Gamma's CEO Leonard Tannenbaum, stated, "The achievements we are announcing today are a direct reflection of our team's thorough and carefully planned strategy to capitalize on the significant opportunities that exist in the expanding cannabis sector. Entering the second half of 2021, we are well positioned as a leader in the cannabis lending space, focused on providing competitive financing products to our clients and delivering consistent returns to our shareholders." AFC Gamma is pleased to report that for the quarter ended June 30, 2021, the company's gross funding was $77.8 million and its net funding, taking into account loan repayments and amortization, was $64.9 million. AFC Gamma closed on total new commitments of $71.3 million during the quarter. AFC Gamma has been added to the Russell 2000 Index following its annual reconstitution, effective June 28, 2021. Part of FTSE Russell, a global provider of analytics and data solutions with multi-asset capabilities, the Russell 2000 Index serves as a leading benchmark for institutional investors. AFC Gamma has been assigned an investment grade rating of BBB- by Egan-Jones Ratings Company, a Nationally Recognized Statistical Rating Organization and a recognized Credit Rating Provider by the National Association of Insurance Commissioners.
|Over a month ago|
AFC Gamma 2.75M share Secondary priced at $20.50 » 06:1806/2406/24/21
Jefferies, Cowen and JMP…
Jefferies, Cowen and JMP Securities acted as joint book running managers for the offering.
Fly Intel: Pre-market Movers » 08:5406/2206/22/21
GME, KXIN, MUDS, SPLK, CGNT, KFY, AVXL, MVIS, AFCG, CORT
Check out this morning's…
AFC Gamma announces offering of 2.75M shares of common stock » 17:0906/2106/21/21
AFC Gamma announced that…
AFC Gamma announced that it has launched an underwritten public offering of 2.75M shares of its common stock. AFC Gamma intends to use the net proceeds from the offering to fund loans related to unfunded commitments to its existing borrowers, to originate and participate in commercial loans to companies operating in the cannabis industry that are consistent with its investment strategy, and for working capital and other general corporate purposes. Jefferies, Cowen, and JMP Securities are acting as joint book-running managers for the offering.
AFC Gamma initiated with a Neutral at Compass Point » 05:3406/1506/15/21
Compass Point initiated…
Compass Point initiated coverage of AFC Gamma with a Neutral rating and $25 price target.
AFC Gamma initiated with a Buy at Lake Street » 08:3805/1405/14/21
Lake Street analyst Mark…
Lake Street analyst Mark Smith initiated coverage of AFC Gamma with a Buy rating and $29 price target. The mortgage REIT provides loans to "high-quality" cannabis companies and has "a distinct first-mover advantage" due to its strong relationships, knowledgeable underwriters, and size and scale in deploying capital, Smith tells investors. While the cannabis industry is highly regulated and may still be viewed as "risky," it has proven during the pandemic to be "essential" and carry potentially less risk than previously thought, according to Smith.
AFC Gamma reports Q1 distributable EPS 45c » 08:4905/1105/11/21
Net income in Q1 2021 of…
Net income in Q1 2021 of $1.4 million, or earnings of $0.20 per basic weighted average share of common stock. Ending Q1 2021 net book value per common share of $16.18. CEO Leonard Tannenbaum, stated, "Since our initial public offering in March 2021, we are pleased to announce that we have closed on $71 million of deals, funding $58.2 million, across 7 borrowers. Given our strong originations during the second quarter thus far, our Board of Directors has declared a $0.38 dividend for the quarter ending June 30, 2021, which represents 75% to 90% of our expected distributable earnings for the quarter. Today, AFC Gamma has a robust pipeline of potential borrowers and demand for capital continues to increase in the industry. With our strong balance sheet, increased access to capital, and our investment expertise and institutional approach, we believe that AFC Gamma is ideally positioned to capitalize on the significant opportunities that exist in the expanding cannabis sector and deliver consistent enhanced returns to our shareholders."
AFC Gamma provides Justice Cannabis with $22M credit facility » 09:0305/0605/06/21
AFC Gamma announced it…
AFC Gamma announced it has provided a credit facility of $22M to Justice Cannabis Co., a Chicago-based multi-state operator with licenses in eight states. The credit facility is designed to provide Justice Cannabis Co. with the capital necessary to purchase and complete the build out of its 72,000 square foot cultivation and processing facility, along with the buildout of a dispensary, both in Ewing, New Jersey. AFC will hold the entire $22M of the credit facility, which consists of a first-lien term loan. The loan is secured by first-lien mortgages on Justice Cannabis Co.'s wholly owned real estate properties in New Jersey and other commercial-security interests. AFC Management, LLC served as Lead Arranger and Administrative Agent for the transaction.
|Over a quarter ago|
Seaport Global starts cannabis lender AFC Gamma at Buy » 06:5404/1304/13/21
As previously reported,…
As previously reported, Seaport Global analyst Matthew Zukowsky initiated coverage of AFC Gamma with a Buy rating and $25.70 price target. The institutional lender to the high-growth cannabis industry "earns attractive returns" due to limited competition and scarcity of capital, said Zukowsky, who adds that he sees management developing the expertise to navigate unique state laws.