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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Item 2.02 |
Results of Operations and Financial Condition.
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Item 9.01 |
Financial Statements and Exhibits.
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(d) |
Exhibits
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Exhibit No.
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Description
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Press release issued by AFC Gamma, Inc. on May 10, 2022.
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AFC GAMMA, INC.
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By:
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/s/ Brett Kaufman
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Brett Kaufman
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Chief Financial Officer
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Date: May 10, 2022
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• |
Net income of $10.2 million in Q1 2022, or $0.53 per basic weighted average share of common stock
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• |
Distributable earnings1 of $11.9 million in Q1 2022, or $0.62 per basic weighted average share of common
stock
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• |
Paid a dividend of $0.55 per common share on April 15, 2022 for Q1 2022, representing a 10% increase from the prior quarter
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• |
Distributable earnings significantly exceeded the declared dividend for the fourth consecutive quarter
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• |
Book value of $17.04 per share as of March 31, 2022, an increase of $0.43, or 2.6%, compared to December 31, 2021
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• |
Closed $154.2 million of new commitments since the start of Q1 2022 and funded $131.5 million of new and existing commitments
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• |
Total loan commitments of $482.7 million ($419.1 million of which has been funded) across 12 portfolio companies as of May 9, 2022
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• |
The portfolio’s weighted average yield to maturity was approximately 19% as of March 31, 2022 and December 31, 2021
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• |
All loans are current and performing
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• |
Total net interest income of $16.9 million, an increase of $12.3 million, or 261%, compared to Q1 2021
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• |
Total expenses of $6.4 million before provision for CECL (as defined below), an increase of $3.3 million, or 108%, compared to Q1 2021
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• |
Distributable earnings1 of $11.9 million, an increase of $8.7 million, or 271%, compared to Q1 2021
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• |
On April 15, 2022, AFCG paid a regular quarterly cash dividend of $0.55 per share of
common stock to its stockholders of record as of March 31, 2022
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• |
The aggregate amount of the regular cash dividend payment of $0.55 per share was approximately $10.9 million, which represents a 10% increase per share compared to the
prior quarter
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• |
In January 2022, AFCG completed its follow-on offering of 3,291,832 shares of common stock (including the partial underwriters’ overallotment option) at $20.50 per share,
raising approximately $63.0 million of additional net capital
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• |
In April 2022, AFCG entered into a senior secured revolving credit facility with $60 million of current commitments from two FDIC-insured banks and the ability to
increase the facility to $100 million (subject to available borrowing base and additional commitments)
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Three months ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Net Income
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$
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10,162,120
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$
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1,400,755
|
||||
Adjustments to net income
|
||||||||
Stock-based compensation expense
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990,023
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1,599,115
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||||||
Depreciation and amortization
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-
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-
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||||||
Unrealized (gain), losses or other non-cash items
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(80,843
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)
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144,402
|
|||||
Provision for current expected credit losses
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905,129
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66,100
|
||||||
TRS (income) loss
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(61,071
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)
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-
|
|||||
One-time events pursuant to changes in GAAP and certain non-cash charges
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-
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-
|
||||||
Distributable Earnings
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$
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11,915,358
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$
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3,210,372
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||||
Basic weighted average shares of common stock outstanding (in shares)
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19,319,993
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7,144,670
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||||||
Distributable Earnings per basic weighted average share
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$
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0.62
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$
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0.45
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Document and Entity Information |
May 10, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 10, 2022 |
Entity Registrant Name | AFC GAMMA, INC. |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 001-39995 |
Entity Tax Identification Number | 85-1807125 |
Entity Address, Address Line One | 525 Okeechobee Blvd. |
Entity Address, Address Line Two | Suite 1770 |
Entity Address, City or Town | West Palm Beach |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33401 |
City Area Code | 561 |
Local Phone Number | 510-2390 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001822523 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | AFCG |
Security Exchange Name | NASDAQ |
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