(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
Press Release issued by AFC Gamma, Inc. on March 7, 2023. |
AFC GAMMA, INC. | ||||||||
By: | /s/ Brett Kaufman | |||||||
Brett Kaufman | ||||||||
Chief Financial Officer and Treasurer | ||||||||
Date: March 7, 2023 |
Three months ended December 31, 2022 | Year ended December 31, 2022 | ||||||||||
Revenue | |||||||||||
Interest income | $ | 21,426,074 | $ | 81,498,717 | |||||||
Interest expense | (1,722,868) | (6,814,075) | |||||||||
Net interest income | 19,703,206 | 74,684,642 | |||||||||
Expenses | |||||||||||
Management and incentive fees, net (less rebate of $477,947 and $1,785,916, respectively) | 3,891,734 | 15,765,250 | |||||||||
General and administrative expenses | 1,326,863 | 4,699,676 | |||||||||
Stock-based compensation | 116,987 | 1,338,469 | |||||||||
Professional fees | 584,436 | 1,601,961 | |||||||||
Total expenses | 5,920,020 | 23,405,356 | |||||||||
Provision for current expected credit losses | (8,137,335) | (11,177,470) | |||||||||
Realized gains (losses) on sales of investments, net | — | 450,000 | |||||||||
Change in unrealized (losses) gains on loans at fair value, net | (2,031,205) | (3,593,095) | |||||||||
Net income before income taxes | 3,614,646 | 36,958,721 | |||||||||
Income tax expense | 676,561 | 1,026,324 | |||||||||
Net income | $ | 2,938,085 | $ | 35,932,397 | |||||||
Earnings per common share: | |||||||||||
Basic earnings per common share (in dollars per share) | $ | 0.14 | $ | 1.80 | |||||||
Diluted earnings per common share (in dollars per share) | $ | 0.14 | $ | 1.79 | |||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 20,300,657 | 19,842,222 | |||||||||
Diluted weighted average shares of common stock outstanding (in shares) | 20,416,172 | 19,957,737 | |||||||||
Dividends declared per share of common stock2 | $ | 0.56 | $ | 2.23 |
Three months ended December 31, 2022 | Year ended December 31, 2022 | ||||||||||
Net Income | $ | 2,938,085 | $ | 35,932,397 | |||||||
Adjustments to net income: | |||||||||||
Stock-based compensation expense | 116,987 | 1,338,469 | |||||||||
Depreciation and amortization | — | — | |||||||||
Unrealized losses (gains) or other non-cash items | 2,031,205 | 3,593,095 | |||||||||
Provision for current expected credit losses | 8,137,335 | 11,177,470 | |||||||||
TRS (income) loss | (602,378) | (2,170,348) | |||||||||
One-time events pursuant to changes in GAAP and certain non-cash charges | — | — | |||||||||
Distributable Earnings | $ | 12,621,234 | $ | 49,871,083 | |||||||
Basic weighted average shares of common stock outstanding (in shares) | 20,300,657 | 19,842,222 | |||||||||
Distributable Earnings per weighted average share | $ | 0.62 | $ | 2.51 |
RSM,A> -W'2=-$I
MKZRDW5;A(P<_:[MHE-D5;KB&6>+?@!L4@%TC3
Cover |
Mar. 07, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 07, 2023 |
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 1650 |
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 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | AFCG |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001822523 |
Amendment Flag | false |
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