AFC Gamma Inc. AFCG reported its results for the fourth quarter and year-ended December 31, 2021.
FY 2021 Financial Highlights
Net income of $21.0 million in 2021, or $1.57 per basic weighted average share of common stock
Distributable earnings of $24.7 million in 2021, or $1.85 per basic weighted average share of common stock
Book value per common share of $16.61 as of December 31, 2021, compared to $14.83 at the end of 2020
Since completing its initial public offering in March 2021, AFCG has distributed dividends of $1.67 per common share, in aggregate, yielding 8.8% on the IPO price
Q4 2021 and Year-to-Date Highlights
- Net income of $7.0 million in Q4 2021, or $0.43 per basic weighted average share of common stock
- Distributable earnings of $8.5 million in Q4 2021, or $0.52 per basic weighted average share of common stock
- Paid a dividend of $0.50 per common share on January 14, 2022 for Q4 2021, representing a 16% increase from the prior quarter
- Subsequent to the fourth quarter, AFCG closed a follow-on common stock offering of 3,291,832 shares raising approximately $63.0 million of additional net capital
“We are proud of all that was accomplished in 2021, including AFC Gamma’s initial public offering and remarkable growth of AFCG’s portfolio, which has positioned us as the largest institutional lender. Operating as a public REIT has allowed us to accomplish several goals, including valuable access to public debt and equity markets, which provides AFCG with an attractive cost of capital relative to its peers,” stated Leonard Tannenbaum, AFC Gamma’s CEO. “Looking ahead to 2022, we are excited to continue expanding our portfolio and supporting the rapidly growing cannabis industry. As a result of our meaningful growth and strong performance, we are pleased to increase our quarterly dividend by 10% to $0.55, which is the third consecutive quarterly dividend increase. We look forward to continuing to amplify our presence as a leading lender and driving shareholder value.”
Q4 Operations Highlights
- Total expenses of $4.5 million, an increase of $0.6 million, or 16.5%, compared to the prior quarter
- Earnings of $0.43 per basic weighted average common share
AFC Gamma, Inc. will host a conference call at 10:00 am (Eastern Time) on March 10, 2022, to discuss its quarterly financial results.
Leonard Tannenbaum, AFC Gamma’s CEO, will be one of the speakers at the Benzinga Cannabis Capital Conference in Miami. There’s still time to sign up for the event that will host many top names in the cannabis industry. Click here for more info.
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