AFC Gamma, Inc. AFCG declared dividends for the quarter ending June 30, 2023 and announced a share repurchase program.
The board of directors of AFC Gamma declared a quarterly dividend for the quarter ending June 30, 2023 of $0.48 per outstanding share of common stock, payable on July 14, 2023 to the common stockholders of record on June 30, 2023. The $0.48 quarterly dividend represents an annual run rate of $1.92. Management anticipates that the June quarterly dividend represents a sustainable dividend level on the current portfolio, assuming no significant non-accruals and without any additional investments. The $0.48 dividend level takes into account recent repayments the company has received and cash drag associated with the current liquidity on its balance sheet, including from those recent repayments. The company remains focused on deploying capital into deals with strong risk adjusted returns both in cannabis and traditional real estate loans, but expects reduced earnings until the cash is deployed and leverage is drawn.
AFC Gamma’s stated policy is to pay dividends between 85% and 100% of ordinary income for each calendar year. If the company’s annual dividend falls below the stated range due to increased earnings, the company will consider paying a special dividend at the end of the year to stay within the stated range.
Share Repurchase Program
Since the beginning of 2023, certain executives of the company have purchased approximately $2.9 million worth of AFC Gamma stock in the aggregate. Given the current volatility in AFC Gamma’s share price, the board of directors has approved a share repurchase program, authorizing the company to repurchase up to $20 million of its outstanding common stock.
Related News
How Are Cannabis Industry Titans Driving Profits As Consumer Spending Falls?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ex-Date | ticker | name | Dividend | Yield | Announced | Record | Payable |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!