Cannabis real estate investment trust AFC Gamma, Inc. (NASDAQ:AFCG) revealed Monday that the company’s gross funding for the quarter ended Dec. 31, 2021, totaled $125.6 million.
Based in West Palm Beach, Florida, its net funding, taking into account loan repayments and amortization, was $120.6 million.
Furthermore, in total, AFC Gamma closed on total new commitments of $127.3 million during the quarter.
For the full year, AFC Gamma’s gross funding amounted to $302.5 million, while its net funding, taking into account loan repayments and amortization, was $275.5 million.
In addition, the company closed on total new commitments of $341.3 million during the twelve months ended Dec. 31, 2021.
On Oct. 29, AFC Gamma priced an offering of $100 million aggregate principal amount of 5.750% senior notes due 2027 to qualified institutional buyers. The notes mature on May 1, 2027, and their interest is payable semi-annually, with the first payment on May 1, 2022. The offering was closed during the quarter.
The company also revealed that its management has established the AFC Foundation, a nonprofit organization that will collaborate with its borrowers to give back and support communities in the states in which they operate.
More recent news from AFC Gamma:
- Acreage Secures $150M In Financing Via Senior Secured Credit Facility With AFC Gamma & Viridescent Realty Trust
- Cannabis REIT AFC Gamma Reports 276% Net Income Growth Reaching $7.9M In Q2
- AFC Gamma Provides Justice Cannabis Co. With $75.4M Via Extended Credit Facility, Announces Funding Updates
AFCG Price Action
AFC Gamma’s shares traded 0.31% lower at $22.69 per share at the time of writing on Monday.
Photo: Courtesy of Josh Appel on Unsplash
