• |
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
|
• |
Closed $341.3 million of new commitments in 2021
|
• |
Since completing its initial public offering (“IPO”) in March 2021, AFCG has distributed dividends of $1.67 per common share, in aggregate, yielding 8.8% on the IPO price
|
• |
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
|
• |
Closed $127.3 million of new commitments in Q4 2021 and funded $125.6 million of new and existing commitments
|
• |
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 (including partial exercise of the underwriters’ overallotment option), raising approximately $63.0 million of additional net capital
|
• |
Total loan commitments of $419.2 million ($363.7 million of which has been funded) across 16 portfolio companies, as of December 31, 2021
|
• |
The portfolio’s weighted average yield to maturity was approximately 19% as of December 31, 2021, compared to 21% as of September 30, 2021
|
• |
All loans are current and performing
|
• |
Total net interest income of $13.0 million, an increase of $2.3 million, or 22.1%, compared to the prior quarter
|
• |
Total expenses of $4.5 million, an increase of $0.6 million, or 16.5%, compared to the
prior quarter
|
• |
GAAP net income of $7.0 million
|
• |
Earnings of $0.43 per basic weighted average common share
|
• |
Distributable earnings of $8.5 million, or $0.52 per basic weighted average common share (see “Non-GAAP Financial Metrics” below for a reconciliation of GAAP net
income to Distributable Earnings)
|
• |
On January 14, 2022, AFC Gamma paid a regular quarterly cash dividend of $0.50 per share of common stock to its
stockholders of record as of December 31, 2021
|
• |
The aggregate amount of the regular cash dividend payment of $0.50 per share was approximately $8.2 million, which represents a 16.3% increase per share compared to the prior quarter
|
• |
AFC Gamma’s Board of Directors has declared a cash dividend of $0.55 per share of common stock, payable on April 15, 2022 to the stockholders of record as of March 31, 2022,
representing an increase of 10% over the prior quarter’s dividend
|
• |
In March 2021, AFCG completed its IPO of 7,187,500 shares of common stock (including the underwriters’ overallotment option) at $19.00 per share, raising approximately $123.9 million
of additional net capital
|
• |
Since the IPO, AFCG has completed two follow-on offerings of common stock in June 2021 and January 2022, selling 3,019,650 shares and 3,291,832 shares,
respectively (including partial exercise of both underwriters’ overallotment options), raising approximately $120.6 million of additional net capital in aggregate
|
• |
AFCG received a BBB+ investment grade rating in 2021 and issued $100 million in aggregate principal amount of 5.75% senior unsecured notes due 2027
|
For the three
months ended
|
For the three
months ended
|
For the year ended
|
Period from
July 31, 2020 to
|
|||||||||||||
December 31, 2021
|
December 31, 2020
|
December 31, 2021
|
December 31, 2020
|
|||||||||||||
Net Income
|
$
|
7,041,275
|
$
|
2,207,382
|
$
|
21,000,497
|
$
|
4,313,632
|
||||||||
Adjustments to net income
|
||||||||||||||||
Non-Cash equity compensation expense
|
83,871
|
-
|
1,745,872
|
-
|
||||||||||||
Depreciation and amortization
|
-
|
-
|
-
|
-
|
||||||||||||
Unrealized (gain), losses or other non-cash items
|
176,547
|
460
|
(619,821
|
)
|
(1,563,340
|
)
|
||||||||||
Provision for current expected credit losses
|
1,276,840
|
465,397
|
2,649,338
|
465,397
|
||||||||||||
TRS income (loss)
|
(31,649
|
)
|
-
|
(93,969
|
)
|
-
|
||||||||||
One-time events pursuant to changes in GAAP and certain non-cash charges
|
-
|
-
|
-
|
-
|
||||||||||||
Distributable Earnings
|
$
|
8,546,884
|
$
|
2,673,239
|
$
|
24,681,917
|
$
|
3,215,689
|
||||||||
Adjustments to Distributable Earnings
|
||||||||||||||||
Organizational expense
|
-
|
-
|
-
|
616,190
|
||||||||||||
Adjusted Distributable Earnings
|
$
|
8,546,884
|
$
|
2,673,239
|
$
|
24,681,917
|
$
|
3,831,879
|
||||||||
Basic weighted average shares of common stock outstanding (in shares)
|
16,386,527
|
5,694,475
|
13,373,778
|
5,694,475
|
||||||||||||
Adjusted Distributable Earnings per basic weighted Average Share
|
$
|
0.52
|
$
|
0.47
|
$
|
1.85
|
$
|
0.67
|