AFC Gamma, Inc. (“AFC Gamma”) (Nasdaq: AFCG), a commercial real estate finance company that provides loans to operators in the cannabis industry, today announced certain business updates relating to its quarter ended June 30, 2021.
AFC Gamma’s Chief Executive Officer, Leonard Tannenbaum, stated, “The achievements we are announcing today are a direct reflection of our team’s thorough and carefully planned strategy to capitalize on the significant opportunities that exist in the expanding cannabis sector. Entering the second half of 2021, we are well positioned as a leader in the cannabis lending space, focused on providing competitive financing products to our clients and delivering consistent returns to our shareholders.”
Funding Update
Advancing its position as a leading cannabis lender, AFC Gamma is pleased to report that for the quarter ended June 30, 2021, the company’s gross funding was $77.8 million and its net funding, taking into account loan repayments and amortization, was $64.9 million. AFC Gamma closed on total new commitments of $71.3 million during the quarter.
Russell Inclusion & Investment Grade Rating
AFC Gamma has been added to the Russell 2000® Index following its annual reconstitution, effective June 28, 2021. Part of FTSE Russell, a global provider of analytics and data solutions with multi-asset capabilities, the Russell 2000® Index serves as a leading benchmark for institutional investors.
AFC Gamma has been assigned an investment grade rating of BBB- by Egan-Jones Ratings Company, a Nationally Recognized Statistical Rating Organization (NRSRO) and a recognized Credit Rating Provider by the National Association of Insurance Commissioners (NAIC).
“The Russell 2000® Index is one of the most widely quoted benchmarks for small- to mid-cap companies, and we expect that inclusion in this world-class market index will bring increased visibility among the investment community for AFCG. Our investment grade rating from Egan-Jones also serves as external affirmation of the strength of our strategic plan and financial position,” concluded Mr. Tannenbaum.
