AFC Gamma: Spinoff Successful But Smoke Still Clearing [Seeking Alpha]
AFC Gamma, Inc. (AFCG)
Company Research
Source: Seeking Alpha
Summary AFC Gamma's Q2 distributable EPS rose to $0.56, enough to maintain the $0.48 dividend. The spinoff of the distressed CRE portfolio to Sunrise Realty Trust simplifies AFCG's focus on the cannabis industry, but book value and dividend yield are impacted. AFCG's new loan deals and opportunities to fund M&A by operators show potential, but meaningful growth of distributable EPS isn't yet clear for this mREIT. 4x6 I initially covered AFC Gamma ( NASDAQ: AFCG ) in May, rating it a Hold. This decision was informed by a mostly positive view of its role as a real estate lender for the cannabis industry, where supply of capital is low and allows for attractively high yields on its loans. AFCG's story, however, was complicated by its portfolio of distressed, non-cannabis loans in commercial real estate that were pending SEC approval for a spinoff into Sunrise Realty Trust ( SUNS Since then, the spinoff was approved and completed , and Q2 2024 results were also released . It'
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AFCG
News
- Should Value Investors Buy AFC Gamma (AFCG) Stock? [Yahoo! Finance]Yahoo! Finance
- John's July 2024 Retirement Income Update: A Look To Preferred Stock For Yield And Potential Appreciation [Seeking Alpha]Seeking Alpha
- AFC Gamma Announces First Post-Spin Dividend for the Third Quarter 2024GlobeNewswire
- AFC Gamma, Inc. (NASDAQ: AFCG) had its price target lowered by analysts at Jefferies Financial Group Inc. from $16.00 to $13.00. They now have a "buy" rating on the stock.MarketBeat
- Weekly Roundup on the Cannabis Sector & Psychedelic Sector [Yahoo! Finance]Yahoo! Finance
AFCG
Earnings
- 8/7/24 - Beat
AFCG
Sec Filings
- 8/7/24 - Form 8-K
- 8/7/24 - Form 10-Q
- 7/9/24 - Form 8-K
- AFCG's page on the SEC website