AFC Gamma Inc. (AFCG) stock surge during after-hour trading, provided no current update.

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TTE Stock
TTE Stock

AFC Gamma Inc. (NASDAQ: AFCG) stock declined by 0.52% at the last close whereas the AFCG stock price soars by 6.66% in the after-hours trading session. AFC Gamma is an institutional lender that lends to top cannabis firms with excellent operations and cash flow potential, real-estate security and other assets, and positions in states with favorable supply/demand dynamics and legislative frameworks.

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AFCG stock, Financial Outcomes

Afc Gamma announced its second quarter 2021 financial results. The highlights are mentioned below:


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  • In Q2 2021, AFCG earned $4.6 million in net income or $0.34 per basic weighted average share of common stock.
  • In Q2 2021, the company generated $5.8 million in distributable profits or $0.43 per basic weighted average share of common stock.
  • Net book value per common share at the end of Q2 2021 was $16.66.
  • For the second quarter of 2021, the company paid a dividend of $0.38 per common share.
  • For the second quarter ending June 30, 2021, total interest income was $8.7 million. For the quarter ending June 30, 2021, total costs were $3.6 million.
  • For the second quarter 2021, the Company reported GAAP net income of $4.6 million, and distributable profits of $5.8 million, or $0.43 per weighted average common share.
  • Including the decrease in provision for current anticipated credit losses and fair value adjustment of loans maintained at fair value, distributable profits were modified by nearly $1.2 million, or $0.09 per basic weighted average common share, in the quarter ended June 30, 2021.

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AFCG Stock Business Updates

  • In the second quarter of 2021, they closed $71.3 million in new commitments and financed $77.8 million in new and existing obligations.
  • As of August 1, 2021, they have closed $7.6 million in new commitments and financed $10.9 million in new and existing obligations.

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Chief Executive Officer, Leonard Tannenbaum, commented,

AFC Gamma has a world-class staff, a robust balance sheet, and improved finance availability. They continue to expect significant demand for money as they enter the second half of 2021, and think that they are well positioned as a market leader and first mover in the fast developing cannabis lending sector.

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