AFC Gamma provides business update

AFC Gamma provided a business update for its operations through June 15, 2023, including declaring a dividend for the quarter ending June 30, 2023, announcing a share repurchase program, and sharing certain portfolio updates. Dividend for Quarter Ending June 30, 2023: The Board of Directors of AFC Gamma declared a quarterly dividend for the quarter ending June 30, 2023 of $0.48 per outstanding share of common stock, payable on July 14, 2023 to the common stockholders of record on June 30, 2023. The $0.48 quarterly dividend represents an annual run rate of $1.92. Share Repurchase Program: Given the current volatility in AFC Gamma’s share price, the Board of Directors has approved a share repurchase program, authorizing the Company to repurchase up to $20 million of its outstanding common stock. Portfolio Update: Portfolio management team continues to navigate the challenging cannabis environment. Since the last earnings call, the company have sold two-thirds of the Private Company I credit facility, which was a Category 4 loan under our CECL analysis as of March 31, 2023 and was placed in foreclosure in May 2023. Sold its portion of the credit facility at par plus accrued interest to a multi-state cannabis operator and have a put right on the remaining one-third immediately prior to the transfer of one of the borrower’s cannabis licenses. AFC Gamma also received a paydown of approximately $5.9 million on its portion of the Private Company A credit facility from the borrower’s sale of its Maryland assets and a repayment of all principal, accrued interest and exit fees upon maturity of the credit facility to Sub. of Private Company H. This period has now ended, and we are pleased to report that we have so far received 60% of the borrower’s June interest payment in cash with a payment plan to receive the rest of the June interest payment in cash over the course of this month.