AFCG - AFC Gamma Successfully Exits $84.0 Million Loan to Subsidiary of Public Company H | Benzinga
WEST PALM BEACH, Fla., June 04, 2024 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) ("AFC Gamma") today announced that it has successfully exited its $84.0 million loan to Subsidiary of Public Company H. This was AFC Gamma's largest loan in its portfolio and during our last earnings call, we noted that the borrower failed to make its April interest payment in May. Through active portfolio management, AFC Gamma is pleased to announce that it has sold the loan to a third-party at par plus accrued, which generated a 19.9% internal rate of return ("IRR") over the life of the loan.
"When I joined AFC, I was focused on reducing exposure to underperforming credits through proactive portfolio management. This exit demonstrates our commitment to working ...