Q3 2022 AFC Gamma Inc Earnings Call
Good day and thank you for standing by welcome to the AFC Gamma third quarter 2022 earnings Conference call.
At this time all participants are in a listen only mode.
After the speaker's presentation, there will be a question and answer session.
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Please be advised that today's conference is being recorded.
I'd now like to hand, the conference over to your Speaker today Gabriel Katz. Please go ahead.
Good morning, and thank you all for joining <unk> earnings call for the third quarter of 2022 I'm joined this morning by Leonard Tannenbaum, Our Chief Executive Officer, Jonathan Calico, our head of real estate Robin Tannenbaum, our head of originations in Investor Relations and Brent Kaufmann, Our Chief Financial Officer before we begin I would like to note that.
This call is being recorded replay information is included in our October 20 press release and is posted on the Investor Relations section of <unk> website at AFC Gamma Dot com, along with our third quarter earnings release and Investor presentation.
Today's conference call includes forward looking statements and projections that reflect the companys current views with respect to among other things future market developments anticipated portfolio yields and financial projections for 2022 and beyond these statements are subject to the inherent uncertainties in predicting future results and conditions.
Please refer to FC Gamma <unk>, most recent periodic filings with the SEC for certain significant factors that could cause actual results to differ materially from these forward looking statements and projections. During this call. We will refer to distributable earnings which is a non-GAAP financial measure reconciliations of net income the most comparable GAAP measure to distributed.
Our earnings can be found in <unk> earnings release, and Investor presentation available on <unk> website. The format for todays call is as follows Len will provide introductory remarks, an overview of our third quarter 2022 performance and strategic commentary John will discuss AFC <unk> portfolio Robyn will disk.
The origination pipeline, Brett will summarize our financial results and we will then open the line for Q&A with that I will now turn the call over to our Chief Executive Officer Leonard Tannenbaum. Thank you, Jim and good morning, and welcome to <unk> earnings call for the third quarter of 2022, I'd like to thank our analysts and investors for.
We view the core earnings power of FC Gamma to include the earnings of our taxable REIT subsidiary, although to date, none of the earnings have been recognized in our distributable earnings.
The taxable REIT subsidiary earned $1 million in the September quarter, and $1 $6 million year to date, which are excluded from our distributable earnings until distributed up to FC Gamma.
As a reminder, distributable earnings as the primary metric that the board considers when declaring FC gamma its quarterly dividend. The board of directors declared a 56% dividend per share in the September quarter, which was paid on October 14th 2022 to shareholders of record as of September 32022.
Since going public we have generated distributable earnings in excess of our dividend in each quarter and since the IPO, we have paid out $2 98 in dividends per share.
We currently have rollover income of approximately $6 million or 29 per share outstanding.
We did not increase the dividend this quarter as we believe the quarterly dividend level of <unk> 56.
Is appropriate based on the core earnings of FC Gamma <unk> current portfolio.
Given we're halfway through the quarter.
We're making the statement that we are confident that our distributable earnings will meet or exceed the current dividend level in the fourth quarter of 2022.
Next I would like to turn to the broader candidates market.
From a macro perspective.
As we discussed last quarter the sector remains under pressure due to the uncertainty of regulatory change pricing compression and longer lead times to raise equity in.
In certain states the pricing environment for wholesale has declined below the marginal cost of production, which has caused undercapitalized operators to close or suspend their cultivation and production.
We believe that as wholesalers exit the market prices may rebound above the marginal cost of production in mid 2023, benefiting the better capitalized operators.
In addition, as a result of the difficult capital markets environment.
Many cannabis operators.
Interesting.
Alarm, Okay, we believe vessels as wholesalers to exit the market.
In addition, as a result of a difficult capital market environment. Many cannabis operators are focused on existing operations and generating earnings versus deploying additional capital in new states.
With public cannabis company stocks trading near lows. Many are reluctant to raise equity capital, which may open additional opportunities for debt providers, such as us to fill the void and invest in deals with enhanced yields and strong risk adjusted returns.
Given the market volatility we are pleased with the quality of our portfolio. We believe that our focus on targeting operators in limited license States has set us up to mitigate risk and generate strong risk adjusted returns we.
We actively manage our portfolio, having regular dialogue with many of our borrowers and we are comfortable with the coverage of our loans on an enterprise value basis.
Two loans are ranked as category four under our Cecil analysis with no new additions during the quarter and no category five loans in our portfolio.
In addition, all of our borrowers are current with their payment obligations and no loans are on nonaccrual.
Subsequent to quarter end AFC gamma its affiliates and viridescent increased their commitment to acreage holdings by providing access to an additional $50 million of which $13 million has been drawn.
The amended credit facility now includes a floating interest rate equal to U S Prime plus 575% per annum with a prime floor of five 5% an increase from the initial fixed coupon rate of 975%.
We have further enhanced our collateral under the facility with a cash escrow of $28 $5 million by canopy subsidiary.
Additionally, subsequent to quarter end AFC gamma was refinanced out of our $86 $6 million position in <unk> holdings.
In this volatile cannabis environment, we believe it's important to be in order to have substantial control over our deals as.
As of November one 2022.
We agent at 95% of our deals based on outstanding commitments.
AMC gamma did not participate in <unk>, new financing, which was not fully not fully real estate secured.
Toronto was among our lowest yielding investments and we could potentially deploy the capital in higher yielding assets.
As we have stated in the past deals can take between three and nine months to close.
Therefore, we may have a cash balance at the end of the year as we look to deploy capital into deals with strong risk adjusted returns.
This cash balance may cause us to have an under leveraged balance sheet below our previously stated target of <unk> five.
Two one debt to equity ratio, which may decrease return on equity in the medium term.
Turning to the macro lending environment, there has been a substantial rise in benchmark interest rates and the broader market as well as in the cannabis market.
As of November 1st approximately 56% of our portfolio had a floating interest rate increasing from 29% at the end of the second quarter of 2022.
The weighted average yield of the portfolio was approximately 20% on November one.
Up nicely from the 18% at the end of the second quarter of 2022.
Yes.
We are also excited to discuss that we're exploring some attractive opportunities for the company.
As John will describe we are analyzing expanding our investment strategy using our core competencies utilizing our core competencies.
Management and the board are also exploring potential corporate opportunities for the company, including an internalization of our external manager.
As we consider what is best for the company and its shareholders a special committee of independent and disinterested members of the board has been formed to lead the company and thinking around a potential lead the company's thinking around a potential internalization.
Looking ahead I am excited about our market positioning portfolio composition.
Our opportunity set.
And our available liquidity.
I will now turn the call over to John Thank you Lynn as of November one 2020 to AFC Gamma has 13 loans outstanding with $426 2 million in commitments and $368 6 million funded the portfolio has a weighted average time to maturity of just under three years.
And building our portfolio, we targeted borrowers with operational knowledge cultivation experience in cannabis and significant equity investment in their enterprise. We have remained steadfast in our underwriting criteria and we will not lend money to companies that don't meet our loan standards simply because we wish to deploy.
Capital even if this may result in a temporary cash trap and.
In the current cannabis market operators have encountered newer worsening challenges that have made deploying capital into loans with a favorable risk profile more difficult.
Companies access to equity capital is virtually ceased.
Cost increases for construction and personnel has not slowed while pricing pressure on candidate itself continues.
These factors combined with the absence of regulatory reform.
It has caused a slowdown in the industry, making it more difficult to source cannabis opportunities with significant real estate coverage in limited license states add to this unknowns around the possible passage of the Safe Act and whether ballot legalization measures in states like Maryland in Missouri will succeed and.
It is not surprising that we have increased our cash balances.
We believe that having capital available to take advantage of the opportunities that may be coming in this volatile environment is prudent.
We see the possibility of a scenario in the near future where strong companies will once again CCAR capital for distress purchases mergers our expansion into newly approved adult adult use markets.
We are therefore building cash reserves from the recent repayments we have received to be best positioned to invest in deals with strong near term risk adjusted returns while preserving the ability to take advantage of the next wave of candidates M&A activity and growth.
I wanted to highlight another factor in our lending.
As a REIT, we generally require real estate as part of the collateral pool, we receive from our borrower.
While this requirement has eliminated some loan candidate it has proven a vital part to ensure our loans remained fully collateralized.
We do recognize that the necessity for real estate shrinks, our pool of potential candidates borrowers and as such we are discussing solutions to increase our pool of potential borrowers that we can continue to make the best investment decisions for our shareholders to different economic and market cycles I will now turn the call over to Robert Thank you.
John our origination platform is focused on both expanding loans with a variety of our existing borrowers and continually sourcing new borrowers from January 2020. During November one 2022, we have sourced over $17 billion of transact actions, which represents over 660 potential deals.
As of November 1st for the same time period, our selectivity ratio was approximately four 4%.
We have an active pipeline of $368 million down.
Down from higher levels in the previous few quarters due to market factors that both John and Lin described Additionally, it remains difficult to predict both the timing of converting and closing those deals at AFC Gamma we are being prudent with our capital commitments and exhibiting a higher degree of selectivity as the market environment has been challenge.
During the third quarter, we closed on new commitments of $19 million.
<unk> gross fundings of $24 8 million.
We continue to remain disciplined in our approach to lending and implement stringent underwriting criteria to make prudent investment decisions.
<unk> has substantial liquidity and capacity to complete additional transactions that meet our lending criteria and have strong risk adjusted returns.
Before turning the call over to Brad as President of A&P Foundation I'm excited to highlight another deserving organization that AFC Foundation donated to coordinate outreach based in Atlanta, Georgia corners outreach is a nonprofit organization that strives to equip metro Atlanta is underserved students of color and their family.
As with the tools needed to lead full lives through educational development and economic opportunities AFC Foundation is pleased to make this donation as coordinate outreach continues to improve its nearby communities and invest and students to enact social change I will now turn it over to Brett to review our financials.
Thank you Robyn we're pleased to report another quarter of solid financial performance driven by strong growth in income during the quarter due to the growth in the loan portfolio versus the prior year comparable quarter for the quarter ended September 32022, we recorded GAAP net income of $11 $5 million or.
Earnings of <unk> 57 per basic weighted average common share an increase to net income of 45% as compared to the third quarter of 2021, where we had GAAP net income of $7 $9 million or earnings of 48 per basic weighted average common share.
For the third quarter of 2022, we generated net interest income of $18 1 million, an increase of 71% as compared to the third quarter of 2021, where we had interest income of $10 6 million.
But at the same time period, we generated distributable earnings of $11 8 million or <unk> 59 per basic weighted average common share an increase to distributable earnings of 64% as compared to two distributable earnings of $7 2 million or <unk> 44 per basic weighted average common share for the third.
Third quarter of 2021.
As of September 32022, our total assets were $471 3 million as compared to $303 9 million on September 32021.
As of November one 2022, <unk> portfolio consisted of $426 $2 million of current commitments with $368 $6 million funded across 13 loans as of November one 2022 year to date, we have closed on new commitments of $203 8 million.
Were repaid on $152 4 million from five investments and we sold $25 million from two investments.
The weighted average portfolio yield to maturity, which is measured for each loan over the life of such loan was approximately 20% as of November one 2022 as compared to 18% as of June 32022.
As previously mentioned, we believe providing distributable earnings is helpful to stockholders in assessing the overall performance of <unk> business.
Distributable earnings represents the net income computed in accordance with GAAP, excluding noncash items, such as equity compensation expense any unrealized gains or losses.
Provision for current expected credit losses also known as seasonal.
Taxable REIT subsidiary income or loss or other noncash items recorded in net income or loss for the period.
As of September 32022, the seasonal reserve of our loans at carrying value represents approximately one 8% compared to approximately 176% at June 32022.
On October 14th 2022, AMC Gamma paid a dividend of <unk> 56 per common share for the third quarter to shareholders of record as of September 32022.
Year to date, we have paid out dividends of approximately 90% of our distributable earnings as a reminder, on an annual basis, our dividend policy is to pay between 85% and 100% of distributable earnings over the year.
Next let's take a look at our balance sheet, which remains strong I am pleased to report that Egan Jones during the quarter affirmed our triple B plus investment grade corporate and senior notes rating.
Our $100 million senior notes, which have a 575% fixed rate remain outstanding and are due in may 2027, our leverage as measured by debt to equity was 0.29 times to one as of September 32022, and currently there is no net leverage.
In addition to the substantial cash and liquidity, partially provided by the varano loan repayment, we have an undrawn $60 million revolving credit facility.
As of September 32022, our total stockholders' equity was $347 $4 million and our book value per share was $17 <unk>.
As compared to $16 61.
As of December 31, 2021, an increase of 3%.
With that I will now turn it back over to the operator to start the Q&A.
Operator.
Thank you and as a reminder to ask a question. Please press star one one once again to ask a question. Please press star one one.
Please standby, while we compile the Q&A roster.
And our first question will come from Gaurav Mehta from Es Hutton Your line is open.
Hey, Thanks, good morning.
Hello, Good morning on.
On your comments on internalization.
I was hoping this will provide some more color on what factors to consider.
And then I know I think in the past you had talked about concern.
Going into equity.
Equity equals $1 billion or more.
Is that still a target or Tien tsin.
No.
So we're still relatively early and I think in the discovery that the board is doing and the committee was just formed as I said.
I think we're not going to so there is not much to talk about of course, you can go back and see in the proxy was very detailed out as you pointed out at $1 billion of certain formula and thought process around that it will differ from that but I think that's at least a good starting point to understand what we're talking about and yes. The <unk>.
<unk> is considering doing it earlier than asking us to do it earlier than the $1 billion, where they had the right to internalize the manager they're asking the manager in this case.
We will reconsider doing it earlier, but yet the discussions are very preliminary.
Okay.
Second question on your repayments your comments on substantial repayment for Q2, probably Q, maybe talked about this but what was sort of expected or was that a surprise.
The increase in lithium and let you guys go.
<unk>.
So it was expected.
In fact, I think I talked about it on previous calls that large borrower could repay in.
Isn't that Ron what happened to be our lowest yielding loan et cetera. So we did expect it it was actually do the following may so they have to refinance certainly by then.
And we received some additional income because of that because of the early repayment.
Okay. Thank you.
Thank you.
One moment for our next question please.
And our next question will come from Harrison Veeva from Cowen <unk> Company. Your line is open.
Great. Thanks, so much for taking my questions.
But I just wanted to start maybe taking a step back and looking at the broader economic environment.
Understanding you've talked about sort of studied rate cycles in the past I would appreciate your perspective on where you think we are at the current rate cycle.
And do you think your borrowers in your pipeline to have the flexibility to wait for rates to soften before for.
Executing on new loans.
So I think that we're going to find out in the CPI print. This week, but I think most estimates are the inflation will stay persistent the interest rates will stay high for a period of time and we found it really to switch to migrate a lot of our portfolio to floating rates and FX, which were very successful moving at.
256%, we hope to move it higher obviously by 56% up from 27% Robyn 29%.
So we are going to benefit as rates continue to rise, obviously defense indicate a slower rate of rise.
Growers are already paying quite a bit in terms of interest in that short one or 200 basis points is going to tilt the applecart, one way or another much more important or as the supply demand equation in the macro environment cannabis, which.
Could get better by mid next year because of people coming out of the market. The weaker players at least we hope that at least we hope for some price stabilization, but it certainly has compressed margins.
Ross the board.
As for the <unk>.
As for the country's macro environment.
I think everyone realizes it's slowing.
Across the board and it's a question of.
What the pace of how fast it'll slow and where it bottoms out.
Okay makes sense. Thank you.
Shifting to guidance you previously offered.
Obviously, the expectation has been for $3 million to $500 million in gross originations you are at around 200 million November .
November 1st so you kind of expect to still land somewhere.
Within that gross origination target, obviously on the repayment front youre, starting with the midpoint of your guide so curious.
I hear what you are thinking about.
Gross originations.
Yes, it's difficult the problem is it's very difficult to time originations, but my guess is if we do hit the 3% to 500 will be the low end at best.
So it's going to be challenging to hit that to hit that range.
And the same thing for next year I think I made some forward looking comments regarding leverage.
I think it will be difficult to get to our previously stated five times lever target next year, we're going to be under Levered for the medium term and I'm not sure what the medium term means in terms of months, but.
<unk> anticipating is taking leverage and by the way I'm not quite sure it's prudent to take leverage in this volatile environment either.
We do want to see things bottom in Canada before.
More aggressive in terms of loans, so we're pretty happy about having such a nice liquidity position.
Sure.
Makes sense last one from me would love some more color on the public company.
I guess, how long does that youll take to complete and obviously given your required that lower do you think cornerstone with kind of a bigger.
From a capital deployment strategy.
Sure.
Yes.
Yes.
The $10 million one yes, yes, that's the $10 million loan acquired during the quarter.
Yes.
Whispering to me, but now you are saying on the call that's not very smart, but its okay.
Look I think that was a <unk>.
Deal with a company that actually were working on another deal with that's in the pipeline.
It's one of the better operators in the space, we don't Cnemis, but this one is not an agent to deal. So I said, 90%, 95% of our deals are agent. It public company <unk> is not an agent <unk> goodbye.
Current agent.
Part of a much larger loan.
And we did it as not only do we think the company is good but we did it to build a relationship with the company, which we hope to do some more business with us.
Great. That's very helpful I'll jump back in the queue.
Thank you.
One moment for our next question please.
And our next question will come from John Hecht from Jefferies. Your line is open.
Alright.
Good morning, and thanks for taking my questions.
I will describe it as best as possible to think about the near term loan book for modeling perspective, Brian This quarter will not go below four but.
And the other group.
Yes, I know.
We are working on some deals that could happen by the end of the year.
Doesn't mean, they always complete.
Considering expanding our universe of things that we're looking at that are real estate secured and so I think that's.
You commented on this.
Glad you mentioned it because really what I realized as I look through our numbers and I look through the analyst estimates for this past quarter.
Where is that where some of the discrepancy in one of the things is we had to drop one of our assets I think we said that last quarter right Brendan Brennan.
Very little real estate coverage and has a little bit yes. It has some real estate coverage, but not enough.
Test is preserved.
And when that dividends up then we have more learnings than if we leave it there and we have less distributable earnings.
That we did earn the money.
Okay. That's helpful and is there any other assets in the near term that we would come in and go out of others.
I think there is another asset in the medium term that may drop in which means in that six month ish timeframe that I can think of.
Legislative action in order to do things like that if youre going to schedule cannabis. So we're talking about six to eight years from now maybe and with a Republican led the house and Senate very unlikely that youre going to get the legislative support.
And they also have a bunch of seller notes that they have to pay off the larger msos, but if you think about states with the most potential that still are getting reconcile this georgia, Georgia is going to be amazing not in the next year, but in three excuse me I think it's another Florida type type.
Great. Thank you very much for the update.
One moment for our next question please.
And our next question will come from Aaron Hecht from JMP Securities. Your line is open.
Hey, guys. Thanks for taking my question.
Investment requirements to maintain REIT status.
But then you also made the comment about expanding the investment strategy the other core competencies.
So I think we got it backwards the Koran alone when we did the loan was real estate secured.
The velocity varano loan refinanced.
Had a little bit of real estate coverage, but.
Not REIT eligible.
So in order to maintain even are being bucket that was what they call in a bucket loan as you know.
So that's the problem is even if we wanted to go back and Malone and we also chose not to because we weren't agent being a very large loan that we believe that you should have agent and control over your over your investments.
We wasn't real estate really real estate eligible and ultimately those types of things even if we did a small piece would have to be dropped into the taxable REIT subsidiary. So.
So we do need to think about how do we do more real estate loans and Thats what were thinking about it is really making sure that we have the real estate coverage for <unk>.
Okay and then.
Our secured loan.
And Martin does a good job meeting those teams, but also helping in the building, but also understanding all the hurdles when you want to build out our cultivation, we noted buildup dispensaries.
To lease their property to a non cannabis provider and so.
There are a lot of tangential expertise and our core competencies that we could explore while still while still really maintaining what we're really good at.
Okay. Thanks for that clarification and then on.
And you do have some extra liquidity right now.
As figured out.
We have an undrawn credit line and I think we're sitting in a net debt equal position today, and so I mean, thats far more liquidity than any internal in my mind, that's much more liquidity than any internalization would require.
As we've spoken to even our bankers and your firm and others. There are a number of investors that don't invest an external managed companies the external manager.
Different.
Thank you.
And our next question will come from Mark Smith from Lake Street. Your line is open.
Hi, guys first one for me just broadly as we look at the industry and weakness out there.
You've seen any changes in the states, where you are operating in some of these limited license states.
We can just kind of expanding into some of those states.
I mean, the weakness thats in the unlimited license states expanding into limited license States I think a good example of that is Arizona.
Arizona is a great limited license states, so, but you're willing to be on the dispensary side, It's unlimited license from a cultivation standpoint, and Arizona cultivation prices have crashed.
Wholesale prices down to the 350 ish dollars. It's one of the states that you can easily say is below marginal cost of production.
That's what that's really unfortunate the worst I've seen it in Arizona.
I am in Colorado as I.
Viewed as an unlimited licenses, we don't do business, there, but that prices crashed there for sure.
And so look it is spilling youre seeing a price compression and Pennsylvania are seeing price compression in Massachusetts.
And so it's a little bit of a slow, especially with greenhouse products spilling cross borders and outdoor gross billing cross borders.
One bright light I would say in general is high and so the high end premium product and brands have held up and held up well. We do have one company in Michigan, which is extremely tough state and prices greenhouse crash, but the indoor product that theyre selling really is held up to in house prices and so.
That's a good example of a premium provider still doing okay. In this environment.
Okay, and then Robin talked a little bit I don't want to mischaracterize, it but it sounds like kind of a squeezed pipeline.
Is that the big kind of a leading indicator and then a few months to kind of get these deals over the finish line, let's say come into the pipeline.
Any insight into kind of what you're seeing as you're out there in the early stages looking for deals have you seen any capitulation, yet and people that looked like they are getting ready to start.
Dumping capital and investing more.
Joe how we how we view the active pipeline is just as SaaS opportunities that are actionable either term sheets issued heading towards the term sheet issued or farther down the diligence process to get to make a decision on whether or not we want to issue a term sheet. So I think from that standpoint.
It's definitely come down as Len and John talked about the environment for candidates in general is making us more selective in terms of the deals that we're looking at in terms of the opportunities that were.
Willing to invest in there are there is still definitely a need for capital from operated areas and providers.
Some of the larger msas aside from the Verona refinancing as we discussed they really focused on their existing operations and generating cash flow versus expansion that we saw last year. The expansion of those large msos in the air tickets are really what drove that pipeline up and focusing more on than that.
Mid tier mid tier and mid size operators is part of what's driven it down along with a lack of real estate collateral with spin.
At this time.
Okay.
But as Youre looking at and need that real estate collateral as you look to move more towards floating.
Yes.
I mean, all the new things we're looking at are floating just by standard.
And when we have the opportunity and the renegotiation to modify alone from fixed to floating we're taking advantage of that because we have we clearly believe that floating with a with a good floor is the way to go in this in this increasing interest rate environment.
That's fair.
Thank you guys.
Thank you.
Thank you all for listening and we look forward to reporting another quarter of next year.
Thank you. This concludes today's conference call. Thank you for your participation you may now disconnect everyone have a wonderful day.
The conference will begin shortly.
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