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Yahoo
21-05-2025
- Business
- Yahoo
Green Impact Partners Signs Definitive Agreement to Sell Its Water and Recycling Facilities and Announces Lead Equity Partner Agreement for the Future Energy Park
Calgary, Alberta--(Newsfile Corp. - May 21, 2025) - Green Impact Partners Inc. (TSXV: GIP) ("GIP" or the "Company") has entered into a definitive agreement (the "Agreement") with a private, arm's-length party (the "Purchaser") for the sale of its water, waste treatment, and recycling facilities located in Alberta and Saskatchewan (the "Transaction") for proceeds of $53.25 million (the "Purchase Price") subject to working capital adjustments. The Purchase Price shall be paid with $34.5 million in cash on close, and an $18.75 million Promissory Note (the "Note"). The Transaction is expected to close on or before June 30, 2025, and is conditional on the Purchaser obtaining financing and the satisfaction of other negotiated closing conditions, including receipt of final approval from the TSX Venture Exchange. The TSX Venture Exchange has conditionally approved the Transaction subject to customary conditions for a transaction of this nature. Proceeds from the Transaction will be used to repay the Company's revolving credit facility (the "Credit Facility") in full. In addition to the Purchase Price, the Purchaser has paid GIP an exclusivity fee of $500,000 (the "Exclusivity Fee") in respect of the Transaction until June 6, 2025. Transaction Details Payments are due monthly under the Note, which is non-interest bearing prior to maturity, commencing on the first day of the first month following close for a period of 24 months. The Purchaser has the option to prepay the Note prior to its maturity for a discount if prepayment occurs within three to 12 months of closing. The Exclusivity Fee is repayable by the Company under certain limited circumstances. If the Agreement is terminated in certain circumstances, the Purchaser is obligated to pay GIP a termination fee of $5 million. Joint and several personal guarantees have been delivered by certain individuals associated with the Purchaser to guarantee the Purchaser's obligations under the Note and the termination fee. The Company has been advised on the Transaction by a financial advisor and legal counsel of national standing. As the Transaction is conditional upon the Purchaser obtaining financing to pay the cash portion of the Purchase Price, the Transaction involves material uncertainties, and there are no assurances that it will close. Given the Company's limited cash balances and liquidity, a failure to close could have a material adverse effect on the Company's financial condition, including the ability to operate as a going concern. Please see Note 2(c) of the Company's audited annual consolidated financial statements for the years ended December 31, 2024 and 2023 (the "Financial Statements") as available on SEDAR+ ( for further disclosure in this regard. Corporate Update Readers are reminded as a result of the Company's going concern disclosure in the Financial Statements and corresponding Audit Report, the Company continues to be in default under the Credit Facility. Under the Credit Facility, the Credit Facility lender will have the right to demand repayment and/or realize on its security at any time under the Credit Facility. GIP has entered into a non-binding term sheet (the "Term Sheet") with a company controlled by Jesse Douglas, the Company's Chief Executive Officer, to provide a subordinated secured term loan (the "Loan") to fund near term working capital of the Company. Funding under the Loan is subject to certain conditions, including negotiation of definitive documentation, and receiving required amendments to the Credit Facility. The Loan will be for a principal amount of $2 million (with $1.5 million funded on closing of the Loan agreement and $500,000 subject to future draw down). In addition, the Third Funding under the Option Agreement dated March 7, 2024 (as amended April 28, 2024 and filed on SEDAR+ ( for which 60 days' notice had been given on April 29, 2025, would be waived. There is no assurance the definitive documentation in respect of the Loan will be finalized, nor is there any assurance the conditions precedent under the Term Sheet (including lender approval to any required amendments under the Credit Facility) will be satisfied, in which case the above-noted risks related to the Company's financial condition will continue to exist. Executed Lead Equity Partner Term Sheet for the Future Energy Park ("FEP") GIP has finalized a non-binding, equity term sheet with a global Japanese investment partner for the lead project equity investment in FEP. Closing is subject to obtaining final internal approvals, entering into definitive investment agreements, the close of project-level debt financing and other customary terms and conditions. "After years of development, GIP is thrilled to reach this important milestone," said Jesse Douglas. "Our team has worked tirelessly to align government approvals, commercial contracts, design and capital - all in preparation for the fast-approaching construction season. We are pleased to welcome our new equity partner, whose aligned interests and shared vision for sustainable energy solutions bring tremendous value to our project. The Future Energy Park is being realized at a critical time for Canada, the Province of Alberta, and the City of Calgary, delivering a tremendous positive impact for our shareholders, employees, contractors, farmers, and the environment." Douglas added, "As we move closer to selecting our lending syndicate, making our final investment decision, and breaking ground on the Future Energy Park, our focus is firmly set on this transformational project. This project represents a generational opportunity to create long-term, multiplied financial value - not only for our shareholders, but for Canada as a whole. In a time of global economic and trade uncertainty, the timing of this milestone is exceptional. It positions GIP and Canada to lead in the future of sustainable energy development." "Due to confidentiality obligations, we're limited in what we can share at this time. However, we're pleased with the outcome and look forward to sharing more details as we approach our final investment decision in the near term," said Douglas. FEP is poised to become one of North America's largest carbon negative biofuels facilities integrating both the agriculture and energy sectors by converting non-food grade wheat to create ethanol and renewable natural gas. The engineering, procurement and construction cost of the project is estimated at approximately $1.5 billion, including contingencies. In addition, there are approximately $500 million in soft costs covering additional reserves, construction oversight, working capital and debt servicing during construction. The project is expected to be financed with a capital structure of 25% equity ($500 million) and 75% project-level senior and subordinated debt ($1.5 billion). Construction and full commissioning will take about three years following a final investment decision. About the Future Energy Park The project will create approximately 800 jobs over 24 months during construction and 100 jobs (direct and indirect) during operations. Once operational, FEP will provide annual new, direct revenue of over $150 million to rural wheat producers and income and property tax to the City of Calgary and Province of Alberta. The facility is being sited in an industrial area in southeast Calgary and will be constructed and operated on 52 acres of land which has been designated for industrial use. About Green Impact Partners Inc. Green Impact Partners is forging a path towards a sustainable future by turning waste into energy. With a focus on renewable natural gas (RNG) and bioenergy projects, our mission is to acquire, develop, construct, and operate facilities that not only produce energy but also play an important role in waste reduction and lowering emissions. Our comprehensive approach spans the entire project life cycle, from idea generation through construction to ongoing operations. In addition to our RNG and bioenergy projects, GIP maintains a current portfolio of water and solids treatment and recycling facilities in Canada, alongside a solids recycling business in the United States. Traded on the TSX Venture Exchange under the symbol 'GIP', the Company invites you to join us in our journey. For more information about the Company, please visit Investor & Analyst Inquiries: Nikolaus KieferChief Investment Officer(236) 476-3445investors@ Media Inquiries: media@ Cautionary Statements This news release contains forward-looking statements and/or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. When used in this release, such words as "would", "will", "anticipates", believes", "estimates", "explores" "expects" and similar expressions, as they relate to GIP, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of GIP with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause GIP's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects the Company's current expectations regarding future events, including but not limited to: the anticipated closing of the sale of the Company's water, waste treatment, and recycling facilities; obtaining final exchange approval for the Transaction; anticipated cash to the Company at closing; the anticipated investment partnership for FEP; timelines for a final investment decision and construction for FEP and the Company obtaining any required regulatory, shareholder or third party approvals for the Loan, if any. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; receipt of necessary transaction and project approvals; availability of financing for project development; uncertainties and risks with respect to developing RNG projects; general business, economic, competitive, political and social uncertainties; assurance that the final terms will align with those initially agreed upon or that the Transaction will proceed as anticipated; the risk that closing conditions on the asset disposition may not be satisfied on the anticipated timeline, or at all; the possibility that the Company may not enter into definitive agreements for the FEP investment or close on such investment; the anticipated timing of construction and ultimate completion of FEP may not occur; entering into definitive agreements with its anticipated FEP investment partner; failure of the Company to realize the anticipated benefits of the asset disposition and/or FEP investment; change in demand for clean energy to be offered by the Company; obtaining required approvals of regulatory authorities; ability to access sufficient capital from internal and external sources. For a more fulsome list of risk factors please see the Company's December 31, 2024, year-end Management Discussion and Analysis ("MD&A"), and AIF available of SEDAR+ at Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release to provide shareholders with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit
Yahoo
21-05-2025
- Business
- Yahoo
Green Impact Partners Signs Definitive Agreement to Sell Its Water and Recycling Facilities and Announces Lead Equity Partner Agreement for the Future Energy Park
Calgary, Alberta--(Newsfile Corp. - May 21, 2025) - Green Impact Partners Inc. (TSXV: GIP) ("GIP" or the "Company") has entered into a definitive agreement (the "Agreement") with a private, arm's-length party (the "Purchaser") for the sale of its water, waste treatment, and recycling facilities located in Alberta and Saskatchewan (the "Transaction") for proceeds of $53.25 million (the "Purchase Price") subject to working capital adjustments. The Purchase Price shall be paid with $34.5 million in cash on close, and an $18.75 million Promissory Note (the "Note"). The Transaction is expected to close on or before June 30, 2025, and is conditional on the Purchaser obtaining financing and the satisfaction of other negotiated closing conditions, including receipt of final approval from the TSX Venture Exchange. The TSX Venture Exchange has conditionally approved the Transaction subject to customary conditions for a transaction of this nature. Proceeds from the Transaction will be used to repay the Company's revolving credit facility (the "Credit Facility") in full. In addition to the Purchase Price, the Purchaser has paid GIP an exclusivity fee of $500,000 (the "Exclusivity Fee") in respect of the Transaction until June 6, 2025. Transaction Details Payments are due monthly under the Note, which is non-interest bearing prior to maturity, commencing on the first day of the first month following close for a period of 24 months. The Purchaser has the option to prepay the Note prior to its maturity for a discount if prepayment occurs within three to 12 months of closing. The Exclusivity Fee is repayable by the Company under certain limited circumstances. If the Agreement is terminated in certain circumstances, the Purchaser is obligated to pay GIP a termination fee of $5 million. Joint and several personal guarantees have been delivered by certain individuals associated with the Purchaser to guarantee the Purchaser's obligations under the Note and the termination fee. The Company has been advised on the Transaction by a financial advisor and legal counsel of national standing. As the Transaction is conditional upon the Purchaser obtaining financing to pay the cash portion of the Purchase Price, the Transaction involves material uncertainties, and there are no assurances that it will close. Given the Company's limited cash balances and liquidity, a failure to close could have a material adverse effect on the Company's financial condition, including the ability to operate as a going concern. Please see Note 2(c) of the Company's audited annual consolidated financial statements for the years ended December 31, 2024 and 2023 (the "Financial Statements") as available on SEDAR+ ( for further disclosure in this regard. Corporate Update Readers are reminded as a result of the Company's going concern disclosure in the Financial Statements and corresponding Audit Report, the Company continues to be in default under the Credit Facility. Under the Credit Facility, the Credit Facility lender will have the right to demand repayment and/or realize on its security at any time under the Credit Facility. GIP has entered into a non-binding term sheet (the "Term Sheet") with a company controlled by Jesse Douglas, the Company's Chief Executive Officer, to provide a subordinated secured term loan (the "Loan") to fund near term working capital of the Company. Funding under the Loan is subject to certain conditions, including negotiation of definitive documentation, and receiving required amendments to the Credit Facility. The Loan will be for a principal amount of $2 million (with $1.5 million funded on closing of the Loan agreement and $500,000 subject to future draw down). In addition, the Third Funding under the Option Agreement dated March 7, 2024 (as amended April 28, 2024 and filed on SEDAR+ ( for which 60 days' notice had been given on April 29, 2025, would be waived. There is no assurance the definitive documentation in respect of the Loan will be finalized, nor is there any assurance the conditions precedent under the Term Sheet (including lender approval to any required amendments under the Credit Facility) will be satisfied, in which case the above-noted risks related to the Company's financial condition will continue to exist. Executed Lead Equity Partner Term Sheet for the Future Energy Park ("FEP") GIP has finalized a non-binding, equity term sheet with a global Japanese investment partner for the lead project equity investment in FEP. Closing is subject to obtaining final internal approvals, entering into definitive investment agreements, the close of project-level debt financing and other customary terms and conditions. "After years of development, GIP is thrilled to reach this important milestone," said Jesse Douglas. "Our team has worked tirelessly to align government approvals, commercial contracts, design and capital - all in preparation for the fast-approaching construction season. We are pleased to welcome our new equity partner, whose aligned interests and shared vision for sustainable energy solutions bring tremendous value to our project. The Future Energy Park is being realized at a critical time for Canada, the Province of Alberta, and the City of Calgary, delivering a tremendous positive impact for our shareholders, employees, contractors, farmers, and the environment." Douglas added, "As we move closer to selecting our lending syndicate, making our final investment decision, and breaking ground on the Future Energy Park, our focus is firmly set on this transformational project. This project represents a generational opportunity to create long-term, multiplied financial value - not only for our shareholders, but for Canada as a whole. In a time of global economic and trade uncertainty, the timing of this milestone is exceptional. It positions GIP and Canada to lead in the future of sustainable energy development." "Due to confidentiality obligations, we're limited in what we can share at this time. However, we're pleased with the outcome and look forward to sharing more details as we approach our final investment decision in the near term," said Douglas. FEP is poised to become one of North America's largest carbon negative biofuels facilities integrating both the agriculture and energy sectors by converting non-food grade wheat to create ethanol and renewable natural gas. The engineering, procurement and construction cost of the project is estimated at approximately $1.5 billion, including contingencies. In addition, there are approximately $500 million in soft costs covering additional reserves, construction oversight, working capital and debt servicing during construction. The project is expected to be financed with a capital structure of 25% equity ($500 million) and 75% project-level senior and subordinated debt ($1.5 billion). Construction and full commissioning will take about three years following a final investment decision. About the Future Energy Park The project will create approximately 800 jobs over 24 months during construction and 100 jobs (direct and indirect) during operations. Once operational, FEP will provide annual new, direct revenue of over $150 million to rural wheat producers and income and property tax to the City of Calgary and Province of Alberta. The facility is being sited in an industrial area in southeast Calgary and will be constructed and operated on 52 acres of land which has been designated for industrial use. About Green Impact Partners Inc. Green Impact Partners is forging a path towards a sustainable future by turning waste into energy. With a focus on renewable natural gas (RNG) and bioenergy projects, our mission is to acquire, develop, construct, and operate facilities that not only produce energy but also play an important role in waste reduction and lowering emissions. Our comprehensive approach spans the entire project life cycle, from idea generation through construction to ongoing operations. In addition to our RNG and bioenergy projects, GIP maintains a current portfolio of water and solids treatment and recycling facilities in Canada, alongside a solids recycling business in the United States. Traded on the TSX Venture Exchange under the symbol 'GIP', the Company invites you to join us in our journey. For more information about the Company, please visit Investor & Analyst Inquiries: Nikolaus KieferChief Investment Officer(236) 476-3445investors@ Media Inquiries: media@ Cautionary Statements This news release contains forward-looking statements and/or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. When used in this release, such words as "would", "will", "anticipates", believes", "estimates", "explores" "expects" and similar expressions, as they relate to GIP, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of GIP with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause GIP's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects the Company's current expectations regarding future events, including but not limited to: the anticipated closing of the sale of the Company's water, waste treatment, and recycling facilities; obtaining final exchange approval for the Transaction; anticipated cash to the Company at closing; the anticipated investment partnership for FEP; timelines for a final investment decision and construction for FEP and the Company obtaining any required regulatory, shareholder or third party approvals for the Loan, if any. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; receipt of necessary transaction and project approvals; availability of financing for project development; uncertainties and risks with respect to developing RNG projects; general business, economic, competitive, political and social uncertainties; assurance that the final terms will align with those initially agreed upon or that the Transaction will proceed as anticipated; the risk that closing conditions on the asset disposition may not be satisfied on the anticipated timeline, or at all; the possibility that the Company may not enter into definitive agreements for the FEP investment or close on such investment; the anticipated timing of construction and ultimate completion of FEP may not occur; entering into definitive agreements with its anticipated FEP investment partner; failure of the Company to realize the anticipated benefits of the asset disposition and/or FEP investment; change in demand for clean energy to be offered by the Company; obtaining required approvals of regulatory authorities; ability to access sufficient capital from internal and external sources. For a more fulsome list of risk factors please see the Company's December 31, 2024, year-end Management Discussion and Analysis ("MD&A"), and AIF available of SEDAR+ at Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release to provide shareholders with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Sign in to access your portfolio
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Business Standard
14-05-2025
- Business
- Business Standard
Bangladesh requested $762 million hike in financial support, says IMF
The International Monetary Fund said Wednesday that Bangladesh sought an increase of about $762 million in financial support amid significant macroeconomic challenges, bringing the total financial assistance for the country under various arrangements to about $4.1 billion. The IMF staff and the Bangladesh authorities have reached a staff-level agreement on the policies needed to complete the combined third and fourth reviews under the Extended Credit Facility (ECF), Extended Fund Facility (EFF), and Resilience and Sustainability Facility (RSF). The staff-level agreement awaits IMF Executive Board approval and depends on prior actions, including tax reforms and full exchange rate liberalisation, the Fund said in a statement. Amid significant macroeconomic challenges, the authorities requested an augmentation of SDR (Special Drawing Rights) 567.2 million (approximately $762 million) in IMF financial support to Bangladesh under the ECF and EFF arrangements," IMF Mission Chief for Bangladesh Chris Papageorgiou said. "This increase would bring the total financial assistance under the ECF and EFF arrangements to SDR 3,035.65 million (about $4.1 billion), alongside concurrent RSF arrangements of SDR 1 billion (about $1.3 billion), Papageorgiou added. Upon completion of the combined third and fourth reviews, SDR 983.8 million (about $1.3 billion) will be made available, comprising SDR 650.5 million (about $874 million) under the ECF and EFF and SDR 333.3 million (about $448 million) under the RSF. IMF noted that the Bangladeshi economy remains under pressure from ongoing challenges and rising external financing requirements. As announced in December 2024, the authorities have requested an augmentation of IMF support of about $760 million to help preserve macroeconomic stability and enhance the country's resilience to external shocks, it said. Impacted by disruptions from the popular uprising, real GDP growth slowed to 3.3 per cent year-on-year (y-o-y) in the first half of FY25; however, it is projected to rebound in the second half reaching 3.8 per cent for the full fiscal year," it said. "Inflation, which has approached double digits, has begun to decline and is projected to be around 8.5 per cent (y-o-y) by end of FY25. Nonetheless, domestic factors such as stress in the banking sector and elevated global uncertainty tilt risks to the downside, IMF said. It said that to address the emerging external financing gap and support a continued decline in inflation, near-term policy tightening is essential. IMF said strengthening governance and promoting greater transparency are essential to improving the business environment, attracting foreign direct investment, and broadening the export base beyond the ready-made garment sector. Institutional reforms to bolster the independence and governance of Bangladesh Bank will be essential for ensuring long-term macroeconomic and financial stability and for the effective implementation of broader financial sector reforms, the agency said.
Business Wire
09-05-2025
- Business
- Business Wire
Creative Media & Community Trust Corporation Reports 2025 First Quarter Results
DALLAS--(BUSINESS WIRE)--Creative Media & Community Trust Corporation (NASDAQ and TASE: CMCT) ('we', 'our', 'CMCT', or the 'Company') today reported operating results for the three months ended March 31, 2025. On April 15, 2025, the previously announced 1-for-25 reverse stock split of our Common Stock became effective. All of the share and per share amounts in this release have been adjusted to give retroactive effect to the reverse stock split. First Quarter 2025 Highlights Real Estate Portfolio Same-store office portfolio (2) was 71.4% leased. Executed 30,333 square feet of leases with terms longer than 12 months. During the three months ended March 31, 2025, closed a $5.0 million mortgage loan on an office property in Los Angeles, California. On April 3, 2025, closed a $35.5 million variable-rate mortgage on an office property in Austin, Texas, using a portion of the proceeds to repay all outstanding obligations under the 2022 Credit Facility. Financial Results Net loss attributable to common stockholders of $(11.9) million, or $(20.73) per diluted share. Funds from operations attributable to common stockholders ('FFO') (3)1 was $(5.4) million, or $(9.42) per diluted share. Core FFO attributable to common stockholders (4)1 was $(5.1) million, or $(8.85) per diluted share. Management Commentary 'We continue to make progress on our previously announced plan to accelerate our focus towards premier multifamily assets, strengthen our balance sheet and improve our liquidity,' said David Thompson, Chief Executive Officer of Creative Media & Community Trust Corporation. 'In September 2024, we announced plans to place property-level financing on several assets and to use part of the proceeds to fully repay the $169 million balance on our recourse corporate-level credit facility. In early April 2025, we completed our fourth property level financing and fully repaid and retired this recourse credit facility.' 'In our office segment, we executed over 30,000 square feet of leases in the first quarter. We are seeing an increase in activity in the Los Angeles and Austin markets, and we have a solid pipeline of leasing activity. In our hotel segment, net operating income increased approximately 15% from the prior year period after we completed the renovation of all 505 rooms at our one hotel asset. We anticipate commencing upgrades to the public spaces later this year. In our multifamily segment, we believe there is an opportunity to significantly improve our net operating income as our occupancy improves, newly developed assets lease-up, we mark rents to market and benefit from cost savings initiatives.' First Quarter 2025 Results Real Estate Portfolio As of March 31, 2025, our real estate portfolio consisted of 27 assets, all of which were fee-simple properties and five of which we own through investments in unconsolidated joint ventures (the 'Unconsolidated Joint Ventures'). Our Unconsolidated Joint Ventures contain one office property, one multifamily site currently under development, two multifamily properties (one of which has been partially converted from office into multifamily units and is now being classified as a multifamily property) and one commercial development site. The portfolio includes 12 office properties, totaling approximately 1.3 million rentable square feet, four multifamily properties totaling 696 units, nine development sites (three of which are being used as parking lots) and one 505-room hotel with an ancillary parking garage. Financial Results Net loss attributable to common stockholders was $(11.9) million, or $(20.73) per diluted share of Common Stock, for the three months ended March 31, 2025, compared to a net loss attributable to common stockholders of $(12.3) million, or $(125.46) per diluted share of Common Stock, for the same period in 2024. The decrease in net loss attributable to common stockholders was primarily driven by a decrease in redeemable preferred stock dividends of $2.3 million, a decrease in transaction-related costs of $664,000, and a decrease in redeemable preferred stock redemptions of $506,000. These were partially offset by a decrease of $1.9 million in segment net operating income and an increase in interest expense of $1.1 million. FFO 2 attributable to common stockholders (3) was $(5.4) million, or $(9.42) per diluted share of Common Stock for the three months ended March 31, 2025, compared to $(5.9) million, or $(60.42) per diluted share of Common Stock, for the same period in 2024. The increase in FFO 2 attributable to common stockholders was driven by the previously discussed decrease in net loss attributable to common stockholders. Core FFO 2 attributable to common stockholders (4) was $(5.1) million, or $(8.85) per diluted share of Common Stock for the three months ended March 31, 2025 compared to $(4.4) million, or $(45.15) per diluted share of Common Stock, for the same period in 2024. Unlike FFO 2, Core FFO 2 was not impacted by the decrease in transaction-related costs and redeemable preferred stock redemptions, as these are excluded from our Core FFO 2 calculation. Segment Information Our reportable segments during the three months ended March 31, 2025 and 2024 consisted of three types of commercial real estate properties, namely, office, hotel and multifamily, as well as a segment for our lending business. Total segment net operating income ('NOI') (5) was $11.8 million for the three months ended March 31, 2025, compared to $13.6 million for the same period in 2024. Office Same-Store Same-store (2) office segment NOI (5) was $7.1 million for the three months ended March 31, 2025, a decrease from $7.9 million in the same period in 2024, while same-store (1) office Cash NOI (6)2 was $7.8 million for the three months ended March 31, 2025, a decrease from $8.8 million in the same period in 2024. The decreases in same-store (2) office Segment NOI (5) and same-store (1) office Cash NOI (6)2 were primarily due to a decrease in rental revenue at our office property in Oakland, California attributable to a decrease in occupancy resulting from a large tenant exercising a partial lease termination option. At March 31, 2025, the Company's same-store (2) office portfolio was 70.2% occupied, a decrease of (1,280) basis points year-over-year on a same-store (2) basis, and 71.4% leased, a decrease of (1,230) basis points year-over-year on a same-store (2) basis. The annualized rent per occupied square foot (7) on a same-store (2) basis was $61.23 at March 31, 2025, compared to $58.30 at March 31, 2024. During the three months ended March 31, 2025, the Company executed 30,333 square feet of leases with terms longer than 12 months at our same-store (2) office portfolio. Total Office Segment NOI (5) decreased to $7.1 million for the three months ended March 31, 2025, as compared to $7.9 million for the same period in 2024. The decrease was driven by the aforementioned decrease in same-store (2) office Segment NOI (5). Hotel Hotel Segment NOI (5) was $4.7 million for the three months ended March 31, 2025, an increase from $4.1 million for the same period in 2024, primarily due to an increase in occupancy and average daily rate. The following table sets forth the occupancy, average daily rate and revenue per available room for our hotel in Sacramento, California for the specified periods: ____________________ (a) Calculated as trailing 3-month room revenue divided by the number of rooms occupied. (b) Calculated as trailing 3-month room revenue divided by the number of available rooms. Expand Multifamily Our Multifamily Segment consists of two multifamily buildings located in Oakland, California as well as two investments in multifamily buildings in Los Angeles, California, each owned through unconsolidated joint ventures (one of which, 701 S Hudson / 4750 Wilshire Boulevard, was reclassified from an office segment property to a multifamily segment property as of October 1, 2024, following the substantial completion of the conversion of two of the building's three floors from office-use into 68 for-lease multifamily units). Our multifamily segment NOI (5) totaled a loss of $620,000 for the three months ended March 31, 2025, compared to income of $917,000 for the same period in 2024. The decrease in our multifamily segment NOI (5) was primarily due to an unrealized loss on investment in real estate at one of our unconsolidated joint ventures during the three months ended March 31, 2025. As of March 31, 2025, our Multifamily Segment was 80.2% occupied, monthly rent per occupied unit (8) was $2,461 and net monthly rent per occupied unit (9) was $2,341, compared to 86.2%, $2,737, and $2,429, respectively, as of March 31, 2024. Lending Our lending segment primarily consists of our SBA 7(a) lending platform, which is a national lender that primarily originates loans to small businesses in the hospitality industry. Lending segment NOI (5) was $590,000 for the three months ended March 31, 2025, compared to $789,000 for the same period in 2024, primarily due to a decrease in interest income as a result of loan payoffs and lower interest rates. Debt and Equity During the three months ended March 31, 2025, the Company had redemptions of 194,216 shares of Series A1 Preferred Stock (all of which were redeemed in shares of Common Stock) and had redemptions of 104,471 shares of Series A Preferred Stock (all of which were redeemed in shares of Common Stock). These redemptions resulted in the collective issuance of 288,427 shares of Common Stock during the three months ended March 31, 2025. During the three months ended March 31, 2025, we closed a $5.0 million variable-rate mortgage loan on an office property in Los Angeles, California. In addition, on April 3, 2025, we closed a $35.5 million variable-rate mortgage on an office property in Austin, Texas. In connection with entry into such mortgage loan, we repaid all of the outstanding obligations under the 2022 Credit Facility and terminated the 2022 Credit Facility. Dividends We declared preferred stock dividends on our Series A, Series A1 and Series D Preferred Stock for the fourth quarter of 2024. The dividends were payable on April 15, 2025 to holders of record at the close of business on April 5, 2025. The dividend amounts are as follows: *The quarterly cash dividend of $0.44250 per share represents an annualized dividend rate of 7.08% (2.5% plus the federal funds rate of 4.58% on the applicable determination date). The terms of the Series A1 Preferred Stock provide for cumulative cash dividends (if, as and when authorized by the Board of Directors) on each share of Series A1 Preferred Stock at a quarterly rate of the greater of (i) 6.00% of the Series A1 Stated Value, divided by four (4) and (ii) the Federal Funds (Effective) Rate on the applicable determination date, plus 2.50%, of the Series A1 Stated Value, divided by four (4), up to a maximum of 2.50% of the Series A1 Stated Value per quarter. About the Data Descriptions of certain performance measures, including Segment NOI, Cash NOI, FFO attributable to common stockholders, and Core FFO attributable to common stockholders are provided below. Certain of these performance measures—Cash NOI, FFO attributable to common stockholders and Core FFO attributable to common stockholders —are non-GAAP financial measures. Refer to the subsequent tables for reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure. (1) Stabilized office portfolio: represents office properties where occupancy was not impacted by a redevelopment or repositioning during the period. (2) Same-store properties: are properties that we have owned and operated in a consistent manner and reported in our consolidated results during the entire span of the periods being reported. We excluded from our same-store property set this quarter any properties (i) acquired on or after January 1, 2024; (ii) sold or otherwise removed from our consolidated financial statements on or before March 31, 2025; or (iii) that underwent a major repositioning project we believed significantly affected its results at any point during the period commencing on January 1, 2024 and ending on March 31, 2025. When determining our same-store office properties as of March 31, 2025, one office property was excluded pursuant to (i) and (iii) above and one office property was excluded pursuant to (ii) above. (3) FFO attributable to common stockholders ('FFO'): represents net income (loss) attributable to common stockholders, computed in accordance with GAAP, which reflects the deduction of redeemable preferred stock dividends accumulated, excluding gain (or loss) from sales of real estate, impairment of real estate, and real estate depreciation and amortization. We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (the 'NAREIT'). See 'Core FFO' definition below for discussion of the benefits and limitations of FFO as a supplemental measure of operating performance. (4) Core FFO attributable to common stockholders ('Core FFO'): represents FFO attributable to common stockholders (computed as described above), excluding gain (loss) on early extinguishment of debt, redeemable preferred stock deemed dividends, redeemable preferred stock redemptions, gain (loss) on termination of interest rate swaps, and transaction costs. We believe that FFO is a widely recognized and appropriate measure of the performance of a REIT and that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In addition, we believe that Core FFO is a useful metric for securities analysts, investors and other interested parties in the evaluation of our Company as it excludes from FFO the effect of certain amounts that we believe are non-recurring, are non-operating in nature as they relate to the manner in which we finance our operations, or transactions outside of the ordinary course of business. Like any metric, FFO and Core FFO should not be used as the only measure of our performance because it excludes depreciation and amortization and captures neither the changes in the value of our real estate properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, and Core FFO excludes amounts incurred in connection with non-recurring special projects, prepaying or defeasing our debt, repurchasing our preferred stock, and adjusting the carrying value of our preferred stock classified in temporary equity to its redemption value, all of which have real economic effect and could materially impact our operating results. Other REITs may not calculate FFO and Core FFO in the same manner as we do, or at all; accordingly, our FFO and Core FFO may not be comparable to the FFOs and Core FFOs of other REITs. Therefore, FFO and Core FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. FFO and Core FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. FFO and Core FFO per share for the year-to-date period may differ from the sum of quarterly FFO and Core FFO per share amounts due to the required method for computing per share amounts for the respective periods. In addition, FFO and Core FFO per share is calculated independently for each component and may not be additive due to rounding. (5) Segment NOI: for our real estate segments represents rental and other property income and expense reimbursements less property related expenses and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and benefit (provision) for income taxes. For our lending segment, Segment NOI represents interest income net of interest expense and general overhead expenses. See 'Cash NOI' definition below for discussion of the benefits and limitations of Segment NOI as a supplemental measure of operating performance. (6) Cash NOI: for our real estate segments, represents Segment NOI adjusted to exclude the effect of the straight lining of rents, acquired above/below market lease amortization and other adjustments required by generally accepted accounting principles ('GAAP'). For our lending segment, there is no distinction between Cash NOI and Segment NOI. We also evaluate the operating performance and financial results of our operating segments using cash basis NOI excluding lease termination income, or 'Cash NOI excluding lease termination income'. Segment NOI and Cash NOI are not measures of operating results or cash flows from operating activities as measured by GAAP and should not be considered alternatives to income from continuing operations, or to cash flows as a measure of liquidity, or as an indication of our performance or of our ability to pay dividends. Companies may not calculate Segment NOI or Cash NOI in the same manner. We consider Segment NOI and Cash NOI to be useful performance measures to investors and management because, when compared across periods, they reflect the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. Additionally, we believe that Cash NOI is helpful to investors because it eliminates straight line rent and other non-cash adjustments to revenue and expenses. (7) Annualized rent per occupied square foot: represents gross monthly base rent under leases commenced as of the specified periods, multiplied by twelve. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail. (8) Monthly rent per occupied unit: Represents gross monthly base rent under leases commenced as of the specified period, divided by occupied units. This amount reflects total cash rent before concessions. (9) Net monthly rent per occupied unit: Represents gross monthly base rent under leases commenced as of the specified period less rent concessions granted during the specified period, divided by occupied units. Expand FORWARD-LOOKING STATEMENTS This press release contains certain 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), which are intended to be covered by the safe harbors created thereby. These statements include the plans and objectives of management for future operations, including plans and objectives relating to future growth of CMCT's business and availability of funds. Such forward-looking statements can be identified by the use of forward-looking terminology such as 'may,' 'will,' 'project,' 'target,' 'expect,' 'intend,' 'might,' 'believe,' 'anticipate,' 'estimate,' 'could,' 'would,' 'continue,' 'pursue,' 'potential,' 'forecast,' 'seek,' 'plan,' or 'should,' or 'goal' or the negative thereof or other variations or similar words or phrases. Such forward-looking statements also include, among others, statements about CMCT's plans and objectives relating to future growth and outlook. Such forward-looking statements are based on particular assumptions that management of CMCT has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. Forward-looking statements are necessarily estimates reflecting the judgment of CMCT's management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include those associated with (i) the timing, form, and operational effects of CMCT's development activities, (ii) the ability of CMCT to raise in place rents to existing market rents and to maintain or increase occupancy levels, (iii) fluctuations in market rents, (iv) the effects of inflation and continuing higher interest rates on the operations and profitability of CMCT and (v) general economic, market and other conditions, including the effects of high unemployment rates, continued or renewed inflation and any recession or slowdown in economic growth. Additional important factors that could cause CMCT's actual results to differ materially from CMCT's expectations are discussed in 'Item 1A—Risk Factors' in CMCT's Annual Report on Form 10-K for the year ended December 31, 2024 and in Part II, Item 1A of CMCT's Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission from time to time. The forward-looking statements included herein are based on current expectations and there can be no assurance that these expectations will be attained. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond CMCT's control. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements expressed or implied will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements expressed or implied herein, the inclusion of such information should not be regarded as a representation by CMCT or any other person that CMCT's objectives and plans will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made. CMCT does not undertake to update them to reflect changes that occur after the date they are made, except as may be required by applicable laws. March 31, 2025 ASSETS Investments in real estate, net $ 706,537 $ 709,194 Investments in unconsolidated entities 33,341 33,677 Cash and cash equivalents 19,772 20,262 Restricted cash 29,353 32,606 Loans receivable, net 53,039 56,210 Accounts receivable, net 3,844 4,345 Deferred rent receivable and charges, net 19,341 19,896 Other intangible assets, net 3,488 3,568 Other assets 13,628 9,797 TOTAL ASSETS $ 882,343 $ 889,555 LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY LIABILITIES: Debt, net $ 512,658 $ 505,732 Accounts payable and accrued expenses 26,656 32,204 Due to related parties 18,198 14,068 Other liabilities 9,397 10,488 Total liabilities 566,909 562,492 COMMITMENTS AND CONTINGENCIES REDEEMABLE PREFERRED STOCK: Series A1 cumulative redeemable preferred stock, $0.001 par value; 24,851,185 and 25,045,401 shares authorized as of March 31, 2025 and December 31, 2024, respectively; 913,630 and 913,590 shares issued and outstanding as of both March 31, 2025 and December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment 20,799 20,799 EQUITY: Series A cumulative redeemable preferred stock, $0.001 par value; 31,200,554 and 31,305,025 shares authorized as of March 31, 2025 and December 31, 2024, respectively; 8,820,338 and 4,020,892 shares issued and outstanding, respectively, as of March 31, 2025 and 8,820,338 and 4,125,363 shares issued and outstanding, respectively, as of December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment 100,720 103,326 Series A1 cumulative redeemable preferred stock, $0.001 par value; 24,851,185 and 25,045,401 shares authorized as of March 31, 2025 and December 31, 2024, respectively; 11,327,248 and 8,178,473 shares issued and outstanding, respectively, as of March 31, 2025 and 11,327,248 and 8,372,689 shares issued and outstanding, respectively, as of December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment 202,574 207,387 Series D cumulative redeemable preferred stock, $0.001 par value; 26,991,590 shares authorized as of March 31, 2025 and December 31, 2024; 56,857 and 48,447 shares issued and outstanding, respectively, as of March 31, 2025 and 56,857 and 48,447 shares issued and outstanding, respectively, as of December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment 1,190 1,190 Common stock, $0.001 par value; 900,000,000 shares authorized; 754,607 shares issued and outstanding as of March 31, 2025 and 466,176 shares issued and outstanding as of December 31, 2024 20 119 Additional paid-in capital 1,002,913 994,973 Distributions in excess of earnings (1,014,372 ) (1,002,479 ) Total stockholders' equity 293,045 304,516 Non-controlling interests 1,590 1,748 Total equity 294,635 306,264 $ 882,343 $ 889,555 Expand CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES Funds from Operations Attributable to Common Stockholders (Unaudited and in thousands, except per share amounts) We believe that FFO is a widely recognized and appropriate measure of the performance of a REIT and that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO represents net income (loss) attributable to common stockholders, computed in accordance with generally accepted accounting principles ("GAAP"), which reflects the deduction of redeemable preferred stock dividends accumulated, excluding gains (or losses) from sales of real estate, impairment of real estate, and real estate depreciation and amortization. We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (the "NAREIT"). Like any metric, FFO should not be used as the only measure of our performance because it excludes depreciation and amortization and captures neither the changes in the value of our real estate properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our operating results. Other REITs may not calculate FFO in accordance with the standards established by the NAREIT; accordingly, our FFO may not be comparable to the FFO of other REITs. Therefore, FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. The following table sets forth a reconciliation of net income (loss) attributable to common stockholders to FFO attributable to common stockholders for the three months ended March 31, 2025 and 2024. ____________________ (a) For the three months ended March 31, 2025 and 2024, the effect of certain shares of redeemable preferred stock were excluded from the computation of diluted FFO attributable to common stockholders and the diluted weighted average shares and common stock equivalents outstanding as such inclusion would be anti-dilutive. Expand Core Funds from Operations Attributable to Common Stockholders (Unaudited and in thousands, except per share amounts) In addition to calculating FFO in accordance with the standards established by NAREIT, we also calculate a supplemental FFO metric we call Core FFO attributable to common stockholders. Core FFO attributable to common stockholders represents FFO attributable to common stockholders, computed in accordance with NAREIT's standards, excluding losses (or gains) on early extinguishment of debt, redeemable preferred stock redemptions, gains (or losses) on termination of interest rate swaps, and transaction costs. We believe that Core FFO is a useful metric for securities analysts, investors and other interested parties in the evaluation of our Company as it excludes from FFO the effect of certain amounts that we believe are non-recurring, are non-operating in nature as they relate to the manner in which we finance our operations, or transactions outside of the ordinary course of business. Like any metric, Core FFO should not be used as the only measure of our performance because, in addition to excluding those items prescribed by NAREIT when calculating FFO, it excludes amounts incurred in connection with non-recurring special projects, prepaying or defeasing our debt and repurchasing our preferred stock, all of which have real economic effect and could materially impact our operating results. Other REITs may not calculate Core FFO in the same manner as we do, or at all; accordingly, our Core FFO may not be comparable to the Core FFO of other REITs who calculate such a metric. Therefore, Core FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. Core FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. The following table sets forth a reconciliation of net income (loss) attributable to common stockholders to Core FFO attributable to common stockholders for the three months ended March 31, 2025 and 2024. ____________________ (a) For the three months ended March 31, 2025 and 2024, the effect of certain shares of redeemable preferred stock were excluded from the computation of diluted Core FFO attributable to common stockholders and the diluted weighted average shares and common stock equivalents outstanding as such inclusion would be anti-dilutive. Expand CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES Reconciliation of Net Operating Income (Unaudited and in thousands) We internally evaluate the operating performance and financial results of our real estate segments based on segment NOI, which is defined as rental and other property income and expense reimbursements less property related expenses and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision for income taxes. For our lending segment, we define segment NOI as interest income net of interest expense and general overhead expenses. We also evaluate the operating performance and financial results of our operating segments using cash basis NOI, or "cash NOI". For our real estate segments, we define cash NOI as segment NOI adjusted to exclude the effect of the straight lining of rents, acquired above/below market lease amortization and other adjustments required by GAAP. Cash NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP and should not be considered an alternative to income from continuing operations, or to cash flows as a measure of liquidity, or as an indication of our performance or of our ability to pay dividends. Companies may not calculate cash NOI in the same manner. We consider cash NOI to be a useful performance measure to investors and management because, when compared across periods, it reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. Additionally, we believe that cash NOI is helpful to investors because it eliminates straight line rent and other non-cash adjustments to revenue and expenses. Below is a reconciliation of cash NOI to segment NOI and net loss attributable to the Company for the three months ended March 31, 2025 and 2024. Three Months Ended March 31, 2024 Cash net operating income $ 8,765 $ 17 $ 8,782 $ 4,061 $ 917 $ 789 $ 14,549 Deferred rent and amortization of intangible assets, liabilities, and lease inducements (917 ) — (917 ) 1 — — (916 ) Segment net operating income $ 7,848 $ 17 $ 7,865 $ 4,062 $ 917 $ 789 $ 13,633 Interest and other income 144 Asset management and other fees to related parties (394 ) Expense reimbursements to related parties — corporate (605 ) Interest expense (8,057 ) General and administrative (1,188 ) Transaction costs (690 ) Depreciation and amortization (6,478 ) Loss before provision for income taxes (3,635 ) Provision for income taxes (270 ) Net Loss (3,905 ) Net loss attributable to noncontrolling interests 175 Net loss attributable to the Company $ (3,730 ) Expand
Associated Press
02-05-2025
- Business
- Associated Press
Advanced Flower Capital Renews Senior Secured Revolving Credit Facility with Lead Commitment from FDIC-Insured Bank
WEST PALM BEACH, Fla., May 02, 2025 (GLOBE NEWSWIRE) -- Advanced Flower Capital Inc. (NASDAQ: AFCG) ('AFC') today announced that it has renewed its senior secured revolving credit facility ('Credit Facility') with a lead commitment from an FDIC-insured bank with over $75 billion of assets. AFC intends to use availability under the Credit Facility to fund unfunded commitments to existing borrowers, to originate and participate in commercial loans to cannabis operators in line with its investment strategy, and for working capital and other general corporate purposes. The Credit Facility, which includes the ability to expand to $100 million, subject to lender participation and available borrowing base, has a maturity date of April 29, 2028, and bears interest at a floating rate of Prime + 0.50%, subject to a Prime floor of 6.50%. 'We are pleased to renew our senior secured credit facility with a long-standing banking partner of this scale. This facility plays a central role in how we finance the business, and we look forward to continuing to build on this strong relationship as we pursue additional commitments over time,' said Brandon Hetzel, AFC's Chief Financial Officer. About Advanced Flower Capital Inc. Advanced Flower Capital Inc. (NASDAQ: AFCG) is a leading commercial mortgage REIT that provides institutional loans to state law compliant cannabis operators in the U.S. Through the management team's deep network and significant credit and cannabis expertise, AFC originates, structures and underwrites loans ranging from $10 million to over $100 million, typically secured by quality real estate assets, license value and cash flows. It is based in West Palm Beach, Florida. For additional information regarding the Company, please visit Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. All statements, other than historical facts, are forward-looking statements. Words such as 'believes,' 'expects,' 'will,' 'intends,' 'plans,' 'guidance,' 'estimates,' 'projects,' 'anticipates,' and 'future' or similar expressions are intended to identify forward-looking statements. These forward-looking statements regarding the anticipated use of the Credit Facility are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. Certain factors, including the ability of our manager to locate suitable loan opportunities for us, monitor and actively manage our loan portfolio, and implement our investment strategy, the demand for cannabis cultivation and processing facilities and dispensaries, management's current estimates of expected credit losses and current expected credit loss reserves, and other factors, could cause actual results and performance to differ materially from those projected in these forward-looking statements. More information on these risks and other potential factors that could affect our business and financial results is included in AFC's filings with the SEC, including in the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of AFC's most recently filed Annual Report on Form 10-K and subsequent filings. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect AFC. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investor Relations Contact Robyn Tannenbaum 561-510-2293 [email protected] Media Contact Collected Strategies Jim Golden / Jack Kelleher [email protected]
