Business
AFC Gamma, Inc. Announces Financial Results for First Quarter 2023
First quarter GAAP net income of $10.0 million or $0.49 per basic weighted average common share and Distributable Earnings(1) of $11.6 million or $0.57 per
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"First quarter GAAP net income of $10.0 million or $0.49 per basic weighted average common share and Distributable Earnings(1) of $11.6 million or $0.57 per basic weighted average common share Declared dividend of $0.56 per common share for first quarter 2023 WEST PALM BEACH, Fla., May 10, 2023 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) (“AFC Gamma” or the “Company”) today announced its results for the quarter ended March 31, 2023. AFC Gamma reported generally accepted accounting principles (“GAAP”) net income of $10.0 million or $0.49 per basic weighted average common share and Distributable Earnings of $11.6 million or $0.57 per basic weighted average common share for the first quarter of 2023. “Since mid-2022, given the market and interest rate volatility, AFC Gamma has taken a conservative view to deploying and managing our capital. During the first quarter of 2023 we maintained an ample level of liquidity, which we believe will prove valuable in this environment as we look to capitalize on investment opportunities as they arise,” said the Company’s Chairman and Chief Executive Officer, Leonard M. Tannenbaum. Common Stock Dividend On April 14, 2023, the Company paid a regular cash dividend of $0.56 per common share for the first quarter of 2023. For the first quarter of 2023, AFC Gamma distributed $11.5 million in dividends, or $0.56 per common share, compared to Distributable Earnings of $0.57 per basic weighted average common share for such period. Executive Appointment During the first quarter of 2023, the Company announced that the Board of Directors appointed Brandon Hetzel to serve as its Chief Financial Officer and Treasurer. Mr. Hetzel has been integral to the Company’s leadership since joining the accounting team in September 2020, and most recently served as the Company’s Executive Vice President, Controller. “Brandon has been integral to AFC Gamma’s accounting function and capital strategy for years, and we look forward to him taking on an expanded role with the company’s leadership going forward. We also want to thank Brett Kaufman for his contributions to the company during the time he served as its Chief Financial Officer,” said Mr. Alexander Frank, the Chair of the Company’s Audit & Valuation Committee. Bond Repurchase In the first quarter of 2023, the Company repurchased $10.0 million in principal amoun...