Business
AFC Gamma, Inc. Announces Financial Results for Fourth Quarter and Full Year 2022
Fourth quarter GAAP net income of $2.9 million or $0.14 per basic weighted average common share and Distributable Earnings(1) of $12.6 million or $0.62 per
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"Fourth quarter GAAP net income of $2.9 million or $0.14 per basic weighted average common share and Distributable Earnings(1) of $12.6 million or $0.62 per basic weighted average common share Full year GAAP net income of $35.9 million or $1.80 per basic weighted average common share and Distributable Earnings of $49.9 million or $2.51 per basic weighted average common share Declared dividend of $0.56 per common share for first quarter 2023 WEST PALM BEACH, Fla., March 07, 2023 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) (“AFC Gamma” or the “Company”) today announced its results for the fourth quarter and year ended December 31, 2022. AFC Gamma reported generally accepted accounting principles (“GAAP”) net income of $2.9 million or $0.14 per basic weighted average common share and Distributable Earnings of $12.6 million or $0.62 per basic weighted average common share for the fourth quarter of 2022. The Company reported GAAP net income of $35.9 million or $1.80 per basic weighted average common share and Distributable Earnings of $49.9 million or $2.51 per basic weighted average common share for the full year 2022. “AFC Gamma ended the year by delivering strong earnings in a difficult macro environment for cannabis and the broader market,” said the Company’s Chairman and Chief Executive Officer, Leonard M. Tannenbaum. “Looking forward, we are pleased with our liquidity position, which is generally in-line with our cash position as of December 31, 2022. Our liquidity was enhanced by repayments over the course of 2022 and includes our currently undrawn revolving credit facility. We believe our focus on credit quality, coupled with our ample liquidity, will prove valuable as we look to deploy capital both in commercial real estate assets and state-compliant cannabis operators over the course of 2023.” Common Stock Dividend On December 15, 2022, the Board of Directors of the Company declared a regular cash dividend of $0.56 per common share for the fourth quarter of 2022. For the fourth quarter of 2022, AFC Gamma distributed $11.4 million in dividends, or $0.56 per common share, compared to Distributable Earnings of $0.62 per basic weighted average common share for such period. For the full year 2022, AFC Gamma distributed $44.8 million in dividends, or $2.23 per common share, compared to Distributable Earnings of $2.51 per bas...