Business
AFC Gamma, Inc. Announces Financial Results for Fourth Quarter and Full Year 2023
Fourth quarter 2023 GAAP net loss of $(9.2) million or $(0.45) per basic weighted average common share andDistributable Earnings(1) of $10.0 million or $0.49
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"Fourth quarter 2023 GAAP net loss of $(9.2) million or $(0.45) per basic weighted average common share andDistributable Earnings(1) of $10.0 million or $0.49 per basic weighted average common share Full year 2023 GAAP net income of $21.0 million or $1.02 per basic weighted average common share andDistributable Earnings of $41.4 million or $2.04 per basic weighted average common share Declared dividend of $0.48 per common share for first quarter 2024 WEST PALM BEACH, Fla., March 07, 2024 (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, 2023. AFC Gamma reported generally accepted accounting principles (“GAAP”) net loss of $(9.2) million or $(0.45) per basic weighted average common share and Distributable Earnings of $10.0 million or $0.49 per basic weighted average common share for the fourth quarter of 2023. The Company reported GAAP net income of $21.0 million or $1.02 per basic weighted average common share and Distributable Earnings of $41.4 million or $2.04 per basic weighted average common share for the full year 2023. “AFC Gamma has made significant progress on portfolio management initiatives in the fourth quarter and into 2024 in spite of a challenging cannabis backdrop,” said Daniel Neville, the Company’s Chief Executive Officer. “Looking ahead to 2024, we are excited to return to being a pure play cannabis lender following the completion of the spin-off of our commercial real estate portfolio. We continue to see lending opportunities with the emergence of Cannabis 3.0 operators that have clean capital stacks and are looking to build or expand. As an early mover and one of the leading debt providers in the cannabis industry, AFC Gamma is uniquely positioned to capitalize on these opportunities and deploy capital at attractive risk-adjusted returns.” Common Stock Dividend On December 15, 2023, the Company’s Board of Directors declared a regular cash dividend of $0.48 per common share for the fourth quarter of 2023. For the fourth quarter of 2023, AFC Gamma distributed $9.8 million in dividends, or $0.48 per common share, compared to Distributable Earnings of $0.49 per basic weighted average common share for such period. For the full year 2023, AFC Gamma distributed $40.9 million in dividends, or $2.00 per common ...