Business
AFC Gamma, Inc. Announces Financial Results for Second Quarter 2023
Second quarter GAAP net income of $12.1 million or $0.59 per basic weighted average common share and Distributable Earnings(1) of $9.9 million or $0.49 per
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"Second quarter GAAP net income of $12.1 million or $0.59 per basic weighted average common share and Distributable Earnings(1) of $9.9 million or $0.49 per basic weighted average common share Declared dividend of $0.48 per common share for second quarter 2023 WEST PALM BEACH, Fla., Aug. 08, 2023 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) (“AFC Gamma” or the “Company”) today announced its results for the quarter ended June 30, 2023. AFC Gamma reported generally accepted accounting principles (“GAAP”) net income of $12.1 million or $0.59 per basic weighted average common share and Distributable Earnings of $9.9 million or $0.49 per basic weighted average common share for the second quarter of 2023. “At AFC Gamma, we continue to take a hands-on approach in managing our portfolio and are pleased that exposure to certain challenged credits has decreased through select principal prepayments and sales. Subsequent to the quarter end, we made a new cannabis investment into one of the well-capitalized operators that we believe will continue to consolidate valuable assets in the key markets and we maintain ample liquidity for attractive debt investments,” said the Company’s Chairman and Chief Executive Officer, Leonard M. Tannenbaum. Common Stock Dividend On July 14, 2023, the Company paid a regular cash dividend of $0.48 per common share for the second quarter of 2023. For the second 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. Additional Information AFC Gamma issued a presentation of its results for the second quarter of 2023, titled “Second Quarter 2023 Earnings Presentation,” which can be viewed at www.afcgamma.com under the Investor Relations section. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, with the Securities and Exchange Commission on August 8, 2023. AFC Gamma routinely posts important information for investors on its website, www.afcgamma.com. The Company intends to use this webpage as a means of disclosing material information, for complying with our disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. AFC Gamma encourages investors, analysts, the ...