Business
AFC Gamma, Inc. Announces Financial Results for Second Quarter 2024
Second quarter 2024 GAAP net income of $16.4 million or $0.80 per basic weighted average common share and Distributable Earnings(1) of $11.4 million or $0.56
About this update from Advanced Flower Capital Inc.
[{"type":"text","content":"Second quarter 2024 GAAP net income of $16.4 million or $0.80 per basic weighted average common share and Distributable Earnings(1) of $11.4 million or $0.56 per basic weighted average common share Paid dividend of $0.48 per common share for second quarter 2024 WEST PALM BEACH, Fla., Aug. 07, 2024 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) (“Advanced Flower Capital”, “AFC” or the “Company”) today announced its results for the second quarter ended June 30, 2024. AFC reported generally accepted accounting principles (“GAAP”) net income of $16.4 million or $0.80 per basic weighted average common share and Distributable Earnings of $11.4 million or $0.56 per basic weighted average common share for the second quarter of 2024. “We are excited to announce that AFC is now a pure-play cannabis lender after the spin-off of our commercial real estate portfolio on July 9, 2024. This transition positions us to well to capitalize on cannabis market opportunities, and we are on track to meet or exceed our $100 million origination goal for this year. This quarter has been marked by strong performance. Our active portfolio management is showing positive momentum, with reduced reserves and increased book value, highlighting the effectiveness of our strategic initiatives,” said Daniel Neville, the Company’s Chief Executive Officer. Common Stock Dividend On July 15, 2024, the Company paid a regular cash dividend of $0.48 per common share for the second quarter of 2024. AFC distributed $9.9 million in dividends, or $0.48 per common share, compared to Distributable Earnings of $0.56 per basic weighted average common share for such period. Additional Information Advanced Flower Capital issued a presentation of its second quarter 2024 results, titled “Second Quarter 2024 Earnings Presentation,” which can be viewed at advancedflowercapital.com under the Investor Relations section. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, with the Securities and Exchange Commission on August 7, 2024. AFC routinely posts important information for investors on its website, advancedflowercapital.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 materia...