AFC Gamma, Inc. reported strong financial results for the second quarter of 2024

From GlobeNewswire: 2024-08-07 09:00:00

AFC Gamma, Inc. (NASDAQ:AFCG) reported a GAAP net income of $16.4 million or $0.80 per share in the second quarter of 2024. Distributable Earnings were $11.4 million or $0.56 per share. The company paid a dividend of $0.48 per common share for the same period. AFC is now a pure-play cannabis lender, aiming to exceed a $100 million origination goal this year. The company presented its results on its website and filed a Quarterly Report on Form 10-Q with the SEC on August 7, 2024. AFC will host a conference call on the same day to discuss its financial results. The company focuses on providing loans to state-compliant cannabis operators in the U.S. and uses Distributable Earnings alongside GAAP net income to assess its performance, intending to pay annual dividends based on REIT taxable income while acknowledging that Distributable Earnings are not a direct measure of net taxable income. The reconciliation table displayed shows the adjustments and calculation criteria used to determine Distributable Earnings.



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