AFC Gamma Reports Q2 Earnings and Dividend Declaration for 2023

LOS ANGELES– Financial services provider, AFC Gamma, Inc.  revealed its financial performance for the quarter ending June 30, 2023, in an announcement made today.

The company reported a GAAP (generally accepted accounting principles) net income of $12.1 million, which equates to $0.59 per basic weighted average common share. Distributable Earnings stood at $9.9 million, or $0.49 per basic weighted average common share for Q2.

Leonard M. Tannenbaum, Chairman and Chief Executive Officer of AFC Gamma, commented on the results: “We are committed to actively managing our portfolio, and we’re glad to note a reduction in exposure to certain challenging credits. Following the quarter’s end, we’ve invested in the cannabis sector with a focus on a robust operator. Our liquidity position remains strong, positioning us well for prospective debt investments.”

Dividend Distribution

AFC Gamma declared and paid out a dividend of $0.48 per common share for the second quarter on July 14, 2023. In comparison, the total dividends distributed for Q2 amounted to $9.8 million or $0.48 per share, closely mirroring the Distributable Earnings of $0.49 per basic weighted average common share for the same period.

Additional Resources and Reports

Investors can gain more detailed insights into the company’s Q2 performance through the “Second Quarter 2023 Earnings Presentation” available on the AFC Gamma website, in the Investor Relations section. Moreover, on August 8, 2023, the company filed its Quarterly Report on Form 10-Q for the quarter ending June 30, 2023, with the Securities and Exchange Commission.

AFC Gamma consistently updates important information for investors on its official website, encouraging investors, analysts, media, and others to monitor its online resources regularly. For email notifications, interested parties can sign up through the “Email Alerts” section.

Reconciliation of GAAP Net Income to Distributable Earnings for Q2 2023:

• Net Income: $12,135,333
• Stock-based compensation expense: $130,769
• Unrealized losses or other non-cash items: $462,918
• Decrease in provision for current expected credit losses: $(1,606,187)
• TRS income loss, net of dividends: $(1,250,400)
• Distributable Earnings: $9,872,433
• Basic weighted average shares of common stock outstanding: 20,317,341
• Distributable Earnings per weighted average share: $0.49

It is worth noting that the Distributable Earnings for the same period in the previous year were $13,580,098, or $0.69 per share.