Fourth quarter GAAP net income of $2.9 million or $0.14 per basic weighted average common share and Distributable Earnings(1)of $12.6 million or $0.62 per basic weighted average common share
Full year GAAP net income of $35.9 million or $1.80 per basic weighted average common share and Distributable Earnings of $49.9 million or $2.51 per basic weighted average common share
Declared dividend of $0.56 per common share for first quarter 2023
AFC Gamma, Inc. (NASDAQ:AFCG) (“AFC Gamma” or the “Company”) today announced its results for the fourth quarter and year ended December 31, 2022.
AFC Gamma reported generally accepted accounting principles (“GAAP”) net income of $2.9 million or $0.14 per basic weighted average common share and Distributable Earnings of $12.6 million or $0.62 per basic weighted average common share for the fourth quarter of 2022. The Company reported GAAP net income of $35.9 million or $1.80 per basic weighted average common share and Distributable Earnings of $49.9 million or $2.51 per basic weighted average common share for the full year 2022.
“AFC Gamma ended the year by delivering strong earnings in a difficult macro environment for cannabis and the broader market,” said the Company’s Chairman and Chief Executive Officer, Leonard M. Tannenbaum. “Looking forward, we are pleased with our liquidity position, which is generally in-line with our cash position as of December 31, 2022. Our liquidity was enhanced by repayments over the course of 2022 and includes our currently undrawn revolving credit facility. We believe our focus on credit quality, coupled with our ample liquidity, will prove valuable as we look to deploy capital both in commercial real estate assets and state-compliant cannabis operators over the course of 2023.”
Common Stock Dividend
On December 15, 2022, the Board of Directors of the Company declared a regular cash dividend of $0.56 per common share for the fourth quarter of 2022. For the fourth quarter of 2022, AFC Gamma distributed $11.4 million in dividends, or $0.56 per common share, compared to Distributable Earnings of $0.62 per basic weighted average common share for such period. For the full year 2022, AFC Gamma distributed $44.8 million in dividends, or $2.23 per common share, compared to Distributable Earnings of $2.51 per basic weighted average common share for such period.
On March 2, 2023, the Board of Directors of the Company declared a regular cash dividend of $0.56 per common share for the first quarter of 2023. The first quarter 2023 dividend will be payable on April 14, 2023 to common shareholders of record as of March 31, 2023.
Leadership Appointment
The Company is pleased to announce that its Board of Directors has appointed Robyn Tannenbaum, previously the Company’s Managing Director, Head of Originations and Investor Relations, to serve as its President. “Robyn has assumed a crucial role at AFC Gamma since its inception, and we look forward to her taking on additional responsibility for its leadership as the Company expands its investment focus,” said Mr. Thomas Harrison, the Company’s lead independent director.
2023 Annual Shareholders Meeting
The Company’s Board of Directors set May 18, 2023 as the date for the Company’s 2023 Annual Shareholders Meeting, with a record date of March 21, 2023.
Additional Information
AFC Gamma issued a presentation of its fourth quarter and full year 2022 results, titled “Fourth Quarter and Annual 2022 Earnings Presentation,” which can be viewed at www.afcgamma.com under the Investor Resources section. The Company also filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, with the Securities and Exchange Commission on March 7, 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 media and others interested in AFC Gamma to monitor the Investors section of its website, in addition to following its press releases, SEC filings, public conference calls, presentations, webcasts and other information posted from time to time on the website. To sign-up for email-notifications, please visit the “Email Alerts” section of the website under the “IR Resources” section.
Conference Call & Discussion of Financial Results
AFCGAFC Gamma, Inc. will host a conference call at 10:00 am (Eastern Time) on Tuesday, March 7, 2023, to discuss its quarterly financial results. All interested parties are welcome to participate. The call will be available through a live audio webcast at the Investor Relations section of AFC Gamma’s website found here: AFC Gamma — Investor Relations. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. The complete webcast will be archived for 90 days on the Investor Relations section of AFC Gamma’s website.
