Third quarter GAAP net income of $8.0 million or $0.39 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 third quarter 2023
WEST PALM BEACH, Fla., Nov. 08, 2023 (GLOBE NEWSWIRE) — AFC Gamma, Inc. (NASDAQ:AFCG) (“AFC Gamma” or the “Company”) today announced its results for the quarter ended September 30, 2023.
AFC Gamma reported generally accepted accounting principles (“GAAP”) net income of $8.0 million or $0.39 per basic weighted average common share and Distributable Earnings of $9.9 million or $0.49 per basic weighted average common share for the third quarter of 2023.
Common Stock Dividend
On October 13, 2023, the Company paid a regular cash dividend of $0.48 per common share for the third quarter of 2023. For the third 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.
Appointment of Daniel Neville as Chief Executive Officer
On October 30, 2023, the Company announced the appointment of Daniel Neville as its new Chief Executive Officer, effective November 13, 2023. Mr. Neville most recently served as the Chief Financial Officer of Ascend Wellness Holdings, Inc., a leading multi-state, vertically integrated cannabis operator. Mr. Neville brings deep operational and industry expertise to the Company and will also serve on its Investment Committee.
“As the Company solidifies its position as a leading institutional lender in the industry, we look forward to lending to additional borrowers that aim to take advantage of cannabis 3.0. Adding Dan gives us additional capacity to support our existing borrowers and expand our platform to support well-capitalized operators expanding within the industry,” said Leonard M. Tannenbaum, the Company’s Chairman and Chief Executive Officer.
AFC Gamma issued a presentation of its results for the third quarter of 2023, titled “Third 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 September 30, 2023, with the Securities and Exchange Commission on November 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 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
AFC Gamma, Inc. will host a conference call at 10:00 am (Eastern Time) on Wednesday, November 8, 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.