AFC Gamma, Inc. AFCG released its results for the quarter ended June 30, 2023, revealing net income of $12.1 million an or $0.59 per basic weighted average common share, an increase of 6.9% compared to net income of $11.4 million in Q2 2022, or $0.58 per basic weighted average share of common stock.
Distributable earnings were $9.9 million or $0.49 per basic weighted average common share for the second quarter of 2023, a decrease of 27.3% compared to distributable earnings of $13.6 million in Q2 2022, or $0.69 per basic weighted average share of common stock.
“At AFC Gamma, we continue to take a hands-on approach in managing our portfolio and are pleased that exposure to certain challenged credits has decreased through select principal prepayments and sales. Subsequent to the quarter end, we made a new cannabis investment into one of the well-capitalized operators that we believe will continue to consolidate valuable assets in the key markets and we maintain ample liquidity for attractive debt investments,” stated the company’s chairman and CEO, Leonard M. Tannenbaum.
Common Stock Dividend
On July 14, 2023, the company paid a regular cash dividend of $0.48 per common share for the second quarter of 2023. For the second 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.
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