The following is a summary of the AFC Gamma, Inc. (AFCG) Q1 2024 Earnings Call Transcript:
Financial Performance:
AFC Gamma reported distributable earnings of $0.49 per share in Q1 2024 and paid a dividend of $0.48 in Q1 2024.
The company noted a net interest income of $14.8 million and distributable earnings of $10 million.
As of Q1 2024, total assets were $476.4 million, including cash and cash equivalents of $82.3 million, and shareholder equity was $310.6 million, with a book value per share of $15.03.
Business Progress:
The company remains bullish on the cannabis industry, forecasting U.S. cannabis sales to reach $32 billion in 2024.
Originated $90 million of loans in Q1, split between cannabis operators and commercial real estate developers.
Preparing a spin-off of the commercial real estate portfolio due for completion by mid-2024.
Over $815 million potential loans for the real estate portfolio are in the pipeline.
Successful execution of loan exit from private company Eyes, achieving 24% IRR.
Increased cash generation noted in companies B and G, with potential exits under negotiation.
Continued expansion in the medical cannabis sector with $34 million debt funded to Sunburn Cannabis in Florida.
More details: AFC Gamma IR
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