AFC Gamma(US:AFCG)2024-08-07 13:02Financial Performance - Second quarter 2024 GAAP net income was $16.4 million, or $0.80 per basic weighted average common share, with Distributable Earnings of $11.4 million, or $0.56 per share[1][2] - Distributable Earnings for the second quarter were $11.4 million, compared to $9.9 million in the same period last year, reflecting a year-over-year increase[16] - The company reported a decrease in the provision for current expected credit losses of $6.19 million for the quarter[16] Dividends - The company paid a dividend of $0.48 per common share for the second quarter, distributing a total of $9.9 million in dividends[3] - AFC Gamma's management believes that Distributable Earnings is a useful indicator for assessing overall business performance and dividend sustainability[11] Business Strategy - AFC Gamma is now a pure-play cannabis lender following the spin-off of its commercial real estate portfolio on July 9, 2024, aiming to meet or exceed a $100 million origination goal for the year[2] - The active portfolio management has shown positive momentum, with reduced reserves and increased book value, indicating effective strategic initiatives[2] Investor Relations - The company emphasizes the importance of monitoring its Investor Relations webpage for material information and updates[5] Forward-Looking Statements - Forward-looking statements indicate that future growth and strategies are subject to uncertainties and may differ from projections[17]