Advanced Flower Capital Inc. Announces Financial Results for Third Quarter 2024

Core Insights - Advanced Flower Capital Inc. reported a GAAP net income of $1.4 million or $0.06 per basic weighted average common share for Q3 2024, with Distributable Earnings of $7.2 million or $0.35 per share [1][2] - The company paid its first post-spin dividend of $0.33 per common share for the third quarter of 2024, distributing a total of $7.2 million in dividends [1][4] Financial Performance - The company achieved a GAAP net income of $1,383,734 for the three months ended September 30, 2024, compared to $7,979,875 for the same period in 2023 [14] - Distributable Earnings for Q3 2024 were reported at $7,246,005, down from $9,939,408 in Q3 2023 [15] - The basic weighted average shares of common stock outstanding increased to 20,684,149 in Q3 2024 from 20,324,125 in Q3 2023 [15] Operational Highlights - The CEO emphasized a strong quarter driven by active portfolio management and origination, surpassing the 2024 target of $100 million in new originations [3] - The company focuses on providing institutional loans to state law compliant cannabis operators in the U.S., with loans typically ranging from $10 million to over $100 million [8] Dividend Information - The regular cash dividend of $0.33 per common share reflects the company's commitment to returning value to shareholders, aligning with its REIT obligations to distribute at least 90% of annual taxable income [4][12] Additional Information - Advanced Flower Capital has made its Q3 2024 results available through a presentation on its website and filed its Quarterly Report on Form 10-Q with the SEC [5] - The company will host a conference call to discuss its quarterly financial results, allowing interested parties to participate [7]