AFCG - AFC Gamma Q1 2024 Reports Sharp YoY Net Income Drop Amid $90M Loan Expansion | Benzinga
AFC Gamma Inc. (NASDAQ:AFCG), a cannabis-focused commercial real estate finance company, announced its results Thursday for the first quarter ended March 31, 2024.
Comparing year-over-year, AFC Gamma’s net income dropped from $10.0 million in Q1 2023 to a loss of $0.1 million in Q1 2024. Distributable earnings also saw a decrease from $11.6 million to $10.0 million, reflecting a 14% decline. The dividend per share was reduced from $0.56 in Q1 2023 to $0.48 in Q1 2024.
Q1 2024 Financial Highlights
- GAAP Net Loss: AFC Gamma reported a minor net loss of $0.1 million, or $0.01 per basic weighted average common share.
- Distributable Earnings: The company achieved distributable earnings of $10.0 million, or $0.49 per basic weighted average ...