AFCG - Nasdaq-Traded AFC Gamma Reports 41% YoY Drop In Net Income Plans To Be Pure-Play Cannabis Lender In 2024 | Benzinga
Cannabis-focused commercial real estate finance company AFC Gamma Inc. (NASDAQ:AFCG) announced on Thursday its results for the fourth quarter and year ended Dec. 31, 2023.
The company reported net interest income of $64.2 million in fiscal 2023, compared to $74.7 million in fiscal 2022. Net interest income for the fourth quarter totaled roughly $16 million.
"AFC Gamma has made significant progress on portfolio management initiatives in the fourth quarter and into 2024 in spite of a challenging cannabis backdrop," Daniel Neville, who assumed the role of the company's CEO this past October.
Q4 And FY 2023 Financial Highlights
- Fourth quarter 2023 GAAP net loss of $9.2 million or $0.45 per basic weighted average common share, and distributable earnings of $10 million or $0.49 per basic weighted average common share.
- Full-year 2023 GAAP net income of $21 million or $1.02 per basic weighted average common share, compared to roughly $36 million in 2022, and distributable earnings of $41.4 million or $2.04 per basic weighted average common share.
- Total expenses for 2023 ...