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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