Advanced Flower Capital Inc. (f/k/a AFC Gamma, Inc.) (NASDAQ: AFCG) announced its financial results for the fourth quarter and year ended December 31, 2024.
AFC’s fourth-quarter 2024 results showed a loss net of $1 million, or $0.05 per weighted basic average share. The company reported distributable profits of $6.8 million or $0.29 each basic weighted common share. The fourth quarter 2023 distributable earning of $10 million, or $0.49 per share was lower. This is down from the $0.48 dividend declared last year for the 4th quarter.
In 2024 the company had a GAAP net loss of $16.8M or $0.78/basic weighted-average common share, and a distributable profit of $34.9M or $1.68/basic weighted-average common share. The company’s 2023 distributable earnings were $41.4 million, or $2.04.
Interest income in 2024 for the company was $51.9 million, compared to $70.2 million interest income in 2023. The total expenses dropped from $22.3 to $17.2 in 2024.
According to the filing of the company, interest revenue for 2024 will be down by $26.0% or approximately $18.3 million.
This decrease is primarily due to lower interest revenue of about ($17.9) millions, driven by the nonaccrual status of Subsidiary Private Company G and Private Company K during fiscal year 2024. Lower interest income was also driven by the less capital invested in relation to prepayments and loan exits. However, this decline has been partially offset by the higher fee income generated by prepayments and loan exits for the year ending December 31, 2020, and the higher OID earnings of around $3.5 million, driven by the acceleration of
The Republican win in November as well as the failure to make progress in Federal Reform will likely keep the current imbalance of capital supply in cannabis in place in the medium term. Daniel Neville is the Chief Executive Officer of AFC. He stated that this provides AFC with an opportunity to invest capital in deals which offer strong returns, adjusted for risk. He continued, “We remain committed to capital preservation and are disciplined in providing debt capital for operators who face a difficult environment.” We continue to diversify our portfolio, as we did in the past year and will do so in the future.
AFC informed investors in 2024 that they had funded new loans of approximately $128.8 millions and added principal. They also reported approximately $53.4 of principal repayments of loan held at fair value. We sold our investment in Subsidiary of Public Company H, and Subsidiary of Public Company M, totaling $90.0 in aggregate.
On March 11th, 2025 the company declared an annual cash dividend for 2025 of $0.23 per share. The dividend is down from $0.48 per share in the first quarter of last year.