AFC Gamma, Inc. (NASDAQ:AFCG) Q2 2024 Earnings Conference Call August 7, 2024 10:00 AM ET

Company Participants

Gabriel Katz – Chief Legal Officer
Daniel Neville – Chief Executive Officer
Robyn Tannenbaum – President
Brandon Hetzel – Chief Financial Officer

Conference Call Participants

Pablo Zuanic – Zuanic & Associates

Operator

Good morning, and welcome to Advanced Flower Capital's Second Quarter 2024 Earnings Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, this call is being recorded.

I would now like to turn the call over to Gabriel Katz, Chief Legal Officer. Please go ahead.

Gabriel Katz

Good morning, and thank you all for joining AFC's earnings call for the quarter ended June 30, 2024. I'm joined this morning by Daniel Neville, our Chief Executive Officer; Robyn Tannenbaum, our President; and Brandon Hetzel, our Chief Financial Officer. Before we begin, I would like to note that this call is being recorded. Replay information is included in our July 15, 2024 press release and is posted on the Investor Relations portion of AFC's website at advancedflowercapital.com along with our second quarter earnings release and investor presentation.

Today's conference call includes forward-looking statements and projections that reflect the company's current views with respect to, among other things, anticipated market developments, portfolio yield and financial performance in 2024 and beyond. These statements are subject to inherent uncertainties in predicting future results. Please refer to AFC's most recent periodic filings with the SEC for certain conditions and significant factors that could cause actual results to differ materially from these forward-looking statements and projections.

During this call, we will refer to distributable earnings, which is a non-GAAP financial measure. Reconciliations to net income, the most comparable GAAP measure can be found in AFC's earnings release and investor presentation on AFC's website. The format for today's call is as follows. Robyn will start by discussing our spin-off, then Dan will provide an overview of our second quarter 2024 performance and an update on our portfolio, Brandon will then conclude with a summary of our financial results, and we will turn the – open the line for Q&A.

With that, I will now turn the call over to our President, Robyn Tannenbaum.

Robyn Tannenbaum

Thanks, Gabe, and good morning to all our investors and analysts that have joined us today. We are excited to announce that following the successful spin-off of our commercial real estate portfolio on July 9, 2024, AFC has now fully transitioned to being a pure-play cannabis lender. This strategic move allows us to focus solely on the cannabis sector. We believe that this positions us to more effectively capitalize on the opportunities in the cannabis market by concentrating our lending efforts on one industry. Additionally, this should allow us to target specific investor bases more effectively. Today, we are reporting on our second quarter results which were pre-spin and include results from both the cannabis and commercial real estate lending portfolio.