Advanced Flower Capital Inc. (NASDAQ:AFCG) Q3 2024 Earnings Conference Call November 13, 2024 10:00 AM ET

Company Participants

Gabriel Katz - Chief Legal Officer
Robyn Tannenbaum - President & Chief Investment Officer
Daniel Neville - Chief Executive Officer
Brandon Hetzel - Chief Financial Officer

Conference Call Participants

Pablo Zuanic - Zuanic & Associates

Operator

Good morning, and welcome to Advanced Flower Capital's Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct the 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 September 30, 2024. I'm joined this morning by Robyn Tannenbaum, our President and Chief Investment Officer; Daniel Neville our Chief Executive Officer; 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 October 14, 2024, press release and is posted on the Investor Relations portion of AFC's website at advancedflowercapital.com, along with our third 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 to distributable earnings can be found in AFC's earnings release and investor presentation available on AFC's website.

Today's call will begin with Robyn providing some introductory remarks. Dan will then provide an overview of our third quarter 2024 performance and an update on the cannabis industry. Finally, Brandon will conclude with a summary of our financial results before we open the lines for Q&A.

With that, I will now turn the call over to President and CEO -- CIO, excuse me, Robyn Tannenbaum.

Robyn Tannenbaum

Thanks, Gabriel, and good morning to all our investors and analysts that have joined us today. I'm thrilled to share that we've had a very active quarter, following the spin-off of our commercial real estate portfolio on July 9, we have operated as a pure-play cannabis mortgage REIT. Since the start of the third quarter we have originated approximately $59 million in new loans, and we've now exceeded our $100 million origination target for the year, reaching $116 million in total new originations so far.