The following is a summary of the Advanced Flower Capital Inc. (AFCG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• AFC generated distributable earnings of $0.35 per share for Q3 2024.

• Net interest income was $8.9 million with distributable earnings totaling $7.2 million.

• Gross GAAP net income stood at $1.4 million, equating to $0.06 per share.

• Paid a quarterly dividend of $0.33 per share on October 15, 2024.

Business Progress:

• After spinning off its commercial real estate portfolio, AFC is now a pure-play cannabis mortgage REIT.

• Achieved $116 million in new loan originations surpassing the $100 million target for the year.

• Closed several key deals including a significant $41 million senior secured credit facility.

• Raised capital through an ATM stock offering program to support continued growth in the cannabis industry.

Opportunities:

• With over $400 million in potential deals, AFC anticipates favorable conditions to deploy capital given its solid position in a competitive market.

• Expect utilization of $75 million in liquidity for new, high-quality credit opportunities in 2025.

Risks:

• Uncertain political environment with slow progress expected on federal cannabis reform under the Republican sweep.

• Challenging industry conditions with revenue growth being hard to come by, especially in mature markets like Illinois and New Jersey.

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