results. would morning, Thank our to call to today like XX, and thank I XXXX. for the you, to earnings for discuss everyone quarter us ended March joining Gabe. AFC's Good welcome
share common For generated per stock. basic the average $X.XX distributable AFC of weighted of first quarter, earnings
record dividend metric primary XX, declaring earnings Board on As declared dividends. is The $X.XX going generated of or Directors out a dividend of and the was distributable the quarter dividends of quarterly paid met share. shareholders each $X.XX when per April as exceeded Board reminder, XX, distributable to we in which consecutive paid public, our XXXX. earnings have considers March fourth that XXXX, a Since
about seen We increasing expansion has for state-by-state increasingly acceptance. are and consumer industry. industry optimistic growing the The fueled cannabis by outlook legalization the
billion to with According to billion BDSA, in projected the hitting XXXX. by trajectory $XX sales cannabis U.S. continue upward XXXX $XX is industry to growing its and
developments We at continue both see level. and exciting state the federal to
the this Schedule Attorney tax cannabis industry, proposal would Just and regime in cannabis last reclassify III. from to including week, of General change Once Schedule to a enacted, to benefits the a significant investment for this put increased elimination bring space. forth punitive U.S. the I cannabis
a lender's of existing flow we cash that and elimination pipeline credit borrowers. perspective, our our will the the for and From expand expect enhance borrowers of profile potential XXXE
in the of cannabis medical step but march yet Beyond a slow the the rescheduling overdue is financial the another process legalization. benefits long steady toward of and validation concrete impact,
to the rescheduling, still progress. the is time there by While for related encouraged are uncertainty we line
has of AU transition use is program. state exciting the it an a believe adult of Ohio At medical be to schedule. will sales months June, commence strict Ohio by level, end the that ahead as anticipated currently We
Americans XX decision which next access gearing for on for cannabis up two states, few to adult adult-use could ballot. in will a years. approximately upcoming legalizing million November is regarding cannabis gain potentially Across these be the Florida the Additionally, use,
AFC providers is these this to one space, the and debt in of As opportunities. capitalize the first NASDAQ-listed positioned cannabis uniquely lender leading on
portfolio a diversified with states created across attractive dynamics. license supply-demand have limited We
XX%. a had portfolio cannabis our XXXX, maturity X, of March average to of As weighted yield
exposure good early-stage near-term have transition expected to states. adult-use and We
As exposure has Pennsylvania. to over May Florida Ohio, XXXX, our of and commitments, of on X/X based portfolio X,
how companies to Missouri's benefit are well. AU is transition certain to from transition portfolio portfolio see positioned benefited these pleased states believe adult from upcoming well as to We that use our and
million $XX During $XX originated real the operators million commercial of estate quarter, loans we with to loans of developers. $XX to million cannabis and
actionable Our cylinders. now deals pipeline cannabis and stands on at team million, $XXX origination firing all of is the
And the that high-teens We continue have and one quality to additional allow the coming have expect will additional in limited weeks, achieving IRRs. liquidity of to while still believe make this institutional supply curve us we to both mid- capital, move deal investments. we up in given documentation the to we close to
to I'd turning In in notable our of Cannabis, the Sunburn single-state March, AFC closed operator vertically to Florida. we million debt that transaction portfolio, funded private quarter. a Before like in $XX highlight a integrated to first
second Florida's AFC's represents transaction Sunburn medical cannabis in market. growing
team continue that delighted brand believe and are with that with Florida market in in We success This partner exemplified its experience to and businesses. Sunburn to highlighted. we previously scaling Sunburn given to well has they take We market recognition. a share is operating X.X team operators the prior significant is Cannabis positioned cannabis strong the that the believe Florida,
to turning the portfolio. Now
the we exited loan, During which quarter, on successfully was eyes company private nonaccrual.
remaining the XXXX, and loan the par. reminder, shareholders. the manage under repaid XXXX, March million to were the of a actively sold is The example ability XX% successful principal in portfolio we IRR achieve outcomes X/X in As our loan an of $X.X to of our of and at an we generated for loan on June
B interest are we entering Private receivers date, to XXXX, generation including in on payments, negotiating and cash company's B. Company under Turning To all the Company default receivership operations improved current and opportunities. potential exit interest, October Since remains the management. have
are achieving make loans to these for as reducing tangible by scenarios, we hands-on management continue in We optimistic yielding underperforming our portfolio outcomes in these two to evidenced portfolio efforts the As favorable about our our other progress results. remain credits. similar exposure
the over million has interest. in forbearance, progress. Subsidiary borrower the G continues has $X equity and additional Company Since of infused of $X paid Private million make capital to
are that into put also operations, at starting the place see the improved to to a performance manage Pennsylvania been as experienced of and have the result operations. New borrowers We Jersey operators
Turning under to H. citing as of Company borrower, notice defaults covenants March the credit XXXX. In a the April minimum to certain cash subsidiary XX, co-agents the of breach XXXX, Public including facility of provided
in Additionally, to May, April interest payments. the borrower failed make the
We value are preserve company's believe but we collateral, collateral. is necessary our of currently with comfortable position, to given liquidity swift the the action that
business additional a in This Pennsylvania, be and Ohio, issued. As Massachusetts, XX are York, the operations and soon dispensaries Illinois, vertical dispensary Jersey, to licenses processors. X package Maine operations collateral includes New our across cultivation reminder, includes three once the New
estate capital own with Illinois. estate joined necessary address a real hands-on to issues I both behalf real our includes investors.
When assets in November, take companies. portfolio at select commitment emphasize protect also approach our underperforming to taking We in to assets Connecticut, AFC actions in of to on It intend my all cultivation and Ohio I
We have about restructuring and outcomes optimistic achieving loans. in favorable our progress made underperforming some other we similar underperforming for credits, remain
to Additionally, update progress. real during look efforts both million estate. with I our to on origination with commercial closed pleased am forward our I $XX the and across in continuing cannabis you quarter deals
portfolio. update on I'll over to provide estate spin-off the commercial it real turn Now Robyn an our in to