Brandon Hetzel: Thank you, Robyn. For the quarter ended March 31, 2024, we generated net interest income of $14.8 million and distributable earnings of $10 million or $0.49 per basic weighted average common share and had a GAAP net loss of $0.1 million or $0.01 per basic weighted average common share. The difference between our distributable earnings of $10 million and our GAAP net loss of $0.1 million is mainly driven by an increase in our unrealized losses on loans held at fair value of $3.6 million and an increase in our CECL reserve of $4.9 million for the first quarter. As previously mentioned, we believe providing distributable earnings is helpful to shareholders in assessing the overall performance of AFC’s business. Distributable earnings represents the net income computed in accordance with GAAP.
Excluding noncash items such as stock compensation expense, any unrealized gains or losses, provision for current expected credit losses, also known as CECL, taxable REIT subsidiary income or loss, net of dividends and other noncash items recorded in net income or loss for the period. We ended the first quarter of 2024 with $441.2 million of principal outstanding spread across 15 loans. As of May 1, 2024, our portfolio consisted of $432.5 million of principal outstanding across 15 loans. The weighted average portfolio yield to maturity, which is measured for each loan over the life of such loan was approximately 20% as of March 31, 2024, and May 1, 2024. As of March 31, 2024, we had total assets of $476.4 million including cash and cash equivalents of $82.3 million and had $60 million drawn on our line of credit, which was subsequently repaid in full on April 1, 2024.
Our line of credit provides us with up to $60 million in available funds that can be drawn as needed. Currently, the majority of our cash is earning interest of approximately 4.5% to 5.3%. As of March 31, 2024, the CECL reserve was $31.4 million or approximately 8.7% of our loans at carrying value. which increased $4.9 million from the December 31, 2023, reserve of $26.4 million. In addition to the increased CECL reserve, during the first quarter, we had an increase in our unrealized losses on loans at fair value of $3.6 million. As of March 31, 2024, our total shareholder equity was $310.6 million and our book value per share was $15.03. On April 15, 2024, AFC paid a dividend of $0.48 per common share the first quarter to shareholders of record as of March 31, 2024.
Year-to-date, we paid out dividends of approximately 99% of our distributable earnings. As a reminder, on an annual basis, our dividend policy is to pay between 85% and 100% of distributable earnings over the year. With that, I will now turn it back over to the operator to start the Q&A.
Operator: [Operator Instructions] I’m not showing any questions in queue.
Gabriel Katz: Thank you all for joining us today to discuss our Q1 results.
Operator: Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.
