AFC Gamma, Inc. (NASDAQ: AFCG) Q4 2022 net income was $2.9 million, an unfavorable decrease of 58.6% compared to net income of $7.0 million in Q4 2021. Distributable earnings in Q4 2022 were $12.6 million or $0.62 per basic weighted average common share, compared to distributable earnings of $8.5 million in Q4 2021, or $0.52 per basic weighted average common share.
Full year 2022 net income was $35.9 million, a favorable increase of 71% compared to $21 million in 2021. Distributable earnings for full year 2022 were $49.9 million or $2.51 per basic weighted average common share, compared to distributable earnings of $24.7 million in 2021, or $1.85 per basic weighted average common share.
“AFC Gamma ended the year by delivering strong earnings in a difficult macro environment for cannabis and the broader market,” stated the company’s chairman and CEO, Leonard M. Tannenbaum. “Looking forward, we are pleased with our liquidity position, which is …