AFC Gamma Inc. AFCG shares rose 3.8% in premarket trades after the debt provider to cannabis companies posted better-than-expected distributable earnings. AFC Gamma said its fourth-quarter net income fell to $2.94 million, or 14 cents a share, from $7 million, or 43 cents a share, in the year-ago quarter. Distributable earnings rose to $12.62 million, 62 cents a share, from $8.5 million, or 52 cents a share, in the year-ago quarter. The latest fourth-quarter result of 62 cents a share beat the Wall Street analyst estimate of 57 cents a share, according to estimates compiled by FactSet. Fourth-quarter revenue totaled $21.43 million, ahead of the analyst estimate of $18.2 million. “We believe our focus on credit quality, coupled with our ample liquidity, will prove valuable as we look to deploy capital both in commercial real estate assets and state-compliant cannabis operators over the course of 2023,” the company said.

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