AFC Gamma Inc. (NASDAQ:AFCG) announced its results for the fourth quarter and year-ended December 31, 2021. In the fourth quarter, AFC reported net income of $7.0 million or $0.43 per basic weighted average share of common stock. The company reported total expenses of $4.5 million, an increase of $0.6 million, or 16.5%, compared to the prior quarter
The company had distributable earnings of $8.5 million or $0.52 per basic weighted average share of common stock. Also in the fourth quarter AFC closed $127.3 million of new commitments in Q4 2021 and funded $125.6 million of new and existing commitments.
For the full year of 2021, the company had net income of $21.0 million or $1.57 per basic weighted average share of common stock. Distributable earnings of $24.7 million in 2021, or $1.85 per basic weighted average share of common stock. The company closed $341.3 million of new commitments in 2021.
“We are proud of all that was accomplished in 2021, including AFC Gamma’s initial public offering and remarkable growth of AFCG’s portfolio, which has positioned us as the largest institutional lender. Operating as a public REIT has allowed us to accomplish several goals, including valuable access to public debt and equity markets, which provides AFCG with an attractive cost of capital relative to its peers,” stated Leonard Tannenbaum, AFC Gamma’s Chief Executive Officer. “Looking ahead to 2022, we are excited to continue expanding our portfolio and supporting the rapidly growing cannabis industry. As a result of our meaningful growth and strong performance, we are pleased to increase our quarterly dividend by 10% to $0.55, which is the third consecutive quarterly dividend increase. We look forward to continuing to amplify our presence as a leading lender and driving shareholder value.”