AFCG on Nasdaq
Advanced Flower Capital Inc.
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Last updated Oct 16, 2026.
Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs70¢$17.2M
- Interest28¢$6.8M
- Income tax2¢$613.4K
Out of $24.6M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Kept or used elsewhere100¢$11.2M
Out of $11.2M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Interest income | $31.3M | $52.0M |
| Interest expense | -$6.8M | -$6.3M |
| Net interest income | $24.6M | $45.7M |
| Management and incentive fees, net (less rebate of $854,432 and $947,969, respectively) | $2.9M | $10.4M |
| General and administrative expenses | $3.2M | $4.0M |
| Stock-based compensation | $6.8M | $1.4M |
| Professional fees | $1.5M | $1.6M |
| BDC conversion expenses | $1.2M | $0 |
| Total expenses | $15.7M | $17.3M |
| Provision for current expected credit losses | -$22.6M | -$4.2M |
| Realized losses on investments, net | $0 | -$93.3K |
| Gain on extinguishment of debt | $359.3K | $0 |
| Change in unrealized losses on loans at fair value, net | -$7.9M | -$9.8M |
| Net (loss) income from continuing operations before income taxes | -$21.3M | $14.3M |
| Income tax (benefit) expense | -$613.4K | $447.6K |
| Net (loss) income from continuing operations | -$20.7M | $13.9M |
| Net income from discontinued operations, net of tax | $0 | $2.9M |
| Net (loss) income | -$20.7M | $16.8M |
| Continuing operations (in dollars per share) | -$1 | $1 |
| Discontinued operations (in dollars per share) | $0 | $0 |
| Total basic earnings per common share (in dollars per share) | -$0.95 | $0.78 |
| Continuing operations (in dollars per share) | -$1 | $1 |
| Discontinued operations (in dollars per share) | $0 | $0 |
| Total diluted earnings per common share (in dollars per share) | -$0.95 | $0.78 |
| Basic weighted average shares of common stock outstanding (in shares) | 22.2M shares | 20.8M shares |
| Diluted weighted average shares of common stock outstanding (in shares) | 22.3M shares | 20.9M shares |
| Management and incentive fees, rebate | $854.4K | $948.0K |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2024-06-30 |
|---|---|---|---|
| Loans held for investment at fair value (cost of $53,744,253 and $50,241,018 at December 31, 2025 and 2024, respectively, net) | $26.1M | $30.5M | |
| Loans held for investment at carrying value, net | $253.6M | $293.3M | |
| Loan receivable held at carrying value, net | $0 | $1.9M | |
| Current expected credit loss reserve | -$46.1M | -$30.4M | |
| Loans held for investment at carrying value and loan receivable held at carrying value, net of current expected credit loss reserve | $207.6M | $264.7M | |
| Cash and cash equivalents | $38.6M | $103.6M | |
| Interest receivable | $899.4K | $2.0M | |
| Prepaid expenses and other assets | $2.4M | $1.2M | |
| Total assets | $275.6M | $402.1M | |
| Accrued interest | $763.2K | $894.6K | |
| Due to affiliate | $0 | $6.8K | |
| Dividends payable | $0 | $7.4M | |
| Current expected credit loss reserve | $76.5K | $166.7K | |
| Accrued management and incentive fees | $716.2K | $1.9M | |
| Accrued direct administrative expenses | $374.9K | $1.2M | |
| Accounts payable and other liabilities | $773.6K | $501.3K | |
| Senior notes payable, net | $76.3M | $88.6M | |
| Total liabilities | $100.0M | $200.7M | |
| Preferred stock, par value $0.01 per share, 10,000 shares authorized at December 31, 2025 and 2024 and 0 shares issued and outstanding at December 31, 2025 and 2024, respectively | $0 | $0 | |
| Common stock, par value $0.01 per share, 50,000,000 shares authorized at December 31, 2025 and 2024 and 23,528,844 and 22,332,927 shares issued and outstanding at December 31, 2025 and 2024, respectively | $235.3K | $223.3K | |
| Additional paid-in capital | $258.7M | $251.9M | |
| Accumulated (deficit) earnings | -$83.4M | -$50.7M | |
| Total shareholders equity | $175.6M | $201.4M | |
| Total liabilities and shareholders equity | $275.6M | $402.1M | |
| Loans held for investment at cost | $53.7M | $50.2M | |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Preferred stock, authorized (in shares) | 10.0K shares | 10.0K shares | |
| Preferred stock, issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | $11.00 |
| Common stock, authorized (in shares) | 50.0M shares | 50.0M shares | |
| Common stock, issued (in shares) | 23.5M shares | 22.3M shares | |
| Common stock, outstanding (in shares) | 23.5M shares | 22.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net (loss) income | -$20.7M | $16.8M |
| Net income from discontinued operations, net of tax | $0 | -$2.9M |
| Net (loss) income from continuing operations | -$20.7M | $13.9M |
| Provision for current expected credit losses | $22.6M | $4.2M |
| Realized losses on investments, net | $0 | $93.3K |
| Gain on extinguishment of debt | -$359.3K | $0 |
| Change in unrealized losses on loans at fair value, net | $7.9M | $9.8M |
| Accretion of deferred loan original issue discount and other discounts | -$3.5M | -$8.0M |
| Amortization of deferred financing costs | $876.4K | $1.0M |
| Stock-based compensation | $6.8M | $1.4M |
| Payment-in-kind interest | -$464.8K | -$3.1M |
| Interest receivable | $1.1M | $1.7M |
| Prepaid expenses and other assets | -$1.2M | -$634.7K |
| Accrued interest | -$131.4K | $611 |
| Accrued management and incentive fees, net | -$1.2M | -$1.5M |
| Accrued direct administrative expenses | -$822.7K | -$288.7K |
| Accounts payable and other liabilities | $265.5K | -$213.0K |
| Net cash provided by operating activities of continuing operations | $11.2M | $18.3M |
| Net cash provided by operating activities of discontinued operations | $0 | $3.3M |
| Net cash provided by operating activities | $11.2M | $21.6M |
| Issuance of and fundings on loans | -$45.5M | -$112.5M |
| Proceeds from sales of loans | $0 | $96.1M |
| Principal repayment of loans | $80.4M | $58.8M |
| Net cash provided by investing activities of continuing operations | $34.9M | $42.4M |
| Net cash used in investing activities of discontinued operations | $0 | -$47.2M |
| Net cash provided by (used in) investing activities | $34.9M | -$4.8M |
| Proceeds from sale of common stock | $0 | $15.8M |
| Payment of offering costs - equity offering | $0 | -$270.2K |
| Payment of financing costs | -$280.4K | -$275.6K |
| Redemption of preferred shares | $0 | -$125.0K |
| Cash distribution in connection with the Spin-Off of SUNS | $0 | -$67.9M |
| Borrowings on revolving credit facilities | $91.6M | $285.0M |
| Repayments on revolving credit facilities | -$170.6M | -$227.0M |
| Dividends paid to common and preferred shareholders | -$19.3M | -$40.0M |
| Repayment of senior notes | -$12.5M | $0 |
| Net cash used in financing activities of continuing operations | -$111.1M | -$34.7M |
| Net cash provided by (used in) financing activities of discontinued operations | $0 | $0 |
| Net cash used in financing activities | -$111.1M | -$34.7M |
| Net (decrease) increase in cash and cash equivalents | -$65.0M | -$18.0M |
| OID withheld from funding of loans | $1.3M | $6.2M |
| Non-cash funding of new loan | $4.8M | $14.7M |
| Non-cash net assets distribution in connection with the spin-off of SUNS | $0 | $46.9M |
| Interest paid during the period | $6.0M | $5.3M |
| Income taxes paid (net of refunds received) during the period | $211.1K | $1.3M |
Former names
- AFC Gamma, Inc.Aug 27, 2020 to Sep 5, 20242
Recent filings
- Sep 30, 20264
- Sep 29, 20268-K
- Sep 28, 20264
- Sep 24, 20264
- Sep 22, 20264
- Sep 18, 20264
- Sep 17, 20264
- Sep 15, 20264
- Sep 15, 2026SCHEDULE 13D/A
- Sep 15, 20268-K
- Sep 11, 20264
- Sep 4, 20264
- Sep 1, 20264
- Aug 28, 20264
- Aug 26, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
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