Advanced Flower Capital Inc.

Listed Company

AFCGCIK 0001822523NasdaqEmerging GrowthMarylandFY ends Dec 31

Period

FY 2025

Revenue

$24.56M

Net Income

$-20.67M

Total Assets

$275.59M

Equity

$175.57M

Shares Out

23.53M

Op. Cash Flow

$11.24M

Business

Advanced Flower Capital Inc. is an institutional lender that originates, structures, underwrites, invests in and manages senior secured loans and other mortgage loans and debt securities, with a specialization in financing state law‑compliant cannabis industry operators. It offers primarily senior and mezzanine loan products and debt securities typically secured by real estate, equipment, cash flows and the value associated with licenses, along with loan servicing and portfolio management. The company is externally managed by AFC Management and operates through an investment platform that includes a taxable REIT subsidiary and co‑investment arrangements. Its lending activity is concentrated in U.S. states that have legalized medical and/or adult‑use cannabis and is conducted via direct origination, credit facilities and syndication channels.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	31	52	70	81	38
Interest expense	−7	−6	−6	−7	—
Net interest income	25	46	64	75	—
Management and incentive fees, net (less rebate of $854,432 and $947,969, respectively)	3	10	14	16	8
General and administrative expenses	3	4	5	5	3
Stock-based compensation	7	1	1	1	—
Professional fees	1	2	1	2	1
BDC conversion expenses	1	0	—	—	—
Total expenses	16	17	22	23	14
Provision for current expected credit losses	−23	−4	−12	−11	−3
Realized losses on investments, net	0	−93,338	−1	450,000	450,000
Gain on extinguishment of debt	359,305	0	2	0	—
Change in unrealized losses on loans at fair value, net	−8	−10	−9	−4	619,821
Net (loss) income from continuing operations before income taxes	−21	14	22	37	21
Income tax (benefit) expense	−600,000	400,000	2	1	0
Net (loss) income from continuing operations	−21	14	21	—	—
Net income from discontinued operations, net of tax	0	3	234,622	—	—
Net (loss) income	−21	17	21	—	—
Continuing operations (in dollars per share)	−0.95	0.64	1.01	—	—
Discontinued operations (in dollars per share)	0	0.14	0.01	—	—
Total basic earnings per common share (in dollars per share)	−0.95	0.78	1.02	1.8	1.57
Continuing operations (in dollars per share)	−0.95	0.64	1.01	—	—
Discontinued operations (in dollars per share)	0	0.14	0.01	—	—
Total diluted earnings per common share (in dollars per share)	−0.95	0.78	1.02	1.79	1.52
Basic weighted average shares of common stock outstanding (in shares)	22	21	20	20	13
Diluted weighted average shares of common stock outstanding (in shares)	22	21	20	20	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
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	31	62	99	77
Loans held for investment at carrying value, net	254	293	301	285	257
Loan receivable held at carrying value, net	0	2	2	2	3
Current expected credit loss reserve	−46	−30	−26	−14	−2
Loans held for investment at carrying value and loan receivable held at carrying value, net of current expected credit loss reserve	208	265	277	274	257
Cash and cash equivalents	39	104	90	140	109
Interest receivable	899,382	2	4	5	4
Prepaid expenses and other assets	2	1	688,446	460,844	949,279
Total assets	276	402	467	519	465
Accrued interest	763,180	894,611	894,000	1	991,840
Due to affiliate	0	6,754	16,437	18,146	—
Dividends payable	0	7	10	11	8
Current expected credit loss reserve	76,469	166,702	115,473	754,128	683,177
Accrued management and incentive fees	716,181	2	3	4	3
Accrued direct administrative expenses	374,852	1	1	2	1
Accounts payable and other liabilities	773,585	501,328	704,685	836,642	—
Senior notes payable, net	76	89	88	97	97
Total liabilities	100	201	147	180	192
Commitments and contingencies (Note 9)	—	—	—	—	—
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	1	1	1
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	235,288	223,329	204,577	203,640	163,866
Additional paid-in capital	259	252	350	349	274
Accumulated (deficit) earnings	−83	−51	−30	−10	−1
Total shareholders equity	176	201	320	339	273
Total liabilities and shareholders equity	276	402	467	519	465

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Accretion of deferred loan original issue discount and other discounts	−3	−8	−6	−12	−6
Amortization of deferred financing costs	876,406	1	950,875	921,506	135,006
Stock-based compensation	7	1	988,913	1	—
Payment-in-kind interest	−464,809	−3	−11	−8	−5
Interest receivable	1	2	2	−844,537	−3
Prepaid expenses and other assets	−1	−634,683	−346,815	859,203	−877,184
Accrued interest	−131,431	611	−142,667	44,827	991,840
Accrued management and incentive fees, net	−1	−2	−420,008	1	3
Accrued direct administrative expenses	−822,666	−288,738	−357,396	519,195	773,786
Accounts payable and other liabilities	265,503	−213,040	−133,666	−674,192	1
Net cash provided by operating activities of continuing operations	11	18	21	—	—
Net cash provided by operating activities of discontinued operations	0	3	244,622	—	—
Net cash provided by operating activities	11	22	21	31	10
Issuance of and fundings on loans	−45	−112	−52	−163	−273
Proceeds from sales of loans	0	96	21	11	15
Principal repayment of loans	80	59	59	120	22
Net cash provided by investing activities of continuing operations	35	42	29	—	—
Net cash used in investing activities of discontinued operations	0	−47	0	—	—
Net cash provided by (used in) investing activities	35	−5	29	−16	−248
Proceeds from sale of common stock	0	16	0	75	186
Payment of offering costs - equity offering	0	−270,237	0	−2	−4
Payment of financing costs	−280,406	−275,612	−225,000	−578,508	−4
Redemption of preferred shares	0	−125,000	0	—	—
Cash distribution in connection with the Spin-Off of SUNS	0	−68	0	—	—
Borrowings on revolving credit facilities	92	285	63	60	75
Repayments on revolving credit facilities	−171	−227	−81	−75	0
Dividends paid to common and preferred shareholders	−19	−40	−43	42	—
Repayment of senior notes	−13	0	−8	0	—
Net cash used in financing activities of continuing operations	−111	−35	−68	—	—
Net cash provided by (used in) financing activities of discontinued operations	0	0	0	—	—
Net cash used in financing activities	−111	−35	−68	16	339
Net (decrease) increase in cash and cash equivalents	−65	−18	−19	31	—
OID withheld from funding of loans	1	6	7	8	15
Non-cash funding of new loan	5	15	0	—	—
Non-cash net assets distribution in connection with the spin-off of SUNS	0	47	0	—	—
Interest paid during the period	6	5	6	6	0
Income taxes paid (net of refunds received) during the period	211,124	1	2	952,524	35,167

Filings

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