A
Advanced Flower Capital Inc.
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, and invests in senior secured loans and debt securities, specializing in cannabis industry operators and ancillary cannabis companies in legalized states. The company provides loans secured by real estate, equipment, cash flows, and license value. As of January 1, 2026, the company converted to a Business Development Company, expanding its investment mandate to include lower-middle-market lending. The company is externally managed by AFC Management, LLC.
Summary from 10-K filed 2026-03-04
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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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Frequently asked questions
What is Advanced Flower Capital Inc.'s CIK number?
Advanced Flower Capital Inc.'s SEC CIK number is 0001822523 (1822523). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Advanced Flower Capital Inc.'s SEC filings?
All of Advanced Flower Capital Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Advanced Flower Capital Inc. last report earnings?
Advanced Flower Capital Inc. (AFCG) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-031700). This is Advanced Flower Capital Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Advanced Flower Capital Inc.'s most recent earnings 8-K?
Advanced Flower Capital Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001628280-26-031700. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Advanced Flower Capital Inc.'s latest earnings 8-K →
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