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Advanced Flower Capital (AFCG) investor relations material
Advanced Flower Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Shareholders approved conversion from a mortgage REIT to a business development company (BDC), with over 94% of votes in favor; conversion expected in Q1 2026, expanding investment opportunities beyond real estate and cannabis.
Reported GAAP net loss of $12.5 million, or $(0.57) per share, for Q3 2025, and Distributable Earnings of $3.5 million, or $0.16 per share.
Management is actively managing underperforming loans, expects to redeploy $43 million in principal repayments, and remains focused on resolving nonaccrual positions.
Completed the spin-off of the commercial real estate (CRE) portfolio into Sunrise Realty Trust (SUNS) in July 2024, with results now reported as discontinued operations.
Management team has structured over $15 billion in loan transactions and taken four companies public.
Financial highlights
Q3 2025 distributable earnings were $0.16 per basic share; a $0.15 per share dividend was paid for the quarter.
Net interest income for Q3 was $6.5 million; distributable earnings totaled $3.5 million.
GAAP net loss for Q3 was $12.5 million, compared to net income of $1.4 million in Q3 2024; nine-month net loss was $21.6 million versus net income of $17.8 million in the prior year.
Year-to-date distributions total $0.53 per share; dividend yield stood at ~16%.
Book value per share decreased to $7.49 at September 30, 2025, from $9.02 at December 31, 2024.
Outlook and guidance
No dividend is anticipated for Q4 2025 due to a $4 million taxable loss on a non-performing loan, already reserved in book value.
The board will reevaluate dividend policy in conjunction with the BDC transition in Q1 2026.
Management is building a $350 million pipeline of non-cannabis lending opportunities, targeting stable, recession-resistant industries and expects expanded investment mandate to enhance portfolio diversification.
Management expects continued growth in deal sourcing and portfolio selectivity, leveraging a robust pipeline and disciplined investment process.
U.S. legal cannabis market projected to reach $63 billion by 2030, with a 12% CAGR.
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Next Advanced Flower Capital earnings date
Q4 202512 Mar, 2026
Next Advanced Flower Capital earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
AFC Gamma Inc. is a real estate investment trust (REIT) that provides loans and capital solutions to companies operating in the cannabis industry. The company specializes in originating, structuring, and managing senior secured loans for cannabis operators in states where the substance is legal. AFC Gamma’s financing solutions support various aspects of the cannabis supply chain, including cultivation, processing, and distribution. The company aims to help cannabis businesses grow while generating returns through its lending operations. The company is headquartered in West Palm Beach, Florida, and its shares are listed on the NASDAQ.
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