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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 94% approval, expanding the investment mandate beyond real estate and cannabis assets, expected to complete in Q1 2026.
Reported a GAAP net loss of $12.5 million for Q3 2025 and $21.6 million for the nine months ended September 30, 2025, compared to net income in prior year periods.
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.
Continued focus on resolving nonaccrual positions and driving loan repayments amid limited new capital in the cannabis market.
Financial highlights
Q3 2025 GAAP net loss was $12.5 million, or $0.57 per share; distributable earnings were $3.5 million, or $0.16 per share; a $0.15 per share dividend was paid for the quarter.
Net interest income for Q3 2025 was $6.5 million; distributable earnings for the nine months ended September 30, 2025, were $11.5 million.
Book value per share decreased to $7.49 at September 30, 2025, from $9.02 at December 31, 2024.
Year-to-date distributions total $0.53 per share; no Q4 2025 dividend is anticipated due to a $4 million taxable loss.
Total assets were $288.7 million and total shareholder equity was $169.3 million as of September 30, 2025.
Outlook and guidance
BDC conversion will expand lending to non-cannabis, non-real estate sectors, with a $350 million pipeline of middle-market opportunities under review.
Management expects continued growth in deal sourcing and portfolio selectivity, leveraging a robust pipeline and disciplined investment process.
The board will reevaluate dividend policy in conjunction with the BDC transition in Q1 2026.
Does not anticipate paying a dividend for Q4 2025 due to a significant anticipated tax loss from a loan settlement.
Management is actively evaluating lower-middle market opportunities for risk-adjusted returns.
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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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