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Investor Relations14 Oct 2025
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Advanced Flower Capital (AFCG) investor relations material
Advanced Flower Capital Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Reported GAAP net loss of $13.2 million for Q2 2025, with distributable earnings of $3.4 million ($0.15 per share).
Announced intention to convert from a REIT to a BDC, pending shareholder approval, to expand lending beyond real estate-backed cannabis operators.
Board approved expanded investment mandate to include ancillary and non-cannabis companies.
Focused on managing underperforming loans, maximizing recoveries, and resolving nonaccrual credits.
Portfolio diversified across 15 loans in 16 states, with a weighted average yield-to-maturity of ~17%.
Financial highlights
Q2 2025 interest income was $8.1 million; net interest income was $6.2 million.
Distributable earnings for Q2 2025 were $3.4 million ($0.15 per share), down from $11.4 million ($0.56 per share) in Q2 2024.
Book value per share was $8.18 at June 30, 2025; total assets $290.6 million; shareholder equity $184.7 million.
CECL reserve stood at $44 million (14.6% of loans at carrying value); four loans on nonaccrual status totaled $104.2 million in carrying value.
Paid a Q2 2025 dividend of $0.15 per share.
Outlook and guidance
Proposed BDC conversion expected in 2026 if approved, broadening the investment universe to include non-real estate and ancillary cannabis businesses.
Management anticipates the need to raise additional equity and/or debt to support expanded investment focus.
U.S. legal cannabis market projected to reach $63 billion by 2030, with rapid state-level legalization driving capital demand.
Management remains focused on recovering value from underperforming loans and expects continued earnings impact from legacy loan issues.
2025 anticipated to see increased M&A activity and further industry consolidation, favoring lenders with strong balance sheets.
Private Company P loan status update?
BDC conversion impact on credit facilities?
Rescheduling's impact on troubled loan recovery?
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Next Advanced Flower Capital earnings date
Q3 202512 Nov, 2025
Next Advanced Flower Capital earnings date
Q3 202512 Nov, 2025
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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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