Advanced Flower Capital Past Earnings Performance
Past criteria checks 0/6
Advanced Flower Capital's earnings have been declining at an average annual rate of -57.6%, while the Capital Markets industry saw earnings growing at 6.1% annually. Revenues have been declining at an average rate of 64% per year.
Key information
-57.56%
Earnings growth rate
-60.46%
EPS growth rate
| Capital Markets Industry Growth | 10.26% |
| Revenue growth rate | -64.03% |
| Return on equity | -7.16% |
| Net Margin | -499.35% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Seeking Alpha • Mar 18
Advanced Flower Capital: The 7.5% Dividend Yield Haunted By The Specter Of Legacy Loans
Summary Advanced Flower Capital has transitioned from a cannabis lender to a BDC, aiming for portfolio diversification, but faces significant legacy risks. AFCG's dividend yield stands at 7.5%, but the payout has been repeatedly cut and is not covered amid falling interest income, rising credit losses, and negative distributable earnings. Cannabis loans comprise the bulk of the portfolio, with 32.6% on nonaccrual, driving a 40% year-over-year decline in interest income and a 51% rise in credit reserves. Read the full article on Seeking Alpha
Narrative Update • Mar 05
AFCG: Index Removals And BDC Shift Will Create Long-Term Upside Potential
Analysts have adjusted their fair value estimate for Advanced Flower Capital from $6.88 to $5.25, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E levels. What's in the News On January 13, 2026, Advanced Flower Capital entered into Amendment Number Six to its Loan and Security Agreement, reflecting updates linked to its conversion from a real estate investment trust to a business development company (Key Developments).Narrative Update • Nov 12
AFCG: Conversion To BDC Structure Will Unlock Leverage Potential By 2026
Analysts have revised Advanced Flower Capital's fair value estimate downward from $8.13 to $6.88. This change is due to updated assumptions regarding profitability metrics and increased discount rates.Narrative Update • Aug 16
I Will Capitalize On Cannabis Debt Demand By Diversifying Portfolio And Improving Underwriting
Despite a dramatic increase in revenue growth forecasts and a lower projected future P/E, the consensus analyst price target for Advanced Flower Capital has been revised downward from $8.76 to $7.50. What's in the News Advanced Flower Capital declared a quarterly dividend of $0.15 per common share for the quarter ending June 30, 2025, payable on July 15, 2025 to shareholders of record on June 30, 2025.Seeking Alpha • Mar 28
Advanced Flower Capital Stock: The Bull Case After A Brutal Sell-Off
Summary Advanced Flower Capital's Q4 earnings report led to a 20%+ stock drop in a single day due to a dividend cut from $0.33 to $0.23 per share. Despite borrower issues, AFCG offers a 14.6% yield and trades at 0.7x book value, presenting a potential investment opportunity. Management's ability to recover and redeploy capital from troubled loans is crucial for sustaining dividends and improving distributable earnings. I have issues with pre-set origination targets and the lack of borrower transparency, making AFCG a cautious buy with limited allocation. Read the full article on Seeking AlphaSeeking Alpha • Mar 13
Advanced Flower Capital Has A Solid Dividend And A Lot Of Near-Term Growth Opportunities
Summary Advanced Flower Capital is a REIT specializing in loans to state-licensed cannabis operators, offering a strong dividend yield of ~15.5%. The cannabis market is growing, with 41 states legalizing medical cannabis and 24 states legalizing recreational use, projecting $100B in future annual sales. Using a conservative Dividend Discount Model, AFCG's per share value is estimated at $10.79, indicating a 28.42% increase from the current price, making it an attractive investment. Read the full article on Seeking AlphaSeeking Alpha • Nov 26
Advanced Flower Capital: Get Paid 13.7% Per Year As The Cannabis Market Grows
Summary Advanced Flower Capital offers a 13.7% dividend yield, which is covered by its distributable earnings per share. AFCG's cautious underwriting and strategic equity raises ensure resilience and capitalize on current market opportunities, despite potential regulatory changes. AFCG stock's valuation remains attractive with a price/book ratio near 1.0x and a 13.7% yield, though short-term downside risk exists based on my technical analysis. Long-term investors can likely see a mix of stable income and growth potential as interest rates fall and the cannabis market expands. Read the full article on Seeking Alpha
New Narrative • Sep 26
Cannabis Sector Focus Sparks Revenue Growth And Enhances Shareholder Value
Focusing solely on the cannabis sector post-spin-off, AFC Gamma aims for higher returns through an increased focus, positively impacting revenue.Seeking Alpha • Sep 15
AFC Gamma declares $0.56 dividend
AFC Gamma (NASDAQ:AFCG) declares $0.56/share quarterly dividend, in line with previous. Forward yield 12.9% Payable Oct. 14; for shareholders of record Sept. 30; ex-div Sept. 29. See AFCG Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Aug 16
AFC Gamma: 11.20% Dividend Yield With Solid Q2 2022 Results
AFC Gamma has a strong dividend yield of 11.20% with quarterly dividend increasing 55% since March 2021. AFCG posted solid Q2 2022 results beating the market EPS estimates by 20% and revenue estimates by 13%. I assign a buy rating for the company after considering all the growth and risk factors. Investment Thesis AFC Gamma, Inc. (AFCG) is a leading lender of institutional loans to nationwide cannabis producers and distributors. AFCG is headquartered in West Palm Beach, Florida. In this thesis, I will be discussing about the company's strong dividend yield. I will also be analyzing the second quarter results posted by the company and its future growth prospects. I assign a buy rating for AFCG after considering all the growth and risk factors. Company Overview AFCG is a mortgage real estate investment trust ((REIT)), primarily lending loans to high-quality cannabis cultivators, producers, and distributors in the United States. The company is especially known for having a well-balanced lending portfolio, safeguarding the company from volatile markets. The company provides secured loans backed by significantly higher in value collateral. It generally provides loans to well-established companies having considerable cash flows, limiting the company's risk exposure. 11.20% Dividend Yield TipRanks AFCG has a strong dividend yield of 11.20% at current share price of $18.22. As we can see in the chart above, the dividend payout has been consistently increasing since March 2021. The dividend per share has seen a 55% growth from $0.36 in March 2021 to $0.56 in June 2022. Along with the increased dividend payout, the dividend yield has also increased from 7%-8% in March 2021 to 11%-12% currently. I believe with the growing cannabis market and reduced uncertainties around the legalization of cannabis, the company is on a significant growth track with limited downside risk. Solid Q2 2022 Results AFCG recently posted solid Q2 2022 results beating the market estimates. The company beat the EPS estimates by 20% and revenue estimates by 13%. It experienced improvement across segments with improved profit margins. I believe the company is on a significant growth track, and that is clearly reflected in the Q2 2022 results. The company is positive about the coming quarters and expects to expand its loan portfolio. SEC:10Q AFCG AFCG reported an Interest income of $21.6 million, a significant 148% jump compared to $8.7 million in the same quarter last year. As per my analysis, the expansion in the mortgage portfolio and well-balanced loan spread were the primary factors behind this increase. The company reported total expenses of $5.7 million, a 90% increase. I believe the increase in human resources and expenses related to human resource management were the main reasons behind the increased expenses. The total net income stood at $11.3 million, a solid 62% net profit margin. The diluted EPS was reported at $0.57 against the Q2 2021 EPS of $0.34, an effective increase of 67%. I believe the company will continue this performance in the coming quarters with continuous expansion and a well-balanced lending portfolio. Leonard Tannenbaum, AFC Gamma's Chief Executive Officer, stated, Given the current market environment with operators experiencing pricing pressures and longer lead times to raise equity, we continue to act disciplined in our approach towards deploying capital. We are focused on supporting existing operators as well as new operators with strong track-records in the industry. Despite the slower than expected pace of originations, we have the capacity to do more deals and expect to close some in the coming quarter. We look forward to continue supporting the industry as it expands and matures. Overall, AFCG posted strong quarter with improved margins and increased lending portfolio. The company has not provided any guidance for the future quarters but I estimate the FY22 EPS to be in the range of $2.26-$2.32. The company is well positioned in the industry to capitalize on the growing cannabis market and we can witness a significant upside in the stock price in the near future. Key Risk FactorSeeking Alpha • Aug 08
AFC Gamma Q2 2022 Earnings Preview
AFC Gamma (NASDAQ:AFCG) is scheduled to announce Q2 earnings results on Tuesday, August 9th, before market open. The consensus EPS Estimate is $0.55 (+27.9% Y/Y) and the consensus Revenue Estimate is $17.58M Over the last 1 year, AFCG has beaten EPS estimates 75% of the time and has beaten revenue estimates 50% of the time. Over the last 3 months, EPS estimates have seen 1 upward revision and 5 downward. Revenue estimates have seen 3 upward revisions and 3 downward.Seeking Alpha • Jun 08
AFC Gamma Capitalizes On Blooming Cannabis Industry
14.5% dividend yield with our estimated fair value at $24. Overcollateralized (1.1x principal) commercial mortgage portfolio valued at $483 million. Massive cannabis market CAGR, growing dividend by 10% quarter over quarter – marking the third consecutive quarterly increase. Stringent selection criteria going beyond traditional commercial mortgages, giving a favorable risk profile.Seeking Alpha • May 23
AFC Gamma: Still Pounding The Table On This 12.9% Yield
AFCG has sold off along with broader markets, and shares are down 25% YTD. Shares now trade right near book value, with an earnings multiple of 8x. The loan portfolio continues to grow along with book value and the dividend. With the yield at 12.9%, investors get paid a juicy dividend to wait for capital appreciation.Seeking Alpha • Mar 14
AFC Gamma: A 10% Raise On This 11% Yield
AFCG just hiked the dividend again, this time by 10% to $0.55. The valuation is still cheap, with a single digit earnings multiple and a rapidly growing loan portfolio. Investors should be aware of the external management and the dilutive equity issuances used to fuel growth. Shares are still a strong buy under $20 and investors can collect a yield over 11%.Seeking Alpha • Jan 13
AFC Gamma: Why This 10% Yield Is A Speculative Deep Value Pick
AFCG went public in the middle of 2021 and has already grown the dividend from $0.38 to $0.50. The company's loan portfolio generates huge yields, which are likely to compress as new regulation allows other, newer competitors to enter the space. The business is flush with cash and is growing the loan portfolio at a rapid pace. AFCG has insider ownership over 25%, so management definitely has skin in the game. Add in an earnings multiple of 8.5x and AFCG is an intriguing mix of speculation and deep value that could be extremely lucrative if management continues to execute.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Advanced Flower Capital makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 3 | -14 | 15 | 0 |
| 31 Dec 25 | 2 | -21 | 14 | 0 |
| 30 Sep 25 | -1 | -23 | 11 | 0 |
| 30 Jun 25 | 9 | -9 | 11 | 0 |
| 31 Mar 25 | 41 | 19 | 14 | 0 |
| 31 Dec 24 | 41 | 13 | 17 | 0 |
| 30 Sep 24 | 43 | 5 | 19 | 0 |
| 30 Jun 24 | 48 | 12 | 21 | 0 |
| 31 Mar 24 | 43 | 9 | 21 | 0 |
| 31 Dec 23 | 52 | 20 | 21 | 0 |
| 30 Sep 23 | 60 | 33 | 22 | 0 |
| 30 Jun 23 | 63 | 36 | 22 | 0 |
| 31 Mar 23 | 64 | 36 | 23 | 0 |
| 31 Dec 22 | 64 | 36 | 23 | 0 |
| 30 Sep 22 | 64 | 40 | 22 | 0 |
| 30 Jun 22 | 56 | 36 | 21 | 0 |
| 31 Mar 22 | 46 | 30 | 18 | 0 |
| 31 Dec 21 | 34 | 21 | 14 | 0 |
| 31 Dec 20 | 11 | 10 | 6 | 0 |
Quality Earnings: AFCG is currently unprofitable.
Growing Profit Margin: AFCG is currently unprofitable.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: AFCG is unprofitable, and losses have increased over the past 5 years at a rate of 57.6% per year.
Accelerating Growth: Unable to compare AFCG's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: AFCG is unprofitable, making it difficult to compare its past year earnings growth to the Capital Markets industry (38.3%).
Return on Equity
High ROE: AFCG has a negative Return on Equity (-7.16%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/22 11:29 |
| End of Day Share Price | 2026/06/18 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Advanced Flower Capital Inc. is covered by 5 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Aaron Grey | Alliance Global Partners |
| Matthew Hurwit | Jefferies LLC |
| Christopher Whitbread Nolan | Ladenburg Thalmann & Company |