AFCG · Advanced Flower Capital Inc.

Advanced Flower Capital Inc. originates, structures, underwrites, invests in, and manages senior secured loans and other types of mortgage loans and debt securities for established companies operating in the cannabis industry. It primarily originates loans structured as senior loans secured by real estate, equipment, cash flows, and licenses and/or other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties. The company was formerly known as AFC Gamma, Inc. and changed its name to Advanced Flower Capital Inc. in October 2024. Advanced Flower Capital Inc. was incorporated in 2020 and is based in West Palm Beach, Florida.

Cap structure and valuation

Cap structure
SP	$2.90
SO	23.5M
Options	0.0M
Warrants	0.0M
FD SO	23.5M
MC	$68.2M

Cash	$112.7M
Total debt	$76.4M ⚠
EV	$32.0M

TTM Multiples
EV / Revenue	1.2x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	18.3%
Insiders	38.3%
# Institutions	62
Analysts	1
Consensus	—
Avg target	$8.00

Short % float	7.4%
Days to cover	9.26

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-01. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

Debt figure uncertain — $130.6M of liabilities are neither recognized debt nor a named non-debt item. Verify against the filing before relying on EV.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	7.67	5.19	6.53	6.20
Revenue YoY %	15.5%	(32.1%)	(26.5%)	(62.2%)
Gross Profit	5.94	—	—	—
Gross Margin %	77.5%	—	—	—

SG&A	0.86	0.98	0.67	0.85

Interest Expense	1.73	1.45	1.63	1.86
Pretax Income	12.05	1.20	(13.37)	(13.30)
Tax Provision	0.63	0.29	(0.87)	(0.14)
Net Income	11.43	0.91	(12.49)	(13.16)
Net Income to Common	11.43	—	—	—
Net Margin %	149.0%	17.6%	(191.3%)	(212.2%)

Diluted EPS	$0.49	$0.04	-$0.57	-$0.60
Basic EPS	$0.49	$0.04	-$0.57	-$0.60
Diluted Avg Shares	23.5	—	22.2	22.1
Basic Avg Shares	23.5	—	22.1	22.1

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	25.59	24.56	45.66	63.93	74.68
Revenue YoY %	4.2%	(46.2%)	(28.6%)	(14.4%)	—

SG&A	3.36	3.23	3.97	5.01	4.70

Interest Expense	6.67	6.76	6.34	6.36	6.81
Pretax Income	(13.41)	(21.29)	17.23	22.61	36.96
Tax Provision	(0.10)	(0.61)	0.45	1.66	1.03
Net Income	(13.31)	(20.67)	16.78	20.95	35.93
Net Income to Common	—	—	—	20.95	35.93
Net Margin %	(52.0%)	(84.2%)	36.8%	32.8%	48.1%

Diluted EPS	-$0.64	-$0.95	$0.78	$1.02	$1.79
Basic EPS	-$0.64	-$0.95	$0.78	$1.02	$1.80
Diluted Avg Shares	23.5	22.3	20.9	20.3	20.0
Basic Avg Shares	23.5	22.2	20.8	20.3	19.8

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	112.73	38.61	45.12	3.41

Other Assets	282.15	236.99	243.60	287.18
Total Assets	394.88	275.59	288.72	290.59

Other Liabilities	209.06	100.03	119.38	105.86
Total Liabilities	209.06	100.03	119.38	105.86

Retained Earnings	(73.11)	(83.36)	(84.28)	(68.40)
Total Equity	185.82	175.57	169.34	184.73

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	112.73	38.61	103.61	90.38	140.37

Other Assets	282.15	236.99	298.45	376.20	378.80
Total Assets	394.88	275.59	402.06	466.59	519.18

Other Liabilities	209.06	100.03	200.68	146.53	180.12
Total Liabilities	209.06	100.03	200.68	146.53	180.12

Retained Earnings	(73.11)	(83.36)	(50.71)	(29.96)	(9.96)
Total Equity	185.82	175.57	201.38	320.05	339.06

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	11.43	0.91	(12.49)	(13.16)
Stock-Based Comp	0.00	5.32	0.49	0.48
Δ Working Cap & Other	(42.27)	(6.79)	18.12	14.44
Operating Cash Flow	(30.84)	(0.56)	6.11	1.76

Other Investing	—	11.06	27.39	15.53
Investing Cash Flow	—	11.06	27.39	15.53

Stock Issuance	—	0.00	—	—
Other Financing	104.97	(17.01)	8.20	(17.20)
Financing Cash Flow	104.97	(17.01)	8.20	(17.20)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(13.31)	(20.67)	16.78	20.95	35.93
Stock-Based Comp	6.29	6.84	1.39	0.99	1.34
Δ Working Cap & Other	(16.50)	25.07	3.38	(0.71)	(5.95)
Operating Cash Flow	(23.53)	11.24	21.56	21.23	31.32

Other Investing	—	34.90	(4.85)	28.52	(16.34)
Investing Cash Flow	—	34.90	(4.85)	28.52	(16.34)

Stock Issuance	—	0.00	15.85	0.00	75.06
Dividends Paid	—	—	—	—	(41.62)
Other Financing	78.96	(111.14)	(50.57)	(68.49)	(17.29)
Financing Cash Flow	78.96	(111.14)	(34.72)	(68.49)	16.15

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	—	—	—	—
Quick Ratio	—	—	—	—
Debt / Equity	1.13	0.57	0.70	0.57
EBITDA Margin %	—	—	—	—
Working Capital	—	—	—	—
Net Debt	—	—	—	—
ROE %	6.1%	0.5%	(7.4%)	(7.1%)
ROA %	2.9%	0.3%	(4.3%)	(4.5%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	—	—	—	—	—
Quick Ratio	—	—	—	—	—
Debt / Equity	1.13	0.57	1.00	0.46	0.53
EBITDA Margin %	—	—	—	—	—
Working Capital	—	—	—	—	—
Net Debt	—	—	—	—	—
ROE %	(7.2%)	(11.8%)	8.3%	6.5%	10.6%
ROA %	(3.4%)	(7.5%)	4.2%	4.5%	6.9%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-19	TANNENBAUM LEONARD M	Director, 10% Owner	2026-05-14	P	90,600	$2.84	$257,304
2026-04-01	Tannenbaum Robyn	Officer (President and CIO)	2026-03-31	P	7,000	$2.80	$19,600
2026-04-01	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-31	P	29,040	$2.76	$80,150
2026-03-30	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-27	P	4,300	$2.60	$11,180
2026-03-30	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-26	P	19,729	$2.60	$51,295
2026-03-24	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-24	P	44,914	$2.59	$116,327
2026-03-24	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-23	P	14,366	$2.59	$37,208
2026-03-24	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-20	P	115,237	$2.55	$293,854
2026-03-19	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-19	P	60,600	$2.59	$156,954
2026-03-19	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-18	P	90,600	$2.59	$234,654
2026-03-16	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-16	P	34,288	$2.59	$88,806
2026-03-16	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-13	P	15,018	$2.60	$39,047
2026-03-16	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-12	P	2,502	$2.59	$6,480
2026-03-11	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-10	P	2,000	$2.57	$5,140
2026-03-11	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-09	P	102,213	$2.54	$259,621
2026-03-09	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-06	P	1,270	$2.47	$3,137
2026-03-09	TANNENBAUM LEONARD M	Director, 10% Owner	2026-03-05	P	29,000	$2.44	$70,760
2025-12-15	TANNENBAUM LEONARD M	Director, 10% Owner	2025-12-11	P	25,000	$3.05	$76,250
2025-12-10	TANNENBAUM LEONARD M	Director, 10% Owner	2025-12-10	P	20,000	$3.03	$60,600
2025-12-10	TANNENBAUM LEONARD M	Director, 10% Owner	2025-12-09	P	24,000	$2.83	$67,920
2025-12-04	TANNENBAUM LEONARD M	Director, 10% Owner	2025-12-03	P	46,000	$2.94	$135,240
2025-12-03	TANNENBAUM LEONARD M	Director, 10% Owner	2025-12-02	P	39,000	$2.87	$111,930
2025-12-03	TANNENBAUM LEONARD M	Director, 10% Owner	2025-12-01	P	15,000	$2.88	$43,200
2025-11-24	HARRISON THOMAS L	Director	2025-11-20	A	5,474	$2.74	$14,999
2025-11-21	Levy Robert L	Director	2025-11-20	A	5,474	$2.74	$14,999
2025-11-21	SUDNOW MARNIE MIGATZ	Director	2025-11-20	A	5,474	$2.74	$14,999
2025-11-21	FRANK ALEXANDER C	Director	2025-11-20	A	5,474	$2.74	$14,999
2025-11-21	Neville Daniel	Officer (Chief Executive Officer)	2025-11-20	A	91,240	$2.74	$249,998
2025-11-21	Tannenbaum Robyn	Officer (President and CIO)	2025-11-20	A	91,240	$2.74	$249,998
2025-11-21	TANNENBAUM LEONARD M	Director, 10% Owner	2025-11-20	A	729,927	$2.74	$2,000,000
2025-11-18	Neville Daniel	Officer (Chief Executive Officer)	2025-11-18	P	17,000	$2.81	$47,770
2025-09-08	Neville Daniel	Officer (Chief Executive Officer)	2025-09-08	P	12,388	$4.44	$55,003
2025-09-08	TANNENBAUM LEONARD M	Director, 10% Owner	2025-09-05	P	79,665	$4.56	$363,272
2025-09-03	TANNENBAUM LEONARD M	Director, 10% Owner	2025-09-03	P	36,861	$4.57	$168,455
2025-09-03	TANNENBAUM LEONARD M	Director, 10% Owner	2025-09-02	P	36,096	$4.49	$162,071
2025-08-29	TANNENBAUM LEONARD M	Director, 10% Owner	2025-08-28	P	144,399	$4.57	$659,903
2025-08-29	TANNENBAUM LEONARD M	Director, 10% Owner	2025-08-27	P	330,127	$4.81	$1,587,911
2025-08-26	TANNENBAUM LEONARD M	Director, 10% Owner	2025-08-26	P	97,168	$4.17	$405,191
2025-08-26	Neville Daniel	Officer (Chief Executive Officer)	2025-08-25	P	10,000	$4.04	$40,400
2025-08-26	Tannenbaum Robyn	Officer (President and CIO)	2025-08-25	P	4,000	$4.13	$16,520
2025-08-26	TANNENBAUM LEONARD M	Director, 10% Owner	2025-08-25	P	61,862	$4.08	$252,397
2025-08-26	Tannenbaum Robyn	Officer (President and CIO)	2025-08-22	P	2,000	$4.10	$8,200
2025-08-26	TANNENBAUM LEONARD M	Director, 10% Owner	2025-08-22	P	216,117	$4.03	$870,952
2025-04-01	Neville Daniel	Officer (Chief Executive Officer)	2025-03-28	P	5,000	$6.15	$30,750
2025-03-27	Neville Daniel	Officer (Chief Executive Officer)	2025-03-26	P	5,000	$6.20	$31,000
2025-03-17	Neville Daniel	Officer (Chief Executive Officer)	2025-03-17	P	16,250	$6.32	$102,700
2025-03-17	TANNENBAUM LEONARD M	Director, 10% Owner	2025-03-17	P	50,000	$6.20	$310,000
2025-03-17	Tannenbaum Robyn	Officer (President and CIO)	2025-03-17	P	4,000	$6.17	$24,680
2025-03-17	Neville Daniel	Officer (Chief Executive Officer)	2025-03-14	P	30,349	$6.52	$197,875
2025-03-17	TANNENBAUM LEONARD M	Director, 10% Owner	2025-03-14	P	32,007	$6.52	$208,686
2025-03-17	Tannenbaum Robyn	Officer (President and CIO)	2025-03-14	P	4,000	$6.25	$25,000
2025-02-27	TANNENBAUM LEONARD M	Director, 10% Owner	2025-02-25	A	95,579	$8.37	$799,996
2025-02-27	Tannenbaum Robyn	Officer (President and CIO)	2025-02-25	A	47,789	$8.37	$399,994
2025-02-27	Hetzel Brandon	Officer (CFO and Treasurer)	2025-02-25	A	17,921	$8.37	$149,999
2025-02-27	FRANK ALEXANDER C	Director	2025-02-25	A	1,792	$8.37	$14,999
2025-02-27	Neville Daniel	Officer (Chief Executive Officer)	2025-02-25	A	47,789	$8.37	$399,994
2025-02-27	SUDNOW MARNIE MIGATZ	Director	2025-02-25	A	1,792	$8.37	$14,999
2025-02-27	Levy Robert L	Director	2025-02-25	A	1,792	$8.37	$14,999
2025-02-27	HARRISON THOMAS L	Director	2025-02-25	A	1,792	$8.37	$14,999
2024-12-23	Neville Daniel	Officer (Chief Executive Officer)	2024-12-20	A	82,873	$9.05	$750,001
2024-07-10	AFC Gamma, Inc.	10% Owner	2024-07-08	J	(6,889,031)	—	$-0
2024-06-06	TANNENBAUM LEONARD M	Director, Officer (Executive Chairman; CIO), 10% Owner	2024-06-06	P	27,500	$11.98	$329,450
2024-06-06	TANNENBAUM LEONARD M	Director, Officer (Executive Chairman; CIO), 10% Owner	2024-06-06	P	30,000	$11.95	$358,500
2024-06-06	TANNENBAUM LEONARD M	Director, Officer (Executive Chairman; CIO), 10% Owner	2024-06-05	P	31,335	$12.09	$378,840