AFCG
Advanced Flower Capital Inc.
Price as of Jul 20, 2026
AFCG earnings
Advanced Flower Capital Inc. earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.16 | $0.21 | +31.2% | $10M | +42.2% |
| Mar 4, 2026 | $-0.04 | $-0.12 | -200.0% | $7M | +27.7% |
| Nov 12, 2025 | $0.19 | $0.16 | -15.8% | $-841830 | -115.7% |
| Aug 14, 2025 | $0.24 | $0.15 | -37.5% | $5M | -35.8% |
| Mar 13, 2025 | $0.39 | $0.29 | -25.6% | $9M | -25.5% |
| Nov 13, 2024 | $0.34 | $0.35 | +2.9% | $9M | -33.8% |
| May 9, 2024 | $0.50 | $0.49 | -2.0% | $16M | +0.2% |
| Mar 7, 2024 | $0.50 | $0.49 | -2.0% | $17M | +11.3% |
| May 10, 2023 | $0.57 | $0.57 | +0.0% | $15M | -14.0% |
| Mar 7, 2023 | $0.57 | $0.62 | +8.8% | $18M | -2.9% |
| Mar 10, 2022 | $0.53 | $0.52 | -1.9% | $13M | -1.4% |
| Nov 4, 2021 | $0.43 | $0.44 | +2.3% | $12M | +2.4% |
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Completed first quarter operating as a BDC, expanding investment flexibility beyond real estate-backed loans. • Closed two non-cannabis lower middle market deals totaling ~$90M in new commitments and received $41.2M in cannabis loan repayments. • Net fundings for Q1 2026 were $39.1M. • Board has a $5M share buyback program. • Private credit in lower middle market has reduced net inflows and shifted upmarket, creating opportunity for AFC. • Active pipeline over $1.5 billion in deals, focused on lower middle market across industries like healthcare, consumer, etc. • Closed two loans in Q1 totaling $90M, and an additional $5M post-quarter end. • Three loans on non-accrual, with $6.2M pay down in Q1 on Debbie Holdings loan. • Loan to Justice Grom matured in default, pursuing rights and remedies under credit agreement.
Guidance
• Expanded investment flexibility as a BDC allows pursuing opportunities beyond real estate-backed loans. • Focus on lower middle market with pipeline over $1.5 billion. • Expect yields in lower middle market to move down a touch into low double-digit range but with improved borrower and counterparty quality. • Intend to deploy dry powder and repayments into performing credits over the year.
Segment performance
For Q1 2026, AFC had net fundings of $39.1 million. It generated net investment income of $0.21 per basic weighted average share of common stock. The Board of Directors declared a first quarter distribution of $0.05 per share. During the quarter, two non-cannabis deals in the lower middle market were closed, totaling approximately $90 million in new commitments, and $41.2 million in cannabis loan repayments were received. The conversion to a BDC expanded investment flexibility to pursue opportunities beyond real estate-backed loans, allowing diversification across industries and credit risk profiles.
Risks & headwinds
• Justice Grom loan matured in default with litigation pending, uncertain outcomes. • Industry competition in cannabis market and potential impact on asset values and loan realizations. • Uncertainties in predicting future results related to forward-looking statements, subject to factors causing actual results to differ from projections.
Analyst Q&A
Q: How should we think about potential outcomes for Justice Grom loan given pending litigation?
A: The loan has matured, and they are pursuing all rights and remedies to obtain maximum value from the credit facility, but it's too early to predict outcomes.
Q: Are the incremental loans in the pipeline expecting similar yields as seen?
A: Yields to maturities of some loans can be a guidepost, overall target is yields moving down a touch into low double-digit range with improved borrower and counterparty quality in lower middle market.
Q: Does recent rescheduling change outlook for cannabis market or focus on pipeline?
A: Rescheduling is positive with potential to attract capital and affect asset values, but still focused on expanding into lower middle market lending.
Q: Can you expand on the non-cannabis loans in Q1?
A: STAT operates in revenue recovery related to suppliers into big retailers, proceeds used for refinancing and acquisition. The healthcare benefits platform serves low-wage employees with low-cost virtual care offerings.
Q: Can you deploy all cash on balance sheet and expanded credit facility this year?
A: Hard to predict, but have dry powder and will deploy repayments over the year.
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-08-13.