Advanced Flower Capital Inc. (AFCG) Earnings
Advanced Flower Capital Inc. is expected to report next earnings on August 13, 2026 (in NaN days), with a consensus EPS estimate of $0.15. AFCG has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise -55.5% over the last four).
| 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% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
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.