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    Advanced Flower Capital (AFCG)

    Market Price (8/5/2026): $2.9 | Market Cap: $68.2 MilSector: Financials | Industry: Asset Management & Custody Banks

    Advanced Flower Capital (AFCG)

    Market Price (8/5/2026): $2.9
    Market Cap: $68.2 Mil
    Sector: Financials
    Industry: Asset Management & Custody Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34%

    Attractive yield
    Dividend Yield is 18%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, Cannabis Industry Capital, and Sustainable & Green Buildings. Themes include Private Credit, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -103%, 3Y Excs Rtn is -129%

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.46

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 132%

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -25%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 29%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -107%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -107%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2%

    Key risks
    AFCG key risks include [1] deteriorating credit quality and steep losses from underperforming legacy loans, Show more.

    0 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34%
    1 Attractive yield
    Dividend Yield is 18%
    2 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, Cannabis Industry Capital, and Sustainable & Green Buildings. Themes include Private Credit, Show more.
    3 Weak multi-year price returns
    2Y Excs Rtn is -103%, 3Y Excs Rtn is -129%
    4 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.46
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 132%
    6 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -25%
    7 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 29%
    8 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -107%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -107%
    9 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2%
    10 Key risks
    AFCG key risks include [1] deteriorating credit quality and steep losses from underperforming legacy loans, Show more.

    Valuation & Metrics

    FYE: 12/31AFCG [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$22.0 Mil—
    FY 2026 Sales$36.4 Mil—
    FY 2027 Sales$41.2 Mil—
    FY 2026 Sales Growth65.8%—
    FY 2027 Sales Growth13.0%13.2%
    EARNINGS
    LTM Net Income (GAAP) [3]$-13.3 Mil—
    FY 2026 Net Income (Non-GAAP)$26.1 Mil—
    FY 2027 Net Income (Non-GAAP)$21.6 Mil—
    FY 2027 Net Income Growth-17.0%19.3%
    FY 2026 EPS (Non-GAAP)$0.97—
    FY 2027 EPS (Non-GAAP)$1.00—
    FY 2027 EPS Growth3.6%—
    VALUATION
    FY 2026 P/S1.91.7
    FY 2027 P/S1.7—
    FY 2026 P/E2.68.0
    FY 2027 P/E3.2—

    [1] AFCG forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    AFCGS&P 500
    REVENUE GROWTHPOOR
    Rev LTM ($ Bil)0.0
    Rev Chg Q160.8%9.1%
    Rev Chg LTM-12.0%7.8%
    Rev Chg 3Y Avg-25.1%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)-0.0
    CFO/Rev LTM-107.1%21.6%
    Net Inc Mgn-60.6%12.9%
    VALUATIONMODERATE
    P/S3.13.4
    P/CFO-2.915.7
    P/FCF-2.920.3
    P/E-5.123.9

    AI Analysis | Feedback

    MetricValueDateSource
    Principal Outstanding3354000006302024Link
    Number of Loans146302024Link
    Weighted Average Portfolio Yield to MaturityApproximately 18%3312025Link
    Credit Loss Reserves (CECL)299000003312025Link
    Typical Loan Sizeranging from $10 million to over $100 million3132025Link

    Price Chart

    Upcoming
    8/13/2026Earnings ReleaseRev: $8.0 Mil (E)
    EPS: $0.20 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 8/4/2026

    Advanced Flower Capital (AFCG) stock has gained about 5% since 4/30/2026 because of the following key factors:

    1. Advanced Flower Capital reported stronger-than-expected financial results for fiscal Q1 2026, which ended March 31, 2026. The company's earnings per share reached $0.21, significantly exceeding the estimated $0.17, marking a 26.00% surprise. Additionally, revenue for the quarter was $9.81 million, substantially higher than the $6.90 million estimate.

    2. The company demonstrated continued business growth by committing $7 million to a new senior credit facility on July 15, 2026. This action highlights Advanced Flower Capital's ongoing lending activities and expansion within its target market, signaling potential for future revenue generation.

    Show more
    Updated on 8/4/2026

    Advanced Flower Capital (AFCG) stock has gained about 5% since 4/30/2026 because of the following key factors:

    1. Advanced Flower Capital reported stronger-than-expected financial results for fiscal Q1 2026, which ended March 31, 2026. The company's earnings per share reached $0.21, significantly exceeding the estimated $0.17, marking a 26.00% surprise. Additionally, revenue for the quarter was $9.81 million, substantially higher than the $6.90 million estimate.

    2. The company demonstrated continued business growth by committing $7 million to a new senior credit facility on July 15, 2026. This action highlights Advanced Flower Capital's ongoing lending activities and expansion within its target market, signaling potential for future revenue generation.

    3. AFC maintained a consistent quarterly dividend, announcing $0.05 per outstanding share for fiscal Q2 2026, which ended June 30, 2026. This dividend, declared on June 15, 2026, was in line with the previous quarter's dividend, providing investors with a measure of stability regarding shareholder returns.

    4. Positive sentiment surrounding the broader cannabis REIT sector contributed to the stock's trend. Investors continued to show preference for cannabis REITs in 2026 due to their ability to generate income through dividends and their generally lower volatility compared to traditional cannabis operators. The expanding U.S. cannabis market, driven by new legalization efforts and reform discussions, combined with cannabis companies' limited access to traditional banking services, underscored the critical role and importance of cannabis-focused lenders and REITs.

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    Stock Movement Drivers

    Fundamental Drivers

    The 3.4% change in AFCG stock from 4/30/2026 to 8/4/2026 was primarily driven by a 60.3% change in the company's Total Revenues ($ Mil).
    (LTM values as of)43020268042026Change
    Stock Price ($)2.802.893.4%
    Change Contribution By: 
    Total Revenues ($ Mil)142260.3%
    P/S Multiple4.63.1-33.1%
    Shares Outstanding (Mil)2324-3.7%
    Cumulative Contribution3.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 8/4/2026
    ReturnCorrelation
    AFCG3.4% 
    Market (SPY)7.3%11.7%
    Sector (XLF)11.0%23.0%

    Fundamental Drivers

    The 30.1% change in AFCG stock from 1/31/2026 to 8/4/2026 was primarily driven by a 95.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)13120268042026Change
    Stock Price ($)2.222.8930.1%
    Change Contribution By: 
    Total Revenues ($ Mil)112295.0%
    P/S Multiple4.43.1-29.0%
    Shares Outstanding (Mil)2224-6.0%
    Cumulative Contribution30.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 8/4/2026
    ReturnCorrelation
    AFCG30.1% 
    Market (SPY)11.8%28.8%
    Sector (XLF)8.9%28.1%

    Fundamental Drivers

    The -29.6% change in AFCG stock from 7/31/2025 to 8/4/2026 was primarily driven by a -14.8% change in the company's P/S Multiple.
    (LTM values as of)73120258042026Change
    Stock Price ($)4.102.89-29.6%
    Change Contribution By: 
    Total Revenues ($ Mil)2522-12.0%
    P/S Multiple3.63.1-14.8%
    Shares Outstanding (Mil)2224-6.1%
    Cumulative Contribution-29.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 8/4/2026
    ReturnCorrelation
    AFCG-29.6% 
    Market (SPY)23.1%29.5%
    Sector (XLF)11.8%31.5%

    Fundamental Drivers

    The -59.5% change in AFCG stock from 7/31/2023 to 8/4/2026 was primarily driven by a -59.2% change in the company's Total Revenues ($ Mil).
    (LTM values as of)73120238042026Change
    Stock Price ($)7.132.89-59.5%
    Change Contribution By: 
    Total Revenues ($ Mil)5422-59.2%
    P/S Multiple2.73.115.0%
    Shares Outstanding (Mil)2024-13.7%
    Cumulative Contribution-59.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 8/4/2026
    ReturnCorrelation
    AFCG-59.5% 
    Market (SPY)74.4%36.0%
    Sector (XLF)71.2%37.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    AFCG Return5%-21%-10%8%-62%-0%-70%
    Peers Return35%-27%14%8%1%1%23%
    S&P 500 Return27%-19%24%23%16%11%102%

    Monthly Win Rates [3]
    AFCG Win Rate70%50%33%33%17%50% 
    Peers Win Rate65%40%52%60%50%42% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    AFCG Max Drawdown--32%-35%-18%-68%-31% 
    Peers Max Drawdown-15%-35%-26%-20%-21%-15% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: IIPR, LIEN, ARCC, STWD, BXMT.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 8/4/2026 (YTD)

    How Low Can It Go

    EventAFCGS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-23.0%-9.5%
      % Gain to Breakeven29.8%10.5%
      Time to Breakeven228 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-32.6%-6.7%
      % Gain to Breakeven48.3%7.1%
      Time to Breakeven432 days31 days

    Compare to IIPR, LIEN, ARCC, STWD, BXMT

    In The Past

    Advanced Flower Capital's stock fell -2.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 2.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventAFCGS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-23.0%-9.5%
      % Gain to Breakeven29.8%10.5%
      Time to Breakeven228 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-32.6%-6.7%
      % Gain to Breakeven48.3%7.1%
      Time to Breakeven432 days31 days

    Compare to IIPR, LIEN, ARCC, STWD, BXMT

    In The Past

    Advanced Flower Capital's stock fell -2.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 2.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Advanced Flower Capital (AFCG)

    AFC Gamma, Inc. (AFCG), also known as Advanced Flower Capital, is a financial company that provides debt financing to established businesses within the cannabis industry. Specifically, it operates in U.S. states where cannabis has been legalized for medicinal and/or adult use. The company's primary activity involves originating, structuring, underwriting, and investing in senior secured loans, alongside other types of loans and debt securities.

    The main product AFCG offers is senior secured loans, which are primarily collateralized by the borrower's significant assets, such as real estate, equipment, and operational licenses, all in compliance with relevant state laws. By providing this vital capital, AFCG serves cannabis companies that often face limited access to traditional banking services. For United States federal income tax purposes, the company has also qualified as a Real Estate Investment Trust (REIT).

    AI Analysis | Feedback

    Here are 1-2 brief analogies to describe Advanced Flower Capital (AFCG):

    • A bank for the cannabis industry.

    • A commercial real estate lender for cannabis companies.

    AI Analysis | Feedback

    • Senior Secured Loans: AFCG provides loans to cannabis companies, primarily secured by real estate, equipment, licenses, and other assets of the borrowers.
    • Other Loans and Debt Securities: The company also offers various other types of loans and debt instruments to established businesses in the cannabis industry.

    AI Analysis | Feedback

    Advanced Flower Capital (AFCG), which operates as AFC Gamma, Inc., is a lender to established companies in the cannabis industry. Its "customers" are therefore the cannabis companies to which it provides loans and other debt financing.

    Major customer companies (borrowers) of AFCG include:

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Daniel Neville, Chief Executive Officer

    Daniel Neville was appointed Chief Executive Officer of Advanced Flower Capital in November 2023. Prior to joining AFC Gamma, he served as Chief Financial Officer of Ascend Wellness Holdings (AWH) from August 2020 to November 2023, and before that, as SVP Finance at AWH. His earlier career included roles as a Managing Director and Analyst at SLS Capital, a special situations hedge fund, from 2010 to 2019. He also gained experience as an investment banker in Credit Suisse's Technology Group, where he focused on mergers and acquisitions (M&A) and initial public offerings (IPOs).

    Brandon Hetzel, Chief Financial Officer and Treasurer

    Brandon Hetzel was appointed Chief Financial Officer and Treasurer of AFC Gamma in March 2023. He joined AFC Gamma's external manager as Controller in September 2020 and was promoted to Executive Vice President, Controller in December 2022. Before his time at AFC Gamma, Mr. Hetzel served as VP of Finance for a real estate development and asset management company from August 2016 to September 2020. He also spent seven years at PricewaterhouseCoopers, progressing from Audit Associate to Audit Manager in the REIT audit practice. He possesses over twelve years of experience in real estate and financial management.

    Robyn Tannenbaum, President and Chief Investment Officer

    Robyn Tannenbaum serves as the President and Chief Investment Officer of Advanced Flower Capital, having been appointed Chief Investment Officer in October 2024 and President in March 2023. She has been with the company since its inception in 2020, previously holding positions such as Partner and Head of Origination, and Managing Director, Head of Originations and Investor Relations. Before joining AFC Gamma, Ms. Tannenbaum founded and served as the Managing Member of REC Investor Relations, a consulting firm specializing in strategic investor relations and financial communications, from 2017 to 2020. Her prior experience also includes being Executive Director and Head of Investor Relations at Fifth Street Asset Management (2017-2020) and a Vice President in Healthcare Investment Banking at CIT Group, Inc. (2014-2017), where she focused on mergers and acquisitions and leveraged finance transactions.

    Leonard M. Tannenbaum, Chairman of the Board

    Leonard M. Tannenbaum is the Chairman of the Board for Advanced Flower Capital, having transitioned from Executive Chairman and Chief Investment Officer in November 2023. He is the founder of AFC Gamma, which was incorporated in 2020. Mr. Tannenbaum is also the Founder of TCG/Tannenbaum Capital Group, an alternative investment firm focused on private credit and real estate lending. Notably, he founded Fifth Street Asset Management in 1998, a firm that grew to manage nearly $6 billion in assets across public and private investment vehicles, before its asset management business was sold to Oaktree Capital Management in 2017. His career demonstrates a consistent pattern of entrepreneurial activity and leadership in non-traditional credit markets. He also founded LMT Investments Pty Ltd. in 2017 and Sunrise Realty Trust, Inc. in 2023, and has served on the Boards of Directors of several other companies.

    Gabriel Katz, Chief Legal Officer

    Gabriel Katz serves as the Chief Legal Officer for Advanced Flower Capital. He brings over a decade of experience in advising both public and private companies on matters related to acquisitions, debt and equity financings, corporate governance, and continuous reporting obligations. Mr. Katz previously worked in the corporate and securities groups at national law firms and led the corporate legal team at a unicorn technology company before joining Advanced Flower Capital.

    AI Analysis | Feedback

    The key risks for Advanced Flower Capital (AFCG) largely stem from its specialized lending activities within the cannabis industry and its financial operational challenges.

    1. Regulatory Uncertainty in the Cannabis Industry: The continued federal illegality of cannabis in the United States poses a significant and overarching risk to AFCG's business model. This regulatory landscape creates chronic barriers for its cannabis borrower clients, affecting their access to traditional banking services and potentially impacting the value and enforceability of collateral. Changes in the legal environment, or lack thereof, directly influence capital markets and the operational confidence of cannabis businesses, which in turn affects AFCG's loan portfolio and its ability to source new deals.
    2. Credit Quality Deterioration and Loan Losses: AFCG has faced challenges related to the credit quality of its loans, evident in ballooning credit provisions and reported unrealized losses on certain assets. This indicates a risk of potential loan losses and non-accruals, which can significantly impact the company's profitability and asset valuation. The underperformance of legacy loans and the difficulty in recovering capital from them also contribute to this risk.
    3. Liquidity Strain and Capital Market Scarcity: The company has experienced a substantial decrease in its cash reserves and has reported negative free cash flow, indicating liquidity strain. This is compounded by the limited availability of capital in the broader market for cannabis operators, making it challenging for AFCG to secure funding flexibility, manage its outstanding debt obligations, and finance new loan originations. A lack of sufficient liquidity can also put pressure on the sustainability of its dividend.

    AI Analysis | Feedback

    Federal cannabis legalization in the United States.

    AI Analysis | Feedback

    The addressable market for Advanced Flower Capital (AFCG) in the United States, which focuses on providing senior secured loans and other debt securities to established companies in the legal cannabis industry, is substantial. The U.S. cannabis industry is projected to require between $65.6 billion and $130.7 billion in sustainable growth capital over the next decade to support new businesses and refinance existing ones. This market is specifically for financial institutions willing to lend to cannabis businesses. Looking at the broader U.S. legal cannabis market, retail sales were estimated at $38.50 billion in 2024 and are expected to reach $44.30 billion in 2025. Other projections indicate the U.S. cannabis market size was $25.078 billion in 2025 and is projected to reach $320.77 billion by 2034. Another estimate places the U.S. market at $35 billion in 2025 retail revenue, with a projection to reach $69 billion by 2031. The U.S. cannabis market also saw $32 billion in annual sales during 2024. Furthermore, approximately $6 billion in cannabis debt is expected to mature by the end of 2026, with about $3 billion of that belonging to major U.S. cannabis operators. This highlights a significant refinancing opportunity within the market.

    AI Analysis | Feedback

    Advanced Flower Capital (AFCG) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives and market expansions:

    1. Conversion to a Business Development Company (BDC) and Expanded Investment Universe: Advanced Flower Capital successfully converted from a real estate investment trust (REIT) to a Business Development Company (BDC) in January 2026. This strategic shift significantly broadens the company's investment mandate beyond real estate-backed cannabis loans to include a wider range of secured loans and debt securities for operating businesses in the lower middle market, encompassing both cannabis and non-cannabis assets.
    2. Growth of the Deal Pipeline: Following its conversion to a BDC, AFCG experienced a substantial increase in its active deal pipeline, surging from $400 million in Q3 2025 to over $1.4 billion in Q4 2025. This robust pipeline indicates a significant potential for new loan originations across its expanded investment universe, which is a key indicator for future revenue growth.
    3. Redeployment of Capital from Underperforming Loans: The company is actively focused on managing and resolving underperforming loans within its portfolio. By unlocking value from these assets and receiving paydowns, AFCG plans to redeploy this capital into high-quality, cash-flowing businesses and performing credits. This strategic recycling of capital is expected to generate new interest income and enhance future earnings potential.
    4. Entry into Non-Cannabis and Ancillary Cannabis Industries: As part of its expanded investment mandate as a BDC, AFCG intends to pursue direct lending opportunities in companies that are ancillary to the cannabis industry, as well as private and public middle-market companies operating outside of the cannabis sector. This diversification into new industries and markets is anticipated to broaden the company's customer base and create new sources of revenue.

    AI Analysis | Feedback

    Share Repurchases

    • On June 15, 2023, AFC Gamma's Board of Directors authorized a share repurchase program, allowing the company to repurchase up to $20 million of its outstanding common stock.
    • This share repurchase program is authorized until December 31, 2025.
    • The company did not repurchase any shares of its common stock under this program during the three months ended March 31, 2024, or for the year ended December 31, 2023.

    Share Issuance

    • AFC Gamma completed its Initial Public Offering (IPO) in March 2021.
    • On June 28, 2021, the company completed a public offering of 2,750,000 shares of its common stock.
    • On January 5, 2022, AFC Gamma priced an underwritten public offering of 3,000,000 shares of common stock at $20.50 per share, anticipating gross proceeds of $61.5 million.

    Outbound Investments

    • AFC Gamma's primary business focuses on originating, structuring, underwriting, and investing in senior secured loans and other debt securities for established companies in the cannabis industry.
    • The company has committed over $900 million in financing to the cannabis sector.
    • In August 2025, the Board approved an expanded investment mandate to include direct lending opportunities in private and public middle-market companies outside the cannabis industry.

    Capital Expenditures

    • AFC Gamma reported $0 in Capital Expenditures for various periods, including a summary indicating 0 for cash flow from investing in some reports.
    • Information regarding AFC Gamma's direct capital expenditures is generally listed as N/A in financial summaries.

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    LITGlobal X Lithium & Battery Tech ETFEquity-5.9%10.5%
    SOXQInvesco PHLX Semiconductor ETFEquity-5.6%72.1%
    XBIState Street SPDR S&P Biotech ETFEquity-5.6%24.6%

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    Peer Comparisons

    Peers to compare with:

    Financials

    AFCGIIPRLIENARCCSTWDBXMTMedian
    NameAdvanced.Innovati.Chicago .Ares Cap.Starwood.Blacksto. 
    Mkt Price2.8960.369.3419.6516.2614.4215.34
    Mkt Cap0.11.70.214.16.02.42.1
    Rev LTM22263421,174822609436
    Op Inc LTM-123----123
    FCF LTM-24200-34-68042035388
    FCF 3Y Avg6235-13-1,213603367120
    CFO LTM-24200-34-68083335388
    CFO 3Y Avg6235-13-1,213758367120

    Growth & Margins

    AFCGIIPRLIENARCCSTWDBXMTMedian
    NameAdvanced.Innovati.Chicago .Ares Cap.Starwood.Blacksto. 
    Rev Chg LTM-12.0%-13.6%78.0%-24.5%-2.7%25.7%-7.4%
    Rev Chg 3Y Avg-25.1%-2.6%-16.6%-9.3%-2.6%-2.6%
    Rev Chg Q160.8%-3.8%22.4%-46.2%-4.2%18.1%7.1%
    QoQ Delta Rev Chg LTM60.3%-1.0%4.8%-13.8%-0.9%4.1%1.6%
    Op Inc Chg LTM--26.5%-----26.5%
    Op Inc Chg 3Y Avg--9.2%-----9.2%
    Op Mgn LTM-46.7%----46.7%
    Op Mgn 3Y Avg-52.6%----52.6%
    QoQ Delta Op Mgn LTM--1.4%-----1.4%
    CFO/Rev LTM-107.1%76.0%-80.7%-57.9%101.3%57.9%0.0%
    CFO/Rev 3Y Avg12.6%80.0%-13.0%-77.1%84.2%65.6%39.1%
    FCF/Rev LTM-107.1%76.0%-80.7%-57.9%51.1%57.9%-3.4%
    FCF/Rev 3Y Avg12.6%80.0%-13.0%-77.1%65.6%65.6%39.1%

    Valuation

    AFCGIIPRLIENARCCSTWDBXMTMedian
    NameAdvanced.Innovati.Chicago .Ares Cap.Starwood.Blacksto. 
    Mkt Cap0.11.70.214.16.02.42.1
    P/S3.16.45.112.07.34.05.7
    P/Op Inc-13.7----13.7
    P/EBIT-12.0----12.0
    P/E-5.114.16.214.717.0157.814.4
    P/CFO-2.98.4-6.3-20.77.26.92.0
    Total Yield-2.0%19.9%30.6%16.2%17.4%13.7%16.8%
    Dividend Yield17.6%12.8%14.6%9.4%11.5%13.1%12.9%
    FCF Yield 3Y Avg-0.2%11.8%-2.4%-8.8%9.6%12.0%4.7%
    D/E3.00.20.31.12.26.51.7
    Net D/E1.30.20.21.12.16.31.2

    Returns

    AFCGIIPRLIENARCCSTWDBXMTMedian
    NameAdvanced.Innovati.Chicago .Ares Cap.Starwood.Blacksto. 
    1M Rtn-7.7%-4.7%-6.4%4.9%-1.3%-16.4%-5.6%
    3M Rtn3.0%3.2%2.8%4.1%-8.4%-22.5%2.9%
    6M Rtn38.5%33.5%-2.3%8.2%-4.8%-23.2%3.0%
    12M Rtn-31.6%34.8%5.2%-3.3%-7.2%-15.6%-5.3%
    3Y Rtn-59.4%6.5%64.1%33.2%5.1%-12.1%5.8%
    1M Excs Rtn-6.9%-5.1%-7.5%3.2%-5.3%-20.1%-6.1%
    3M Excs Rtn-7.3%10.2%-4.0%-2.4%-14.5%-29.1%-5.6%
    6M Excs Rtn22.7%23.1%-13.7%-4.8%-14.4%-33.2%-9.3%
    12M Excs Rtn-52.6%11.5%-19.0%-27.3%-30.6%-38.4%-28.9%
    3Y Excs Rtn-129.5%-60.0%4.2%-35.6%-63.4%-82.3%-61.7%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/7/20263/4/202611/12/20258/14/20255/14/20253/13/202511/13/20248/7/20245/9/20243/7/202411/8/20238/8/2023
    Key Financials Quarterly            
    Total Revenue138-4456311651112
    Net Income111-12-134-1116-0-9812
    EPS0.490.04-0.57-0.600.18-0.050.060.80-0.01-0.450.390.59
    Key Financials TTM            
    Total Revenue TTM221411182525253334404951
    Net Income TTM-13-21-23-9211791511213337
    Growth Rates Quarterly            
    Total Revenue Growth160.8%43.9%-218.8%-59.4%-7.6%15.6%-70.9%-10.7%-52.2%-65.1%-17.7%-16.2%
    Net Income Growth180.9%192.2%-1002.7%-180.0%7616.6%89.2%-82.7%35.5%-100.5%-412.7%-30.5%6.9%
    Margins Quarterly            
    Net Income Margin85.2%11.4%--294.7%79.1%-17.9%42.2%149.5%-1.0%-191.3%70.8%98.5%
    Cash & Debt            
    Total Cash11339453310412217082907382
    Total Debt20297111991111891481231481308888
    Net Debt / (Cash)905966961088526-476640156
    Cash Flows Quarterly            
    FCF from Operations-31-162423106655
    Cash Flows TTM            
    FCF from Operations TTM-241114111922262823211926
    Returns to Shareholders Quarterly            
    Dividends033577131010101011
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC13.1%1.2%-15.6%-15.1%4.5%-1.2%1.8%20.0%-1.4%-9.0%8.8%13.7%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-3.8%-6.5%-7.1%-2.5%5.4%4.1%2.0%4.0%2.2%5.3%9.1%10.3%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single segment1736   
    Senior secured loans to cannabis industry operators in states where medical and/or adult-use  54  
    Financing senior secured loans and other types of loans primarily to (i) senior secured loans to   7238
    Total1736547238


    Price Behavior

    Price Behavior
    Market Price$2.89 
    Market Cap ($ Bil)0.1 
    First Trading Date03/19/2021 
    Distance from 52W High-38.3% 
       50 Days200 Days
    DMA Price$3.11$2.82
    DMA Trenddowndown
    Distance from DMA-7.0%2.5%
     3M1YR
    Volatility52.2%61.3%
    Downside Capture12.79180.13
    Upside Capture21.3094.68
    Correlation (SPY)7.5%28.6%
    AFCG Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta0.080.650.221.011.351.12
    Up Beta-1.10-0.54-0.591.091.241.08
    Down Beta-0.220.661.551.501.501.27
    Up Capture-55%-3%-10%95%90%48%
    Bmk +ve Days11223567138427
    Stock +ve Days7152959110348
    Down Capture160%178%8%73%142%107%
    Bmk -ve Days11212859114326
    Stock -ve Days14273361130381

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AFCG
    AFCG-28.7%61.3%-0.32-
    Sector ETF (XLF)14.0%14.7%0.6831.5%
    Equity (SPY)25.2%12.9%1.4729.5%
    Gold (GLD)21.1%28.1%0.677.3%
    Commodities (DBC)28.3%19.8%1.14-0.7%
    Real Estate (VNQ)15.6%13.8%0.8119.5%
    Bitcoin (BTCUSD)-44.2%43.0%-1.2318.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AFCG
    AFCG-19.5%42.5%-0.38-
    Sector ETF (XLF)11.5%18.4%0.4837.0%
    Equity (SPY)13.4%17.2%0.6037.7%
    Gold (GLD)17.3%18.5%0.765.0%
    Commodities (DBC)8.1%19.6%0.319.0%
    Real Estate (VNQ)2.4%18.9%0.0233.7%
    Bitcoin (BTCUSD)10.0%53.0%0.3816.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AFCG
    AFCG-10.8%42.4%-0.37-
    Sector ETF (XLF)13.7%22.1%0.5735.5%
    Equity (SPY)15.4%17.9%0.7336.7%
    Gold (GLD)11.6%16.1%0.585.1%
    Commodities (DBC)7.0%18.0%0.319.9%
    Real Estate (VNQ)4.8%20.7%0.2032.0%
    Bitcoin (BTCUSD)58.0%66.2%0.9816.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity0.9 Mil
    Short Interest: % Change Since 6302026-21.0%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest10.5 days
    Basic Shares Quantity23.5 Mil
    Short % of Basic Shares3.9%

    Returns Analyses

    Earnings Returns History

    Updated 6/18/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/7/202611.6%6.9%26.0%
    3/4/20269.1%19.5%27.8%
    11/12/20250.6%-13.0%8.6%
    8/14/2025-3.7%-20.8%1.5%
    5/14/2025-5.2%-11.4%-1.0%
    3/13/2025-20.4%-24.7%-41.2%
    11/13/2024-2.2%1.9%-0.3%
    8/7/20248.3%14.1%18.7%
    ...
    SUMMARY STATS   
    # Positive121211
    # Negative9910
    Median Positive1.3%4.5%10.7%
    Median Negative-2.5%-11.4%-3.3%
    Max Positive11.6%19.5%27.8%
    Max Negative-20.4%-24.7%-41.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/7/202611.6%6.9%26.0%
    3/4/20269.1%19.5%27.8%
    11/12/20250.6%-13.0%8.6%
    8/14/2025-3.7%-20.8%1.5%
    5/14/2025-5.2%-11.4%-1.0%
    3/13/2025-20.4%-24.7%-41.2%
    11/13/2024-2.2%1.9%-0.3%
    8/7/20248.3%14.1%18.7%
    5/9/2024-0.6%-1.0%-2.0%
    3/7/20241.9%9.1%9.2%
    11/8/2023-1.5%2.2%10.7%
    8/8/2023-2.4%-3.0%-3.1%
    5/10/2023-2.5%-0.8%14.3%
    3/7/20230.3%-18.4%-20.9%
    11/8/2022-3.1%-6.5%-1.8%
    8/9/20220.0%4.3%-3.8%
    5/10/20220.6%11.9%19.4%
    3/10/20220.2%1.1%-3.5%
    11/4/20211.9%3.0%-5.1%
    8/5/20210.6%3.5%6.7%
    5/11/20213.1%4.7%10.3%
    SUMMARY STATS   
    # Positive121211
    # Negative9910
    Median Positive1.3%4.5%10.7%
    Median Negative-2.5%-11.4%-3.3%
    Max Positive11.6%19.5%27.8%
    Max Negative-20.4%-24.7%-41.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/07/202610-Q
    12/31/202503/04/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/13/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/10/202310-Q
    12/31/202203/07/202310-K
    09/30/202211/08/202210-Q
    06/30/202208/09/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/07/202610-Q
    12/31/202503/04/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/13/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/10/202310-Q
    12/31/202203/07/202310-K
    09/30/202211/08/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/10/202210-Q
    12/31/202103/10/202210-K
    09/30/202111/04/202110-Q
    06/30/202108/05/202110-Q
    03/31/202105/11/202110-Q

    Recent Forward Guidance

    Updated 7/27/2026

    Latest: Q1 2026 Earnings Reported 5/7/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2027 Share Repurchases 5.00 Mil    

    null

    Insider Activity

    Updated 5/19/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Tannenbaum, Leonard M DirectBuy51920262.8490,600257,30418,507,641Form
    2Tannenbaum, RobynPresident and CIODirectBuy40120262.807,00019,600632,540Form
    3Tannenbaum, Leonard M DirectBuy40120262.7629,04080,15017,736,243Form
    4Tannenbaum, Leonard M DirectBuy33020262.604,30011,18016,632,551Form
    5Tannenbaum, Leonard M DirectBuy33020262.6019,72951,29516,621,371Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Tannenbaum, Leonard M DirectBuy51920262.8490,600257,30418,507,641Form
    2Tannenbaum, RobynPresident and CIODirectBuy40120262.807,00019,600632,540Form
    3Tannenbaum, Leonard M DirectBuy40120262.7629,04080,15017,736,243Form
    4Tannenbaum, Leonard M DirectBuy33020262.604,30011,18016,632,551Form
    5Tannenbaum, Leonard M DirectBuy33020262.6019,72951,29516,621,371Form
    6Tannenbaum, Leonard M DirectBuy32420262.5944,914116,32716,506,345Form
    7Tannenbaum, Leonard M DirectBuy32420262.5914,36637,20816,390,017Form
    8Tannenbaum, Leonard M DirectBuy32420262.55115,237293,85416,100,256Form
    9Tannenbaum, Leonard M DirectBuy31920262.5960,600156,95416,054,346Form
    10Tannenbaum, Leonard M DirectBuy31920262.5990,600234,65415,897,392Form
    11Tannenbaum, Leonard M DirectBuy31620262.5934,28888,80615,662,738Form
    12Tannenbaum, Leonard M DirectBuy31620262.6015,01839,04715,634,063Form
    13Tannenbaum, Leonard M DirectBuy31620262.592,5026,48015,535,035Form
    14Tannenbaum, Leonard M DirectBuy31120262.572,0005,14015,408,643Form
    15Tannenbaum, Leonard M DirectBuy31120262.54102,213259,62115,223,696Form
    16Tannenbaum, Leonard M DirectBuy30920262.471,2703,13714,551,679Form
    17Tannenbaum, Leonard M DirectBuy30920262.4429,00070,76014,371,839Form
    18Tannenbaum, Leonard M DirectBuy121520253.0525,00076,25017,876,349Form
    19Tannenbaum, Leonard M DirectBuy121020253.0320,00060,60017,683,377Form
    20Tannenbaum, Leonard M DirectBuy121020252.8324,00067,92016,459,557Form
    21Tannenbaum, Leonard M DirectBuy120420252.9446,000135,24017,028,768Form
    22Tannenbaum, Leonard M DirectBuy120320252.8739,000111,93016,491,301Form
    23Tannenbaum, Leonard M DirectBuy120320252.8815,00043,20016,436,442Form
    24Neville, DanielChief Executive OfficerDirectBuy111820252.8117,00047,770636,884Form
    25Neville, DanielChief Executive OfficerDirectBuy90820254.4412,38855,003930,842Form
    26Tannenbaum, Leonard M DirectBuy90820254.5679,665363,27222,627,500Form
    27Tannenbaum, Leonard M DirectBuy90320254.5736,861168,45522,313,052Form
    28Tannenbaum, Leonard M DirectBuy90320254.4936,096162,07121,756,946Form
    29Tannenbaum, Leonard M DirectBuy82920254.57144,399659,90321,979,639Form
    30Tannenbaum, Leonard M DirectBuy82920254.81330,1271,587,91122,439,372Form
    31Tannenbaum, Leonard M DirectBuy82620254.1797,168405,19118,077,046Form
    32Neville, DanielChief Executive OfficerDirectBuy82620254.0410,00040,400796,934Form
    33Tannenbaum, RobynPresident and CIODirectBuy82620254.134,00016,520527,265Form
    34Tannenbaum, Leonard M DirectBuy82620254.0861,862252,39717,290,448Form
    35Tannenbaum, RobynPresident and CIODirectBuy82620254.102,0008,200507,035Form
    36Tannenbaum, Leonard M DirectBuy82620254.03216,117870,95216,829,252Form

    Industry Resources

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