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Nasdaq · Financials

Advanced Flower Capital Inc. (AFCG)

As-reported financials and SEC filings for Advanced Flower Capital Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Advanced Flower Capital Inc.

Advanced Flower Capital Inc. is an institutional lender that specializes in originating, structuring, underwriting, investing in, and managing senior secured loans and other debt securities. The company primarily serves cannabis industry operators and ancillary businesses in states where cannabis is legal, as well as other middle-market companies. It provides financing solutions secured by real estate, equipment, cash flows, and license values, aiming to deliver risk-adjusted returns through cash distributions and capital appreciation.

Snapshot

Revenue
—
Revenue growth (YoY)
—
Net income
$-20.7M
Diluted EPS
$-0.95
Gross margin
—
Operating margin
—
Net margin
—
FCF margin
—
ROE
-11.8%
net income / fiscal-year-end equity
P/E
n/m
not meaningful: a reported loss in the fiscal year or the trailing twelve months
Market cap
$69.7M
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Advanced Flower Capital

  • Net income turned to a $21M loss in FY2025, from a $17M profit in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Advanced Flower Capital’s fundamentals sit among the 51 business development companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

ROE-11.8%
15th percentile of 48
Short interest10.58d
96th percentile of 49

Advanced Flower Capital’s return on equity of -11.8% ranks in the 15th percentile of the 48 business development companies reporting it.

27 reported insider purchases (code P) totaling $2.1M in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among business development company peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 4 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+4 quant / multi-strat
Initiated / added
1
0 new, 1 added
Reduced / exited
4
3 trimmed, 1 exited
Combined position
$1.1M
reported long value
InvestorAs ofPosition valueSharesChange
D. E. ShawquantQ2 2026$361,061116.5KAdded
Citadel AdvisorsquantQ2 2026$354,662114.4KReduced
Renaissance TechnologiesquantQ2 2026$208,01067.1KReduced
Millennium ManagementquantQ2 2026$134,78543.5KReduced

No longer held by: AQR Capital Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).

Buys (90d)
27
3 insiders
Bought (90d)
$2.1M
code P value
Sells (90d)
0
—
Reported activity
Cluster buy
≥2 insiders buying
Trade dateInsiderTypeSharesPriceValue
2026-09-30
Leonard M. TannenbaumDirectorBuy44.6K$3.63$162K
2026-09-29
filed 2026-09-30
Leonard M. TannenbaumDirectorBuy40.1K$3.59$144K
2026-09-28
filed 2026-09-30
Leonard M. TannenbaumDirectorBuy10.7K$3.57$38K
2026-09-25
filed 2026-09-28
Leonard M. TannenbaumDirectorBuy5.2K$3.52$18K
2026-09-24
filed 2026-09-28
Leonard M. TannenbaumDirectorBuy20.0K$3.49$70K
2026-09-23
filed 2026-09-24
Leonard M. TannenbaumDirectorBuy3.5K$3.49$12K
2026-09-22
filed 2026-09-24
Leonard M. TannenbaumDirectorBuy23.1K$3.49$81K
2026-09-18
filed 2026-09-22
Leonard M. TannenbaumDirectorBuy10.0K$3.49$35K
2026-09-17
filed 2026-09-18
Leonard M. TannenbaumDirectorBuy25.0K$3.50$88K
2026-09-16
filed 2026-09-17
Leonard M. TannenbaumDirectorBuy2.3K$3.43$8K
2026-09-15
filed 2026-09-17
Leonard M. TannenbaumDirectorBuy608$3.50$2K
2026-09-14
filed 2026-09-15
Leonard M. TannenbaumDirectorBuy25.2K$3.50$88K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
785.1K
settled 2026-09-30
Change vs prior
+8.5%
vs previous settlement
Days to cover
10.58
at avg daily volume
Avg daily volume
74.2K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-30785.1K+8.5%10.58
2026-09-15723.9K-4.3%10.03
2026-08-31756.4K-6.4%5.16
2026-08-14808.3K-19.4%10.03
2026-07-311.0M+9.3%12.99
2026-07-15918.3K-20.9%10.46
2026-06-301.2M+4.7%10.53
2026-06-151.1M+24.0%8.23

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$24.6M$45.7M$63.9M$74.7M—
Gross profit—————
Operating income—————
Net income$-20.7M$16.8M$21.0M$35.9M$21.0M
Diluted EPS$-0.95$0.78$1.02$1.79$1.52

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$38.6M$103.6M$90.4M$140.4M$109.2M
Current assets—————
Total assets$275.6M$402.1M$466.6M$519.2M$464.8M
Current liabilities—————
Long-term debt—————
Total liabilities$100.0M$200.7M$146.5M$180.1M$191.8M
Total equity$175.6M$201.4M$320.1M$339.1M$273.1M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$11.2M$21.6M$21.2M$31.3M$9.5M
Capital expenditure—————
Free cash flow—————

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026——$5.4M$0.23
Q1 FY2026——$11.4M$0.49
Q4 FY2025-32.1%
Q3 FY2025$6.5M-26.5%$-12.5M$-0.57
Q2 FY2025$6.2M-62.2%$-13.2M$-0.60
Q1 FY2025$6.6M-47.8%$4.1M$0.18
Q4 FY2024-51.5%
Q3 FY2024$8.9M-41.8%$1.4M$0.06

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorFinancials
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2020
SEC CIK1822523

Selected SEC filings

10-K2026-03-04
View on EDGAR →
10-Q2026-08-13
View on EDGAR →
10-Q2026-05-07
View on EDGAR →
8-K2026-09-29
View on EDGAR →
8-K2026-09-15
View on EDGAR →
8-K2026-08-26
View on EDGAR →
8-K2026-08-13
View on EDGAR →

Largest Financials peers

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.