# Advanced Flower Capital Inc. (AFCG)

**Exchange:** NASDAQ  
**Sector:** Real Estate  
**Market cap:** $75M  
**Price:** $3.35 (-1.61%)

> Advanced Flower Capital Inc. is a publicly-traded business development company that originates, structures, underwrites, invests in, and manages senior secured loans and other debt securities. It specializes in providing flexible credit solutions to lower middle-market companies, with a primary focus on state-licensed cannabis operators in U.S. states where medical and/or adult-use cannabis is legal, as well as businesses ancillary to the cannabis industry such as brand developers, service providers, and equipment suppliers. The company also extends loans to select public and private middle-market companies outside the cannabis sector, securing investments by real estate, equipment, cash flows, licenses, and other permitted assets. Loans typically target opportunities across diverse industries, geographies, and asset types throughout the United States. Externally managed by AFC Management, LLC, Advanced Flower Capital Inc. operates as a closed-end, non-diversified management investment company regulated under the Investment Company Act of 1940, emphasizing risk-adjusted returns through an opportunistic lending approach. Headquartered in West Palm Beach, Florida, and incorporated in 2020, it plays a key role in the specialty finance sector by addressing financing needs in regulated and emerging markets.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $25M | — | — | — | — |
| 2024 | $46M | — | — | — | — |
| 2023 | $64M | — | — | $21M | — |
| 2022 | $75M | — | — | $36M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $276M | $100M | $176M | $39M | — |
| 2024 | $402M | $201M | $201M | $104M | — |
| 2023 | $467M | $147M | $320M | $90M | — |
| 2022 | $519M | $180M | $339M | $140M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $11M | — | — |
| 2024 | $22M | — | — |
| 2023 | $21M | — | — |
| 2022 | $31M | — | — |
| 2021 | $10M | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/AFCG)