Advanced Flower Capital Inc. AFCG
Advanced Flower Capital Inc. (AFCG) is a commercial real estate finance firm specializing in providing financial solutions to the cannabis industry. It specifically focuses on offering debt financing, particularly senior secured credit facilities, alongside other loan products. Its comprehensive services include the origination, structuring, underwriting, and ongoing management of these loans, which are tailored for established businesses operating within regulated cannabis markets across various U.S. states. Leonard Mark Tannenbaum founded the company on July 6, 2020, and its headquarters are situated in West Palm Beach, FL.
Snapshot
Reported FFO / Distributable Earnings / leverage are from the Full Year 2025 earnings release (filed 2026-03-04) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-15 | — | $0.05 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-03-02 | $0.05 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-09-15 | $0.15 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-06-13 | $0.15 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-03-11 | $0.23 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-15 | 2024-12-13 | $0.33 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-15 | 2024-09-12 | $0.33 | Quarterly |
| 2024-07-08 | 2024-07-08 | 2024-07-15 | 2024-06-27 | $0.15 | Special |
| 2024-06-24 | 2024-06-24 | 2024-07-15 | 2024-06-13 | $0.48 | Quarterly |
| 2024-03-27 | 2024-03-31 | 2024-04-15 | 2024-03-04 | $0.48 | Quarterly |
| 2023-12-28 | 2023-12-31 | 2024-01-12 | 2023-12-15 | $0.48 | Quarterly |
| 2023-09-28 | 2023-09-30 | 2023-10-13 | 2023-09-15 | $0.48 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-14 | 2023-06-15 | $0.48 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-14 | 2023-03-02 | $0.56 | Quarterly |
| 2022-12-29 | 2022-12-31 | 2023-01-13 | 2022-12-15 | $0.56 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-14 | 2022-09-15 | $0.56 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-06-15 | $0.56 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-15 | 2022-03-10 | $0.55 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-14 | 2021-12-15 | $0.50 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-15 | 2021-09-15 | $0.43 | Quarterly |
| 2021-06-14 | 2021-06-15 | 2021-06-30 | 2021-05-07 | $0.38 | Quarterly |
| 2021-03-12 | 2021-03-15 | 2021-03-31 | — | $0.36 | Quarterly |
Coverage (payout of operating cash flow): 39.67%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $31.32M | $-20.67M | $0.00 | $-14.53M | $11.24M |
| 2024 | $51.90M | $16.78M | $1.03M | $21.67M | $21.56M |
| 2023 | $51.80M | $20.95M | $0.00 | $0.00 | $21.23M |
| 2022 | $71.54M | $35.93M | $38.18M | $81.95M | $31.32M |
| 2021 | $38.08M | $21.00M | $16.43M | $38.59M | $9.54M |
| 2020 | $11.48M | $10.35M | $0.00 | $0.00 | $1.52M |
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.