Advanced Flower Capital
Provides direct senior-debt investments to lower-middle-market companies across industries.
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Profile
Originates and manages direct senior-debt investments for lower-middle-market companies across industries. The externally managed BDC entered this mandate after separating its CRE loan portfolio; its legacy business specialized in lending to cannabis operators.
Originates, structures, underwrites, invests in, and manages direct senior-debt investments for lower-middle-market companies across industries. Loans are tailored to borrower needs. The BDC’s mandate succeeds an earlier mortgage-lending model that specialized in senior secured loans to cannabis-industry operators in U.S. states where medical or adult-use cannabis was legal.
The Sunrise Realty Trust spin-off separated the CRE loan portfolio, leaving AFC’s continuing operations. After converting from a mortgage REIT to a BDC, it operates under an external advisory arrangement and reports no direct employees. Day-to-day management is performed by AFC Management under Board direction.
Company facts
Categories
Key statistics
Year to date +26.3% · Average volume (30d) 100.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | UBS | Target | $8.25 | ||
| Aug 15, 2025 | Alliance Global Partners | Downgrade | Buy | Neutral | |
| Jun 13, 2025 | Zuanic & Associates | Downgrade | Overweight | Neutral | |
| Mar 14, 2025 | Jefferies | Downgrade | Buy | Hold |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | $0.19 | $0.15 | −19.7% | $8.6M | $8.7M | +1.2% | +6.74% |
| May 7, 2026Q1 FY26 | $0.16 | $0.21 | +31.2% | $6.9M | $9.8M | +42.2% | +4.21% |
| Mar 4, 2026Q4 FY25 | −$0.04 | −$0.12 | −200.0% | $5.6M | $5.2M | −7.1% | +6.64% |
| Nov 12, 2025Q3 FY25 | $0.19 | $0.16 | −15.8% | $5.4M | −$841.8K | −115.7% | −4.91% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $7.0M | $6.3M | −$841.8K | $6.6M | $9.8M | $8.7M | |
| Gross profit | $5.8M | −$11.4M | −$841.8K | $5.9M | $8.1M | $7.1M | |
| Operating income | $4.2M | −$13.3M | −$3.1M | $2.7M | $13.8M | $7.7M | |
| Net income | $4.1M | −$13.2M | −$12.5M | $914.0K | $11.4M | $5.4M | |
| Diluted EPS | $0.18 | −$0.60 | −$0.57 | $0.04 | $0.49 | $0.23 | |
| Gross margin | 84.0% | -180.0% | — | 89.2% | 82.0% | 81.1% | |
| Operating margin | 60.1% | -210.3% | — | 41.0% | 140.4% | 89.0% |
Fiscal years (4-quarter sums)FY21 $36.8M · FY22 $63.5M · FY23 $50.4M · FY24 $41.5M · FY25 $19.1M
Balance sheet, Jun 30, 2026Cash & short-term investments $106.5M · Total debt $206.6M · Total assets $399.7M · Shareholders' equity $187.3M
Dividends
Last cut to $0.05 from $0.15 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.05 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.05 | cut from $0.15 |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.15 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.15 | cut from $0.23 |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.23 | cut from $0.33 |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.33 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.33 | raised from $0.3244 split-adjusted |
| Jul 8, 2024 | Jul 8 | Jul 15 | $0.15 | special dividend |
Ownership
Shares outstanding 22.81M · Float 14.11M · 61.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Leonard M. Tannenbaum · director, 10 percent owner: | 6.72M | 29.44% | Form 4 | Aug 28, 2026 |
| CDC Financial, Inc. | 1.47M | 6.46% | 13F | May 15, 2026 |
| Stoney Lonesome HF LP | 1.45M | 6.10% | 13G | May 15, 2026 |
| Daniel Neville · officer: Chief Executive Officer | 317.9K | 1.39% | Form 4 | Nov 21, 2025 |
| Gsa Capital Partners LLP | 241.0K | 1.06% | 13F | May 8, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | Leonard M. Tannenbaum | director, 10 percent owner: | +15,202 | $3.46 |
| Aug 26, 2026 | Leonard M. Tannenbaum | director, 10 percent owner: | +19,404 | $3.41 |
| Aug 25, 2026 | Leonard M. Tannenbaum | director, 10 percent owner: | +30,000 | $3.40 |
| Aug 24, 2026 | Leonard M. Tannenbaum | director, 10 percent owner: | +30,000 | $3.41 |
| Aug 21, 2026 | Leonard M. Tannenbaum | director, 10 percent owner: | +25,000 | $3.28 |
Peers
- Ares Capital
Direct lending to U.S. private middle-market companies
- Blue Owl Capital
Direct lender to U.S. middle-market companies
- FS KKR Capital
Customized credit provider to private U.S. middle-market companies
- Golub Capital BDC
First-lien lender to sponsor-backed middle-market companies
- Main Street Capital
Debt and equity capital provider to lower-middle-market companies
- Sixth Street Specialty Lending
Flexible financing provider to middle-market companies
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Advanced Flower Capital | $3.65 | +1.38% | $82.1M | 18.9 | 5.1 | 3.4 | +68.9% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| Main Street Capital | $58.45 | −0.18% | $5.44B | 11.8 | 15.4 | 7.8 | −26.1% |
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Median | 19.7 | 10.2 | 5.0 | −13.6% |