AFC Gamma reported a GAAP net loss but delivered positive Distributable Earnings in Q3 2025, while shareholders approved a strategic shift from REIT to BDC.

Advanced Flower Capital (AFC Gamma) posted a GAAP net loss of $13.2 million, or $(0.60) per share, for Q2 2025. Distributable Earnings totaled $3.4 million, or $0.15 per share. The company plans to convert from a mortgage REIT to a BDC to expand its investable universe beyond cannabis real estate lending.

AFC Gamma delivered $4.1 million in GAAP net income for Q1 2025, up from a loss last year. The company also posted $4.5 million in distributable earnings and generated $6.64 million in revenue, highlighting disciplined loan deployment and improved credit risk adjustments.

AFC Gamma reported a net loss of $1.0 million for Q4 2024, with an EPS of ($0.05). Despite the loss, the company generated $9.2 million in interest income. Loan commitments remained stable, and AFC maintained a disciplined lending approach in the cannabis sector, focusing on capital preservation and risk-adjusted returns.

AFC Gamma announced its Q3 2024 financial results, reporting a GAAP net income of $1.4 million, or $0.06 per share, and Distributable Earnings of $7.2 million, or $0.35 per share. They also paid a dividend of $0.33 per share. The company exceeded its 2024 origination target of $100 million.

AFC Gamma announced strong performance in the second quarter of 2024, marked by GAAP net income of $16.4 million or $0.80 per basic weighted average common share and Distributable Earnings of $11.4 million or $0.56 per basic weighted average common share. The company paid a dividend of $0.48 per common share for the second quarter 2024. AFC is now a pure-play cannabis lender after the spin-off of their commercial real estate portfolio on July 9, 2024.

AFC Gamma reported a GAAP net loss of $(0.1) million, or $(0.01) per share, and Distributable Earnings of $10.0 million, or $0.49 per share, for the first quarter of 2024. The company originated $90.4 million of loans, including $34.0 million to cannabis operators and $56.4 million to commercial real estate developers.

AFC Gamma reported a GAAP net loss of $(9.2) million, or $(0.45) per share, and Distributable Earnings of $10.0 million, or $0.49 per share, for the fourth quarter of 2023. The company declared a cash dividend of $0.48 per common share for the fourth quarter of 2023 and a regular cash dividend of $0.48 per common share for the first quarter of 2024.

AFC Gamma announced its Q3 2023 financial results, reporting a net income of $8.0 million, or $0.39 per share, and Distributable Earnings of $9.9 million, or $0.49 per share. The company declared a dividend of $0.48 per share for the quarter.

AFC Gamma announced its Q2 2023 results, reporting a GAAP net income of $12.1 million or $0.59 per basic weighted average common share, and Distributable Earnings of $9.9 million or $0.49 per basic weighted average common share. The company declared a dividend of $0.48 per common share for the second quarter.

AFC Gamma reported a GAAP net income of $10.0 million, or $0.49 per basic weighted average common share, and Distributable Earnings of $11.6 million, or $0.57 per basic weighted average common share for Q1 2023. The company maintained ample liquidity and repurchased $10.0 million in principal amount of its 2027 Senior Notes.

AFC Gamma announced its Q4 and full year 2022 results, reporting a net income of $2.9 million, or $0.14 per basic share, and Distributable Earnings of $12.6 million, or $0.62 per basic share for the fourth quarter. The company's ample liquidity and focus on credit quality are expected to drive capital deployment in commercial real estate and state-compliant cannabis operators in 2023.

AFC Gamma announced its Q3 2022 financial results, reporting a net income of $11.5 million, a 45% increase from Q3 2021, and distributable earnings of $11.8 million, a 64% increase from Q3 2021. The company paid a dividend of $0.56 per common share, representing a 30% increase from Q3 2021.

AFC Gamma announced its Q2 2022 results, reporting a net income of $11.4 million, or $0.58 per share, and distributable earnings of $13.6 million, or $0.69 per share. The company paid a dividend of $0.56 per share, representing a 47% increase from Q2 2021. Total loan commitments reached $483.2 million as of August 1, 2022.

AFC Gamma announced strong Q1 2022 results, featuring a net income of $10.2 million, distributable earnings of $11.9 million, and a dividend of $0.55 per share. The company also closed $154.2 million of new commitments and funded $131.5 million of new and existing commitments.

AFC Gamma reported a net income of $7.0 million, or $0.43 per basic weighted average share, and distributable earnings of $8.5 million, or $0.52 per basic weighted average share for Q4 2021. The company closed $127.3 million of new commitments in Q4 2021 and funded $125.6 million of new and existing commitments.

AFC Gamma announced strong financial results for Q2 2021, with a net income of $4.6 million, or $0.34 per basic weighted average share, and distributable earnings of $5.8 million, or $0.43 per basic weighted average share.

AFC Gamma reported a net income of $1.4 million, or $0.20 per basic share, and distributable earnings of $3.2 million, or $0.45 per basic share for Q1 2021. The company closed $21 million of new investments and funded $9.9 million during the quarter. The Board of Directors declared a $0.38 dividend for Q2 2021.