Advanced Flower Capital Inc. (AFCG) Form 10-Q — Nov 5, 2026
Advanced Flower Capital's 10-Q for the quarter ended September 30, 2026 shows a sharp turnaround to profitability following its January 2026 conversion from a cannabis REIT to a BDC, with $23.2 million in net assets from operations for nine months versus a $21.6 million net loss a year earlier, and NAV per share rising to $8.55 from $7.46. However, credit stress remains material: 36% of debt investments at amortized cost are on nonaccrual, Justice Cannabis matured without repayment, and the company is working through a court receivership of Devi Holdings, where ~$38.8 million remains outstanding.
Key figures
- Eps
- $0.28 (Q3 2026 NII per share $0.16; prior-year Q3 EPS $(0.57))
- Revenue
- 27070463
- Net Income
- 23187643
- Total Assets
- 395100015
- Cash Position
- 102117304
- Shares Outstanding
- 22403782
- Nav per share
- 8.55
- Senior notes rate
- 5.75%
- Weighted avg yield
- 13.3%
- Portfolio fair value
- 289566636
- Devi loan outstanding
- ~$38.8M principal post-October payments
- Number of investments
- 18
- Senior notes maturity
- 2027-05-01
- Senior notes repurchase
- $19.0M principal at 96.5% of par, ~$0.6M gain
- Senior notes outstanding
- $77.0M principal at 9/30/26; $58.0M after October repurchase
- Nonaccrual pct fair value
- 23.5%
- Dividend q3 2026 per share
- 0.05
- Repurchase discount to nav
- ~58%
- Share buyback authorization
- $5.0M
- Nonaccrual pct amortized cost
- 36.0%
- Repurchase weighted avg price
- 3.34
- Total return market value 9mo
- 31.58%
- Shares repurchased nine months
- 1125062
- Q3 2026 net increase in net assets
- 6400248
AI analysis
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.