Advanced Flower Capital (AFCG)
Provides direct senior-debt investments to lower-middle-market companies across industries.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 13, 2026 | UBS | Target | Target: — | Target: $8.25 |
| Aug 15, 2025 | Alliance Global Partners | Downgrade | ||
| Jun 13, 2025 | Zuanic & Associates | Downgrade | ||
| Mar 14, 2025 | Jefferies | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $106.5M · Total debt $206.6M · Total assets $399.7M · Shareholders' equity $187.3M
- Revenue
- $8.7M
- Operating income
- $7.7M
- Net income
- $5.4M
HistoryDividendAnnual yieldUpcoming
| Institutions | 19.25% | 4.36M shares | |
|---|---|---|---|
| 48 holders · as of Jun 30, 2026 | |||
| Insiders | 33.56% | 7.61M shares | |
| 8 holders · as of Sep 22, 2026 | |||
| Strategic holders | 9.12% | 2.07M shares | |
| 1 holder · as of Jan 26, 2024 | |||
| Other | 38.07% | 8.63M shares | |
| remainder | |||
22.67M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Leonard M. TannenbaumInsiderdirector, 10 percent owner | 30.71% | 6.96M | filed Sep 22, 2026 |
BlackRock, Inc.Strategic | 9.12% | 2.07M | filed Jan 26, 2024 |
CDC Financial, Inc.Institution | 7.93% | 1.80M | as of Jun 30, 2026 |
Stoney Lonesome HF LPInstitution | 6.38% | 1.45M | filed May 15, 2026 |
Jane Street Group, LLCInstitution | 1.85% | 418,479 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 18, 2026 | Leonard M. Tannenbaum | director, 10 percent owner: | +10,000 | $3.49 |
| Sep 17, 2026 | Leonard M. Tannenbaum | director, 10 percent owner: | +25,000 | $3.50 |
| Sep 16, 2026 | Leonard M. Tannenbaum | director, 10 percent owner: | +2,341 | $3.43 |
| Sep 15, 2026 | Leonard M. Tannenbaum | director, 10 percent owner: | +608 | $3.50 |
| Sep 14, 2026 | Leonard M. Tannenbaum | director, 10 percent owner: | +25,198 | $3.50 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Advanced Flower Capital | $3.50 | 0.00% | $79.8M | 18.4 | 5.0 | 3.3 | +68.9% |
| Ares Capital | $19.20 | −0.85% | $13.90B | 14.3 | 10.0 | 6.0 | +32.6% |
| Blue Owl Capital | $10.96 | −1.66% | $5.53B | 19.9 | 8.5 | 3.9 | −20.8% |
| FS KKR Capital | $11.17 | −1.24% | $3.17B | — | 7.1 | 3.3 | +11.5% |
| Golub Capital BDC | $12.43 | −0.80% | $3.26B | 22.8 | 9.7 | 4.6 | −14.2% |
| Main Street Capital | $55.10 | −1.61% | $5.21B | 11.3 | 14.5 | 7.4 | −26.1% |
| Sixth Street Specialty Lending | $18.05 | −1.66% | $1.74B | 19.3 | 10.1 | 5.1 | −13.0% |
| Median | 19.3 | 9.8 | 4.8 | −13.6% |