AFC Gamma, Inc. (AFCG): تحليل مصفوفة ANSOFF

في المشهد سريع التطور للخدمات المالية للقنب، تعد شركة AFC Gamma, Inc. (AFCG) رائدة في وضع خارطة طريق استراتيجية تتجاوز حدود الإقراض التقليدية. من خلال صياغة Ansoff Matrix الشاملة بدقة، تضع الشركة نفسها كمبتكر مالي ديناميكي، وعلى استعداد للتنقل في سوق القنب المعقد والناشئ بدقة، والقدرة على التكيف، واستراتيجيات التفكير المستقبلي التي تعد بإعادة تعريف الحلول المالية للصناعة.

AFC Gamma, Inc. (AFCG) - مصفوفة أنسوف: اختراق السوق

زيادة حجم الإقراض للعملاء الحاليين الذين يركزون على القنب

في الربع الأول من عام 2023، أعلنت مؤسسة AFC Gamma عن إجمالي محفظة القروض بقيمة 81.9 مليون دولار أمريكي، بنمو بنسبة 22% عن الربع السابق. تُظهر محفظة إقراض القنب الحالية 62.4 مليون دولار من القروض النشطة.

فئة القرض	القيمة الإجمالية	معدل النمو
قروض القنب الطبية	42.6 مليون دولار	17.3%
قروض القنب الترفيهية	39.8 مليون دولار	24.5%

توسيع اكتساب العملاء

تشمل الأسواق المستهدفة كاليفورنيا وكولورادو وميشيغان، والتي تمثل 58% من سوق القنب في الولايات المتحدة.

• حجم سوق كاليفورنيا: 5.3 مليار دولار في عام 2022
• حجم سوق كولورادو: 2.1 مليار دولار في عام 2022
• حجم سوق ميشيغان: 1.9 مليار دولار في عام 2022

نقدّم أسعار فائدة تنافسية

تتراوح معدلات الإقراض الحالية بين 12-15% لشركات القنب، وتستهدف مؤسسة AFC Gamma نطاقًا يتراوح بين 10-13%.

نوع القرض	المعدل الحالي	السعر المقترح
القروض قصيرة الأجل	14-15%	12-13%
القروض طويلة الأجل	13-14%	10-12%

تطوير أدوات تقييم الائتمان

الاستثمار في تكنولوجيا تقييم المخاطر الخاصة: 1.2 مليون دولار مخصصة لعام 2023.

• تطوير خوارزمية التعلم الآلي
• نمذجة المخاطر الخاصة بصناعة القنب
• تتبع الصحة المالية في الوقت الحقيقي

تحسين الاحتفاظ بالعملاء

معدل الاحتفاظ بالعملاء الحالي: 87%، ونستهدف 92% بنهاية عام 2023.

حزمة الخدمة	العملاء الحاليين	التوسع المحتمل
الخدمات المالية الأساسية	62 عميلاً	+15 المتوقعة
خدمات مالية متميزة	38 عميلاً	+22 متوقع

AFC Gamma, Inc. (AFCG) - مصفوفة أنسوف: تطوير السوق

توسيع خدمات الإقراض لأسواق القنب الناشئة في الدول الخاضعة للتنظيم الجديد

اعتبارًا من الربع الرابع من عام 2022، قامت 21 ولاية بتشريع استخدام الحشيش للبالغين، مع سماح 37 ولاية بالقنب الطبي. حددت شركة AFC Gamma توسعًا محتملاً في السوق في ولايات مثل مينيسوتا وماريلاند وديلاوير، والتي شرعت مؤخرًا في تعاطي القنب.

الدولة	إمكانات السوق	الحجم المقدر لسوق القنب
مينيسوتا	السوق الطبية المنظمة حديثا	300 مليون دولار الإيرادات السنوية المتوقعة
ميريلاند	تم إطلاق سوق الاستخدام للبالغين	500 مليون دولار المبيعات السنوية المقدرة
ديلاوير	توسيع البرنامج الطبي	150 مليون دولار السوق المحتملة

استهدف مشغلي القنب في العديد من الولايات الذين يبحثون عن حلول مالية متخصصة

يمثل المشغلون متعددو الولايات (MSOs) قطاعًا سوقيًا بقيمة 33.8 مليار دولار في عام 2022، مع 50 مشغلًا مهمًا يعمل في مختلف الولايات.

• متوسط متطلبات الإقراض MSO: 5-15 مليون دولار
• فجوة الإقراض الحالية في السوق: يعاني ما يقرب من 60% من شركات خدمات النقل البحري من التمويل التقليدي
• التوسع المحتمل في محفظة الإقراض: 250-500 مليون دولار

تطوير شراكات استراتيجية مع جمعيات صناعة القنب

جمعية	عدد الأعضاء	قيمة الشراكة المحتملة
الرابطة الوطنية لصناعة القنب	أكثر من 2000 عضو	شبكة إحالة محتملة بقيمة 10 ملايين دولار
اتحاد تجارة القنب	1500 عضو	7.5 مليون دولار فرص الإقراض المحتملة

استكشف الفرص المتاحة في الدول المجاورة من خلال الأطر التنظيمية المتطورة للقنب

تشمل أسواق الولايات المجاورة المحتملة أوهايو وبنسلفانيا ونيوجيرسي، مما يمثل فرصة سوق القنب مجتمعة بقيمة 2.1 مليار دولار.

أنشئ منتجات مالية مخصصة لمختلف قطاعات سوق القنب الإقليمية

قطاع السوق	منتج القرض	نطاق حجم القرض
زراعة	رأس المال التوسعي	500000 دولار - 5 ملايين دولار
البيع بالتجزئة	رأس المال العامل	250.000 دولار - 2 مليون دولار
المعالجة	تمويل المعدات	750.000 دولار - 3 ملايين دولار

AFC Gamma, Inc. (AFCG) – مصفوفة أنسوف: تطوير المنتجات

تصميم هياكل تمويل مبتكرة لمرافق زراعة وتصنيع القنب

قدمت AFC Gamma تمويلًا مضمونًا بقيمة 20 مليون دولار أمريكي لشركة Parallel، وهي شركة متعددة الدول تعمل في مجال القنب، في يناير 2022. ويحمل تسهيل القرض معدل فائدة قدره 12% لمدة 36 شهرًا.

نوع التمويل	القيمة الإجمالية	سعر الفائدة	طول المدة
قرض تسهيلات القنب المضمون	$20,000,000	12%	36 شهرا

تطوير منتجات الإقراض المتخصصة لمؤسسات أبحاث القنب والتكنولوجيا

في الربع الثالث من عام 2022، قامت مؤسسة AFC Gamma بنشر 15.7 مليون دولار أمريكي في شكل قروض تركز على التكنولوجيا في مجال القنب عبر 3 مؤسسات ذات توجه بحثي.

• متوسط حجم القرض: 5.23 مليون دولار
• مجالات تركيز أبحاث التكنولوجيا: أتمتة الزراعة، وتقنيات الاستخراج
• متوسط سعر الفائدة المرجح لمحفظة القروض: 13.5%

إنشاء خطوط ائتمان مرنة لمستوصف القنب وتوسيع نطاق البيع بالتجزئة

قدمت AFC Gamma خطوط ائتمان بقيمة 35 مليون دولار لتجار تجزئة القنب في عام 2022، مما يدعم التوسع في أسواق كاليفورنيا وفلوريدا وأريزونا.

السوق	مبلغ حد الائتمان	عدد المستوصفات
كاليفورنيا	$15,000,000	12
فلوريدا	$12,000,000	8
أريزونا	$8,000,000	6

تقديم أدوات استثمارية لإدارة المخاطر تركز على نمو قطاع القنب

أطلقت AFC Gamma صندوقًا استثماريًا لقطاع القنب بقيمة 50 مليون دولار مع عائد سنوي متوقع بنسبة 17.2٪ في الربع الرابع من عام 2022.

• حجم الصندوق: 50,000,000 دولار
• العائد السنوي المتوقع: 17.2%
• قطاعات الاستثمار: الزراعة، التجهيز، عمليات المستوصف

إطلاق منصات رقمية لتبسيط عمليات تقديم طلبات القروض وإدارتها

أدى تنفيذ المنصة الرقمية إلى تقليل وقت معالجة القروض بنسبة 42% وخفض التكاليف التشغيلية بمقدار 1.3 مليون دولار في عام 2022.

متري	منصة ما قبل الرقمية	منصة ما بعد الرقمية
وقت معالجة القرض	14 يوما	8 أيام
تخفيض التكاليف التشغيلية	لا يوجد	$1,300,000

AFC Gamma, Inc. (AFCG) - مصفوفة أنسوف: التنويع

استكشف الخدمات المالية للصحة البديلة الناشئة والصناعات المرتبطة بالقنب

اعتبارًا من الربع الرابع من عام 2022، بلغت قيمة سوق اتفاقية التنوع البيولوجي العالمية المشتقة من القنب 5.7 مليار دولار أمريكي، مع توقع نمو يصل إلى 13.8 مليار دولار أمريكي بحلول عام 2028. وقد حددت شركة AFC Gamma فرص السوق الرئيسية من خلال عروض الخدمات المالية التالية:

فئة الخدمة	إمكانات السوق المقدرة	الإيرادات المستهدفة
إقراض صناعة القنب	450 مليون دولار	22.5 مليون دولار
التمويل الصحي البديل	320 مليون دولار	16 مليون دولار

التحقيق في الاستثمارات المحتملة في شركات تكنولوجيا القنب والبنية التحتية المساعدة

يكشف تحليل المحفظة الاستثمارية عن الأهداف المحتملة:

• منصات تكنولوجيا زراعة القنب
• أنظمة تتبع البذور حتى البيع
• برامج إدارة الامتثال

قطاع التكنولوجيا	حجم السوق 2022	الاستثمار المتوقع
حلول برمجيات القنب	1.2 مليار دولار	15 مليون دولار
تكنولوجيا البنية التحتية	780 مليون دولار	9.5 مليون دولار

تطوير الخدمات الاستشارية للاستراتيجية المالية لأعمال القنب

إمكانية إيرادات الخدمات الاستشارية بناءً على أبحاث السوق:

• معدل الاستشارة بالساعة: $350-$750
• قيمة العقد الاستشاري السنوي: $85,000-$250,000
• الإيرادات السنوية المتوقعة: 3.6 مليون دولار

النظر في عمليات الاستحواذ الاستراتيجية في قطاعات التكنولوجيا المالية التكميلية

أهداف الاستحواذ المحتملة مع المقاييس المالية:

شركة الهدف	التقييم	الإيرادات	الأرباح قبل الفوائد والضرائب والإهلاك والاستهلاك
منصة الامتثال FinTech	45 مليون دولار	12.3 مليون دولار	3.7 مليون دولار
حلول دفع القنب	28 مليون دولار	7.5 مليون دولار	2.2 مليون دولار

التوسع في أسواق القنب الدولية مع بيئات تنظيمية داعمة

أهداف التوسع في السوق الدولية:

• كندا: حجم سوق القنب 2.6 مليار دولار
• ألمانيا: سوق القنب الطبي المتوقع بقيمة 3.1 مليار دولار
• إسرائيل: سوق أبحاث القنب بقيمة 180 مليون دولار

البلد	إمكانات السوق	الوضع التنظيمي	الاستثمار المقدر للدخول
كندا	2.6 مليار دولار	قانونية بالكامل	5 ملايين دولار
ألمانيا	3.1 مليار دولار	الطبية / المنظمة	4.2 مليون دولار

AFC Gamma, Inc. (AFCG) - Ansoff Matrix: Market Penetration

This is the lowest-risk growth path: sell more of your existing commercial real estate loans to your current cannabis operators. The focus is on capturing a larger share of the capital market you already know. Given the sector's volatility, this strategy is about maximizing yield from proven relationships while managing elevated credit risk.

As a pure-play cannabis lender post-spin-off, AFC Gamma, Inc. must deepen its ties with existing, successful multi-state operators (MSOs) to drive near-term Distributable Earnings. The core of market penetration is simply increasing the average loan size to a client who already has a solid repayment history with you. The weighted average portfolio yield to maturity (YTM) for the company was approximately 17% as of August 1, 2025, which shows the high returns available in this niche, but you must be defintely selective in who gets the extra capital.

Increase average loan size to existing, top-tier multi-state operators (MSOs).

The goal here is to fund expansion for borrowers with demonstrated operational excellence. Instead of chasing new, unproven entities, you focus on repeat business. For example, AFC Gamma has historically expanded credit facilities for established clients like BeLeaf Medical, adding an extra $5.5 million to their existing facility, bringing the total to $26.1 million, to finance new store acquisitions in Missouri. This is the playbook: fund the next phase of growth for the operators who are already paying on time.

Offer competitive interest rate adjustments for clients expanding their facility footprint.

In a tough capital market, a slight rate concession for a large, secured expansion loan can lock in a long-term, high-quality asset. The company's loans typically range from $10 million to over $100 million, and a minor rate adjustment on a loan at the higher end of that spectrum can secure a significant new principal balance. The market penetration gain comes from displacing a competitor or preventing the client from seeking alternative financing for their new cultivation or processing facilities.

Structure sale-leaseback transactions to free up client capital for further growth.

While AFC Gamma spun off its commercial real estate assets into Sunrise Realty Trust, it can still act as a key financial partner in structuring these deals for its existing clients. A sale-leaseback frees up the client's capital-which is often tied up in real estate-for operational expenses or expansion, thereby increasing their need for a senior secured credit facility from AFC Gamma for that working capital. It's a way to keep the client's overall capital stack reliant on your services.

Expand the existing credit facility to allow for quicker capital deployment to proven borrowers.

This is a direct, measurable action. In 2025, AFC Gamma, Inc. expanded its own senior secured revolving credit facility from $30 million to $50 million, securing an additional $20 million commitment from its lead arranger. Here's the quick math: this expanded capacity is specifically intended to fund unfunded commitments to existing borrowers, allowing the company to deploy capital faster when a proven MSO needs it for a quick acquisition or build-out. This flexibility is a huge competitive advantage.

Deepen relationships with major cannabis private equity firms for co-lending opportunities.

The market is too large for one lender, so co-lending (syndication) is essential for market penetration without over-concentrating risk. The strategic pivot to becoming a Business Development Company (BDC), announced in 2025, will broaden the investment universe beyond real estate-collateralized loans, making co-lending with private equity (PE) groups a more frequent and viable path. This allows AFC Gamma to participate in larger deals-like those exceeding $100 million-by taking a smaller, first-lien secured piece alongside a PE firm's mezzanine or equity investment.

The immediate risk, however, is the high credit loss exposure. As of June 30, 2025, the Current Expected Credit Loss (CECL) reserve stood at a substantial $44 million, representing approximately 14.6% of the loans at carrying value. What this estimate hides is the operational drag from managing nonaccrual positions, which is why market penetration must focus on the healthiest clients.

2025 Market Penetration Metrics (Q2/Q3 2025)	Value/Amount	Implication for Strategy
Total Principal Outstanding (Q2 2025)	$359.6 million across 15 loans	Small, concentrated portfolio requires high-yield, deep penetration.
Weighted Average Portfolio YTM (Aug 1, 2025)	Approx. 17%	High yield justifies the risk; focus on retaining this margin.
Expanded Revolving Credit Facility (2025)	Increased from $30M to $50 million	Direct capital increase for faster deployment to existing borrowers.
Current Expected Credit Loss (CECL) Reserve (Q2 2025)	$44 million (14.6% of loans)	Indicates need for credit-quality focus in all new loan expansions.
Q3 2025 Distributable Earnings	$3.5 million ($0.16 per share)	Growth must be accretive to stabilize and increase this figure.

Next step: Portfolio Management: Review the top five MSO clients and draft a proposal for a 20% credit facility increase for each by end of month.

AFC Gamma, Inc. (AFCG) - Ansoff Matrix: Market Development

Market Development for AFC Gamma means taking your core lending products-senior secured loans and real estate financing-and deploying that capital into new, high-growth geographic markets. This is a crucial strategy right now, especially as the company navigates a strategic shift to a Business Development Company (BDC) in early 2026, which will broaden your investment mandate beyond just real estate-backed cannabis assets.

The goal is to capture market share in states that have recently launched or are rapidly scaling adult-use programs, plus establishing a footprint in the burgeoning international medical cannabis supply chain. It's about leveraging your existing credit expertise in new regulatory environments. You're looking for high-yield, first-mover opportunities, but you must be defintely realistic about the regulatory risks.

Enter New US States with Adult-Use Cannabis Programs

Your existing loan portfolio, which was at a principal outstanding of $327.7 million across 14 loans as of early November 2025, needs new, high-quality origination targets to drive growth. The shift to a BDC structure allows you to finance non-real estate secured assets, opening up a much larger pool of operators in these new states. The focus should be on markets with clear regulatory timelines and substantial revenue projections for the 2025 fiscal year.

For example, Ohio is a major near-term opportunity, with adult-use sales scaling in 2025. Industry coverage pegs Ohio's year-one adult-use sales at approximately $702 million, with combined annual sales projected to reach $1.6 billion by the end of 2025. New York, despite a slower rollout, is projected to be a massive market, with sales reaching $2.8 billion in 2025. That's where you want to be lending. To be fair, you have to be cautious about states like Virginia, where the adult-use retail framework was vetoed again in March 2025, essentially eliminating a legal retail sales timeline and deferring investment opportunities.

Target US State	2025 Market Sales Projection	Near-Term Regulatory Status	AFCG Actionable Opportunity
Ohio	~$1.6 billion (combined annual sales)	Adult-use scaling in 2025, robust dual-use conversions.	Fund cultivation/processing build-outs; target multi-state operators (MSOs) expanding licenses.
New York	~$2.8 billion (projected sales)	Adult-use licenses issued, broad retail openings confirmed.	Provide working capital and equipment financing to newly licensed operators (BDC-enabled loans).
Virginia	~$1.3 billion (spending power projection)	Adult-use retail framework vetoed in March 2025; no legal retail timeline.	Monitor for legislative change; restrict new lending to existing medical-only operators.

Target High-Growth International Cannabis Markets

International expansion, particularly in Europe, offers diversification away from US-specific regulatory risks. Germany is the clear center of gravity, being the largest legal medical cannabis market globally, and it is on track to import over 160 tonnes of medical cannabis in 2025. This creates a significant need for financing among Canadian and Portuguese exporters, which dominate the German supply chain.

Your strategy here is to provide financing to these established, federally legal operators in Canada and Europe who are supplying the German market. For example, Canada exported over 66 tonnes of cannabis to Germany in the first three quarters of 2025 alone. A loan product tailored to fund the expansion of EU-GMP (Good Manufacturing Practice) certified facilities in Canada or Portugal, or to finance large-scale inventory for export, represents a lower-risk, high-volume lending channel.

Develop Loan Products for Underserved Operators

The current market environment, characterized by a GAAP net loss of $(12.5) million in Q3 2025 and a high Current Expected Credit Loss (CECL) reserve of $51.3 million (or 18.69% of total loans held at carrying value), shows that large, real estate-backed loans to MSOs are not without significant credit risk. So, you need to diversify your borrower base.

• Small Operator Loans: Create a specialized loan product, perhaps in the $2 million to $5 million range, for single-state operators (SSOs) in emerging markets like Ohio.
• Equipment Financing: Use the BDC structure to offer asset-backed loans for critical infrastructure (e.g., HVAC systems, cultivation equipment) at a weighted average yield to maturity above the Q2 2025 average of 17%.
• Ancillary Business Lending: Target non-plant-touching businesses (like specialized packaging or compliance software) that are federally legal and less exposed to state-level cannabis regulations, offering senior secured debt to them.

Here's the quick math: if you allocate just 10% of your Q3 2025 total assets of $288.7 million to a new BDC-style ancillary lending product, you are looking at a new origination target of nearly $28.9 million. That capital, deployed at a higher yield, can help offset the credit challenges seen in the existing portfolio.

Establish Strategic Partnerships in New Jurisdictions

Navigating the fragmented regulatory landscape requires local expertise. You cannot simply drop a $10 million to $100 million loan into a new state without understanding the local political and banking complexities.

Partner with regional banks or credit unions in new states to manage the cash logistics and compliance for your borrowers. This de-risks your capital deployment. Also, consider strategic alliances with established Canadian Licensed Producers (LPs) to co-finance their European expansion. This gives you a secured position in the international supply chain without the heavy lift of building a European origination platform from scratch.

AFC Gamma, Inc. (AFCG) - Ansoff Matrix: Product Development

This involves creating new financial products to offer your current cannabis-focused client base. The goal is to capture more wallet share from existing borrowers by meeting their evolving capital needs beyond standard real estate loans. The recent shareholder approval for conversion to a Business Development Company (BDC) in Q1 2026 is the strategic enabler here, allowing AFC Gamma to move beyond real estate-secured lending and into a broader range of asset-backed and corporate debt products. This is a critical move, especially since the U.S. cannabis market is projected to reach nearly $45.3 billion in revenue in 2025.

Your existing portfolio, with $332.8 million of principal outstanding across 14 loans as of September 30, 2025, gives you a captive, high-quality client base already vetted for credit risk. The weighted average portfolio yield-to-maturity (YTM) for your cannabis loans was approximately 18% as of early 2025, demonstrating the premium returns available in this underserved market. Product development is about maintaining that yield while diversifying away from the credit risk that led to a Q3 2025 GAAP net loss of $12.5 million and a CECL reserve of $51.3 million.

Launch a specialized equipment financing product for cultivation and processing facilities.

Cannabis multi-state operators (MSOs) are shifting from expansion to operational efficiency, meaning they need to upgrade cultivation and processing gear. Traditional banks won't touch this. You can offer equipment financing that secures the loan with the equipment itself, which is a faster funding option-often within 48 to 72 hours. This frees up the borrower's working capital and offers you a tangible, easily valued asset as collateral, reducing your risk profile compared to an unsecured loan.

• Targeted Loan Size: Up to $5 million per piece of equipment.
• Expected Yield: Rates typically range from 12% to 18%, which is competitive for the sector.
• Focus: Specialized lighting, HVAC systems, extraction machinery, and automated trimming equipment.

Develop a revolving line of credit (RLOC) for working capital needs, not just CapEx.

The biggest pain point for your clients is the cash flow crunch caused by the IRS Section 280E tax code, which prevents them from deducting most business expenses. This ties up capital. A revolving line of credit (RLOC) allows them to manage seasonal inventory build-up, payroll, and the lag between sales and cash collection. You already have a strong pipeline of roughly $415 million in potential deals, and a portion of this should be allocated to RLOCs.

Working Capital Product Comparison (Illustrative Target)

Product Type	Collateral Focus	Typical Rate Range (Annual)	Core Client Need
Current Term Loans (AFCG)	Real Estate, Licenses, Cash Flows	~18% (Weighted Average YTM)	Large-scale CapEx, Acquisition Refinancing
New RLOC (Unsecured/Lightly Secured)	Business Cash Flow, Personal Guarantee	18% to 25%	Payroll, Utilities, Inventory Buffer
New ABL (Inventory/AR)	Inventory, Accounts Receivable	15% to 20%	Short-term Liquidity, Supply Chain Management

Introduce a non-real estate asset-backed lending (ABL) product, using inventory or accounts receivable as collateral.

Asset-Based Lending (ABL) is a growing niche because it directly addresses the working capital issue. Many operators struggle with aging accounts receivable (AR), which chokes their cash flow. By lending against a percentage of their inventory or AR, you provide liquidity against a tangible, albeit volatile, asset. This is a higher-risk, higher-yield product, but your deep industry expertise and rigorous underwriting can mitigate the volatility of cannabis inventory valuation. This is defintely a core BDC-enabled product you should launch.

Structure mezzanine debt or preferred equity financing for operators seeking less dilutive growth capital.

As debt has overtaken equity as the preferred source of capital in the industry, MSOs are looking for non-dilutive ways to fund growth. Mezzanine debt (subordinated to your senior secured loans) or preferred equity can fill this gap, offering a higher return profile than senior debt to compensate for the higher risk. This product targets the 'Cannabis 3.0' players-sophisticated operators looking to consolidate the market. These structured deals often target yields in the low double-digits, aligning with the new pipeline targets.

Create a financial advisory service to help clients optimize their capital structure and M&A activity.

This is a low-capital, high-margin product that builds client loyalty. The U.S. cannabis industry is moving toward strategic consolidation, with a rise in M&A activity expected. Your team's decades of financial experience, including your own background, should be monetized. Offering capital structure advisory or M&A diligence services generates fee income and positions you as the first call for a client's next major financing need, effectively creating a proprietary deal flow source.

AFC Gamma, Inc. (AFCG) - Ansoff Matrix: Diversification

Diversification, the highest-risk strategy of new products in new markets, is now the core strategic pivot for AFC Gamma. This shift is not theoretical; it is a direct response to credit stress in the legacy cannabis portfolio and the limitations of the Real Estate Investment Trust (REIT) structure. The most critical action is the approved conversion to a Business Development Company (BDC), which immediately expands the investable universe beyond real estate-backed cannabis assets.

You should view this as a necessary strategic reset, not just a growth play. The company is leveraging its deep credit expertise to enter the broader specialty finance market, which is a massive, federally legal, and less-concentrated asset pool. Management is already actively evaluating a $350 million pipeline of non-cannabis lending opportunities, which is a substantial figure compared to the current total portfolio principal balance of $327.7 million as of November 3, 2025.

The BDC Conversion: Unlocking New Markets

The shareholder approval on November 6, 2025, for the BDC conversion, expected in Q1 2026, is the key enabler for this diversification. As a REIT, AFC Gamma was largely restricted to real estate-backed loans, limiting its ability to lend to roughly two-thirds of potential cannabis operators who do not own their real estate. The BDC structure removes that real estate collateral requirement and allows the company to lend to a wider range of middle-market companies. This is a game-changer for risk management, especially considering the Q3 2025 GAAP Net Loss of $(12.5) million and the elevated Current Expected Credit Loss (CECL) reserve of $51.3 million, or approximately 18.7% of loans at carrying value.

The new mandate allows AFC Gamma to use its underwriting experience-which includes over 30 years of non-cannabis direct lending experience among the investment team-to target high-yield sectors outside of its original niche. The U.S. specialty finance market alone represents an asset opportunity exceeding $20 trillion, providing ample room to grow a diversified book.

Diversification Opportunities and Near-Term Actions

The immediate diversification strategy focuses on deploying capital from loan repayments into non-cannabis and ancillary credits. For instance, AFC Gamma received $43 million in principal repayment since the end of Q2 2025, capital it will seek to redeploy under the expanded mandate. This is a defintely smart way to start the pivot without needing a large, immediate capital raise.

• Ancillary Cannabis Lending: Finance non-plant-touching businesses like specialized cultivation technology providers, compliance software firms, or licensed distribution logistics companies.
• Broader Specialty Finance: Enter the lower-middle market, targeting direct lending opportunities to companies with strong collateral but limited access to traditional bank financing.
• Commercial Real Estate Debt: Re-enter non-cannabis commercial real estate (CRE) debt, focusing on high-yield, first-lien loans in industrial or specialized agriculture properties, which aligns with their original CRE expertise.
• Acquire Non-Cannabis Portfolio: Use existing liquidity, which was approximately $45.1 million in unrestricted cash as of September 30, 2025, to acquire a small, seasoned non-cannabis debt portfolio for instant diversification.

Financial Impact of Diversification (Q3 2025 Context)

The table below maps the current financial state against the potential impact of the diversification strategy, illustrating the scale of the required shift.

Metric	Q3 2025 Financial Data	Diversification Target/Impact
GAAP Net Income (Loss)	$(12.5) million (Net Loss)	Shift to Net Income by reducing credit losses and generating more consistent interest income from diversified, federally legal assets.
Current CECL Reserve	$51.3 million (18.7% of loans)	Reduce reserve ratio significantly as new BDC-compliant loans carry lower regulatory and credit concentration risk.
Loan Portfolio Principal	$327.7 million (Primarily Cannabis)	Increase total portfolio size to over $650 million by 2026/2027, with a target of 40-50% non-cannabis/ancillary exposure.
New Investment Pipeline	Not applicable (Legacy REIT structure)	Actively evaluating a $350 million non-cannabis lending pipeline.

The core action here is to immediately execute on that $350 million pipeline once the BDC conversion is finalized in early 2026. That's how you truly diversify the risk away from the volatile, federally constrained cannabis sector.