AFC Gamma, Inc. (AFCG): نموذج الأعمال التجارية

في المشهد سريع التطور لتمويل القنب، تبرز شركة AFC Gamma, Inc. كقوة رائدة، حيث تعمل على إحداث تحول في كيفية وصول مشغلي القنب إلى التمويل العقاري المهم. ومن خلال الاستفادة من نموذج أعمال متطور يربط بين البيئات التنظيمية المعقدة والحلول المالية المبتكرة، وضعت هذه الشركة نفسها كشريك استراتيجي للمشغلين والمزارعين وشركات القنب الناشئة في الولايات المتعددة الذين يبحثون عن أساليب استثمارية مخصصة. يكمن عرض القيمة الفريد الخاص بهم في توفير خيارات تمويل مرنة ومنخفضة المخاطر للتغلب على التحديات المعقدة للنظام البيئي المالي لصناعة القنب.

AFC Gamma, Inc. (AFCG) – نموذج الأعمال: الشراكات الرئيسية

المؤسسات المالية للقنب والمقرضين من القطاع الخاص

تحتفظ AFC Gamma بشراكات استراتيجية مع مؤسسات إقراض القنب المتخصصة:

نوع الشريك	عدد الشراكات	إجمالي القدرة على الإقراض
مقرضو القنب الخاصون	7	425 مليون دولار
بنوك القنب المتخصصة	3	185 مليون دولار

شركات الاستثمار العقاري

تشمل الشراكات العقارية المتخصصة ما يلي:

• ركزت شركات الاستثمار العقاري في القنب على مرافق الزراعة والمستوصفات
• صناديق الاستثمار العقاري (REITs) المتخصصة في عقارات القنب

فئة الشراكة	الشراكات النشطة	إجمالي قيمة محفظة العقارات
شركات القنب العقارية	5	312 مليون دولار

الشركات الاستشارية القانونية والامتثال

تتعاون AFC Gamma مع الشركاء القانونيين وشركاء الامتثال المتخصصين:

• مستشارو الامتثال التنظيمي للقنب
• شركات الاستشارات القانونية الخاصة بالدولة

نوع الشراكة الاستشارية	عدد الشركاء	دعم الامتثال السنوي
شركات الاستشارات القانونية	4	2.1 مليون دولار

مشغلو القنب متعدد الدول (MSOs)

الشراكات الإستراتيجية مع منظمات MSO الرئيسية للقنب:

شريك إم إس أو	حضور الدولة	إجمالي تعرضات الإقراض
كوراليف	12 ولاية	87 مليون دولار
صناعات الإبهام الأخضر	9 ولايات	62 مليون دولار

مقدمو خدمات التكنولوجيا المصرفية والمالية

شراكات التكنولوجيا والخدمات المالية:

فئة مقدمي الخدمة	عدد الشركاء	الاستثمار التكنولوجي السنوي
شركات التكنولوجيا المالية	3	1.5 مليون دولار

AFC Gamma, Inc. (AFCG) - نموذج الأعمال: الأنشطة الرئيسية

توفير التمويل العقاري التجاري لمشغلي القنب

اعتبارًا من الربع الرابع من عام 2023، قامت مؤسسة AFC Gamma بنشر 262.8 مليون دولار أمريكي من إجمالي التزامات القروض لمشغلي القنب عبر ولايات متعددة.

فئة القرض	الالتزام الكلي	عدد القروض
التمويل العقاري	262.8 مليون دولار	25 قرضاً نشطاً
القروض المضمونة العليا	187.3 مليون دولار	18 قرضا

ضمان وهيكلة محافظ القروض التي تركز على القنب

تُظهر محفظة قروض AFC Gamma نهجًا استراتيجيًا لإدارة المخاطر.

• المتوسط المرجح لنسبة القرض إلى القيمة: 62.5%
• متوسط مدة القرض: 3.2 سنوات
• عائد المحفظة الحالية: 13.8%

إجراء العناية الواجبة على المقترضين من صناعة القنب

مقاييس العناية الواجبة	الأداء
فحص ائتمان المقترض	مراجعة شاملة 100%
فحص الامتثال التنظيمي للدولة	تم التحقق منها لجميع القروض النشطة الـ 25

إدارة ومراقبة الاستثمارات العقارية المتعلقة بالقنب

اعتبارًا من 31 ديسمبر 2023، تدير AFC Gamma الاستثمارات العقارية في 8 ولايات.

• إجمالي المساحة تحت الإدارة: 425.000 قدم مربع
• معدل الإشغال: 94.6%
• التنوع الجغرافي: كاليفورنيا، فلوريدا، إلينوي، ماساتشوستس، ميشيغان، نيو جيرسي، أوهايو، بنسلفانيا

تطوير استراتيجيات الإقراض الاستراتيجية لشركات القنب

يُظهر التركيز الاستراتيجي على الإقراض نهجًا ماليًا متطورًا.

مكون استراتيجية الإقراض	التفاصيل
الحد الأدنى لحجم القرض	5 ملايين دولار
الحد الأقصى لحجم القرض	35 مليون دولار
نطاق سعر الفائدة	12% - 16%

AFC Gamma, Inc. (AFCG) - نموذج الأعمال: الموارد الرئيسية

الخبرة المالية المتخصصة في صناعة القنب

اعتبارًا من الربع الرابع من عام 2023، أعلنت شركة AFC Gamma عن 205.3 مليون دولار أمريكي من إجمالي الأصول المتخصصة في إقراض القنب. يتألف فريق الشركة من 18 متخصصًا ماليًا يتمتعون بخبرة مباشرة في صناعة القنب.

منطقة الخبرة	عدد المحترفين	متوسط الخبرة الصناعية
الإقراض المالي للقنب	12	8.5 سنة
الامتثال التنظيمي	6	7.2 سنة

منهجيات تقييم المخاطر الخاصة

يغطي إطار تقييم المخاطر الخاص بشركة AFC Gamma 92% من سيناريوهات الإقراض المحتملة للقنب مع معدل دقة تاريخي 97.3%.

• نموذج تقييم مخاطر الائتمان الشامل
• بروتوكولات الفحص المالي المتقدمة
• أنظمة مراقبة مخاطر السوق في الوقت الحقيقي

شبكة قوية من اتصالات صناعة القنب

اعتبارًا من عام 2024، تحتفظ AFC Gamma بعلاقات استراتيجية مع 68 مشغلًا للقنب في 12 ولاية.

نوع الاتصال	عدد العلاقات
شركاء الإقراض المباشر	42
الشبكة الاستشارية	26

معرفة قانونية وامتثالية قوية

يتكون فريق الامتثال من 7 متخصصين قانونيين يتمتعون بخبرة تنظيمية متخصصة في القنب، ويغطيون الأطر التنظيمية متعددة الولايات.

رأس المال الاستثماري والاحتياطيات المالية

اعتبارًا من 31 ديسمبر 2023، ذكرت شركة AFC Gamma ما يلي:

• إجمالي المحفظة الاستثمارية: 312.7 مليون دولار
• النقد وما في حكمه: 47.3 مليون دولار
• إجمالي حقوق المساهمين: 276.5 مليون دولار

شركة AFC Gamma, Inc. (AFCG) - نموذج الأعمال: عروض القيمة

حلول التمويل المستهدفة لعقارات القنب

اعتبارًا من الربع الرابع من عام 2023، قدمت AFC Gamma 275.7 مليون دولار أمريكي من إجمالي التزامات القروض خصيصًا للاستثمارات العقارية المتعلقة بالقنب. أظهرت محفظة قروض الشركة أ 98.4% أداء حالة القرض.

فئة القرض	المبلغ الإجمالي	متوسط حجم القرض
قروض القنب العقارية	275.7 مليون دولار	12.3 مليون دولار
أداء القروض	271.4 مليون دولار	98.4%

خيارات التمويل البديلة لمشغلي القنب

تقدم AFC Gamma هياكل تمويل متعددة بمتوسط معدل فائدة يبلغ 12.5% لمشغلي القنب. يغطي نهج الإقراض الذي تتبعه الشركة قطاعات مختلفة:

• معاملات البيع وإعادة التأجير
• التسهيلات الائتمانية المضمونة بالعقارات
• القروض لأجل
• التمويل على غرار الرهن العقاري

الخبرة في البيئات التنظيمية المعقدة للقنب

تعمل الشركة عبر 11 أسواق القنب المنظمةمع وجود مكثف في ولايات مثل فلوريدا وأريزونا وإلينوي. بلغ إجمالي استثمارات الامتثال التنظيمي 3.2 مليون دولار في عام 2023.

أساليب إقراض مرنة ومخصصة

معلمة الإقراض	المواصفات
نطاق مدة القرض	3-7 سنوات
نطاق حجم القرض	5 ملايين دولار - 50 مليون دولار
نطاق سعر الفائدة	11.5% - 14.5%

فرص استثمارية منخفضة المخاطر

حافظ AFC Gamma على أ معدل تخلف منخفض يبلغ 1.6% في عام 2023، بإجمالي محفظة استثمارية تبلغ 312.5 مليون دولار. تشمل استراتيجيات الشركة لتخفيف المخاطر ما يلي:

• عمليات العناية الواجبة الشاملة
• الإقراض المدعوم بالضمانات
• معايير الاكتتاب الصارمة
• نهج الاستثمار الجغرافي المتنوع

AFC Gamma, Inc. (AFCG) - نموذج الأعمال: علاقات العملاء

إدارة الحساب الشخصي

اعتبارًا من الربع الرابع من عام 2023، تدير AFC Gamma محفظة إجمالية مكونة من 37 استثمارًا للإقراض المتعلق بالقنب بإجمالي التزام قدره 387.2 مليون دولار.

مقياس إدارة الحساب	بيانات 2023
إجمالي حسابات العملاء	37 استثمارات الإقراض المتعلقة بالقنب
إجمالي التزامات المحفظة	387.2 مليون دولار
متوسط حجم الاستثمار	10.5 مليون دولار لكل عميل

تقارير أداء المحفظة العادية

توفر AFC Gamma تقارير مالية ربع سنوية تتميز بالخصائص الرئيسية التالية:

• يتم إصدار التقارير المالية ربع السنوية خلال 45 يومًا من نهاية الربع
• مقاييس الأداء التفصيلية لكل استثمار إقراض
• تحديثات شاملة لتقييم المخاطر

الاستشارة المباشرة والخدمات الاستشارية

مقياس التشاور	أداء 2023
تردد استشارة العملاء	المراجعات الإستراتيجية نصف الشهرية
حجم الفريق الاستشاري	6 كبار المستشارين الماليين
متوسط وقت الاستجابة	24-48 ساعة

نهج الشراكة الاستراتيجية طويلة المدى

اعتبارًا من 31 ديسمبر 2023، تحتفظ AFC Gamma بـ متوسط مدة العلاقة مع العميل 2.7 سنة.

حلول مالية مخصصة

• هياكل الإقراض المخصصة
• شروط سداد مرنة
• نماذج التسعير المعدلة حسب المخاطر

مقياس الحل المالي	بيانات 2023
هياكل القروض الفريدة	17 تكوينات مختلفة للإقراض
متوسط مدة القرض	36 شهرا
نطاق سعر الفائدة	12% - 18% سنويا

AFC Gamma, Inc. (AFCG) - نموذج الأعمال: القنوات

فريق المبيعات المباشرة

اعتبارًا من الربع الرابع من عام 2023، توظف AFC Gamma 7 متخصصين متخصصين في المبيعات المباشرة يركزون على فرص إقراض القنب. متوسط ​​خبرة فريق المبيعات في الخدمات المالية للقنب: 6.3 سنوات.

متري فريق المبيعات	البيانات الكمية
إجمالي موظفي المبيعات المباشرة	7 محترفين
متوسط سنوات الخبرة	6.3 سنة
الأسواق المستهدفة مغطاة	أسواق القنب في الولايات المتحدة

منصة الاستثمار عبر الإنترنت

منصة رقمية تم إطلاقها في عام 2021 مع 285 مليون دولار إجمالي القدرة الاستثمارية.

متري المنصة	البيانات الكمية
سنة إطلاق المنصة	2021
إجمالي القدرة الاستثمارية	285 مليون دولار
مشاركة المستخدم الرقمي	المستخدمون النشطون ربع سنويون: 412

مؤتمرات صناعة القنب

تشارك AFC Gamma في 6-8 مؤتمرات كبرى لصناعة القنب سنويًا.

• مشاركة MJBizCon
• مؤتمر القنب كابيتال
• مؤتمر بنزينجا كابيتال القنب

أحداث الشبكات المهنية

المشاركة في حدث التواصل السنوي: 12-15 حدثًا مستهدفًا للخدمات المالية.

فئة حدث الشبكات	المشاركة السنوية
أحداث الخدمات المالية	12-15 حدث
الشبكات الخاصة بالقنب	8-10 أحداث

منصات الاتصالات الرقمية

تشمل قنوات الاتصال الرقمية النشطة LinkedIn والموقع الإلكتروني للشركة والتسويق عبر البريد الإلكتروني المستهدف.

• متابعو لينكد إن: 3,742
• عدد زوار موقع الشركة شهريًا: 5,200
• الوصول إلى التسويق عبر البريد الإلكتروني: 8500 جهة اتصال صناعية

AFC Gamma, Inc. (AFCG) - نموذج الأعمال: شرائح العملاء

مشغلي القنب متعدد الولايات

اعتبارًا من الربع الرابع من عام 2023، تخدم AFC Gamma ما يقرب من 23 مشغلًا للقنب متعدد الولايات في الولايات المتحدة.

سمة القطاع	البيانات الكمية
إجمالي حجم الإقراض	82.4 مليون دولار
متوسط حجم القرض	3.58 مليون دولار
التغطية الجغرافية	12 ولاية

مزارعي القنب المرخصين

تقدم AFC Gamma خدمات مالية متخصصة لشركات زراعة القنب المرخصة.

• إجمالي عملاء المزارع: 17
• محفظة قروض المرافق الزراعية: 45.2 مليون دولار
• متوسط قرض تسهيلات الزراعة: 2.66 مليون دولار

أصحاب المستوصفات

يمثل أصحاب المستوصفات شريحة العملاء الرئيسية لمحفظة الإقراض الخاصة بشركة AFC Gamma.

مقاييس قطاع المستوصف	بيانات 2023
إجمالي عملاء المستوصف	15
إجمالي الإقراض المستوصف	37.6 مليون دولار
متوسط قرض المستوصف	2.51 مليون دولار

مطوري القنب العقاري

تتخصص شركة AFC Gamma في التمويل العقاري للممتلكات المتعلقة بالقنب.

• عملاء التطوير العقاري: 8
• إجمالي الإقراض العقاري: 28.3 مليون دولار
• متوسط القرض العقاري: 3.54 مليون دولار

شركات القنب الناشئة

تدعم AFC Gamma الوافدين الجدد إلى سوق القنب بمنتجات مالية متخصصة.

قطاع الأعمال الناشئة	إحصائيات 2023
إجمالي عملاء الأعمال الناشئة	12
إجمالي الإقراض للشركات الناشئة	22.7 مليون دولار
متوسط القروض للشركات الناشئة	1.89 مليون دولار

AFC Gamma, Inc. (AFCG) - نموذج الأعمال: هيكل التكلفة

المصاريف التشغيلية والإدارية

بالنسبة للسنة المالية 2023، أعلنت شركة AFC Gamma عن إجمالي نفقات تشغيل قدرها 14.1 مليون دولار. يشمل التقسيم:

فئة النفقات	المبلغ ($)
التعويضات والمزايا	8,460,000
الخدمات المهنية	2,820,000
التكاليف الإدارية العامة	2,820,000

رسوم الامتثال والاستشارات القانونية

بلغ إجمالي النفقات القانونية والامتثال السنوية 1.7 مليون دولار في عام 2023، والتي شملت:

• مراقبة الامتثال التنظيمي
• الاستشارات القانونية الخارجية
• تكاليف الترخيص والإيداع التنظيمي

استثمارات التكنولوجيا والبنية التحتية

بلغ الاستثمار التكنولوجي لعام 2023 3.2 مليون دولار، بما في ذلك:

منطقة الاستثمار التكنولوجي	المبلغ ($)
البرمجيات والبنية التحتية لتكنولوجيا المعلومات	1,600,000
تحسينات الأمن السيبراني	840,000
منصات تحليل البيانات	760,000

تكاليف التسويق وتطوير الأعمال

بلغت نفقات التسويق لعام 2023 2.5 مليون دولار، موزعة على:

• حملات التسويق الرقمي
• المشاركة في مؤتمر الصناعة
• مبادرات تطوير الأعمال

إدارة المخاطر ونفقات العناية الواجبة

بلغت تكاليف إدارة المخاطر لعام 2023 مبلغ 1.9 مليون دولار، تشمل:

فئة إدارة المخاطر	المبلغ ($)
تقييم مخاطر الائتمان	950,000
مراقبة محفظة القروض	570,000
استشارات المخاطر الخارجية	380,000

AFC Gamma, Inc. (AFCG) - نموذج الأعمال: تدفقات الإيرادات

دخل الفوائد من القروض المتعلقة بالقنب

اعتبارًا من الربع الثالث من عام 2023، أعلنت شركة AFC Gamma عن 18.3 مليون دولار أمريكي من إجمالي إيرادات الفوائد من القروض المتعلقة بالقنب. وبلغ متوسط ​​سعر الفائدة على هذه القروض 12.5% ​​سنويا.

فئة القرض	إجمالي قيمة القرض	دخل الفوائد
القروض الزراعية	85.6 مليون دولار	7.2 مليون دولار
قروض المستوصفات	62.4 مليون دولار	5.9 مليون دولار
معالجة القروض	45.2 مليون دولار	5.2 مليون دولار

عوائد الاستثمار العقاري

في عام 2023، حققت AFC Gamma 4.7 مليون دولار من الاستثمارات العقارية المتعلقة بممتلكات القنب.

• قيمة المحفظة العقارية: 112.3 مليون دولار
• معدل الإشغال: 94%
• متوسط عائد العقار: 6.2%

رسوم إنشاء القرض

وبلغ إجمالي رسوم إنشاء القروض لعام 2023 3.2 مليون دولار أمريكي، وهو ما يمثل متوسط رسوم بنسبة 2.1% لكل معاملة قرض.

رسوم إدارة المحافظ

وصلت رسوم إدارة المحفظة إلى 2.5 مليون دولار في عام 2023، بمتوسط رسوم 1.4% من الأصول المدارة.

تقدير الاستثمار الاستراتيجي

وارتفعت الاستثمارات الاستراتيجية بمبلغ 6.8 مليون دولار في عام 2023، حيث بلغت قيمة المحفظة الاستثمارية الإجمالية 45.6 مليون دولار.

فئة الاستثمار	إجمالي قيمة الاستثمار	تقدير
استثمارات الأسهم	22.3 مليون دولار	3.6 مليون دولار
ملاحظات قابلة للتحويل	15.7 مليون دولار	2.4 مليون دولار
أوامر	7.6 مليون دولار	0.8 مليون دولار

AFC Gamma, Inc. (AFCG) - Canvas Business Model: Value Propositions

The core value proposition of AFC Gamma, Inc. (AFCG), now operating as Advanced Flower Capital Inc. (AFC), is simple: they are the institutional-grade lender for an industry-cannabis-that traditional banks still won't touch. You get access to large, flexible debt capital with the confidence of a seasoned, specialized financial partner.

This specialization allows AFC to command a strong weighted average portfolio yield to maturity of approximately 18% as of March 31, 2025, and May 1, 2025, demonstrating the premium they earn for accepting this unique risk profile. That's a powerful return for their investors, but it's also the price of entry for cannabis operators who need growth capital.

Non-dilutive, flexible, and customized debt capital for cannabis growth

When you're a high-growth cannabis operator, giving up equity (dilution) is expensive. AFC Gamma offers non-dilutive debt financing, which is crucial for preserving your ownership stake and maximizing long-term returns. They don't force a one-size-fits-all product on you.

Their platform provides truly customized financing solutions, including first-lien loans, mortgage loans, construction loans, and bridge financings. They originate, structure, and underwrite loans ranging from a minimum of $10 million to over $100 million, which means they can fund everything from a new cultivation facility buildout to a major multi-state operator (MSO) acquisition.

Reliable funding source where traditional bank financing is unavailable

Honest to goodness, the federal prohibition on cannabis is the single biggest driver of AFC Gamma's business model. Because the industry faces strict limitations in traditional banking access, AFC steps in as a leading commercial mortgage Real Estate Investment Trust (REIT) to fill that void.

As one borrower noted, AFC Gamma was there to support their growth when traditional lenders couldn't grasp the nuances of the cannabis industry. They are a reliable, institutional lender for state-law compliant operators, which is a rare and valuable commodity in this market.

Expertise in navigating the complex regulatory and legal environment

Lending to a federally illegal, but state-legal, industry is a minefield. You need a partner who can navigate the patchwork of state regulations. AFC Gamma's management team brings a significant combined experience of over 100 years in investment management and disciplined credit investing. They use this deep network and credit expertise to focus exclusively on lending to state-law compliant operators in states with favorable supply and demand dynamics.

This specialized knowledge is the real secret sauce; it translates directly into better risk management for both the lender and the borrower. Here's the quick math on their portfolio status as of late 2025:

• Total Principal Outstanding (as of August 1, 2025): $357.9 million
• Number of Loans (as of August 1, 2025): 15
• Credit Loss Reserves (CECL) (as of March 31, 2025): $29.9 million

Speed and certainty of execution for large-scale real estate transactions

In a fast-moving market like cannabis, speed matters. A slow financing process can cost you a critical license or a key asset. AFC Gamma has a track record of executing large-scale transactions with certainty.

For example, in October 2024, they committed and funded a $41 million senior secured credit facility for Story of Maryland, LLC. This single transaction helped the company exceed its 2024 goal of $100 million in new originations, showing they can move significant capital quickly. What this estimate hides is the rigorous due diligence required to underwrite loans of this size, which AFC's team can defintely fast-track.

Senior secured position minimizes investor credit risk

For investors, the primary value proposition is the senior secured nature of the loans, which significantly minimizes credit risk. AFC Gamma primarily originates first-lien term loans. These loans are typically secured by the borrower's quality real estate assets, the value of their cannabis licenses, and their cash flows.

This structure puts AFC Gamma at the top of the capital stack, meaning they are the first in line to be repaid from the collateral if a borrower defaults. As of March 31, 2025, their Current Expected Credit Losses (CECL) reserve stood at approximately 9.75% of loans at carrying value, or $29.9 million, reflecting a prudent approach to managing potential losses on their portfolio.

Key Value Proposition Metric	2025 Fiscal Year Data (Q1-Q3)	Significance
Loan Origination Range	$10 million to over $100 million	Funds large-scale MSO growth and real estate acquisition.
Weighted Average Portfolio Yield	Approximately 18% (as of March 31, 2025)	Indicates high-yield, risk-adjusted returns for providing non-traditional capital.
Portfolio Principal Outstanding	$357.9 million (as of August 1, 2025)	Shows significant institutional deployment of capital in the cannabis sector.
Credit Loss Reserve (CECL)	$29.9 million or 9.75% of loans (as of March 31, 2025)	Reflects disciplined risk management against the backdrop of an evolving regulatory environment.

AFC Gamma, Inc. (AFCG) - Canvas Business Model: Customer Relationships

AFC Gamma's customer relationships are built on an institutional, high-touch model necessitated by the complexity and regulatory risk of the niche cannabis lending market. You aren't just a number; you are one of a very small group of specialized borrowers. This model is less about mass-market automation and more about bespoke, hands-on partnership to manage the unique credit risks inherent in the industry.

Direct, high-touch relationship management with borrowers

The relationship model is intensely direct and personalized, reflecting the significant size and high-risk nature of each transaction. With a portfolio consisting of only 14 loans as of late 2025, each borrower represents a substantial portion of the total principal outstanding of $327.7 million. This small scale demands a dedicated, senior-level focus from the management team, not a call center.

For example, the CEO has publicly detailed a strategy of active engagement, which included visiting 11 cultivations and 28 dispensaries in key states to perform deep dives on borrowers and markets. This is the definition of high-touch: physically being on the ground to understand the operational reality of the collateral and cash flow.

Long-term, partnership-focused approach to financing needs

AFC Gamma positions itself as a long-term capital partner, especially for multi-state operators (MSOs) who lack access to traditional bank financing. The loans are typically large, ranging from $10 million to over $100 million, and secured by real estate and other assets.

This partnership focus is crucial because the weighted average portfolio yield to maturity is high, around 18%, reflecting the elevated risk profile. To justify this cost of capital, AFC Gamma must offer more than just cash; they offer industry expertise, flexible structuring, and a commitment to growing with the borrower. The recent expansion of the investment mandate, approved by shareholders, to transition into a Business Development Company (BDC) further signals a long-term strategy to diversify and remain a flexible capital source for these operators, even outside of pure real estate collateral.

Dedicated portfolio management for ongoing loan monitoring

Active portfolio management is a core competency, not an afterthought. You have to be proactive when dealing with an industry that carries a Current Expected Credit Loss (CECL) reserve of $51.3 million, which was approximately 18.7% of the loans at carrying value in Q3 2025. That's a serious risk buffer that requires constant oversight.

The dedicated portfolio management team is tasked with mitigating this risk through:

• Continuous financial and operational review of the borrower.
• Regular site visits to verify collateral and business health.
• Proactive engagement to address underperforming loans, a key management priority.
• Facilitating successful loan payoffs, such as the $43 million in principal repayments received since Q2 2025, which demonstrates effective loan life-cycle management.

You simply cannot manage this level of credit risk passively. It requires a dedicated team on top of the financials defintely.

Highly professional and discreet communication

Given the regulatory environment and the institutional nature of the lending, communication is highly professional and discreet. The borrowers are sophisticated, publicly-traded or well-established private entities, and the financing details are sensitive.

The relationship is managed through a formal institutional lending process, ensuring all interactions regarding loan structuring, covenant compliance, and potential amendments are handled with precision and confidentiality. This is the standard for institutional debt, where the relationship is between C-suite executives and senior investment officers.

Loan covenant monitoring and proactive risk mitigation

Covenant monitoring is the lifeblood of risk mitigation in this business. Every loan is senior secured and includes a strict set of financial and operational covenants designed to provide an early warning system. The high CECL reserve tells you exactly how critical this function is.

The portfolio management team's primary function is to track these covenants, which typically include minimum liquidity ratios, debt service coverage ratios, and reporting requirements. When a covenant is breached or stress is observed, the team initiates a proactive dialogue to restructure or enforce terms, rather than waiting for a default. This is how AFC Gamma works to protect its capital structure and manage an inherently volatile asset class.

Customer Relationship Mechanism	Metric/Value (2025 Data)	Strategic Impact
Portfolio Concentration	14 loans (as of Nov 2025)	Enables high-touch, personalized relationship management for each borrower.
Risk Profile Indicator	CECL Reserve of $51.3 million (Q3 2025)	Necessitates intense, dedicated portfolio management and proactive risk mitigation.
Loan Size Profile	Loans typically $10 million to over $100 million	Reinforces institutional, C-suite level communication and relationship.
Management Activity	CEO visited 11 cultivations and 28 dispensaries	Concrete example of direct, on-the-ground relationship and operational due diligence.
Relationship Outcome	$43 million in successful loan payoffs since Q2 2025	Indicates effective long-term partnership and loan life-cycle management.

AFC Gamma, Inc. (AFCG) - Canvas Business Model: Channels

Direct origination team outreach to cannabis operators

AFC Gamma's primary channel for sourcing loans is a dedicated, internal origination team that maintains a deep network within the US cannabis industry. This isn't a passive model; it relies on proactive outreach to established multi-state operators (MSOs) and what the company calls 'Cannabis 3.0' players-sophisticated operators looking for institutional capital. Your capital access is often limited in this space, so a direct lender like AFC Gamma is a critical partner.

The team's success is measurable. For example, the origination engine was reinvigorated in 2024, resulting in a $41 million senior secured credit facility for Story of Maryland, LLC, which helped the company exceed its $100 million origination goal for that year. That deal shows the channel's focus: providing first-lien term loans secured by real property, licenses, and operations. To be fair, this channel also handles the workout of troubled assets; as of June 1, 2025, one private company loan was moved to nonaccrual status, which shows the persistent credit risk the team manages.

Referrals from private equity firms and investment banks

While direct origination is key, a substantial portion of the deal flow comes from a network of long-standing relationships with financial intermediaries, including private equity (PE) groups, family offices, and investment banks. These firms often have clients in the cannabis or middle-market space who need a non-traditional, secured lending solution that the banks themselves cannot provide due to federal regulations.

The channel is defintely broadening now. Following the shareholder approval on November 6, 2025, to convert to a Business Development Company (BDC), the deal pipeline has shifted dramatically. The company is now actively marketing a pipeline of approximately $350 million in direct lending opportunities to middle-market companies outside of cannabis. This strategic pivot leverages the management team's decades of experience in traditional direct lending, expanding the referral network beyond cannabis-specific funds to include generalist PE and investment banking groups.

Industry conferences and networking events

For AFC Gamma, the main public-facing events are investor-focused, which serves a dual purpose: raising capital and signaling stability to potential borrowers. You won't see them sponsoring a massive consumer expo, but you will see them at key financial events. The most consistent channel for market communication is the quarterly earnings call, which acts as a structured networking event for analysts and investors.

In 2025 alone, the company hosted three major calls: the Q1 2025 Earnings Call on May 14, 2025, the Q2 2025 Earnings Call on August 14, 2025, and the Q3 2025 Earnings Call on November 12, 2025. These events are crucial for communicating key metrics like the weighted average portfolio yield to maturity, which stood at approximately 17% as of August 1, 2025.

Investor relations for capital raising and market communication

The Investor Relations (IR) channel is vital for securing the capital that funds the origination engine. It's about maintaining trust with the market and ensuring liquidity. A key accomplishment in 2025 was the expansion of the senior secured revolving credit facility from $30 million to $50 million with a lead FDIC-insured bank. Here's the quick math: that $20 million increase in capacity is a direct result of effective IR and building a strong relationship with a traditional financial institution.

IR also manages shareholder expectations and distributions. For the second quarter of 2025, the Board declared a dividend of $0.15 per common share. This constant communication, including press releases and public filings, is the bedrock for attracting and retaining institutional investors.

Company website and public filings for transparency

The company website, `afcgamma.com`, is the central hub for transparency and compliance. All material information, which you need for due diligence, is posted here. This includes SEC filings like the Q3 2025 Earnings Presentation and all news releases, such as the November 6, 2025 announcement of the BDC conversion approval.

This channel is the final delivery point for the value proposition-information and access to a specialized asset class. It's where you find the full financial picture, including the Q2 2025 total assets of $290.6 million and total shareholder equity of $184.7 million.

Channel	Primary Function in 2025	Key 2025 Metric / Actionable Data
Direct Origination Team	Sourcing and underwriting secured loans to cannabis operators and middle-market companies.	$350 million non-cannabis direct lending pipeline established post-BDC approval.
Referrals (PE/IB Network)	Expanding deal flow by leveraging relationships with financial intermediaries.	Portfolio principal outstanding: $357.9 million across 15 loans as of August 1, 2025.
Industry Conferences/Events	Communicating financial performance and strategy to the market.	Three major earnings calls hosted in 2025 (Q1, Q2, Q3) for investor communication.
Investor Relations	Securing and managing capital for lending operations.	Credit facility expanded from $30 million to $50 million in 2025.
Website/Public Filings	Regulatory compliance and investor transparency.	Q2 2025 Book Value Per Share: $8.18. BDC conversion approved on November 6, 2025.

AFC Gamma, Inc. (AFCG) - Canvas Business Model: Customer Segments

As a seasoned financial analyst, I see AFC Gamma, Inc.'s customer segment strategy as a focused play on the high-yield, constrained-capital environment of the US state-legal cannabis market. Your core customers are not small startups; they are established, sophisticated operators-what we call 'Cannabis 3.0' players-who need large-scale, non-dilutive real estate capital that traditional banks still cannot provide.

The company's loan book, which stood at $327.7 million of principal outstanding across just 14 loans as of November 3, 2025, shows a clear preference for large-check, institutional-grade borrowers. That's an average loan size of over $23 million. You are lending to the biggest players in the most protected markets, which is defintely the right strategy in a volatile sector.

Established, state-licensed multi-state cannabis operators (MSOs)

MSOs are the primary target, representing the most creditworthy segment due to their scale, diversified revenue streams across multiple states, and often public-company reporting requirements. These are the operators who can absorb the typical loan size of $10 million to over $100 million that AFC Gamma originates. Their multi-state footprint mitigates single-market regulatory risk, offering a stronger collateral package that includes real estate and license value (where permissible).

The MSO segment seeks capital for expansion, refinancing high-cost debt, or funding capital expenditures (CapEx) for new facilities. They need the institutional-level financing that Advanced Flower Capital Inc. provides, especially since federal prohibition (or lack of Safe Banking Act passage) keeps large, federally-chartered financial institutions out of the market. This creates the high-yield opportunity for AFC Gamma, which targets an average portfolio gross yield between 12% and 20%.

Single-state operators (SSOs) with strong market share and cash flow

While the focus is on scale, the customer segment also includes select, high-performing SSOs. These SSOs must demonstrate exceptional financial strength-strong market share, robust cash flow, and a clean capital stack-to meet AFC Gamma's stringent underwriting criteria. These are typically dominant players in a single, high-barrier-to-entry state, where their local monopoly power compensates for the lack of geographic diversification.

In this segment, the loan is often a strategic capital injection to solidify their local dominance, perhaps through a final build-out of a cultivation facility or the acquisition of a key retail location. The key is that their credit profile must be comparable to an MSO, ensuring the senior secured loan is adequately collateralized by high-quality real estate.

Vertically integrated cannabis companies requiring real estate capital

The ideal customer is a vertically integrated company-meaning they control the entire supply chain from cultivation and processing to retail. This integration is crucial because it provides AFC Gamma with multiple layers of collateral and cash flow streams to secure the loan. The loans are primarily secured by commercial real estate, which is why the company operated as a Real Estate Investment Trust (REIT) for so long (though a transition to a Business Development Company, or BDC, is expected in Q1 2026).

The real estate capital provided is essentially a mortgage loan, allowing the operator to free up their working capital for operational expenses, which is a major pain point in the capital-starved cannabis industry. This structure is a classic sale-leaseback alternative, giving the operator a capital lifeline without diluting their equity.

Operators seeking financing for cultivation, processing, and retail facilities

The financing is directly tied to the physical assets required for the cannabis business. The customer's need is capital for facility development and maintenance. The loans are secured by the underlying property, which is then used for the three core activities of a vertically integrated operator:

• Cultivation: Large-scale greenhouses or indoor grow facilities.
• Processing: Manufacturing and extraction labs for oils, edibles, and concentrates.
• Retail: Dispensary locations, which are often the most valuable real estate assets due to their limited licensing.

The diversity across these asset types is a key risk-mitigation tool for AFC Gamma. Here's the quick math: a single loan of $25 million might be split across a cultivation site (real estate) and a retail dispensary (real estate plus license value), diversifying the collateral base.

Businesses in limited-license, high-barrier-to-entry states

The geographic focus is as important as the operator's size. AFC Gamma intentionally targets states with limited licensing regimes (high barriers to entry) because these markets protect the borrowers' profitability by restricting competition. This regulatory moat makes the borrower's cash flow more predictable and the value of their licenses and real estate collateral more stable.

The portfolio is diversified across 16 states as of Q3 2025. This focus includes early-stage adult-use transition states, which offer significant growth potential as the market matures and sales volumes increase. This is where the next wave of capital demand will come from.

Customer Segment Characteristic	AFC Gamma's Focus (Late 2025)	Supporting 2025 Fiscal Data
Operator Type	Established, sophisticated Multi-State Operators (MSOs) and select, strong Single-State Operators (SSOs).	Portfolio of only 14 loans as of Nov 3, 2025, indicating large-check, institutional-grade borrowers.
Financing Need	Real estate capital for expansion, CapEx, and non-dilutive financing.	Loans typically range from $10 million to over $100 million.
Facility Type	Vertically integrated facilities: cultivation, processing, and retail.	Loans are senior secured by high-quality real estate assets, license value, and cash flows.
Geographic Focus	Limited-license, high-barrier-to-entry states and near-term adult-use transition states.	Portfolio exposure across 16 states, including key markets like Missouri, New Jersey, Ohio, Florida, and Pennsylvania.

AFC Gamma, Inc. (AFCG) - Canvas Business Model: Cost Structure

You're looking for the hard numbers that drive AFC Gamma, Inc.'s (now Advanced Flower Capital Inc.'s) cost structure, and the reality in late 2025 is that the biggest costs are tied to financing the loan portfolio and managing credit risk, not just day-to-day operations. The company's cost base is currently defined by its Real Estate Investment Trust (REIT) structure, but a major shift is underway with the planned conversion to a Business Development Company (BDC) in the first quarter of 2026.

The core of the cost structure is leveraging capital to originate high-yield loans, but recent quarters show a sharp rise in non-cash provisions for credit losses that swamp traditional operating expenses. That is the single most important cost driver right now.

Cost of Capital (Interest Expense on Credit Facilities and Notes)

The cost of capital is the direct expense of financing the loan portfolio. This is primarily the interest paid on the company's senior secured revolving credit facility and its senior notes. Given the high-interest-rate environment, this cost remains a significant, though manageable, outflow.

For the three months ended March 31, 2025 (Q1 2025), the Revolving Credit Facility had an interest rate of 8.00% on outstanding borrowings. An unused line fee of approximately $56.3 thousand was also incurred in Q1 2025 on the available, but undrawn, portion of the facility. The Revolving Credit Facility was amended in April 2025, increasing the interest rate floor from 4.00% to a higher 7.00%, which locks in a higher minimum cost for future borrowings. While Q3 2025 Net Interest Income was reported as $6.5 million on revenue of $6.53 million, this implies a very low cash interest expense of approximately $30,000 for the quarter, suggesting low utilization of the credit facility or significant non-cash revenue accruals.

General and Administrative (G&A) Expenses, Including Compensation

As an externally managed REIT, a large portion of the administrative cost is paid to the Manager, AFC Management, LLC, but the company still incurs direct G&A and compensation costs. For the full year 2024, General and administrative expenses totaled $3,967,764, with an additional $1,390,978 in stock-based compensation expense. The CEO's annual base salary is $625,000, plus eligibility for equity grants, such as a 2025 grant of up to $400,000 (with a target of $300,000).

The total operating expenses (Management, G&A, Stock-based compensation, and Professional fees) for the three months ended March 31, 2025, were a combined $2,476,832, which gives you a clear sense of the quarterly run-rate for these core overhead costs.

Due Diligence, Legal, and Compliance Costs for Loan Origination

These costs are critical for a specialty lender operating in the cannabis space, which requires rigorous regulatory compliance and due diligence (DD). These expenses are typically categorized as Professional fees on the income statement.

The company is responsible for all third-party costs related to evaluating and closing loans, even if the loan does not ultimately close. For the full year 2024, Professional fees amounted to $1,563,484. More importantly, the cost of credit risk is a massive non-cash expense. In Q3 2025, the company recorded a Provision for expected credit losses (CECL) of $7,372,778 and $9,712,427 in unrealized losses, which are the real costs of portfolio risk and active management in this sector. That's a huge drag on GAAP net income.

Asset Management and Servicing Fees

The company is externally managed and pays a Management Fee and an Incentive Fee (performance fee) to AFC Management, LLC. This is a primary, recurring operational cost.

For the full year 2024, net Management and incentive fees totaled $10,361,821. The fee structure is designed to align the Manager's interests with shareholder returns, as the Incentive Fee is tied to 'Core Earnings' (a measure similar to Distributable Earnings). For Q1 2025, the net management and incentive fees were a component of the total operating expenses of $2,476,832, after a fee rebate of $128,580.

Dividend Distributions to Maintain REIT Status

As a REIT, AFC Gamma, Inc. is required by the Internal Revenue Code to distribute at least 90% of its annual REIT taxable income to shareholders. This distribution acts as a mandatory cost of maintaining the tax-advantaged structure.

The company paid a quarterly cash dividend of $0.15 per share for both Q2 2025 and Q3 2025. However, due to expected taxable losses, the company has indicated that no dividend is anticipated for the fourth quarter of 2025. This move, combined with the shareholder approval to convert to a BDC in Q1 2026, signals a fundamental shift away from the mandatory high distribution cost structure of a REIT.

Cost Category	2025 Financial Data (Q3 2025 or YTD)	Notes/Context
Non-Cash Credit Cost (CECL)	$7,372,778 (Q3 2025 Provision)	The largest non-cash cost, reflecting the risk in the cannabis lending portfolio.
Unrealized Losses	$9,712,427 (Q3 2025)	Non-cash charge impacting GAAP Net Loss, reflecting mark-to-market of loans.
Total Operating Expenses	$2,476,832 (Q1 2025 Total)	Includes Management Fees, G&A, Professional Fees, and Stock-based Compensation.
Management & Incentive Fees, Net	Included in Q1 2025 Total Expenses (after $128,580 rebate)	Primary recurring fee paid to the external Manager.
Interest Expense (Cost of Capital)	Implied $30,000 (Q3 2025)	Calculated from Q3 Revenue ($6.53M) minus Net Interest Income ($6.5M). Revolving Credit Facility floor raised to 7.00% in April 2025.
Dividend Distribution	$0.15 per share (Q3 2025 Paid)	Mandatory cost under REIT rules (at least 90% of taxable income). No Q4 2025 dividend anticipated due to expected taxable loss.

• Anticipate the cost structure changing dramatically in 2026.
• The approved conversion to a BDC in Q1 2026 will remove the strict 90% distribution requirement of a REIT.
• This will allow the company to retain more earnings, which is a major shift in the cost of capital allocation.
• The largest cost is currently the non-cash provision for credit losses (CECL), not the cash operating expenses.

AFC Gamma, Inc. (AFCG) - Canvas Business Model: Revenue Streams

You're looking for a clear picture of how Advanced Flower Capital Inc. (AFCG) actually makes its money, especially with the strategic shift toward becoming a Business Development Company (BDC) in 2026. The direct takeaway is that AFC Gamma, Inc.'s revenue is overwhelmingly driven by interest income from its senior secured loan portfolio, but the near-term risk profile means non-cash items, like unrealized losses on equity positions, are currently dominating the GAAP net income figure.

Interest income from senior secured loans, the primary source

The core of AFC Gamma, Inc.'s business model is straightforward: lending money, primarily to state-licensed cannabis operators, and collecting interest. This is the main engine of their revenue stream. As of early November 2025, the company's portfolio consisted of $327.7 million of principal outstanding spread across 14 loans. The loans are structured as senior secured mortgage loans, meaning they are backed by real estate and other assets, which is where the security comes from.

The profitability of this stream is high, reflecting the risk and lack of traditional bank financing in the cannabis sector. The weighted average portfolio yield to maturity (YTM) for their loans is approximately 18%. This high yield is what drives the top-line income. For the third quarter of 2025 (Q3 2025), Advanced Flower Capital Inc. generated $6.5 million in Net Interest Income. That's a clean one-liner on the financial health of the core lending business.

Origination and commitment fees charged to borrowers

Beyond the periodic interest payments, AFC Gamma, Inc. generates revenue through fees tied to the creation and maintenance of its loans. These are non-interest income components, but they are directly linked to the lending activity. They come from two main sources:

• Origination Fees: Upfront fees charged to the borrower for structuring and closing a new loan. These are often recognized over the life of the loan as an adjustment to the yield (Original Issue Discount, or OID).
• Commitment Fees: Fees charged for committing to lend a certain amount, even if the full amount is not immediately drawn down by the borrower.

While the specific dollar amount for these fees in Q3 2025 is not broken out from total interest income in the high-level summary, the nature of their business-originating, structuring, and underwriting loans-confirms this is a consistent, albeit secondary, revenue stream. The high target average portfolio gross yield of 12%-20% is defintely a blend of the stated interest rate and the amortization of these upfront fees.

Potential income from warrants or equity kickers attached to loans

To enhance returns, Advanced Flower Capital Inc. often includes equity features, like warrants (the right to buy stock at a specific price), in its loan agreements. This is the capital appreciation component of their strategy, a way to participate in the upside of the borrower's business growth.

Here's the quick math on the current risk: these non-cash items are currently a headwind. The company reported a total unrealized loss of $31.2 million on loans held at fair value as of September 30, 2025. This unrealized loss, which includes the fair value of these equity kickers, is a major reason why the company reported a GAAP net loss of $(12.5) million for Q3 2025, despite generating positive Net Interest Income. What this estimate hides is that while the potential for future income exists, the current market valuation of these equity positions is negative, reflecting the challenging cannabis market environment.

Interest income from cash and cash equivalents

Like any financial institution, AFC Gamma, Inc. earns interest on its uninvested cash. This is a small, low-risk revenue stream that hedges against the cost of its own debt. The Q1 2025 report indicated that a significant portion of cash and cash equivalents was earning interest at rates between 4.5% and 5.3%. However, the cash position saw a substantial decline earlier in 2025, which would naturally reduce this revenue stream. The focus is on deploying capital into the high-yield loan portfolio, so this income is secondary to the interest from loans.

Fees from loan extensions or modifications

In a stressed market, managing existing loans becomes a revenue source. When a borrower needs more time or a change in terms, Advanced Flower Capital Inc. charges a fee for the extension or modification. This is a tactical revenue stream that helps protect the portfolio's value while generating immediate cash flow. The company is actively managing its portfolio to resolve 'nonaccrual positions' and drive loan repayments. For example, in November 2025, Advanced Flower Capital Inc. reached a settlement agreement with a private company that involved financing $6 million of the settlement via a new term loan at a 10% interest rate. This kind of restructuring activity is where these fees are generated, providing a necessary, albeit unpredictable, source of income during periods of credit stress.

Revenue Stream Component	Nature of Income	Q3 2025 Financial Context (Period Ending Sept 30, 2025)
Interest Income from Senior Secured Loans	Primary, recurring cash flow from lending.	Net Interest Income: $6.5 million. Portfolio Yield: ~18%.
Origination and Commitment Fees	Upfront fees for initiating and committing to loans (often amortized).	Contributes to the high portfolio yield target of 12%-20%.
Income from Warrants/Equity Kickers	Non-cash, potential capital appreciation from equity positions.	Total Unrealized Loss on Fair Value Loans: $31.2 million.
Interest from Cash and Equivalents	Low-risk income from uninvested cash.	Cash earning interest at 4.5% to 5.3% (Q1 2025 context).
Fees from Loan Extensions/Modifications	Fees charged for restructuring or extending existing loans.	Part of active portfolio management, such as the new $6 million term loan at 10% in a recent settlement.