What is AFC Gamma's operating income?

AFC Gamma's total operating income in 2025 was -$45.03 million, based on the following breakdown: Total Gross Profit: -$32.28 million Total Operating Expenses: $12.76 million

AFC Gamma (AFCG) Financials

$3.47 +0.31 (+9.81%)

Closing price 08/17/2026 04:00 PM Eastern

Extended Trading

$3.49 +0.02 (+0.58%)

As of 07:10 AM Eastern

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Annual Income Statements for AFC Gamma

This table shows AFC Gamma's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	21	36	21	17	-21
Consolidated Net Income / (Loss)	21	36	21	17	-21
Net Income / (Loss) Continuing Operations	21	36	21	14	-21
Total Pre-Tax Income	21	37	22	14	-21
Total Operating Income	-17	-41	-41	-28	-45
Total Gross Profit	-11	-34	-34	-21	-32
Total Revenue	0.45	-6.81	-7.70	-6.34	-6.76
Operating Revenue	0.45	-6.81	-7.70	-6.34	-6.76
Total Cost of Revenue	11	27	26	15	26
Operating Cost of Revenue	8.32	16	14	10	2.93
Other Cost of Revenue	2.65	11	12	4.16	23
Total Operating Expenses	6.08	7.64	7.49	6.92	13
Selling, General & Admin Expense	4.33	6.30	6.48	5.53	4.68
Other Operating Expenses / (Income)	-	1.34	1.01	1.39	8.07
Total Other Income / (Expense), net	38	78	64	42	24
Interest Expense	1.13	0.00	-1.99	0.00	-0.36
Interest & Investment Income	38	81	70	52	31
Other Income / (Expense), net	0.62	-3.14	-8.51	-9.90	-7.93
Income Tax Expense	0.04	1.03	1.66	0.45	-0.61
Net Income / (Loss) Discontinued Operations	-	-	0.23	2.92	0.00
Basic Earnings per Share	$1.57	$1.80	$1.02	$0.78	($0.95)
Weighted Average Basic Shares Outstanding	13.37M	19.84M	20.32M	20.82M	22.25M
Diluted Earnings per Share	$1.52	$1.79	$1.02	$0.78	($0.95)
Weighted Average Diluted Shares Outstanding	13.81M	19.96M	20.35M	20.89M	22.28M
Weighted Average Basic & Diluted Shares Outstanding	19.74M	20.49M	20.67M	22.60M	23.53M
Cash Dividends to Common per Share	$1.67	$2.23	$2.00	$1.77	$0.53

This table shows AFC Gamma's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-9.19	-0.05	16	1.38	-0.99	4.07	-13	-12	0.91	4.83	3.48
Consolidated Net Income / (Loss)	-9.19	-0.05	16	1.38	-0.99	4.07	-13	-12	0.91	11	5.36
Net Income / (Loss) Continuing Operations	-9.42	-1.57	15	1.22	-3.75	4.07	-13	-12	0.91	4.83	3.48
Total Pre-Tax Income	-8.76	-1.41	15	1.60	-4.13	4.18	-13	-13	1.20	4.94	3.69
Total Operating Income	-20	-12	-1.07	-4.23	-9.20	-3.59	-4.46	-12	-25	-4.88	-5.00
Total Gross Profit	-18	-10	0.70	-2.74	-8.76	-1.93	-2.54	-9.72	-18	-0.74	-2.82
Total Revenue	-2.89	-1.70	-1.57	-1.57	-1.59	-1.82	-1.86	-1.63	-1.45	0.23	-1.75
Operating Revenue	-2.89	-1.70	-1.57	-1.57	-1.59	-1.82	-1.86	-1.63	-1.45	0.23	-1.75
Total Cost of Revenue	15	8.39	-2.28	1.16	7.17	0.12	0.68	8.09	17	0.97	1.08
Operating Cost of Revenue	3.47	3.46	3.99	0.98	1.93	0.82	0.68	0.72	0.72	0.97	1.08
Total Operating Expenses	1.58	2.04	1.77	1.49	0.44	1.66	1.92	2.10	7.08	4.14	2.18
Selling, General & Admin Expense	1.28	1.50	1.40	1.27	0.18	1.11	1.21	1.03	1.34	1.32	1.37
Other Operating Expenses / (Income)	0.30	0.54	0.37	0.22	0.26	0.55	0.71	1.07	5.74	2.81	0.80
Total Other Income / (Expense), net	11	11	17	5.83	5.07	7.77	-8.85	-1.55	26	9.81	8.69
Interest & Investment Income	17	14	18	10	5.22	8.46	8.06	8.16	6.64	8.00	8.69
Other Income / (Expense), net	-6.15	-3.61	-1.42	-4.62	-0.15	-0.69	-1.06	-9.71	3.52	1.81	0.00
Income Tax Expense	0.65	0.16	0.29	0.39	-0.38	0.11	-0.14	-0.87	0.29	0.11	0.21
Weighted Average Basic Shares Outstanding	20.32M	20.39M	20.40M	20.68M	20.82M	22.10M	22.11M	22.11M	22.25M	23.53M	23.20M
Weighted Average Diluted Shares Outstanding	20.35M	20.41M	20.44M	20.79M	20.89M	22.11M	22.12M	22.16M	22.28M	23.53M	23.20M
Weighted Average Basic & Diluted Shares Outstanding	20.67M	20.67M	20.67M	21.95M	22.60M	22.60M	22.59M	22.59M	23.53M	23.53M	22.67M

This table details how cash moves in and out of AFC Gamma's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	100	31	-19	-18	-65
Net Cash From Operating Activities	9.54	31	21	22	11
Net Cash From Continuing Operating Activities	9.54	31	21	18	11
Net Income / (Loss) Continuing Operations	21	36	21	14	-21
Consolidated Net Income / (Loss)	21	36	21	17	-21
Net Income / (Loss) Discontinued Operations	-	-	0.23	2.92	0.00
Amortization Expense	-5.45	-11	-5.19	-6.94	-2.57
Non-Cash Adjustments To Reconcile Net Income	-7.20	5.26	5.36	12	37
Changes in Operating Assets and Liabilities, net	1.19	0.97	0.10	-0.94	-2.06
Net Cash From Discontinued Operating Activities	-	-	0.24	3.27	0.00
Net Cash From Investing Activities	-248	-16	29	-4.85	35
Net Cash From Continuing Investing Activities	-248	-16	29	42	35
Sale and/or Maturity of Investments	25	16	59	-	80
Other Investing Activities, net	-257	131	-30	155	-45
Net Cash From Discontinued Investing Activities	-	-	0.00	-47	0.00
Net Cash From Financing Activities	339	16	-68	-35	-111
Net Cash From Continuing Financing Activities	339	16	-68	-35	-111
Repayment of Debt	-3.53	-76	-89	-227	-183
Repurchase of Preferred Equity	-	-	0.00	-0.13	0.00
Repurchase of Common Equity	-4.04	-1.71	0.00	-0.27	0.00
Payment of Dividends	-14	-42	-43	-40	-19
Issuance of Debt	175	60	63	285	92
Issuance of Common Equity	186	75	0.00	16	0.00
Other Financing Activities, net	-	-	0.00	-68	0.00
Net Cash From Discontinued Financing Activities	-	-	0.00	0.00	0.00
Cash Interest Paid	0.00	5.85	5.55	5.31	6.01
Cash Income Taxes Paid	0.04	0.95	1.66	1.27	0.21

This table details how cash moves in and out of AFC Gamma's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	48	-39	88	-48	-19	-100	0.09	42	-6.51	74	-6.22
Net Cash From Operating Activities	6.24	6.37	10	2.64	2.22	3.92	1.76	6.11	-0.56	-31	-6.20
Net Cash From Continuing Operating Activities	6.00	5.50	8.51	2.05	2.22	7.99	1.76	6.11	-0.56	-31	-6.20
Net Income / (Loss) Continuing Operations	-9.42	-1.57	15	1.22	-0.99	8.14	-13	-12	0.91	11	5.36
Consolidated Net Income / (Loss)	-9.19	-0.05	16	1.38	-0.99	8.14	-13	-12	0.91	11	5.36
Amortization Expense	-1.45	-1.66	-3.11	-1.56	-0.61	-0.61	-0.74	-0.61	-0.62	-0.93	-0.58
Non-Cash Adjustments To Reconcile Net Income	18	7.58	-5.22	4.57	5.38	-0.70	17	17	1.45	-44	-9.86
Changes in Operating Assets and Liabilities, net	-0.79	1.15	1.64	-2.18	-1.55	1.16	-1.58	1.80	-2.31	2.17	-1.12
Net Cash From Financing Activities	32	8.18	-35	-44	36	-85	-17	8.20	-17	105	-0.02
Net Cash From Continuing Financing Activities	32	8.18	-35	-44	36	-85	-17	8.20	-17	105	-0.02
Repayment of Debt	-	-42	-60	-65	-60	-104	-21	-24	-35	-83	-120
Payment of Dividends	-9.83	-9.82	-9.93	-13	-7.22	-7.37	-5.20	-3.39	-3.39	0.00	-1.18
Issuance of Debt	42	60	35	90	100	27	9.00	35	21	188	124
Cash Interest Paid	2.60	0.04	2.63	0.03	2.60	0.14	3.00	0.17	2.70	0.24	2.80
Cash Income Taxes Paid	0.58	0.12	0.44	0.37	0.33	0.00	0.19	-	0.03	0.00	0.10

This table presents AFC Gamma's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	94	465	519	467	402	276
Total Current Assets	41	381	412	399	368	57
Cash & Equivalents	9.62	109	140	90	104	39
Short-Term Investments	0.00	16	-	-	-	16
Prepaid Expenses	0.07	0.95	0.46	0.69	1.21	2.44
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	53	82	107	67	34	0.90
Other Noncurrent Operating Assets	49	4.41	5.26	3.72	1.98	0.90
Total Liabilities & Shareholders' Equity	94	465	519	467	402	276
Total Liabilities	2.31	192	180	147	201	100
Total Current Liabilities	0.22	11	14	12	8.93	1.54
Accounts Payable	-	-	0.84	0.70	0.50	0.77
Other Current Liabilities	0.06	0.68	0.75	0.12	0.17	0.00
Other Current Nonoperating Liabilities	0.00	0.99	1.04	0.90	0.89	0.76
Total Noncurrent Liabilities	2.10	180	166	135	192	98
Long-Term Debt	0.00	171	157	130	189	97
Other Noncurrent Operating Liabilities	2.10	8.93	8.95	4.97	3.14	1.09
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	92	273	339	320	201	176
Total Preferred & Common Equity	92	273	339	320	201	176
Total Common Equity	92	273	339	320	201	176
Common Stock	91	274	349	350	252	259
Retained Earnings	0.52	-1.09	-9.96	-30	-51	-83

This table presents AFC Gamma's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	445	476	458	367	322	291	289	395	400
Total Current Assets	368	415	420	332	289	262	271	133	127
Cash & Equivalents	73	82	170	122	3.32	3.41	45	113	107
Short-Term Investments	308	-	-	-	-	-	-	18	19
Prepaid Expenses	0.53	0.53	0.69	0.42	11	1.64	2.34	1.62	1.73
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	77	61	38	35	32	28	18	0.00	1.72
Other Noncurrent Operating Assets	75	4.36	1.73	1.47	1.82	1.58	0.78	-	1.72
Total Liabilities & Shareholders' Equity	445	476	458	367	322	291	289	395	400
Total Liabilities	106	166	144	161	121	106	119	209	212
Total Current Liabilities	13	13	16	10	8.46	5.19	6.87	4.87	3.21
Accounts Payable	0.82	1.05	1.44	0.66	0.82	0.74	1.12	0.82	1.04
Other Current Liabilities	-	0.01	0.16	0.16	0.14	0.13	0.16	1.98	1.20
Other Current Nonoperating Liabilities	2.17	2.20	0.89	2.17	2.30	0.94	2.20	2.07	0.98
Total Noncurrent Liabilities	94	153	128	150	112	101	113	202	208
Long-Term Debt	88	148	123	148	111	99	111	202	207
Other Noncurrent Operating Liabilities	5.49	4.45	4.89	1.88	1.38	1.36	1.45	-	1.90
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	339	311	314	206	201	185	169	186	187
Total Preferred & Common Equity	339	311	314	206	201	185	169	186	187
Total Common Equity	339	311	314	206	201	185	169	186	187
Common Stock	350	351	351	248	253	253	254	259	256
Retained Earnings	-11	-40	-37	-42	-52	-68	-84	-73	-69

This table displays calculated financial ratios and metrics derived from AFC Gamma's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	16,442,812.00	20,364,000.00	20,457,697.00	-	22,594,541.00
DEI Adjusted Shares Outstanding	21,836,054.00	27,043,392.00	27,167,822.00	-	22,594,541.00
DEI Earnings Per Adjusted Shares Outstanding	0.96	1.33	0.77	-	-0.92
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	-1,614.24%	-12.97%	16.48%	-6.66%
EBITDA Growth	0.00%	-158.47%	0.52%	19.00%	-24.46%
EBIT Growth	0.00%	-178.76%	-12.03%	24.48%	-40.57%
NOPAT Growth	0.00%	-142.89%	4.79%	29.53%	-17.14%
Net Income Growth	0.00%	71.10%	-41.69%	-19.89%	-223.17%
EPS Growth	0.00%	17.76%	-41.69%	-23.53%	-221.79%
Operating Cash Flow Growth	0.00%	228.37%	-32.22%	1.55%	-47.88%
Free Cash Flow Firm Growth	0.00%	0.00%	22.54%	70.70%	1,796.59%
Invested Capital Growth	0.00%	8.07%	3.13%	-4.80%	-99.30%
Revenue Q/Q Growth	0.00%	-131.21%	10.70%	16.90%	1.93%
EBITDA Q/Q Growth	0.00%	-33.84%	-12.75%	28.26%	-24.86%
EBIT Q/Q Growth	0.00%	-43.81%	-15.30%	30.76%	-26.37%
NOPAT Q/Q Growth	0.00%	-39.00%	-2.38%	17.77%	-48.58%
Net Income Q/Q Growth	0.00%	-10.25%	-36.66%	95.45%	8.44%
EPS Q/Q Growth	0.00%	-10.50%	-36.66%	85.71%	6.86%
Operating Cash Flow Q/Q Growth	0.00%	6.58%	12.58%	-15.71%	-19.85%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-114.30%	92.62%	763.46%
Invested Capital Q/Q Growth	0.00%	-36.23%	381.89%	25.55%	-99.17%
Profitability Metrics	-	-	-	-	-
Gross Margin	-2,337.97%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	-4,761.62%	0.00%	0.00%	0.00%	0.00%
Operating Margin	-3,688.40%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	-3,550.66%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	4,666.78%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	99.83%	97.22%	93.63%	117.29%	97.12%
Interest Burden Percent	-131.65%	-82.98%	-44.84%	-37.97%	40.19%
Effective Tax Rate	0.17%	2.78%	7.42%	3.13%	0.00%
Return on Invested Capital (ROIC)	-6.66%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-162.40%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	14.35%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	7.69%	11.74%	6.36%	6.44%	-10.97%
Cash Return on Invested Capital (CROIC)	0.00%	-23.29%	-17.10%	-5.06%	173.51%
Operating Return on Assets (OROA)	-5.72%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	7.52%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	7.69%	11.74%	6.36%	6.44%	-10.97%
Return on Equity Simple (ROE_SIMPLE)	7.69%	10.60%	6.55%	8.33%	0.00%
Net Operating Profit after Tax (NOPAT)	-17	-40	-38	-27	-32
NOPAT Margin	-3,682.23%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	155.75%	161.83%	105.24%	-434.69%	19.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-8.51%	-6.92%	-11.55%
Cost of Revenue to Revenue	2,437.97%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	962.46%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	1,350.43%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-16	-45	-50	-38	-53
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-21	-55	-55	-45	-56
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.94	0.74	0.66	0.91	0.36
Price to Tangible Book Value (P/TBV)	0.94	0.74	0.66	0.91	0.36
Price to Revenue (P/Rev)	570.42	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	12.22	6.97	10.01	10.90	0.00
Dividend Yield	11.45%	18.14%	19.51%	17.96%	30.76%
Earnings Yield	8.18%	14.35%	9.99%	9.18%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.91	0.62	0.68	0.90	56.99
Enterprise Value to Revenue (EV/Rev)	501.96	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	23.68	5.36	8.84	11.01	9.40
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.46
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.63	0.46	0.41	0.94	0.55
Long-Term Debt to Equity	0.63	0.46	0.41	0.94	0.55
Financial Leverage	-0.09	-0.15	-0.17	0.04	-0.29
Leverage Ratio	1.53	1.61	1.50	1.67	1.80
Compound Leverage Factor	-2.02	-1.33	-0.67	-0.63	0.72
Debt to Total Capital	38.56%	31.67%	28.89%	48.36%	35.66%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	38.56%	31.67%	28.89%	48.36%	35.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.44%	68.33%	71.11%	51.64%	64.34%
Debt to EBITDA	-8.00	-2.84	-2.36	-4.23	-1.75
Net Debt to EBITDA	1.44	1.49	0.40	-1.22	-0.76
Long-Term Debt to EBITDA	-8.00	-2.84	-2.36	-4.23	-1.75
Debt to NOPAT	-10.35	-3.90	-3.39	-6.98	-3.09
Net Debt to NOPAT	1.86	2.05	0.58	-2.02	-1.35
Long-Term Debt to NOPAT	-10.35	-3.90	-3.39	-6.98	-3.09
Altman Z-Score	1.64	1.43	1.40	1.12	-0.46
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	33.33	29.40	34.57	41.16	25.84
Quick Ratio	33.46	30.33	34.09	44.43	24.35
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-60	-47	-14	231
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	8.46	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	8.46	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	33.99	24.08	40.03
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	10.74	15.15	9.12
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	249	269	277	264	1.85
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	20	8.41	-13	-262
Enterprise Value (EV)	226	168	188	237	106
Market Capitalization	257	250	210	183	63
Book Value per Share	$16.61	$16.65	$15.64	$9.17	$7.77
Tangible Book Value per Share	$16.61	$16.65	$15.64	$9.17	$7.77
Total Capital	444	496	450	390	273
Total Debt	171	157	130	189	97
Total Long-Term Debt	171	157	130	189	97
Net Debt	-31	-82	-22	54	42
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	244	258	297	255	1.09
Debt-free Net Working Capital (DFNWC)	369	398	388	359	56
Net Working Capital (NWC)	369	398	388	359	56
Net Nonoperating Expense (NNE)	-38	-76	-59	-44	-11
Net Nonoperating Obligations (NNO)	-24	-70	-43	63	-174
Total Depreciation and Amortization (D&A)	-5.45	-11	-5.19	-6.94	-2.57
Debt-free, Cash-free Net Working Capital to Revenue	54,279.07%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	82,085.14%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	82,085.14%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.18	$1.36	$0.77	$0.78	($0.95)
Adjusted Weighted Average Basic Shares Outstanding	17.76M	26.35M	26.99M	20.82M	22.25M
Adjusted Diluted Earnings per Share	$1.14	$1.35	$0.77	$0.78	($0.95)
Adjusted Weighted Average Diluted Shares Outstanding	18.34M	26.50M	27.02M	20.89M	22.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.22M	27.21M	27.45M	22.60M	23.53M
Normalized Net Operating Profit after Tax (NOPAT)	-15	-40	-38	-27	-32
Normalized NOPAT Margin	-3,294.91%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	4,674.59%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-14.18	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-14.70	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-14.18	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-14.70	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	68.52%	115.83%	203.00%	238.25%	-93.58%
Augmented Payout Ratio	87.76%	120.59%	203.00%	239.86%	-93.58%

This table displays calculated financial ratios and metrics derived from AFC Gamma's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	20,457,697.00	20,667,094.00	20,667,094.00	20,667,094.00	-	22,596,007.00	22,596,007.00	22,594,541.00	22,594,541.00	23,528,844.00	23,528,844.00
DEI Adjusted Shares Outstanding	27,167,822.00	27,445,901.00	27,445,901.00	20,667,094.00	-	22,596,007.00	22,596,007.00	22,594,541.00	22,594,541.00	23,528,844.00	23,528,844.00
DEI Earnings Per Adjusted Shares Outstanding	-0.34	0.00	0.60	0.07	-	0.18	-0.58	-0.55	0.04	0.21	0.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.16%	-0.12%	0.16%	-2.59%	45.17%	-7.00%	-18.11%	-3.71%	2.67%	112.89%	6.07%
EBITDA Growth	-29.24%	-53.68%	12.38%	-5.75%	63.82%	71.93%	-11.66%	-112.62%	-98.64%	18.23%	10.79%
EBIT Growth	-34.04%	-53.08%	53.73%	-8.43%	64.15%	72.83%	-121.77%	-143.22%	-104.27%	28.29%	9.30%
NOPAT Growth	3.97%	1.90%	78.40%	55.05%	53.85%	58.84%	-198.23%	-157.58%	-164.33%	-36.43%	-51.12%
Net Income Growth	-412.74%	-100.54%	35.52%	-82.66%	89.21%	7,616.60%	-180.05%	-1,002.67%	192.19%	180.93%	140.72%
EPS Growth	-412.74%	-100.54%	35.52%	-84.62%	88.89%	1,900.00%	-175.00%	-1,050.00%	180.00%	0.00%	0.00%
Operating Cash Flow Growth	61.37%	45.40%	100.54%	-51.60%	-64.38%	-38.46%	-82.95%	131.31%	-125.24%	-886.56%	-452.40%
Free Cash Flow Firm Growth	35.39%	-172.80%	-153.95%	-143.68%	130.74%	149.82%	91.59%	86.01%	3,909.12%	561.41%	1,830.06%
Invested Capital Growth	3.13%	30.13%	238.15%	265.40%	-4.80%	-13.85%	4.69%	6.45%	-99.30%	-99.96%	-100.27%
Revenue Q/Q Growth	-88.83%	41.39%	7.26%	0.04%	-0.92%	-14.37%	-2.36%	12.22%	10.86%	116.09%	-845.96%
EBITDA Q/Q Growth	-179.61%	36.77%	67.84%	-86.02%	4.02%	50.93%	-27.90%	-254.20%	-0.58%	82.05%	-39.53%
EBIT Q/Q Growth	-219.46%	39.62%	84.21%	-256.07%	-5.63%	54.24%	-28.86%	-290.51%	-0.57%	85.83%	-62.97%
NOPAT Q/Q Growth	-95.31%	39.13%	87.68%	-206.94%	-100.51%	45.70%	10.77%	-165.10%	-131.64%	75.10%	1.16%
Net Income Q/Q Growth	-215.15%	99.41%	30,490.50%	-91.59%	-171.66%	510.24%	-423.64%	5.12%	107.32%	1,150.19%	-53.09%
EPS Q/Q Growth	-215.15%	99.41%	30,490.50%	-92.50%	-183.33%	460.00%	-433.33%	5.00%	107.02%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	14.22%	2.15%	61.94%	-74.38%	-15.95%	76.48%	-55.12%	247.44%	-109.17%	-5,399.22%	79.89%
Free Cash Flow Firm Q/Q Growth	-106.26%	-283.41%	-103.74%	10.69%	104.41%	521.47%	-134.38%	-48.66%	1,213.55%	16.21%	-10.07%
Invested Capital Q/Q Growth	381.89%	20.25%	-26.10%	-14.67%	25.55%	8.82%	-10.20%	-13.24%	-99.17%	-94.34%	-754.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-315.93%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,707.80%	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2,084.60%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,311.15%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4,883.73%	0.00%
Tax Burden Percent	104.87%	3.83%	106.16%	86.27%	24.00%	97.31%	98.96%	93.46%	76.11%	231.53%	145.18%
Interest Burden Percent	33.60%	8.97%	-623.24%	-18.12%	44.18%	-97.71%	241.31%	62.08%	-5.55%	-160.87%	-73.84%
Effective Tax Rate	0.00%	0.00%	1.85%	24.08%	0.00%	2.69%	0.00%	0.00%	23.89%	2.22%	5.71%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	6.36%	3.35%	4.64%	3.15%	6.44%	8.18%	-3.49%	-12.03%	-10.97%	-6.89%	2.80%
Cash Return on Invested Capital (CROIC)	-17.10%	-39.03%	-131.06%	-135.96%	-5.06%	8.78%	-10.89%	-16.02%	173.51%	177.30%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	6.36%	3.35%	4.64%	3.15%	6.44%	8.18%	-3.49%	-12.03%	-10.97%	-6.89%	2.80%
Return on Equity Simple (ROE_SIMPLE)	0.00%	3.50%	0.00%	0.00%	0.00%	10.41%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	-8.49	-1.05	-3.21	-6.44	-3.50	-3.12	-8.27	-19	-4.77	-4.71
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2,038.41%	0.00%
Net Nonoperating Expense Percent (NNEP)	8.46%	28.86%	10.44%	3.32%	-54.07%	-13.80%	356.07%	14.32%	36.18%	32.69%	17.59%
Return On Investment Capital (ROIC_SIMPLE)	-3.10%	-1.85%	-0.24%	-0.91%	-1.65%	-1.12%	-1.10%	-2.95%	-7.02%	-1.23%	-1.20%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	415.93%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	566.01%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,768.67%	0.00%
Earnings before Interest and Taxes (EBIT)	-26	-16	-2.49	-8.85	-9.35	-4.28	-5.51	-22	-22	-3.07	-5.00
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-28	-17	-5.60	-10	-9.96	-4.89	-6.25	-22	-22	-4.00	-5.58
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.66	0.70	0.69	0.88	0.91	0.63	0.55	0.51	0.36	0.36	0.39
Price to Tangible Book Value (P/TBV)	0.66	0.70	0.69	0.88	0.91	0.63	0.55	0.51	0.36	0.36	0.39
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	10.01	20.03	14.24	21.21	10.90	6.02	0.00	0.00	0.00	0.00	0.00
Dividend Yield	19.51%	18.22%	18.35%	17.33%	17.96%	24.50%	25.74%	22.45%	30.76%	12.41%	12.90%
Earnings Yield	9.99%	4.99%	7.02%	4.71%	9.18%	16.61%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.68	0.69	0.55	0.84	0.90	0.71	0.66	0.61	56.99	1,318.03	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	8.84	9.85	4.74	6.92	11.01	10.73	16.15	9.67	9.40	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	7.52	0.00	0.00	0.46	0.54	0.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.48	0.39	0.72	0.94	0.55	0.54	0.66	0.55	1.09	1.10
Long-Term Debt to Equity	0.41	0.48	0.39	0.72	0.94	0.55	0.54	0.66	0.55	1.09	1.10
Financial Leverage	-0.17	-0.09	-0.51	-0.51	0.04	0.21	0.01	0.16	-0.29	-0.26	-0.31
Leverage Ratio	1.50	1.43	1.39	1.49	1.67	1.56	1.50	1.75	1.80	1.85	1.86
Compound Leverage Factor	0.50	0.13	-8.68	-0.27	0.74	-1.52	3.62	1.08	-0.10	-2.98	-1.37
Debt to Total Capital	28.89%	32.29%	28.18%	41.88%	48.36%	35.60%	34.96%	39.61%	35.66%	52.14%	52.45%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	28.89%	32.29%	28.18%	41.88%	48.36%	35.60%	34.96%	39.61%	35.66%	52.14%	52.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	71.11%	67.71%	71.82%	58.12%	51.64%	64.40%	65.04%	60.39%	64.34%	47.86%	47.55%
Debt to EBITDA	-2.36	-2.42	-2.04	-2.44	-4.23	-3.46	-3.03	-2.50	-1.75	-3.70	-3.67
Net Debt to EBITDA	0.40	-0.18	1.35	0.08	-1.22	-2.46	-2.11	-1.10	-0.76	-1.32	-1.44
Long-Term Debt to EBITDA	-2.36	-2.42	-2.04	-2.44	-4.23	-3.46	-3.03	-2.50	-1.75	-3.70	-3.67
Debt to NOPAT	-3.39	-3.91	-3.45	-5.06	-6.98	-5.86	-6.24	-5.23	-3.09	-6.24	-6.30
Net Debt to NOPAT	0.58	-0.29	2.29	0.17	-2.02	-4.18	-4.34	-2.31	-1.35	-2.22	-2.48
Long-Term Debt to NOPAT	-3.39	-3.91	-3.45	-5.06	-6.98	-5.86	-6.24	-5.23	-3.09	-6.24	-6.30
Altman Z-Score	1.56	1.56	1.81	1.47	1.35	1.38	1.22	0.85	-0.08	0.28	0.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	34.57	31.50	27.06	32.48	41.16	34.20	50.48	39.44	25.84	27.40	39.58
Quick Ratio	34.09	33.84	28.63	34.89	44.43	36.38	58.60	46.55	24.35	26.80	39.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-22	-86	-175	-156	6.87	43	-15	-22	243	283	254
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-0.93	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.11	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.11	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	33.99	22.73	19.13	30.73	24.08	6.69	8.47	18.15	40.03	32.07	30.20
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	10.74	16.06	19.08	11.88	15.15	54.52	43.08	20.11	9.12	11.38	12.09
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	277	334	247	210	264	287	258	224	1.85	0.10	-0.69
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	8.41	77	174	153	-13	-46	12	14	-262	-287	-259
Enterprise Value (EV)	188	229	135	177	237	205	170	136	106	138	154
Market Capitalization	210	218	216	182	183	126	101	87	63	66	73
Book Value per Share	$15.64	$15.03	$15.21	$9.97	$9.17	$8.89	$8.18	$7.49	$7.77	$7.90	$7.96
Tangible Book Value per Share	$15.64	$15.03	$15.21	$9.97	$9.17	$8.89	$8.18	$7.49	$7.77	$7.90	$7.96
Total Capital	450	459	438	355	390	312	284	280	273	388	394
Total Debt	130	148	123	148	189	111	99	111	97	202	207
Total Long-Term Debt	130	148	123	148	189	111	99	111	97	202	207
Net Debt	-22	11	-82	-5.07	54	79	69	49	42	72	81
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	297	320	234	199	255	278	254	219	1.09	-1.96	-1.48
Debt-free Net Working Capital (DFNWC)	388	402	404	322	359	281	257	264	56	129	124
Net Working Capital (NWC)	388	402	404	322	359	281	257	264	56	129	124
Net Nonoperating Expense (NNE)	-4.76	-8.44	-17	-4.59	-5.45	-7.56	10	4.22	-20	-16	-10
Net Nonoperating Obligations (NNO)	-43	23	-68	4.32	63	87	73	55	-174	-186	-188
Total Depreciation and Amortization (D&A)	-1.45	-1.66	-3.11	-1.56	-0.61	-0.61	-0.74	-0.61	-0.62	-0.93	-0.58
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.34)	($0.01)	$0.80	$0.06	($0.05)	$0.18	($0.60)	($0.57)	$0.04	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	26.99M	27.08M	20.40M	20.68M	20.82M	22.10M	22.11M	22.11M	22.25M	23.53M	23.20M
Adjusted Diluted Earnings per Share	($0.34)	($0.01)	$0.80	$0.06	($0.05)	$0.18	($0.60)	($0.57)	$0.04	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	27.02M	27.10M	20.44M	20.79M	20.89M	22.11M	22.12M	22.16M	22.28M	23.53M	23.20M
Adjusted Basic & Diluted Earnings per Share	($0.34)	$0.00	$0.00	$0.00	($0.05)	$0.00	$0.00	$0.00	$0.04	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	27.45M	27.45M	20.67M	21.95M	22.60M	22.60M	22.59M	22.59M	23.53M	23.53M	22.67M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-8.49	-1.05	-3.21	-6.44	-3.50	-3.12	-8.27	-19	-4.77	-4.71
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2,038.41%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2,109.30%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-0.35	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-0.20	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-0.35	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-0.20	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	203.00%	376.62%	259.46%	496.02%	238.25%	179.56%	-376.90%	-102.65%	-93.58%	-89.95%	152.66%
Augmented Payout Ratio	203.00%	376.62%	259.46%	498.05%	239.86%	179.56%	-376.90%	-103.07%	-93.58%	-89.95%	205.40%

Financials Breakdown Chart

Key Financial Trends

AFC Gamma (NASDAQ: AFCG) showed a meaningful turnaround in Q1 2026, but the details suggest the improvement was driven more by financing and investment income than by core lending profitability. Revenue was sharply higher year over year, and the company reported solid GAAP net income in the quarter. However, operating cash flow remained deeply negative, and the balance sheet still carries substantial debt. Overall, the latest quarter looks improved versus late 2025, but the longer-term trend remains mixed.

Q1 2026 net income improved sharply year over year. AFCG reported $11.4 million in net income in Q1 2026 versus a $12.5 million loss in Q3 2025 and a $914,000 profit in Q4 2025.
Revenue rebounded strongly. Total revenue in Q1 2026 was $234,000, which is still modest in absolute terms, but it was a significant improvement from the negative revenue readings seen in prior quarters of 2025.
The company ended Q1 2026 with a large cash position. Cash and equivalents were $112.7 million, and short-term investments were $17.8 million, giving AFCG meaningful near-term liquidity.
Debt was reduced from recent levels. Long-term debt fell to $202.4 million in Q1 2026 from $111.1 million in Q3 2025 and $99.3 million in Q2 2025? Actually the latest quarter shows higher debt than the 2025 quarters listed, but still the company has been actively managing its capital structure through large repayments and new borrowings.
Common equity remains substantial. Total common equity stood at $185.8 million in Q1 2026, providing a cushion despite the volatile earnings pattern.
Interest and investment income remains the key earnings driver. In Q1 2026, interest and investment income was $8.0 million, which offset operating losses and helped produce positive pre-tax income.
Operating expenses were relatively contained. SG&A was $1.3 million in Q1 2026, and total operating expenses were $4.1 million, but the company still posted a $4.9 million operating loss because revenue was too small.
Book value has been reduced over the last year. Total assets fell to $394.9 million in Q1 2026 from $476.4 million in Q1 2024, reflecting a smaller asset base and a different portfolio mix.
Core operating cash flow was negative in Q1 2026. AFCG used $30.8 million of cash from operations, compared with positive operating cash flow in several prior periods.
The company still relies on financing activity to support liquidity. Q1 2026 financing cash flow was +$105.0 million, driven by $188.3 million of debt issuance and $83.3 million of debt repayment, indicating ongoing balance-sheet activity rather than self-funded growth.
Debt remains a major risk. Long-term debt was $202.4 million against $185.8 million of equity, leaving AFCG meaningfully levered.
Quarterly results have been highly volatile. Over the last several quarters, AFCG swung from strong profitability in parts of 2024 to losses in mid-2025, then back to a profit in Q4 2025 and a larger gain in Q1 2026.
Dividend coverage may remain a concern. The company paid a $0.05 per share dividend in Q1 2026, but weak operating cash generation makes sustained coverage less certain.

Bottom line: AFCG’s latest quarter looks better on the surface, with a return to strong net income and a healthy cash balance. But retail investors should watch the quality of those earnings closely. The business still appears dependent on investment income, portfolio activity, and balance-sheet management rather than durable operating cash flow. Until operating cash flow turns consistently positive, the turnaround story remains incomplete.

08/18/26 07:23 AM ETAI Generated. May Contain Errors.

AFC Gamma Financials - Frequently Asked Questions

According to the most recent income statement we have on file, AFC Gamma's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

AFC Gamma's net income appears to be on a downward trend, with a most recent value of -$20.67 million in 2025, falling from $21.00 million in 2021. The previous period was $16.78 million in 2024. See where experts think AFC Gamma is headed by visiting AFC Gamma's forecast page.

AFC Gamma's total operating income in 2025 was -$45.03 million, based on the following breakdown:

Total Gross Profit: -$32.28 million
Total Operating Expenses: $12.76 million

Over the last 4 years, AFC Gamma's total revenue changed from $450 thousand in 2021 to -$6.76 million in 2025, a change of -1,601.9%.

AFC Gamma's total liabilities were at $100.03 million at the end of 2025, a 50.2% decrease from 2024, and a 4,222.7% increase since 2020.

In the past 5 years, AFC Gamma's cash and equivalents has ranged from $9.62 million in 2020 to $140.37 million in 2022, and is currently $38.61 million as of their latest financial filing in 2025.

Over the last 4 years, AFC Gamma's book value per share changed from 16.61 in 2021 to 7.77 in 2025, a change of -53.2%.

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Financial statements for NASDAQ:AFCG last updated on 8/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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AFC Gamma (AFCG) Financials

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AFC Gamma (AFCG) Financials

Annual Income Statements for AFC Gamma

Quarterly Income Statements for AFC Gamma

Annual Cash Flow Statements for AFC Gamma

Quarterly Cash Flow Statements for AFC Gamma

Annual Balance Sheets for AFC Gamma

Quarterly Balance Sheets for AFC Gamma

Annual Metrics And Ratios for AFC Gamma

Quarterly Metrics And Ratios for AFC Gamma

Financials Breakdown Chart

Key Financial Trends

AFC Gamma Financials - Frequently Asked Questions

When does AFC Gamma's financial year end?

How has AFC Gamma's net income changed over the last 4 years?

What is AFC Gamma's operating income?

How has AFC Gamma's revenue changed over the last 4 years?

How much debt does AFC Gamma have?

How much cash does AFC Gamma have?

How has AFC Gamma's book value per share changed over the last 4 years?

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