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AFC Gamma (AFCG) Financials

AFC Gamma logo
$2.66 -0.01 (-0.37%)
Closing price 07/28/2026 04:00 PM Eastern
Extended Trading
$2.66 0.00 (0.00%)
As of 07/28/2026 04:27 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for AFC Gamma

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

Quarterly Income Statements for AFC Gamma

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 7.98 -9.19 -0.05 16 1.38 -0.99 4.07 -13 -12 0.91 4.83
Consolidated Net Income / (Loss)		 7.98 -9.19 -0.05 16 1.38 -0.99 4.07 -13 -12 0.91 11
Net Income / (Loss) Continuing Operations		 7.97 -9.42 -1.57 15 1.22 -3.75 4.07 -13 -12 0.91 4.83
Total Pre-Tax Income 		8.64 -8.76 -1.41 15 1.60 -4.13 4.18 -13 -13 1.20 4.94
Total Operating Income		 -7.74 -20 -12 -1.07 -4.23 -9.20 -3.59 -4.46 -12 -25 -4.88
Total Gross Profit		 -6.16 -18 -10 0.70 -2.74 -8.76 -1.93 -2.54 -9.72 -18 -0.74
Total Revenue		 -1.53 -2.89 -1.70 -1.57 -1.57 -1.59 -1.82 -1.86 -1.63 -1.45 0.23
Operating Revenue		 -1.53 -2.89 -1.70 -1.57 -1.57 -1.59 -1.82 -1.86 -1.63 -1.45 0.23
Total Cost of Revenue		 4.63 15 8.39 -2.28 1.16 7.17 0.12 0.68 8.09 17 0.97
Operating Cost of Revenue		 3.57 3.47 3.46 3.99 0.98 1.93 0.82 0.68 0.72 0.72 0.97
Total Operating Expenses		 1.58 1.58 2.04 1.77 1.49 0.44 1.66 1.92 2.10 7.08 4.14
Selling, General & Admin Expense		 1.28 1.28 1.50 1.40 1.27 0.18 1.11 1.21 1.03 1.34 1.32
Other Operating Expenses / (Income)		 0.29 0.30 0.54 0.37 0.22 0.26 0.55 0.71 1.07 5.74 2.81
Total Other Income / (Expense), net		 16 11 11 17 5.83 5.07 7.77 -8.85 -1.55 26 9.81
Interest & Investment Income		 17 17 14 18 10 5.22 8.46 8.06 8.16 6.64 8.00
Other Income / (Expense), net		 -0.43 -6.15 -3.61 -1.42 -4.62 -0.15 -0.69 -1.06 -9.71 3.52 1.81
Income Tax Expense		 0.66 0.65 0.16 0.29 0.39 -0.38 0.11 -0.14 -0.87 0.29 0.11
Weighted Average Basic Shares Outstanding		 20.32M 20.32M 20.39M 20.40M 20.68M 20.82M 22.10M 22.11M 22.11M 22.25M 23.53M
Weighted Average Diluted Shares Outstanding		 20.34M 20.35M 20.41M 20.44M 20.79M 20.89M 22.11M 22.12M 22.16M 22.28M 23.53M
Weighted Average Basic & Diluted Shares Outstanding		 20.46M 20.67M 20.67M 20.67M 21.95M 22.60M 22.60M 22.59M 22.59M 23.53M 23.53M
Cash Dividends to Common per Share		 $0.48 $0.48 $0.48 $0.63 $0.33 $0.35 $0.23 $0.15 $0.15 $0.15 $0.05

Annual Cash Flow Statements for AFC Gamma

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

Quarterly Cash Flow Statements for AFC Gamma

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 -8.87 48 -39 88 -48 -19 -100 0.09 42 -6.51 74
Net Cash From Operating Activities		 5.46 6.24 6.37 10 2.64 2.22 3.92 1.76 6.11 -0.56 -31
Net Cash From Continuing Operating Activities		 5.45 6.00 5.50 8.51 2.05 2.22 7.99 1.76 6.11 -0.56 -31
Net Income / (Loss) Continuing Operations		 7.97 -9.42 -1.57 15 1.22 -0.99 8.14 -13 -12 0.91 11
Consolidated Net Income / (Loss)		 7.98 -9.19 -0.05 16 1.38 -0.99 8.14 -13 -12 0.91 11
Amortization Expense		 -1.68 -1.45 -1.66 -3.11 -1.56 -0.61 -0.61 -0.74 -0.61 -0.62 -0.93
Non-Cash Adjustments To Reconcile Net Income		 -0.10 18 7.58 -5.22 4.57 5.38 -0.70 17 17 1.45 -44
Changes in Operating Assets and Liabilities, net		 -0.73 -0.79 1.15 1.64 -2.18 -1.55 1.16 -1.58 1.80 -2.31 2.17
Net Cash From Investing Activities		 -4.52 10 -54 113 -6.99 -57 -19 16 27 11 0.00
Net Cash From Continuing Investing Activities		 -4.52 10 -7.47 104 2.66 -57 -19 16 27 11 0.00
Sale and/or Maturity of Investments		 - - 28 - - - 6.47 - - - 0.00
Other Investing Activities, net		 87 -101 -35 171 13 -166 -26 51 38 -109 0.00
Net Cash From Financing Activities		 -9.82 32 8.18 -35 -44 36 -85 -17 8.20 -17 105
Net Cash From Continuing Financing Activities		 -9.82 32 8.18 -35 -44 36 -85 -17 8.20 -17 105
Repayment of Debt		 -21 - -42 -60 -65 -60 -104 -21 -24 -35 -83
Payment of Dividends		 -9.82 -9.83 -9.82 -9.93 -13 -7.22 -7.37 -5.20 -3.39 -3.39 0.00
Issuance of Debt		 21 42 60 35 90 100 27 9.00 35 21 188
Cash Interest Paid		 - 2.60 0.04 2.63 0.03 2.60 0.14 3.00 0.17 2.70 0.24
Cash Income Taxes Paid		 0.66 0.58 0.12 0.44 0.37 0.33 0.00 0.19 - 0.03 0.00

Annual Balance Sheets for AFC Gamma

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 58
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
Other Current Assets		 -0.40 -2.43 -14 -26 -30 0.90
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 53 82 107 67 34 0.00
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 2.25
Accounts Payable		 - - 0.84 0.70 0.50 0.77
Other Current Liabilities		 0.06 0.68 0.75 0.12 0.17 0.72
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 97
Long-Term Debt		 0.00 171 157 130 189 97
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

Quarterly Balance Sheets for AFC Gamma

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
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
Total Assets		 445 476 458 367 322 291 289 395
Total Current Assets		 368 415 420 332 289 262 271 133
Cash & Equivalents		 73 82 170 122 3.32 3.41 45 113
Short-Term Investments		 308 - - - - - - 18
Prepaid Expenses		 0.53 0.53 0.69 0.42 11 1.64 2.34 1.62
Other Current Assets		 - -31 -25 -25 -30 -44 -51 1.29
Plant, Property, & Equipment, net		 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
Total Liabilities & Shareholders' Equity		 445 476 458 367 322 291 289 395
Total Liabilities		 106 166 144 161 121 106 119 209
Total Current Liabilities		 13 13 16 10 8.46 5.19 6.87 4.87
Accounts Payable		 0.82 1.05 1.44 0.66 0.82 0.74 1.12 0.82
Other Current Liabilities		 - 0.01 0.16 0.16 0.14 0.13 0.16 1.98
Other Current Nonoperating Liabilities		 2.17 2.20 0.89 2.17 2.30 0.94 2.20 2.07
Total Noncurrent Liabilities		 94 153 128 150 112 101 113 202
Long-Term Debt		 88 148 123 148 111 99 111 202
Commitments & Contingencies		 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
Total Preferred & Common Equity		 339 311 314 206 201 185 169 186
Total Common Equity		 339 311 314 206 201 185 169 186
Common Stock		 350 351 351 248 253 253 254 259
Retained Earnings		 -11 -40 -37 -42 -52 -68 -84 -73

Annual Metrics And Ratios for AFC Gamma

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%

Quarterly Metrics And Ratios for AFC Gamma

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 20,457,697.00 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
DEI Adjusted Shares Outstanding		 27,167,822.00 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
DEI Earnings Per Adjusted Shares Outstanding		 0.29 -0.34 0.00 0.60 0.07 - 0.18 -0.58 -0.55 0.04 0.21
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 24.16% -0.12% 0.16% -2.59% 45.17% -7.00% -18.11% -3.71% 2.67% 112.89%
EBITDA Growth		 -28.54% -29.24% -53.68% 12.38% -5.75% 63.82% 71.93% -11.66% -112.62% -98.64% 18.23%
EBIT Growth		 -25.71% -34.04% -53.08% 53.73% -8.43% 64.15% 72.83% -121.77% -143.22% -104.27% 28.29%
NOPAT Growth		 -23.75% 3.97% 1.90% 78.40% 55.05% 53.85% 58.84% -198.23% -157.58% -164.33% -36.43%
Net Income Growth		 -30.49% -412.74% -100.54% 35.52% -82.66% 89.21% 7,616.60% -180.05% -1,002.67% 192.19% 180.93%
EPS Growth		 -30.49% -412.74% -100.54% 35.52% -84.62% 88.89% 1,900.00% -175.00% -1,050.00% 180.00% 0.00%
Operating Cash Flow Growth		 -55.34% 61.37% 45.40% 100.54% -51.60% -64.38% -38.46% -82.95% 131.31% -125.24% -886.56%
Free Cash Flow Firm Growth		 196.89% 35.39% -172.80% -153.95% -143.68% 130.74% 149.82% 91.59% 86.01% 3,909.12% 561.41%
Invested Capital Growth		 -86.35% 3.13% 30.13% 238.15% 265.40% -4.80% -13.85% 4.69% 6.45% -99.30% -99.96%
Revenue Q/Q Growth		 2.72% -88.83% 41.39% 7.26% 0.04% -0.92% -14.37% -2.36% 12.22% 10.86% 116.09%
EBITDA Q/Q Growth		 -54.12% -179.61% 36.77% 67.84% -86.02% 4.02% 50.93% -27.90% -254.20% -0.58% 82.05%
EBIT Q/Q Growth		 -51.95% -219.46% 39.62% 84.21% -256.07% -5.63% 54.24% -28.86% -290.51% -0.57% 85.83%
NOPAT Q/Q Growth		 -47.51% -95.31% 39.13% 87.68% -206.94% -100.51% 45.70% 10.77% -165.10% -131.64% 75.10%
Net Income Q/Q Growth		 -34.24% -215.15% 99.41% 30,490.50% -91.59% -171.66% 510.24% -423.64% 5.12% 107.32% 1,150.19%
EPS Q/Q Growth		 -34.24% -215.15% 99.41% 30,490.50% -92.50% -183.33% 460.00% -433.33% 5.00% 107.02% 0.00%
Operating Cash Flow Q/Q Growth		 6.14% 14.22% 2.15% 61.94% -74.38% -15.95% 76.48% -55.12% 247.44% -109.17% -5,399.22%
Free Cash Flow Firm Q/Q Growth		 10.31% -106.26% -283.41% -103.74% 10.69% 104.41% 521.47% -134.38% -48.66% 1,213.55% 16.21%
Invested Capital Q/Q Growth		 -21.03% 381.89% 20.25% -26.10% -14.67% 25.55% 8.82% -10.20% -13.24% -99.17% -94.34%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -315.93%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,707.80%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2,084.60%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,311.15%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4,883.73%
Tax Burden Percent		 92.41% 104.87% 3.83% 106.16% 86.27% 24.00% 97.31% 98.96% 93.46% 76.11% 231.53%
Interest Burden Percent		 -105.78% 33.60% 8.97% -623.24% -18.12% 44.18% -97.71% 241.31% 62.08% -5.55% -160.87%
Effective Tax Rate		 7.68% 0.00% 0.00% 1.85% 24.08% 0.00% 2.69% 0.00% 0.00% 23.89% 2.22%
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)		 9.64% 6.36% 3.35% 4.64% 3.15% 6.44% 8.18% -3.49% -12.03% -10.97% -6.89%
Cash Return on Invested Capital (CROIC)		 136.35% -17.10% -39.03% -131.06% -135.96% -5.06% 8.78% -10.89% -16.02% 173.51% 177.30%
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)		 9.64% 6.36% 3.35% 4.64% 3.15% 6.44% 8.18% -3.49% -12.03% -10.97% -6.89%
Return on Equity Simple (ROE_SIMPLE)		 9.76% 0.00% 3.50% 0.00% 0.00% 0.00% 10.41% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -7.14 -14 -8.49 -1.05 -3.21 -6.44 -3.50 -3.12 -8.27 -19 -4.77
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2,038.41%
Net Nonoperating Expense Percent (NNEP)		 14.63% 8.46% 28.86% 10.44% 3.32% -54.07% -13.80% 356.07% 14.32% 36.18% 32.69%
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%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 415.93%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 566.01%
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% 0.00% 1,768.67%
Earnings before Interest and Taxes (EBIT)		 -8.16 -26 -16 -2.49 -8.85 -9.35 -4.28 -5.51 -22 -22 -3.07
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -9.85 -28 -17 -5.60 -10 -9.96 -4.89 -6.25 -22 -22 -4.00
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.61 0.66 0.70 0.69 0.88 0.91 0.63 0.55 0.51 0.36 0.36
Price to Tangible Book Value (P/TBV)		 0.61 0.66 0.70 0.69 0.88 0.91 0.63 0.55 0.51 0.36 0.36
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)		 6.20 10.01 20.03 14.24 21.21 10.90 6.02 0.00 0.00 0.00 0.00
Dividend Yield		 20.74% 19.51% 18.22% 18.35% 17.33% 17.96% 24.50% 25.74% 22.45% 30.76% 12.41%
Earnings Yield		 16.12% 9.99% 4.99% 7.02% 4.71% 9.18% 16.61% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.68 0.69 0.55 0.84 0.90 0.71 0.66 0.61 56.99 1,318.03
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)		 0.00 8.84 9.85 4.74 6.92 11.01 10.73 16.15 9.67 9.40 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 7.52 0.00 0.00 0.46 0.54
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.26 0.41 0.48 0.39 0.72 0.94 0.55 0.54 0.66 0.55 1.09
Long-Term Debt to Equity		 0.26 0.41 0.48 0.39 0.72 0.94 0.55 0.54 0.66 0.55 1.09
Financial Leverage		 -0.30 -0.17 -0.09 -0.51 -0.51 0.04 0.21 0.01 0.16 -0.29 -0.26
Leverage Ratio		 1.34 1.50 1.43 1.39 1.49 1.67 1.56 1.50 1.75 1.80 1.85
Compound Leverage Factor		 -1.41 0.50 0.13 -8.68 -0.27 0.74 -1.52 3.62 1.08 -0.10 -2.98
Debt to Total Capital		 20.63% 28.89% 32.29% 28.18% 41.88% 48.36% 35.60% 34.96% 39.61% 35.66% 52.14%
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		 20.63% 28.89% 32.29% 28.18% 41.88% 48.36% 35.60% 34.96% 39.61% 35.66% 52.14%
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		 79.37% 71.11% 67.71% 71.82% 58.12% 51.64% 64.40% 65.04% 60.39% 64.34% 47.86%
Debt to EBITDA		 -1.80 -2.36 -2.42 -2.04 -2.44 -4.23 -3.46 -3.03 -2.50 -1.75 -3.70
Net Debt to EBITDA		 6.00 0.40 -0.18 1.35 0.08 -1.22 -2.46 -2.11 -1.10 -0.76 -1.32
Long-Term Debt to EBITDA		 -1.80 -2.36 -2.42 -2.04 -2.44 -4.23 -3.46 -3.03 -2.50 -1.75 -3.70
Debt to NOPAT		 -2.35 -3.39 -3.91 -3.45 -5.06 -6.98 -5.86 -6.24 -5.23 -3.09 -6.24
Net Debt to NOPAT		 7.83 0.58 -0.29 2.29 0.17 -2.02 -4.18 -4.34 -2.31 -1.35 -2.22
Long-Term Debt to NOPAT		 -2.35 -3.39 -3.91 -3.45 -5.06 -6.98 -5.86 -6.24 -5.23 -3.09 -6.24
Altman Z-Score		 2.00 1.56 1.56 1.81 1.47 1.35 1.38 1.22 0.85 -0.08 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		 28.77 34.57 31.50 27.06 32.48 41.16 34.20 50.48 39.44 25.84 27.40
Quick Ratio		 29.84 34.09 33.84 28.63 34.89 44.43 36.38 58.60 46.55 24.35 26.80
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 357 -22 -86 -175 -156 6.87 43 -15 -22 243 283
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 0.00 -0.93 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.11 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 0.00 0.11 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		 23.32 33.99 22.73 19.13 30.73 24.08 6.69 8.47 18.15 40.03 32.07
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)		 15.65 10.74 16.06 19.08 11.88 15.15 54.52 43.08 20.11 9.12 11.38
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		 58 277 334 247 210 264 287 258 224 1.85 0.10
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		 -364 8.41 77 174 153 -13 -46 12 14 -262 -287
Enterprise Value (EV)		 -88 188 229 135 177 237 205 170 136 106 138
Market Capitalization		 205 210 218 216 182 183 126 101 87 63 66
Book Value per Share		 $16.56 $15.64 $15.03 $15.21 $9.97 $9.17 $8.89 $8.18 $7.49 $7.77 $7.90
Tangible Book Value per Share		 $16.56 $15.64 $15.03 $15.21 $9.97 $9.17 $8.89 $8.18 $7.49 $7.77 $7.90
Total Capital		 427 450 459 438 355 390 312 284 280 273 388
Total Debt		 88 130 148 123 148 189 111 99 111 97 202
Total Long-Term Debt		 88 130 148 123 148 189 111 99 111 97 202
Net Debt		 -293 -22 11 -82 -5.07 54 79 69 49 42 72
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)		 -26 297 320 234 199 255 278 254 219 1.09 -1.96
Debt-free Net Working Capital (DFNWC)		 356 388 402 404 322 359 281 257 264 56 129
Net Working Capital (NWC)		 356 388 402 404 322 359 281 257 264 56 129
Net Nonoperating Expense (NNE)		 -15 -4.76 -8.44 -17 -4.59 -5.45 -7.56 10 4.22 -20 -16
Net Nonoperating Obligations (NNO)		 -281 -43 23 -68 4.32 63 87 73 55 -174 -186
Total Depreciation and Amortization (D&A)		 -1.68 -1.45 -1.66 -3.11 -1.56 -0.61 -0.61 -0.74 -0.61 -0.62 -0.93
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		 $0.29 ($0.34) ($0.01) $0.80 $0.06 ($0.05) $0.18 ($0.60) ($0.57) $0.04 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 26.99M 26.99M 27.08M 20.40M 20.68M 20.82M 22.10M 22.11M 22.11M 22.25M 23.53M
Adjusted Diluted Earnings per Share		 $0.29 ($0.34) ($0.01) $0.80 $0.06 ($0.05) $0.18 ($0.60) ($0.57) $0.04 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 27.02M 27.02M 27.10M 20.44M 20.79M 20.89M 22.11M 22.12M 22.16M 22.28M 23.53M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.34) $0.00 $0.00 $0.00 ($0.05) $0.00 $0.00 $0.00 $0.04 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 27.17M 27.45M 27.45M 20.67M 21.95M 22.60M 22.60M 22.59M 22.59M 23.53M 23.53M
Normalized Net Operating Profit after Tax (NOPAT)		 -7.14 -14 -8.49 -1.05 -3.21 -6.44 -3.50 -3.12 -8.27 -19 -4.77
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2,038.41%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2,109.30%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.35 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.20 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.35 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.20 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 133.37% 203.00% 376.62% 259.46% 496.02% 238.25% 179.56% -376.90% -102.65% -93.58% -89.95%
Augmented Payout Ratio		 133.37% 203.00% 376.62% 259.46% 498.05% 239.86% 179.56% -376.90% -103.07% -93.58% -89.95%

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.

07/29/26 06:01 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 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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