AFC Gamma(DE:0FG)
€3.09-0.02 (-0.64%)
DE:0FG
AFC Gamma earnings date
€3.09
At close:-0.02 (-0.64%)
AFC Gamma (0FG) Q3 2026 Earnings Report
2 Followers
DE:0FG Q3 2026 EPS Results
- Actual EPS
- EUR 0.14
- Consensus EPS
- EUR 0.14
- Beat/Miss
- Missed by -EUR 0.01
- One Year Ago EPS
- EUR 0.14
DE:0FG Q3 2026 Revenue Results
- Actual Revenue
- EUR 7.74M
- Expected Revenue
- EUR 7.50M
- Beat/Miss
- Beat by +EUR 239.94K
- YoY Revenue Growth
- +4.94%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
DE:0FG Upcoming Earnings
AFC Gamma's next earnings date is estimated for March 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:0FG Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. AFC reported year-to-date NAV growth of approximately 15%, positive net investment income, portfolio yield of 13.3%, gains from asset and debt transactions, reduced leverage, strong asset coverage, available financing capacity and an active $1.1 billion pipeline. These positives were partly offset by elevated private-credit defaults, ongoing recovery and litigation efforts involving legacy nonaccrual positions, and management's expectation that deployment will remain choppy and lumpy.
Company Guidance
AFC said its prospective pipeline remains active at approximately $1.1 billion across multiple industries, with its affiliated TCG platform having signed term sheets as agent and lender on 2 transactions, on which AFC expects to commit a portion of each deal, including a $43 million senior secured facility expected to close in the near term; deployments are expected to be choppy and “a little bit lumpy” over the next few quarters, with a focus on cash flowing borrowers with approximately $5 million to $50 million of EBITDA, while leverage of between 1 and 1.5x feels comfortable versus a statutory 2:1 limit, and the Board typically declares a dividend on or around December 15 after evaluating all factors.
- Lower Middle-Market Lending OpportunityAFC said the growing capital imbalance in the lower middle market is creating attractive opportunities to negotiate pricing and lender protections. Larger private credit managers are increasingly focusing on larger transactions, with the average direct lending deal at roughly $220 million in the second quarter, while smaller businesses continue to need capital for acquisitions, growth and refinancing.
- Third-Quarter Net Investment Income and NAV GrowthAFC generated net investment income of $0.16 per weighted average share for the third quarter of 2026. NAV per share increased for the third consecutive quarter to $8.55, up $0.30 from June 30 and $1.09, or approximately 15%, since the beginning of the year.
- Quarterly Distribution PaidThe Board declared and AFC paid a third-quarter distribution of $0.05 per share on October 15, 2026, to shareholders of record on September 30, 2026.
- Share Repurchases Increased NAVDuring the quarter, AFC repurchased approximately $1 million of common stock, or approximately 286,000 shares, at a weighted average price of $3.46 per share, representing approximately a 58% discount to NAV. The repurchases contributed approximately $0.06 per share to NAV. Since the program began in May, AFC has repurchased approximately $3.8 million of common stock, contributing approximately $0.24 per share to NAV year-to-date, with approximately $1.2 million remaining under the $5 million authorization.
- Active Liability and Balance-Sheet ManagementSubsequent to quarter end, AFC purchased $19 million of its senior notes ahead of their May 2027 maturity at 96.5% of par plus accrued interest, generating an approximately $600,000 gain on extinguishment of debt. Approximately $58 million of the notes remained outstanding after the transaction. AFC also repaid $96.5 million under its secured revolving credit facility and $5 million under its affiliated credit facility on October 1, 2026.
- New Investment Commitments and Financing ActivityAFC committed approximately $102 million to new lower middle market investments year-to-date. Its affiliate, TCG, signed two financing term sheets, and AFC expects to commit a portion of each transaction. AFC also closed its previously discussed $7 million commitment to an outpatient behavioral health platform, with approximately $3 million funded at closing.
- Senior-Secured Portfolio With Strong YieldAs of September 30, 2026, AFC's fair value investment portfolio was approximately $290 million across 18 investments. All investments were senior secured first-lien debt, and the weighted average yield on income-producing investments was 13.3%.
- Expansion Beyond CannabisAFC's non-cannabis lower middle market investments, which it began originating in 2026, totaled approximately $93 million, or 32% of the investment portfolio at fair value. The company had five investments in this category, all performing in line with underwriting expectations.
- Positive Quarterly Investment Activity and Trulieve Realized GainAFC funded $4.6 million during the quarter, including $1.5 million to existing portfolio companies, and received $8 million in principal repayment and amortization. Subsequent to quarter end, it sold its Trulieve senior notes at 104.25% of par, resulting in a realized gain of approximately $2.2 million.
- Active Pipeline and Near-Term Health Care FinancingAFC's prospective pipeline remained active at approximately $1.1 billion across multiple industries. One transaction expected to close in the near term is a $43 million senior secured facility for a sponsor-backed health care services platform, to which AFC expects to commit. AFC is also considering asset-backed lending opportunities where it believes it can obtain attractive risk-adjusted returns with appropriate downside protections.
- Improved NAV From Earnings and Unrealized AppreciationTotal investment income was $8.6 million and net investment income was $3.5 million, or $0.16 per weighted average share. The $0.30 increase in NAV per share from June 30 reflected approximately $0.16 per share of net investment income, approximately $0.13 per share of net unrealized appreciation on investments and approximately $0.06 per share of accretion from repurchases below NAV, offset by the $0.05 quarterly distribution.
- Lower Quarter-over-Quarter ExpensesTotal expenses were $5 million, compared with $5.2 million in the second quarter. Net expenses were $4.8 million, compared with $5 million in the second quarter, after a management fee rebate of approximately $176,000 in both quarters.
- Strong Asset Coverage and Reduced LeverageAt September 30, AFC had total assets of $395.1 million, total net assets of $191.6 million and approximately $197 million of principal debt outstanding. Gross debt-to-equity was approximately 1.03x, down from 1.1x at June 30, while net debt-to-equity was 0.49x, down from 0.53x. The asset coverage ratio was 197%, above the 150% regulatory minimum.
- Available Financing CapacityAs of October 30, approximately $36 million was drawn on AFC's revolver, which has commitments of up to $80 million. AFC also has a $20 million unsecured affiliate line of credit, excluding repayments expected from current investments.
- Performing Cannabis Exposures and Completed AcquisitionsManagement stated that Story, Theratrue and Sunburn were current on payments. Story Arizona was performing well after receiving a short-term extension, and Sunburn had met the terms of its forbearance agreement, raised additional equity capital and was being led by a new management team. The STAT and BCIS transactions financed acquisitions and partial debt paydowns and were current at closing.
DE:0FG Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 11, 2027 | 2026 (Q4) | 0.15- | -0.11 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.140.14 | 0.14 | -4.38% (-0.01) | |
| Aug 13, 2026 | 2026 (Q2) | 0.170.14 | 0.14 | 0.00% (+0.00) | |
| May 07, 2026 | 2026 (Q1) | 0.150.19 | 0.19 | 0.00% (+0.00) | |
| Mar 04, 2026 | 2025 (Q4) | 0.01-0.11 | 0.26 | -141.38% (-0.37) | |
| Nov 12, 2025 | 2025 (Q3) | 0.180.14 | 0.32 | -54.29% (-0.17) | |
| Aug 14, 2025 | 2025 (Q2) | 0.180.14 | 0.51 | -73.21% (-0.37) | |
| May 14, 2025 | 2025 (Q1) | 0.220.19 | 0.3 | -37.31% (-0.11) | |
| Mar 13, 2025 | 2024 (Q4) | 0.330.26 | 0.3 | -13.43% (-0.04) | |
| Nov 13, 2024 | 2024 (Q3) | 0.300.32 | 0.3 | 4.48% (+0.01) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
