Advanced Flower Capital Inc. filings document the regulatory record of a Nasdaq-listed business development company that makes direct senior debt investments for lower middle-market borrowers. Its 8-K reports furnish operating results, financial presentations, net investment income, NAV, Distributable Earnings, distributions, investment fundings, and leverage disclosures.
The company’s filings also cover material definitive agreements and direct financial obligations, including revolving credit agreements and amendments to its loan and security agreement. Proxy and shareholder-vote materials document governance matters, director elections, auditor ratification, the investment advisory agreement with AFC Management, LLC, reduced asset coverage matters under the Investment Company Act of 1940, and capital-structure information for AFCG common stock.
Advanced Flower Capital Inc. (AFCG) reported third-quarter 2026 total investment income of $8.6 million and GAAP net investment income of $3.5 million, or $0.16 per weighted average share. Net increase in net assets resulting from operations was $6.4 million, versus $5.4 million in the quarter ended June 30, 2026. NAV per share was $8.55 as of September 30, 2026, compared with $8.25 as of June 30, 2026.
The investment portfolio was $289.6 million at fair value across 18 investments, with senior secured first lien debt investments representing 100% of portfolio fair value. Debt outstanding was $197.0 million; debt-to-equity was 1.03x and net debt-to-equity was 0.49x. AFC repurchased and extinguished 285,656 shares at a weighted average $3.46 per share, approximately $1.0 million in total, and reported $0.06 per share of NAV accretion. The board-authorized program permits repurchases of up to $5.0 million; unless amended or extended, AFC expects it to remain in place until $5.0 million of shares have been repurchased or May 4, 2027, whichever comes first. AFC paid a regular cash distribution of $0.05 per share on October 15, 2026, to shareholders of record as of September 30, 2026.
Advanced Flower Capital Inc. (AFCG) reported $3.5 million of net investment income and $6.4 million of net increase in net assets from operations for the three months ended September 30, 2026. Net assets were $191.6 million and net asset value was $8.55 per share as of September 30. For the nine months, net investment income was $11.8 million and the net increase from operations was $23.2 million.
Effective January 1, 2026, AFCG elected to be regulated as a business development company and adopted investment-company accounting, carrying its loans at fair value. AFCG stated that periods after December 31, 2025 are not comparable with periods under its prior accounting. Its 18-loan portfolio had a fair value of $289.6 million as of September 30.
Three portfolio companies were on nonaccrual status, representing 23.5% of debt investments at fair value; these investments had approximately $126.5 million amortized cost and $68.0 million fair value. During the first nine months, AFCG repurchased 1,125,062 shares for $3.8 million, including commissions, at a weighted average price of $3.34 per share. The repurchases were at a weighted-average discount of approximately 58% to the applicable net asset value per share. Cash was $102.1 million and revolver borrowings were $115.0 million as of September 30.
Advanced Flower Capital Inc. (AFCG) director and ten percent owner Leonard M. Tannenbaum reported three direct common-stock purchases totaling 95,397 shares: 44,643 shares at a weighted-average $3.63 per share on September 30, 2026; 40,081 at $3.59 on September 29; and 10,673 at $3.57 on September 28. As of September 28, 2026, the report also lists 226,907 shares held by his spouse and 180,400 held by the Tannenbaum Family Foundation, where he serves as president. Tannenbaum disclaims beneficial ownership of the spouse-held shares and of the foundation-held shares except to the extent of his pecuniary interest. No Rule 10b5-1 plan is reported.
Advanced Flower Capital Inc. (AFCG) entered into the Tenth Amendment to its Loan and Security Agreement on September 25, 2026. For a specified period, the amendment increases aggregate revolver commitments to $130 million, through quarterly increases of up to $50 million.
During a Quarterly Temporary Increase Period, aggregate commitments and the maximum revolver amount automatically reduce to $80 million plus the Quarterly Temporary Increase Amount, capped at $130 million. At other times, including when a temporary-increase period expires, both automatically reduce to $80 million. The amendment also sets conditions for advance rates against credit facilities in the borrower base and revises the loan-fee structure.
At Advanced Flower Capital Inc. (AFCG), director and 10% owner Leonard M. Tannenbaum reported direct purchases of 20,000 shares at $3.49 on September 24, 2026, and 5,228 shares at a weighted average of $3.52 on September 25, 2026. The September 25 purchase comprised multiple trades ranging from $3.52 to $3.55. No Rule 10b5-1 plan is reported.
Advanced Flower Capital Inc. (AFCG) director and 10% owner Leonard M. Tannenbaum reported direct purchases of 23,072 common shares on September 22, 2026, and 3,471 on September 23, 2026, each reported at $3.49 per share. The September 22 price was a weighted average of trades ranging from $3.47 to $3.50. Holdings dated September 22 list 226,907 shares held by his spouse and 180,400 held by the Tannenbaum Family Foundation, where he is president. He disclaims beneficial ownership of the spouse-held shares and of Foundation shares except to the extent of his pecuniary interest. No Rule 10b5-1 plan is reported.
Advanced Flower Capital Inc. (AFCG) reported that director and ten percent owner Leonard M. Tannenbaum purchased 10,000 shares of common stock on September 18, 2026 at $3.49 per share in an open-market or private transaction, bringing his directly held stake to 6,962,446 shares. He also reports 226,907 shares held indirectly by his spouse, for which he disclaims beneficial ownership, and 180,400 shares held by the Tannenbaum Family Foundation, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.
Advanced Flower Capital Inc. (AFCG) director and ten percent owner Leonard M. Tannenbaum purchased 25,000 shares of Common Stock on September 17, 2026 at $3.50 per share in an open-market or private transaction. After this purchase he directly holds 6,952,446 shares, with additional indirect holdings reported for his spouse and a family foundation, both subject to beneficial ownership disclaimers.
Advanced Flower Capital Inc. (AFCG) insider Leonard M. Tannenbaum, a director and ten percent owner, reported open-market purchases of the company’s Common Stock. He bought 2,341 shares at $3.43 on September 16, 2026 and 608 shares at $3.50 on September 15, 2026, for a total of 2,949 shares. No transactions were reported under a Rule 10b5-1 trading plan. The filing also reports 226,907 shares held indirectly by his spouse, for which he disclaims beneficial ownership, and 180,400 shares held by the Tannenbaum Family Foundation, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.
Advanced Flower Capital Inc. (AFCG) reports an update on its previously authorized common stock repurchase program of up to $5.0 million. The company may repurchase shares in the open market from time to time, subject to its compliance policies and applicable securities regulations.
Advanced Flower Capital states that, as of September 14, 2026, it has repurchased 1,060,089 shares under this program. After these repurchases, shares of common stock issued and outstanding total 22,468,755 as of that date. The repurchase program is expected to remain in place until the earlier of repurchasing $5.0 million of common stock or May 4, 2027, unless amended or extended by the board of directors.