Here are the 10-K annual reports from Advanced Flower Capital Inc. (AFCG) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow AFCG and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AFCG filings page.
Advanced Flower Capital Inc. (AFCG) details a major transition from a mortgage REIT focused on cannabis real estate lending to a business development company (BDC) regulated under the 1940 Act, effective January 1, 2026. The company is now externally managed by AFC Management, LLC under a new Advisory Agreement and supported by an Administration Agreement.
Following the conversion, AFCG can invest across a broader universe of lower middle‑market borrowers, including non‑cannabis and ancillary cannabis businesses, without prior real‑property collateral constraints. Management highlights competitive strengths such as an experienced team, a sizeable loan origination platform and insider ownership of about 26.6% of common stock. As of February 25, 2026, the loan origination pipeline under review was approximately $1.4 billion of potential commitments.