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.
Leonard M. Tannenbaum filed Amendment No. 6 to his Schedule 13D for Advanced Flower Capital Inc., updating his ownership in the company’s common stock. He now reports beneficial ownership of 6,553,506 shares, representing 27.9% of the outstanding common stock.
Of this amount, 6,373,106 shares are held directly, with an additional 180,400 shares held by the Tannenbaum Family Foundation, where he serves as President and disclaims beneficial ownership except for any pecuniary interest. The increase in his stake, approximately 1.6 percentage points since the prior amendment, comes from multiple open-market purchases using personal funds.
Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of a total of 174,517 shares of Common Stock. He bought 115,237 shares on March 20 at $2.55 per share, 14,366 shares on March 23 at $2.59 per share, and 44,914 shares on March 24 at $2.59 per share.
Following these transactions, he directly owns 6,373,106 shares. The filing also shows 218,907 shares held indirectly by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, for which he serves as President, with the report stating he disclaims beneficial ownership of these indirect holdings except to the extent of his pecuniary interest.
Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of a total of 151,200 shares of Common Stock at a weighted average price of $2.59 per share on March 18–19, 2026.
The trades were executed in multiple transactions, with prices ranging from $2.56 to $2.60, and the reported price reflects the weighted averages. Following these purchases, he holds 6,198,589 shares directly. Additional Common Stock is held indirectly, including 218,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, for which he disclaims beneficial ownership as stated.
Advanced Flower Capital Inc. filed an initial insider ownership report for officer Peter Sattelmair, who serves as Principal Financial Officer. This Form 3 establishes his status as a reporting person under SEC rules. The filing does not list any specific transactions or derivative positions.
Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of a total of 51,808 shares of Common Stock between $2.58 and $2.60 per share, increasing his direct holdings to 6,047,389 shares. He also reports indirect holdings of 218,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, while disclaiming beneficial ownership of those indirect positions except to the extent of any pecuniary interest.
Advanced Flower Capital Inc. shareholder Leonard M. Tannenbaum filed Amendment No. 5 to his Schedule 13D, reporting beneficial ownership of 6,175,981 common shares, equal to 26.2% of the class. His stake rose about 1.3 percentage points after open-market purchases funded with personal cash.
He directly holds 5,995,581 shares and is attributed 180,400 shares held by the Tannenbaum Family Foundation, where he serves as President and disclaims beneficial ownership except for any pecuniary interest. The reported amount excludes 218,907 shares held by his spouse, over which he also disclaims beneficial ownership.
Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of a total of 104,213 shares of common stock. He bought 2,000 shares on March 10, 2026 at a weighted average price of $2.57 and 102,213 shares on March 9, 2026 at a weighted average price of $2.54, with trade prices ranging from $2.48 to $2.60 according to footnotes. Following these transactions, he directly holds 5,995,581 common shares. The filing also notes indirect holdings of 218,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, for which he disclaims beneficial ownership except to the extent of any pecuniary interest.
Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of Common Stock. He bought a total of 30,270 shares on March 5–6, 2026 at weighted average prices of about $2.44–$2.47 per share, increasing his directly held stake to 5,891,368 shares.
The filing also notes indirect holdings: 218,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation. Tannenbaum disclaims beneficial ownership of the spouse-held shares and of the foundation-held shares except to the extent of any pecuniary interest.
Advanced Flower Capital Inc. reported mixed results for the fourth quarter and full year 2025 while completing its transition to a business development company structure. For the fourth quarter, the company generated GAAP net income of $0.9 million, or $0.04 per basic share, but posted negative Distributable Earnings of $(2.8) million, or $(0.12) per basic share.
For full year 2025, AFC recorded a GAAP net loss of $(20.7) million, or $(0.95) per basic share, while Distributable Earnings were positive at $8.7 million, or $0.39 per basic share. Management highlighted its focus on resolving legacy positions and redeploying capital following the January 1, 2026 conversion from a REIT to a BDC.
The board declared a first quarter 2026 common stock dividend of $0.05 per share, payable on April 15, 2026 to shareholders of record on March 31, 2026. Total assets were $275.6 million and shareholders’ equity was $175.6 million as of December 31, 2025.
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.