Welcome to our dedicated page for Advanced Flower Capital SEC filings (Ticker: AFCG), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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. 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.
Advanced Flower Capital Inc. (AFCG) received a Schedule 13G filing from a coordinated investor group led by Clint D. Coghill, disclosing a significant passive ownership position in its common stock.
As of the event date, Stoney Lonesome HF LP directly beneficially owned 1,309,040 shares, or about 5.8% of AFCG’s outstanding common stock. Drake Helix Holdings, LLC directly beneficially owned 22,200 shares, or about 0.1% of the class. Based on 22,594,541 shares outstanding as of November 7, 2025, CDC Financial, Inc. and Clint D. Coghill may each be deemed to beneficially own a total of 1,331,240 shares, representing approximately 5.9% of the company’s common stock through their control of these investment entities.
The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing control of AFCG, indicating a passive investment intent.
Advanced Flower Capital Inc. entered into an unsecured revolving credit agreement with TCGSL LLC, providing a committed borrowing capacity of $20,000,000 that matures on August 1, 2028. The lender is indirectly wholly owned by Chairman Leonard M. Tannenbaum and related family trusts, making it an affiliate transaction.
Borrowings under the facility may be used for general corporate purposes, including portfolio investments, giving the company additional flexibility to fund its investment activities and operations through 2028.
Advanced Flower Capital Inc. entered into Amendment Number Six to its existing Loan and Security Agreement originally dated April 29, 2022. In this amendment, the company remains the borrower, with the same group of lenders and the same lead arranger, bookrunner and administrative agent. The filing notes that the Sixth Amendment includes provisions that are relevant to the company’s recent conversion from a real estate investment trust to a business development company, aligning the credit agreement with its new regulatory and operating framework.
The company also reports that this amendment gives rise to a direct financial obligation or an obligation under an off-balance sheet arrangement, by cross-referencing the amended loan terms. The full text of the Sixth Amendment is filed as an exhibit, allowing readers to review the detailed changes to the loan documentation.
AFC Management, LLC, identified as an adviser to Advanced Flower Capital Inc., has filed an initial insider ownership report on Form 3. The filing indicates that the reporting person beneficially owns no securities of Advanced Flower Capital Inc., with both the non-derivative and derivative securities tables showing no holdings. The form is filed by a single reporting person and is signed by Brandon Hetzel in his capacity as Chief Financial Officer and Treasurer.