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) director and ten percent owner Leonard M. Tannenbaum reported an open-market purchase of 20,000 shares of common stock on 2026-08-20 at a weighted average price between $3.29 and $3.30 per share. After this transaction, he directly holds 6,595,445 shares of AFCG common stock. Additional indirect holdings include 226,907 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. (AFCG) insider Leonard M. Tannenbaum, a director and ten percent owner, reported purchasing 12,841 shares of common stock on August 19, 2026 at a $3.48 weighted average price in open-market or private transactions, bringing his directly held stake to 6,575,445 shares. Separately, 226,907 shares are reported as held by his spouse and 180,400 shares by the Tannenbaum Family Foundation, for which he disclaims beneficial ownership except for any pecuniary interest.
Advanced Flower Capital Inc. (AFCG) reported that President and CIO Robyn Tannenbaum purchased 1,000 shares of Common Stock on 2026-08-14 at $3.15 per share in an open-market or private transaction. Following this purchase, she directly holds 226,907 AFCG shares. In addition, 6,562,604 shares are reported as held indirectly through her spouse, for which she disclaims beneficial ownership, and 180,400 shares are held indirectly by the Tannenbaum Family Foundation, where her spouse is President; she disclaims beneficial ownership of those foundation shares except to the extent of her pecuniary interest.
Advanced Flower Capital Inc. insider Leonard M. Tannenbaum, a director and ten percent owner, purchased 45,829 shares of Common Stock on 2026-08-14 at a weighted average price of $3.06 per share in trades ranging from $3.01 to $3.13. Following this open-market purchase, he directly holds 6,562,604 shares. Additional indirect positions include 225,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, for which he serves as President; he disclaims beneficial ownership of these indirect holdings except to the extent of any pecuniary interest.
Advanced Flower Capital Inc. executive Brandon Hetzel, the CFO and Treasurer, purchased 1,463 shares of AFCG common stock in a non-derivative open-market or private transaction at $3.00 per share on 2026-08-14. Following this buy, he directly owns 42,000 shares of common stock. The filing indicates the transaction was not made under a Rule 10b5-1 trading plan.
Advanced Flower Capital Inc. reported second quarter 2026 results for the period ended June 30, 2026. Total investment income was $8.7 million, with GAAP net investment income of $3.5 million, or $0.15 per weighted average share. Net unrealized gains on investments were $1.9 million, leading to a total net increase in net assets from operations of $5.4 million, or $0.23 per share.
Net asset value per share rose to $8.25 as of June 30, 2026, from $7.90 as of March 31, 2026. The investment portfolio stood at $289.8 million at fair value across 17 portfolio companies, entirely in senior secured first lien debt. During the quarter, the company funded $17.2 million of investments and had net fundings of $8.0 million.
Debt outstanding totaled $207.0 million, resulting in a debt-to-equity ratio of 1.10x and net debt-to-equity of 0.53x, with asset coverage of 190% and total available liquidity of over $70 million. The company repurchased 839,406 shares at a weighted average price of $3.29, generating $0.17 per share of NAV accretion, and paid a regular cash distribution of $0.05 per share for the quarter.
Advanced Flower Capital Inc. elected to operate as a business development company on January 1, 2026 and adopted investment company accounting, carrying its loan portfolio at fair value under ASC 946. At June 30, 2026, total assets were $399.7 million, including $289.8 million of first-lien senior loans and $106.5 million of cash and cash equivalents. Investments were concentrated in cannabis-related borrowers at 68.5% of fair value, with the balance in insurance, commercial services and leisure products.
For the quarter, net investment income was $3.5 million and total net increase in net assets from operations was $5.4 million, compared with a net loss of $13.2 million a year earlier. For the first half of 2026, net investment income was $8.3 million and net unrealized gains were $8.5 million, producing a $16.8 million increase in net assets. Net asset value was $187.3 million, or $8.25 per share.
Borrowings rose to a $110.0 million drawn revolver, $20.0 million on an unsecured affiliate credit facility, and $76.6 million of senior notes. Loans on nonaccrual status represented 22.7% of debt investments at fair value. The company repurchased $2.8 million of common stock at a significant discount to NAV and declared cash distributions of $0.10 per share year-to-date.
Advanced Flower Capital Inc. (AFCG) has a Schedule 13G/A reporting a group led by Clint D. Coghill and affiliated entities holding a significant stake of the company’s common stock. As of June 30, 2026, Stoney Lonesome HF LP directly beneficially owned 1,713,363 shares, equal to 7.3% of the outstanding shares, with Coghill Capital Management LLC potentially deemed to own the same shares as its general partner. Drake Helix Holdings, LLC directly beneficially owned 320,438 shares, or 1.4%. Through its roles as managing member of both CCM and Drake Helix, CDC Financial, Inc. and, in turn, Clint D. Coghill may each be deemed to beneficially own an aggregate 2,033,801 shares, representing 8.6% of AFCG’s common stock, based on 23,528,844 shares outstanding as of May 1, 2026. The reporting persons disclaim beneficial ownership of securities they do not directly own.
Advanced Flower Capital Inc. updated its main lending agreement to adjust loan terms and increase its revolving credit capacity. The Ninth Amendment to its Loan and Security Agreement raises aggregate revolver commitments to $110 million, including a $30 million temporary increase during a defined Temporary Increase Period.
After this period ends, total revolving commitments and the maximum revolver amount will automatically step down to $80 million. The amendment also aligns certain reporting requirements with typical business development company standards and sets conditions for when specific credit facilities can be included in the borrowing base.
Advanced Flower Capital Inc. reaffirmed its common stock repurchase program of up to $5.0 million at a price of $3.50 per share or less. The company may buy shares in the open market subject to its compliance policies and Rule 10b-18 trading constraints.
The program is expected to remain in place until the later of repurchasing $5.0 million of stock or May 4, 2027. As of June 17, 2026, the company has repurchased 719,780 shares, and following these transactions had 22,809,064 shares of common stock issued and outstanding.