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. reports beneficial ownership disclosures by a group of related reporting persons as of March 31, 2026. The filing shows that Stoney Lonesome HF LP directly owned 1,445,577 shares (about 6.1% of the class) and Drake Helix Holdings, LLC directly owned 227,515 shares (about 1.0%). Aggregated interests through affiliated entities mean CDC Financial, Inc. and Clint D. Coghill may be deemed to beneficially own 1,673,092 shares (about 7.1%), based on 23,528,844 shares outstanding as of March 30, 2026. The filing states the Reporting Persons "specifically disclaims beneficial ownership" of securities they do not directly own.
Advanced Flower Capital Inc. reported first quarter 2026 results, highlighting GAAP net investment income of $4.8 million, or $0.21 per basic share. Net asset value per share rose to $7.90 as of March 31, 2026, compared with $7.46 as of December 31, 2025.
GAAP net increase in net assets resulting from operations was $11.4 million, or $0.49 per basic share. Gross and net investment fundings were $80.9 million and $39.1 million, respectively, and net debt-to-equity stood at 0.48x.
The company paid a first quarter 2026 cash distribution of $0.05 per common share on April 15, 2026, and its board authorized a share repurchase program of up to $5.0 million of common stock, expected to remain in place until the later of full utilization or May 4, 2027.
Advanced Flower Capital Inc. reported stronger results for the three months ended March 31, 2026 and completed a major structural shift into a business development company. Net investment income was $4.8 million, and total net assets rose to $185.8 million, or $7.90 per share.
The company now carries its loan portfolio at fair value under investment company accounting, showing investments of $279.2 million against total assets of $394.9 million. The portfolio is concentrated in first lien senior term loans, with about 72% of fair value in cannabis-related borrowers and the rest in insurance and commercial services.
Leverage increased as borrowings on the revolving credit facility grew to $106.0 million and a new $20.0 million unsecured affiliate credit line was drawn, alongside $77.0 million of senior notes. Despite higher debt, net investment income per share reached $0.21, and a cash distribution of $0.05 per share was declared for common shareholders.
Advanced Flower Capital Inc. Schedules ownership update by BlackRock, Inc. This Schedule 13G/A (Amendment No. 2) states that BlackRock, Inc. and its reporting business units beneficially own 0 shares of Advanced Flower Capital Inc. (CUSIP 00109K105), representing 0.0% of the class as reported.
The filing lists BlackRock's business address and discloses that various other persons have rights to dividends or sale proceeds but that no single person's interest exceeds 5% of outstanding common shares. The form is signed by Spencer Fleming, Managing Director, on 04/27/2026.
Advanced Flower Capital Inc. President and CIO Robyn Tannenbaum bought 7,000 shares of common stock in an open-market transaction at $2.80 per share on March 31, 2026. This purchase increased her direct holding to 225,907 shares. The filing also lists indirect holdings of 6,426,175 shares held by her spouse and 180,400 shares held by the Tannenbaum Family Foundation, for which she disclaims beneficial ownership as described in the footnotes.
Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum bought 29,040 shares of Common Stock in an open-market purchase at a weighted average price of $2.76 per share. After this trade, he directly holds 6,426,175 shares. The filing also shows 225,907 shares held indirectly by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, where he serves as President. The footnotes state that he disclaims beneficial ownership of the spouse and foundation holdings, except to the extent of any pecuniary interest.
Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of a total of 24,029 shares of common stock at $2.60 per share on March 26–27, 2026. Following these purchases, his direct holdings increased to 6,397,135 common shares.
The filing also lists indirect holdings of 218,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation. Tannenbaum disclaims beneficial ownership of these indirect holdings except to the extent of any pecuniary interest.
Advanced Flower Capital Inc. expanded its senior secured revolving credit facility by increasing aggregate revolver commitments under its loan agreement. The facility’s total commitments rose by $56 million, from $50 million to $106 million, including a $30 million permanent increase and a $26 million temporary increase from March 27, 2026 through April 10, 2026. After this temporary period ends, total revolving commitments will automatically adjust to $80 million. The company plans to use availability under the facility to fund existing borrower commitments, originate and participate in new commercial loans to U.S. lower middle-market companies, and for working capital and other general corporate purposes.