AFCG · May 14, 2026NASDAQAFCGCoverage Bootstrap

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AFCG: the BDC conversion only matters if the cannabis workout works

Advanced Flower Capital's first quarter as a BDC showed dividend-covering NII and higher NAV, but three nonaccrual loans still represented 36.6% of amortized cost and 23.5% of fair value.

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Advanced Flower Capital's first quarter as a BDC showed dividend-covering NII and higher NAV, but three nonaccrual loans still represented 36.6% of amortized cost and 23.5% of fair value.

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Sources used in this report

SEC datasetSEC company tickers exchange dataset2026-05-14 · Ticker, Nasdaq listing, issuer name and CIK confirmation.SEC APISEC submissions for AFCG2026-05-14 · Filing history, fiscal year end, former name, headquarters and latest filings.SEC XBRL APISEC companyfacts for AFCG2026-05-14 · Tagged financial data availability and cross-checks.Quarterly filingAFCG Q1 2026 Form 10-Q2026-05-07 · Latest BDC financials, portfolio schedule, leverage, asset coverage, nonaccruals and Justice Cannabis update.Earnings releaseAFCG Q1 2026 earnings release2026-05-07 · Q1 NII, NAV, fundings, dividend, buyback authorization and management commentary.Annual filingAFCG 2025 Form 10-K2026-03-04 · 2025 results, risk factors, competition, REIT-to-BDC transition and cannabis lending risks.Earnings releaseAFCG Q4 and FY 2025 earnings release2026-03-04 · 2025 GAAP net loss, distributable earnings, CECL provision and BDC conversion commentary.Form 8-KAFCG BDC conversion Form 8-K2026-01-05 · Completion of BDC conversion, advisory agreement, fee structure and RIC intent.Press releaseAFCG BDC conversion press release2026-01-05 · Public conversion announcement, broader investment flexibility and unchanged ticker.Investment Company Act filingAFCG Form N-54A election2025-12-31 · Election to be subject to BDC provisions.Definitive proxyAFCG special meeting proxy2025-09-16 · Shareholder proposals for the advisory agreement and reduced asset coverage.Press releaseAFCG shareholder approval release2025-11-06 · Shareholder approval of BDC conversion proposals.Definitive proxyAFCG 2026 annual meeting proxy2026-04-17 · Governance, directors and compensation context after conversion.Form 8-KAFCG March 2026 revolver amendment Form 8-K2026-03-30 · Revolver commitment increase and temporary capacity period.Government regulator pageDEA drug scheduling page2026-05-14 · Federal cannabis controlled-substance context for borrowers and collateral.SEC investor educationSEC Investor.gov BDC investor bulletin2024-12-02 · Publicly traded BDC structure and investor-protection context.