Advanced Flower Capital Inc. $AFCG

By Microcap Ledger desk · CIK 0001822523

Facts as of Oct 11, 2026, 08:11 AM UTC. Built from SEC filings and our own data. Small caps move fast; check the latest filings.

Snapshot

Exchange: Nasdaq Global Market
Headquarters: West Palm Beach, FL
Fiscal year end: December 31
Shares outstanding: 22,671,919 [10-Q 2026-08-13]
as of 2026-08-07

Sources: [10-K 2026-03-04]

What the company doesAI summary of filing

Advanced Flower Capital Inc. is an institutional lender that originates, structures, underwrites, and manages senior secured loans and debt securities, with a primary focus on loans to state law-compliant cannabis operators and ancillary cannabis companies. The company operates as a business development company (BDC) under the Investment Company Act of 1940, following its conversion from a mortgage REIT effective January 1, 2026. Loans are typically secured by real estate, equipment, cash flows, and license value. The company generates revenue through interest income, fees, and other loan-related income and is currently revenue-generating with a loan origination pipeline of approximately $1.4 billion as of February 25, 2026. [10-K 2026-03-04]

Segments: Senior secured loans to cannabis operators, Loans to ancillary cannabis companies, Loans to non-cannabis middle-market companies, Debt securities

Financial health

From XBRL company facts (USD)
Period	Revenue	Net income	Operating cash flow	Cash	Filing
6 months to Jun 2026	—	$16.79M	−$37.05M	$106.51M	[10-Q 2026-08-13]
FY ended Dec 2025	$24.56M	−$20.67M	$11.24M	$38.61M	[10-K 2026-03-04]
FY ended Dec 2024	$45.66M	$16.78M	$21.56M	$103.61M	[10-K 2026-03-04]

Quarterly cash burn: −$18.52M
Cash runway Estimate: ~17.3 months

Capital structure and dilution

Summary only. How these instruments work: Dilution & financing desk.

Share count
Date	Shares outstanding	Filing
2024-11-13	21,952,677	[10-Q 2024-11-13]
2025-03-01	22,596,007	[10-K 2025-03-13]
2025-05-01	22,596,007	[10-Q 2025-05-14]
2025-08-13	22,594,541	[10-Q 2025-08-14]
2025-11-07	22,594,541	[10-Q 2025-11-12]
2026-02-25	23,528,844	[10-K 2026-03-04]
2026-05-01	23,528,844	[10-Q 2026-05-07]
2026-08-07	22,671,919	[10-Q 2026-08-13]

Shelf registration: S-3 filed 2025-04-17; declared effective 2025-04-25 [S-3 2025-04-17]

Listing status

Current status: No Form 8-K Item 3.01 (listing notice) filings in the last 24 months, as of 2026-10-11.

More on deficiency notices and uplistings: Listing status desk.

Who owns it

Recent Form 4 transactions
Date	Insider	Type	Shares	Price	Filing
2026-09-30	Tannenbaum Leonard M	buy	44,643	$3.63	[4 2026-09-30]
2026-09-29	Tannenbaum Leonard M	buy	40,081	$3.59	[4 2026-09-30]
2026-09-28	Tannenbaum Leonard M	buy	10,673	$3.57	[4 2026-09-30]
2026-09-25	Tannenbaum Leonard M	buy	5,228	$3.52	[4 2026-09-28]
2026-09-24	Tannenbaum Leonard M	buy	20,000	$3.49	[4 2026-09-28]
2026-09-23	Tannenbaum Leonard M	buy	3,471	$3.49	[4 2026-09-24]
2026-09-22	Tannenbaum Leonard M	buy	23,072	$3.49	[4 2026-09-24]
2026-09-18	Tannenbaum Leonard M	buy	10,000	$3.49	[4 2026-09-22]
2026-09-17	Tannenbaum Leonard M	buy	25,000	$3.50	[4 2026-09-18]
2026-09-16	Tannenbaum Leonard M	buy	2,341	$3.43	[4 2026-09-17]
2026-09-15	Tannenbaum Leonard M	buy	608	$3.50	[4 2026-09-17]
2026-09-14	Tannenbaum Leonard M	buy	25,198	$3.50	[4 2026-09-15]

Catalysts and calendar

Recent filings and releases
Date	Type	Title
2026-09-29	8-K	Material agreement entered; New financial obligation
2026-09-15	8-K	Regulation FD disclosure
2026-09-15	13D/A	Beneficial ownership report (5%+ holder)
2026-08-26	8-K	Regulation FD disclosure
2026-08-26	13D/A	Beneficial ownership report (5%+ holder)
2026-08-13	8-K	Results of operations
2026-08-13	10-Q	Quarterly report
2026-07-29	13G/A	Beneficial ownership report (5%+ holder)
2026-06-30	8-K	Material agreement entered; New financial obligation
2026-06-18	8-K	Regulation FD disclosure
2026-06-18	13D/A	Beneficial ownership report (5%+ holder)
2026-05-28	8-K	Shareholder vote results

Facts as of Oct 11, 2026, 08:11 AM UTC. Small caps move fast; check the latest filings.