Advanced Flower Capital Inc. · NASDAQ:AFCG
Advanced Flower Capital — Q3 2025 Earnings Presentation
20 slides from Advanced Flower Capital's earnings presentation, Nov 12, 2025
Slide 1: Investor Presentation Third Quarter 2025
ADVANCED FLOWER CAPITAL Investor Presentation Third Quarter 2025 November 12, 2025
Slide 2: Disclaimers
NASDAQ: AFCG | INVESTOR PRESENTATION DISCLAIMERS Some of the statements contained in this presentation constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and we intend such statements to be covered by the safe harbor provisions containe
Slide 3: Company Overview
NASDAQ: AFCG | INVESTOR PRESENTATION COMPANY OVERVIEW Advanced Flower Capital (Nasdaq: AFCG) is the first Nasdaq-listed commercial mortgage REIT that provides institutional loans to state law-compliant cannabis operators in the United States We aim to provide attractive risk-adjusted returns thr
Slide 4: Investment Highlights
NASDAQ: AFCG | INVESTOR PRESENTATION INVESTMENT HIGHLIGHTS Cycle-Tested Significant lending, investment management and operational experience, which Leadership Team helps to navigate rapidly evolving markets and underwrite complex credits Strong Risk- Constrained capital in the marketplace allows us
Slide 5: Management Team
NASDAQ: AFCG | INVESTOR PRESENTATION MANAGEMENT TEAM Leonard Daniel Robyn Brandon Gabriel James Tannenbaum Neville Tannenbaum Hetzel Katz Velgot Chief Executive Chief Financial Chief Legal Chief Marketing Chairman President Officer, Director Officer Officer Officer 30+ years experience 15+ years exp
Slide 6: Diverse Platform
NASDAQ: AFCG | INVESTOR PRESENTATION DIVERSE PLATFORM AFC’s loan portfolio includes 14 loans to borrowers with significant operations and/or collateral across 16 states. Our portfolio is diversified across operators, geographies and asset types(1) (2) 5% $328MM 95% Vertical Non-Vertical (2) 41% $328
Slide 7: Growth Opportunity
NASDAQ: AFCG | INVESTOR PRESENTATION GROWTH OPPORTUNITY The U.S. legal cannabis market is expected to reach $63 billion by 2030, with the total economic impact surpassing $200 billion(1) Projected Market Growth by U.S. Cannabis Market Size (1) Comparable Product Type (2) ~12% $219.7 $194.4 $172.1 $1
Slide 8: Growth Opportunity
NASDAQ: AFCG | INVESTOR PRESENTATION GROWTH OPPORTUNITY 42 states and DC have legalized medical cannabis; of those, 24 states and DC have legalized adult-use (“AU”) cannabis, and two states have legalized the use of low-THC, high-CBD cannabis products for medical purposes(1) Cannabis is a $35 bill
Slide 9: Growth Opportunity
NASDAQ: AFCG | INVESTOR PRESENTATION GROWTH OPPORTUNITY Cannabis is a capital-intensive industry with a lack of specialized lenders and high barriers to entry Cannabis sector has seen a difficult capital raising Few specialized lenders focused on the cannabis industry environment over the last t
Slide 10: Investment Process
NASDAQ: AFCG | INVESTOR PRESENTATION INVESTMENT PROCESS AFC is involved in each phase of the lending process, aiming to source loans with high return potential and downside protection Sourcing & Loan Selection Investment Portfolio Origination & Underwriting Committee Management AFC maintains a dir
Slide 11: Expanded Investable Universe
NASDAQ: AFCG | INVESTOR PRESENTATION EXPANDED INVESTABLE UNIVERSE AFC’s multi-channel sourcing engine targets an opportunity set that includes real estate and non-real estate covered cannabis, as well as direct lending investments outside the cannabis industry Multi Sector Sourcing Across a Wide Opp
Slide 12: Portfolio
NASDAQ: AFCG | INVESTOR PRESENTATION PORTFOLIO Current Commitments(1) In $MM $361 $375 $370 $335 $350 $9 $10 $345 $340 $20 $10 $11 $12 $11 $351 $366 $360 $324 $330 $333 $329 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 11/3/2025 Funded Unfunded 1. Represents total committed principal at closing f
Slide 13: Portfolio
NASDAQ: AFCG | INVESTOR PRESENTATION PORTFOLIO AFC’s manager has reviewed 1,053 deals, representing approximately $26 billion in aggregate value* Deals Current Deals Current Deals Rejected* in Review Funded As of 11/3/2025; In $ millions unless otherwise noted Original AFC Loan, Cash Paid Amort. Loa
Slide 14: Q3 2025 Presentation
NASDAQ: AFCG | Q3 2025 PRESENTATION 14
Slide 15: Third Quarter 2025 Results
NASDAQ: AFCG | INVESTOR PRESENTATION THIRD QUARTER 2025 RESULTS As of September 30, 2025 December 31, 2024 (unaudited) Assets Loans held for investment at fair value (cost of $48,107,898 and $50,241,018 at September 30, 2025 and December 31, 2024, respectively, net) $ 16,923,809 $ 30,510,804 Loans h
Slide 16: Third Quarter 2025 Results
NASDAQ: AFCG | INVESTOR PRESENTATION THIRD QUARTER 2025 RESULTS (unaudited) Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024 Revenue Interest income $ 8,162,075 $ 10,455,021 $ 24,681,832 $ 42,767,720 Interest expense (1,631,127) (1,572,705) (5,304,572) (4,749,143)
Slide 17: Third Quarter 2025 Results
NASDAQ: AFCG | INVESTOR PRESENTATION THIRD QUARTER 2025 RESULTS Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024 Net (loss) income $ (12,490,506) $ 1,383,734 $ (21,587,472) $ 17,775,739 Adjustments to net income (loss): Stock-based compensation expense 487,436 218
Slide 18: Select Investments
NASDAQ: AFCG | INVESTOR PRESENTATION SELECT INVESTMENTS $14,000,000 $15,000,000 Undisclosed $34,000,000 Lender and Agent Lender and Agent Amount Lender and Agent April 2025 February 2025 May 2024 March 2024 $41,000,000 $63,000,000 $140,000,000 $23,000,000 Lender and Agent Lender and Agent Lead Lende
Slide 19: Disclaimers: Distributable Earnings
NASDAQ: AFCG | INVESTOR PRESENTATION DISCLAIMERS Distributable Earnings The determination of Distributable Earnings is substantially similar to the determination of Core Earnings under our Management Agreement, provided that Core Earnings is a component of the calculation of any Incentive Fees earne
Slide 20: ir@advancedflowercapital.com
ir@advancedflowercapital.com www.advancedflowercapital.com
Advanced Flower Capital — Q3 2025 Earnings Presentation on 6ix