Advanced Flower Capital Inc. · NASDAQ:AFCG
Advanced Flower Capital — Q4 2025 Earnings Presentation
20 slides from Advanced Flower Capital's earnings presentation, Mar 4, 2026
Slide 1: Investor Presentation: Fourth Quarter & Year Ended 2025
AAFC Investor Presentation Fourth Quarter & Year Ended 2025 March 4, 2026
Slide 2: Important Information
IMPORTANT INFORMATION Some of the statements contained in this presentation constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934
Slide 3: Important Notices
IMPORTANT INFORMATION Important Notices This presentation is by Advanced Flower Capital, a publicly traded company that is a non-diversified, externally managed, closed-end management investment company that has elected to be regulated as a BDC and intends to elect to be taxed as a regulated investm
Slide 4: Overview
OVERVIEW AFC is an institutional capital provider specializing in debt investments to (i) lower middle-market businesses across various industries and (ii) companies operating in or adjacent to the cannabis industry We aim to provide attractive risk-adjusted returns through debt investments structur
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS 1 Cycle-tested and experienced in structuring complex loans across the full spectrum of private credit 2 Strong alignment of interests with over 25% equity ownership by executive management 3 Utilize our broad capabilities and expertise to capitalize on AFC’s expanded investabl
Slide 6: Leadership
LEADERSHIP LEONARD DANIEL ROBYN BRANDON GABRIEL JAMES TANNENBAUM NEVILLE TANNENBAUM HETZEL KATZ VELGOT Chief Executive Chief Financial Chief Legal Chief Marketing Chairman President Officer Officer, Treasurer Officer Officer 30+ YEARS EXPERIENCE 15+ YEARS EXPERIENCE 15+ YEARS EXPERIENCE 15+ YEARS EX
Slide 7: Investment Highlights
INVESTMENT HIGHLIGHTS Cycle-Tested Seeking Compelling Disciplined Active Portfolio Strong Balance Management Investment Returns Process Management Sheet & Liquidity › AFC’s ability to › Working to capture › Rigorous, repeatable › Detailed performance › Prudent cash navigate fast- the benefits from a
Slide 8: What is a Business Development Company?
BENEFICIAL STRUCTURE What is a Business A closed-end management investment company that has elected to be regulated under the 1940 Act required to invest at least 70% of assets in private or small public companies via long-term debt or equity Development Company? capital Invest at least 70% Ordinari
Slide 9: Focused Strategy
FOCUSED STRATEGY Target Characteristics Investment Focus Origination Focus › Private companies headquartered or › Focus on originated loans as opposed to CHECK SIZE At least $10 million mostly operating in the United States broadly syndicated financings › Generating EBITDA of $5 to $50 million › Typ
Slide 10: Sponsor-Agnostic Originations
SPONSOR-AGNOSTIC ORIGINATIONS Sponsor-Backed Lending Non-Sponsor-Backed Lending Financing the businesses of issuers owned by PE Financing the businesses of issuers under any ownership Institutional Governance & Reporting Owner-Operator Alignment Sponsors typically require regular reporting, clear KP
Slide 11: Our Approach
OUR APPROACH AFC is involved in each phase of the lending process, aiming to source loans with high return potential and downside protection Sourcing & Selection & Investment Portfolio Originations Underwriting Committee Management Multi-channel direct Advance detailed term sheet Investment Committe
Slide 12: Direct Originations Platform
DIRECT ORIGINATIONS PLATFORM Multiple Channels Driving Originations High-Quality, Actionable Pipeline › Co-lenders › BDCs or REITs NETWORK-BASED › Owners/operators › Banks DEAL FLOW › Brokers › Advisory firms $ › PE firms › Service providers bn Total Deals Sourced1 › Internal direct origination effo
Slide 13: Portfolio
PORTFOLIO 1 In $ millions $375 $370 $383 $350 $361 $345 $10 $9 $10 $333 $14 $20 $12 $10 $351 $366 $360 $369 $330 $333 $323 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2/25/2026 Funded Unfunded Note: Past performance does not predict future returns. Investing involves the risk of loss, and there
Slide 14: Portfolio
PORTFOLIO AFC’s adviser has reviewed 1,104 deals, representing approximately $29 billion in aggregate value* Deals Current Deals Current Deals Rejected* in Review Funded As of 2/25/2026; In $ millions unless otherwise noted Original AFC Loan, Cash Paid Amort. Loan As % of Total Principal Fixed/ Loan
Slide 15: Fourth Quarter & Full Year 2025
NASDAQ:AFCG | FOURTH QUARTER & FULL YEAR 2025
Slide 16: Fourth Quarter & Full Year 2025 Results
FOURTH QUARTER & FULL YEAR 2025 RESULTS As of December 31, 2025 2024 Assets Loans held for investment at fair value (cost of $53,744,253 and $50,241,018 at December 31, 2025 and 2024, respectively, net) $ 26,080,763 $ 30,510,804 Loans held for investment at carrying value, net 253,625,119 293,262,37
Slide 17: Fourth Quarter & Full Year 2025 Results
FOURTH QUARTER & FULL YEAR 2025 RESULTS Three Months Ended Year Ended December 31, 2025 December 31, 2025 Revenue Interest income $ 6,640,305 $ 31,322,137 Interest expense (1,453,964) (6,758,536) Net interest income 5,186,341 24,563,601 Expenses Management and incentive fees, net (less rebate of $22
Slide 18: Fourth Quarter & Full Year 2025 Results
FOURTH QUARTER & FULL YEAR 2025 RESULTS Three Months Ended Year Ended December 31, 2025 December 31, 2025 Net income (loss) $ 914,046 $ (20,673,426) Adjustments to net income (loss): Stock-based compensation expense 5,315,118 6,840,805 Depreciation and amortization – – Unrealized (gains) losses or o
Slide 19: Distributable Earnings
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 earned under the Management Agreement for the applicab
Slide 20: AFC
AAFC ir@advancedflowercapital.com www.advancedflowercapital.com
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