Advanced Flower Capital (AFCG) investor relations material

Executive summary

• Q3 net investment income was $3.536 million, or $0.16 per share; NAV rose to $8.55 per share from $8.25 at June 30.

• Net increase in net assets from operations was $6.4 million, or $0.28 per share; net unrealized gains after taxes were $2.9 million.

• Portfolio fair value was $289.6 million across 18 first-lien investments; three nonaccrual loans represented 23.5% of fair value.

Financial highlights

• Q3 total investment income was $8.565 million; net investment income was $3.536 million, versus $8.692 million and $3.481 million, respectively, in Q2.

• Total assets were $395.1 million and net assets were $191.6 million at September 30; cash and cash equivalents were $102.1 million.

• Q3 distribution declared was $0.05 per share; $1.120 million in distributions was declared during the quarter.

• Nine-month NII was $11.8 million and net increase in net assets from operations was $23.2 million, or $1.00 per share; comparisons are affected by the 2026 conversion and accounting change.

• Nine-month investment income was $27.1 million, up 10% YoY, including $1.8 million of Q1 exit fees.

Outlook and guidance

• Pipeline was $1.1 billion; a $43 million senior secured healthcare services facility was expected to close near term, with a portion to be committed.

• Year-to-date commitments to new lower middle market investments were $102 million; two TCG term sheets were signed, with portions expected to be committed.

• Deal funding may be uneven; deployment prioritizes lender protections, capital preservation and risk-adjusted returns.

• Cash, borrowing capacity and operating cash flows were expected to cover obligations, including the 2027 Senior Notes maturity, for at least 12 months; refinancing options were being explored.