Advanced Flower Capital (AFCG) Registration Filing summary

Company overview and business model

• Institutional lender focused on originating, structuring, underwriting, investing in, and managing senior secured loans and other debt securities, primarily for state law-compliant cannabis operators in the U.S.

• Loans are typically secured by real estate, equipment, cash flows, and license value, targeting companies unable to access traditional bank financing.

• Externally managed by AFC Management, LLC, an affiliate of key executives, and operates as a Maryland corporation electing REIT status.

• Commenced operations in July 2020 and completed its initial public offering in March 2021.

Financial performance and metrics

• Consolidated financial statements for the two years ended December 31, 2024, audited by CohnReznick LLP, are incorporated by reference.

• The company is subject to risks and uncertainties due to its focus on lending to cannabis industry operators.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used as specified in future prospectus supplements; pending use, funds may be invested in short-term, interest-bearing investments consistent with REIT qualification.