AFC reports Q2 GAAP net loss of $13.2M; proposes conversion from REIT to BDC

Advanced Flower Capital Inc.

Q2 GAAP net loss of $13.2M ($0.60 per share); Distributable Earnings of $3.4M ($0.15 per share).
Board expanded investment mandate to include non-cannabis middle market loans and ancillary cannabis businesses.
Intends to convert from mortgage REIT to BDC, subject to shareholder approval of a new advisory agreement.
Paid Q2 dividend of $0.15 per share on July 15, 2025; same as prior quarter.

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