Advanced Flower Capital completes conversion from REIT to BDC effective Jan 1, 2026

Advanced Flower Capital Inc.

Company now regulated under 1940 Act as BDC; investment flexibility expanded beyond real estate-backed loans.
New investment advisory agreement with AFC Management LLC replaces prior 2021 management agreement; base management fee 1.50% of avg gross assets, incentive fee with 6% hurdle and 17.5% catch-up.
Pete Sattelmair appointed assistant treasurer and principal financial officer effective March 16, 2026 via PINE Advisors services agreement.
Prior REIT ownership restrictions removed; new bylaws adopted with majority voting standard in contested director elections.
No change to Nasdaq listing under ticker AFCG; prior management agreement terminated without termination fee.

item 1.01 item 1.02 item 3.03 item 5.02 item 5.03 item 5.05 item 8.01 item 9.01

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accession 0001829126-26-000032

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