Advanced Flower Capital Inc 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March31, 2026 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________ ADVANCED FLOWER CAPITAL INC. (Exact name of registrant as specified in its charter)Maryland85-1807125(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number) 477 S. Rosemary Ave.,Suite 301,West Palm Beach,FL33401(Address of principal executive offices) (Zip Code) (561) 510-2390(Registrant’s telephone number, including area code) N/A(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, $0.01 par value per shareAFCGThe Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large acceleratedfiler☐Accelerated filer☐Non-accelerated filer☒Smaller reportingcompany☐Emerging growthcompany☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ ADVANCED FLOWER CAPITAL INC. TABLE OF CONTENTS INDEX PART I – FINANCIAL INFORMATION ADVANCED FLOWER CAPITAL INC.CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES(unaudited) As ofMarch 31, 2026 ADVANCED FLOWER CAPITAL INC.CONSOLIDATED BALANCE SHEET As ofDecember 31, 2025 ADVANCED FLOWER CAPITAL INC.CONSOLIDATED STATEMENT OF OPERATIONS(unaudited) Three Months EndedMarch 31, 2026 ADVANCED FLOWER CAPITAL INC.CONSOLIDATED STATEMENT OF OPERATIONS(unaudited) Three Months EndedMarch 31, 2025 ADVANCED FLOWER CAPITAL INC.CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS(unaudited) ADVANCED FLOWER CAPITAL INC.CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY(unaudited) ADVANCED FLOWER CAPITAL INC.CONSOLIDATED STATEMENT OF CASH FLOWS(unaudited) Three Months EndedMarch 31, 2026 ADVANCED FLOWER CAPITAL INC.CONSOLIDATED STATEMENT OF CASH FLOWS(unaudited) Three Months EndedMarch 31, 2025 ADVANCED FLOWER CAPITAL INC.CONSOLIDATED SCHEDULE OF INVESTMENTSAs of March 31, 2026(unaudited) (4)Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in theloan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepaywith or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans inconnection with loan modifications.(5)The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issuediscount (“OID”) and loan origination costs.(6)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although theinvestment may be subject to unused commitment fees. The unfunded loan commitment may be subject to a commitment termination datethat may expire prior to the maturity date stated. Refer to Note 8 for more information on the Company’s unfunded commitments.(7)Refer to Note 5.(8)Effective March 1, 2024, the Company placed the investment on nonaccrual status. The maturity date passed without repayment.(9)Represents co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S.Securities and Exchange Commission (the “SEC”). Refer to Note 3 Related Party Transactions.(10) Effective December 1, 2023, the Company placed the investment on nonaccrual