• Realty Income for the cannabis industry.
• A specialized bank for the cannabis sector.
• Starwood Property Trust for cannabis real estate.

• Senior Secured Loans: Provides first-lien mortgage loans and other credit facilities to state-licensed cannabis operators.
• Real Estate Financing: Invests in senior secured loans collateralized by real estate and other assets within the cannabis industry.
• Debtor-in-Possession (DIP) Financing: Offers specialized financing to cannabis companies during bankruptcy or restructuring proceedings.

Advanced Flower Capital (AFCG) does not appear to be a real, currently listed public company on major stock exchanges. As such, it is not possible to identify its actual major customers.

However, if a company with the name "Advanced Flower Capital" were to exist and operate consistent with its implied focus (e.g., providing capital or real estate solutions to the cannabis or specialized horticulture industries), it would most likely operate on a business-to-business (B2B) model.

In such a hypothetical scenario, its primary customers would be other companies, falling into categories such as:

• Cannabis Cultivation Companies: Large-scale growers and operators of cultivation facilities, including greenhouses and indoor farms, seeking capital for expansion, real estate, or equipment.
• Cannabis Processing and Manufacturing Facilities: Businesses that transform harvested cannabis into various products like oils, edibles, and concentrates, requiring funding for infrastructure and technology.
• Specialized Horticulture Businesses: Commercial enterprises focused on the cultivation of high-value flowers or plants (beyond cannabis), requiring advanced capital solutions for large-scale operations and technological upgrades.

Since this company and its operations are hypothetical, no specific names of customer companies or their stock symbols can be provided.

• KeyBank National Association (KeyCorp, NYSE: KEY)
• Fifth Third Bank, National Association (Fifth Third Bancorp, NASDAQ: FITB)
• Columbia Bank (Provident Financial Services, Inc., NYSE: PFS)

Daniel Neville, Chief Executive Officer and Partner

Mr. Neville has served as CEO of Advanced Flower Capital Inc. (formerly AFC Gamma, Inc.) since November 13, 2023, and also serves as a Partner. He was previously the Chief Financial Officer of AWH from August 2020 to November 2023, where he was responsible for accounting, finance, M&A, IT, and procurement. Before AWH, he worked at SLS Capital, a special situations hedge fund, serving as a Managing Director from January 2015 to March 2019 and as an Analyst from April 2010 to January 2015. Earlier in his career, he was an investment banker at Credit Suisse in the Technology Group, focusing on mergers & acquisitions and IPO transactions.

Brandon Hetzel, Chief Financial Officer and Treasurer

Mr. Hetzel joined Advanced Flower Capital's external manager in September 2020 as Controller and has served as its Chief Financial Officer and Treasurer since March 2023. Prior to joining the Company, he was the VP of Finance for a real estate development and asset management company. He also spent seven years with PricewaterhouseCoopers as a manager in the REIT audit practice, accumulating over twelve years of real estate and financial management experience.

Leonard M. Tannenbaum, CFA, Chairman of the Board

Mr. Tannenbaum is the Founder of TCG/Tannenbaum Capital Group, an alternative investment firm. He founded Fifth Street Capital at age 27, which grew into a nationwide alternative credit asset manager with $5 billion in assets under management across various private investment vehicles and publicly traded companies, providing capital solutions to middle-market businesses. Fifth Street Capital was sold to Oaktree Capital Management in 2017. With over three decades of experience in credit, he has underwritten billions in loans and led numerous companies to public offerings.

Robyn Tannenbaum, Chief Investment Officer and President

Robyn Tannenbaum was appointed Chief Investment Officer in October 2024 and has served as President since March 2023. She has been with the company since its inception, previously holding roles as Managing Director, Head of Originations and Investor Relations. Her career began in the investment banking healthcare division at CIT Group, where she focused on mergers & acquisitions and leveraged finance. She also successfully managed three publicly traded entities as Executive Director and Head of Investor Relations at Fifth Street Asset Management.

Gabe Katz, Chief Legal Officer

Mr. Katz has over 10 years of experience advising both public and private companies on acquisitions, debt and equity financings, corporate governance, and continuous reporting obligations. Before joining Advanced Flower Capital, he worked in the corporate and securities groups at national law firms and led the corporate legal team at a unicorn technology company.

The primary clear emerging threat to Advanced Flower Capital (AFCG) is the potential federal legalization or de-scheduling of cannabis. AFC Gamma's business model thrives on the current federal illegality of cannabis, which prevents traditional banks and financial institutions from lending to state-legal cannabis operators. This creates a specialized market where AFC Gamma can operate with less competition and potentially higher margins.

If cannabis becomes federally legal, it would open the door for traditional banks, credit unions, and other large financial institutions to enter the cannabis lending market. These institutions typically have a lower cost of capital, existing infrastructure, and broader client relationships, which could significantly increase competition for AFC Gamma, erode its competitive advantage, and compress lending margins, similar to how Netflix disrupted Blockbuster's business model by offering a superior and more accessible alternative.

Advanced Flower Capital (AFCG) primarily provides senior secured loans and debt securities, with a historical specialization in the U.S. cannabis industry. The company is transitioning from a commercial mortgage REIT to a Business Development Company (BDC), which will allow it to expand its lending activities to include ancillary cannabis businesses, non-real estate operators, and non-cannabis middle-market companies. The conversion is anticipated to be finalized in the first quarter of 2026.

The addressable markets for Advanced Flower Capital's main products and services are:

• U.S. Cannabis Lending Market: The U.S. cannabis industry is projected to require between $65.6 billion and $130.7 billion in sustainable growth capital over the next decade. This demand could generate approximately $1 billion to $2.4 billion in potential interest revenue for financial institutions willing to lend to cannabis businesses.
• U.S. Legal Cannabis Market (underlying demand for real estate and operational financing): The legal cannabis market in the U.S. is expected to reach $41 billion by 2025. Other estimates place the U.S. cannabis market size at approximately $38.50 billion in 2024, with a projection to reach $44.30 billion in 2025. Projections also indicate that U.S. legal cannabis sales could grow from $31 billion in 2024 to $44 billion by 2029, and reach $72 billion annually by 2030. The overall U.S. cannabis market size is anticipated to exceed $110.80 billion by 2033.
• U.S. Cannabis Cultivation Market: This segment of the industry, which drives significant real estate and equipment lending, generated approximately $12.58 billion in revenue in 2022 and is expected to grow to about $26.76 billion by 2030.
• Broader U.S. Commercial Finance Market (for future diversified lending as a BDC): As AFCG expands into non-cannabis middle-market companies, it will tap into the broader commercial finance market. The U.S. share of the global commercial finance market was approximately $2.8 trillion in 2024.

Advanced Flower Capital (AFCG) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and favorable market dynamics in the cannabis industry. Key drivers include:

1. Continued Expansion within the Cannabis Industry: As a specialized institutional lender to the cannabis sector, AFCG is well-positioned to benefit from the increasing demand for debt capital. The cannabis industry is experiencing growth driven by market expansions, refinancing activities, and mergers and acquisitions. CEO Daniel Neville has emphasized the capital-intensive nature of the cannabis industry, particularly the need for investments in cultivation and distribution infrastructure, which traditional lenders remain hesitant to finance, thereby creating opportunities for AFCG.

2. Conversion to a Business Development Company (BDC) and Expanded Investment Mandate: AFCG is undergoing a strategic conversion from a mortgage REIT to a Business Development Company (BDC). This transition, subject to shareholder approval, is designed to broaden the company's investment opportunities beyond real estate-backed loans. The expanded mandate will allow AFCG to provide secured loans to cannabis-ancillary companies and middle-market businesses outside the cannabis industry, leveraging its team's extensive direct lending experience.

3. Focus on High-Quality Credit Opportunities and Strategic Capital Redeployment: AFCG is actively refining its portfolio by divesting underperforming assets and reallocating capital to higher-quality credit opportunities. For instance, the company divested an $84 million loan in June 2024, with plans to reinvest the capital into stronger operators to improve credit quality and achieve better risk-adjusted returns. The company anticipates deploying approximately $75 million in liquidity for new, high-quality credit opportunities in 2025.

4. Diversification of Financing Sources: To support its growth trajectory, Advanced Flower Capital aims to diversify its financing sources by increasing access to both equity and debt capital. The company has utilized at-the-market (ATM) stock offerings to bolster its capital base and fund continued growth within the cannabis industry.

Share Repurchases

• On June 15, 2023, the Board of Directors approved a share repurchase program, authorizing the company to repurchase up to $20 million of its outstanding common stock. This program is authorized until December 31, 2025.
• Since the beginning of 2023, certain executives of AFC Gamma purchased approximately $2.9 million worth of the company's stock in aggregate.

Share Issuance

• As of November 6, 2025, Advanced Flower Capital has 22,594,541 outstanding shares.

Outbound Investments

• AFC Gamma is an institutional lender that originates, structures, and underwrites loans secured by commercial real estate and other financing solutions for state-law compliant cannabis operators in the United States.
• The company targets direct lending and bridge loan opportunities typically ranging from $5 million to $100 million.
• As of March 31, 2025, AFC's portfolio had $366.3 million in principal outstanding across 17 loans, increasing to $372.5 million across 18 loans as of May 1, 2025.

Capital Expenditures

• Advanced Flower Capital has a reported Capital Expenditures of $0.