Advanced Flower Capital Shareholders Approve Plan To Convert Company From Real Estate Investment Trust To Business Development Company

Author: Benzinga Newsdesk | November 06, 2025 04:32pm

Advanced Flower Capital Inc. (Nasdaq: AFCG) ("Advanced Flower Capital", "AFC" or the "Company") today announced that shareholders have approved all proposals related to the Company's previously announced plan to convert from a real estate investment trust ("REIT") to a business development company ("BDC") regulated under the Investment Company Act of 1940, as amended (the "1940 Act") (the "Conversion"). The proposals included both the approval of a new 1940 Act-compliant investment advisory agreement between the Company and its external manager, AFC Management, LLC, and the application to the Company of the reduced asset coverage requirements for BDCs permitted under the 1940 Act, aligning the Company's leverage parameters with those of other BDCs, in each case as described in the Company's proxy statement filed with the U.S. Securities and Exchange Commission (the "SEC"). The vote, held at the Company's Special Meeting of Shareholders, represents a significant milestone in AFC's strategic evolution.

Posted In: AFCG