Advanced Flower Capital (AFCG) Investor presentation summary

Company overview

• First NASDAQ-listed commercial mortgage REIT focused on lending to state-compliant cannabis operators in the U.S., with $779M total capital committed since inception and $436M in current commitments as of May 2024.

• Targets attractive risk-adjusted returns with estimated loan yields of 12–20%+ and maintains a robust investment review process.

• Management team has structured over $15B in loans and taken four companies public; holds a BBB+ investment grade rating.

Investment highlights

• Cycle-tested leadership with deep lending and investment management experience.

• Strong risk-adjusted returns due to constrained capital in the cannabis sector, targeting IRRs of 12–20%.

• Early mover in a growing, high-barrier market with disciplined investment processes and active portfolio management.

Strategic goals and portfolio management

• 2024 goals include optimizing the portfolio, advancing underwriting, and sourcing over $100M in new investments.

• Recent successful loan exits and portfolio expansion, with top three loans now representing a reduced share of assets, indicating diversification.