Advanced Flower Capital Inc. announced on September 16, 2025, that it has filed a definitive proxy statement and scheduled a special meeting of shareholders for November 6, 2025. The meeting aims to approve proposals necessary to facilitate AFC's proposed conversion from a real estate investment trust (REIT) to a business development company (BDC).
Shareholders will be asked to vote on a new investment advisory agreement that complies with the Investment Company Act of 1940 and the application of a reduced asset coverage ratio. The AFC Board of Directors unanimously recommends that shareholders vote 'FOR' each of these proposals.
The company's Chairman, Leonard M. Tannenbaum, communicated to shareholders that this conversion is expected to enhance long-term growth and value creation by expanding the investable universe. If approved, the conversion is anticipated to be completed in the first quarter of 2026.
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