Core Insights - Advanced Flower Capital Inc. (NASDAQ:AFCG) has transitioned from a real estate investment trust (REIT) to a business development company (BDC), enhancing long-term shareholder value by expanding investment options beyond real estate-backed loans [2] - In the latest quarter, the company reported a GAAP net loss of $12.5 million, equating to $0.57 per basic weighted average common share, while distributable earnings were $3.5 million, or $0.16 per share [3] - The company is addressing nonaccrual issues and increasing loan repayments, despite limited new funding in the cannabis market [3] Company Operations - Advanced Flower Capital Inc. specializes in commercial real estate financing services, focusing on developing, arranging, underwriting, and managing senior secured loans and other loan types for established businesses in the cannabis industry across various states [4]