Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-19

Advanced Flower Capital (AFCG)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

Robyn Tannenbaum total, FY2025
President and Chief Investment Officerhighest-paid officer; CEO Daniel Neville:
CEO (Daniel Neville) pay percentile vs peers
1:1
CEO-to-median pay ratio
50%
Say-on-pay support, latest vote
Companies that benchmark against AFCG
1 company names AFCG as a compensation peer

Each company listed discloses AFCG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AFCG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Robyn Tannenbaum
President and Chief Investment Officer
Daniel Neville
Chief Executive Officer
Brandon Hetzel
Chief Financial Officer and Treasurer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Robyn Tannenbaum$469,452$532,253
Daniel Neville750,001
Brandon Hetzel444,565376,703

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Leonard M. TannenbaumDirector2026-05-14A90,600$3$257,304CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

05

Incentive-plan design — the Compensation Discussion & Analysis

The Company does not directly employ any executive officers; all executive officers are employed by the Adviser and/or its affiliates and receive compensation from the Adviser, not from the Company. The Company does not pay compensation directly to its executive officers for services rendered on its behalf.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-08-1250%Passed
20252025-08-1250%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-08-1250%a
20252025-08-1250%b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)1 : 1
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Leonard M. TannenbaumNot independent · Board Chair$0$2,799,996$0$0$2,799,996
Alexander C. FrankIndependent · Audit (Chair) · Nominating and Corporate Governance (Chair) · Nominating Corporate Governance (Chair)80,00029,99800109,998
Thomas L. HarrisonIndependent · Lead Independent Director · Audit · Compensation (Chair)75,00029,99800104,998
Robert LevyIndependent · Audit · Compensation50,00029,9980079,998
Marnie SudnowIndependent · Compensation · Nominating and Corporate Governance50,00029,9980079,998
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$29,998
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 10,000 / 5,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$255,000
Equity awards (grant-date value)$2,919,988
All other compensation$0
Total cost of the board$3,174,988

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
Advanced Flower Capital2025Daniel Nevillenot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Robyn TannenbaumDEF 14A2026-04-170001140361-26-015204Section “Executive Compensation”. As printed: —. Filing ↗
2Section 01, Daniel NevilleDEF 14A2026-04-170001140361-26-015204Section “Executive Compensation”. As printed: —. Filing ↗
3Section 01, Brandon HetzelDEF 14A2026-04-170001140361-26-015204Section “Executive Compensation”. As printed: —. Filing ↗
4Section 07, pay ratioDEF 14A2026-04-170001140361-26-015204Section “CEO Pay Ratio”. As printed: 1 : 1. Filing ↗
5Section 08, Leonard M. TannenbaumDEF 14A2026-04-170001140361-26-015204Section “Director Compensation”. As printed: 2,799,996. Filing ↗machine: t66 · r7 · c3 · span 225531–225540
6Section 08, Alexander C. FrankDEF 14A2026-04-170001140361-26-015204Section “Director Compensation”. As printed: 109,998. Filing ↗machine: r3 · c3 · span 220088–220095
7Section 08, Thomas L. HarrisonDEF 14A2026-04-170001140361-26-015204Section “Director Compensation”. As printed: 104,998. Filing ↗machine: r2 · c3 · span 218578–218585
8Section 08, Robert LevyDEF 14A2026-04-170001140361-26-015204Section “Director Compensation”. As printed: 79,998. Filing ↗machine: t66 · r4 · c3 · span 221374–221380
9Section 08, Marnie SudnowDEF 14A2026-04-170001140361-26-015204Section “Director Compensation”. As printed: 79,998. Filing ↗machine: t66 · r5 · c3 · span 222671–222677
10Section 02, Leonard M. Tannenbaum 2026-05-14Form 42026-05-190001628280-26-036480Insider equity transaction reported since the proxy statement. Filing ↗
11Section 06, 2025 voteForm 8-K2026-04-170001140361-25-035139Item 5.07 · say-on-pay result. As reported: 50%. Filing ↗
12Section 06, 2025 voteForm 8-K2026-04-170001140361-26-015204Item 5.07 · say-on-pay result. As reported: 50%. Filing ↗
13Section 09b board cost (computed)ComputedcomputedCash 255,000 + equity 2,919,988 + all other 0 = 3,174,988, summed across the director compensation table rows.machine: formula: Σ = 3,174,988