Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-30

Advanced Flower Capital (AFCG)

CEO Daniel Neville was paid $0 in fiscal year 2025 (SEC filing 0001140361-26-015204 ↗): 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 Officer — highest-paid officer; CEO Daniel Neville: $0
—
CEO (Daniel Neville) pay percentile vs peers
1:1
CEO-to-median pay ratio
50%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Daniel Neville (Chief Executive Officer), FY2024 total compensation $750,001 (base salary $0) [exec_comp, SEC accession 0001140361-25-035139, filed 2025-09-16]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

AFCG's next annual pay disclosure, estimated November 16, 2026.est. Filing ↗

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 FY2024→2025
Robyn Tannenbaum—$469,452$532,253—
Daniel Neville—750,001——
Brandon Hetzel—444,565376,703—

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

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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.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Alexander C. FrankIndependent Director$109,998
Marnie SudnowIndependent Director$79,998
Robert LevyIndependent Director$79,998
Thomas L. HarrisonLead Independent Director$104,998
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 ↗
Brandon HetzelCFO and Treasurer2026-08-14A1,46334,389CommonForm 4 ↗
Robyn TannenbaumPresident and CIO2026-08-14A1,00033,150CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-08-14A45,8293140,237CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-08-19A12,841344,687CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-08-20A20,000365,800CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-08-21A25,000382,000CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-08-24A30,0003102,300CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-08-25A30,0003102,000CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-08-26A19,404366,168CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-08-27A15,202352,599CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-08-28A65,7524232,105CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-08-31A53,2734191,783CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-02A15,223454,651CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-10A35,0003121,100CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-11A15,000453,250CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-14A25,198488,193CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-15A60842,128CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-16A2,34138,030CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-17A25,000487,500CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-18A10,000334,900CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-22A23,072380,521CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-23A3,471312,114CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-24A20,000369,800CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-25A5,228418,403CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-28A10,673438,103CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-29A40,0814143,891CommonForm 4 ↗
Leonard M. TannenbaumDirector2026-09-30A44,6434162,054CommonForm 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
20252025-08-12———50%Passed
20252025-08-12———50%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)80,00029,9980—0109,998
Thomas L. HarrisonIndependent · Lead Independent Director · Audit · Compensation (Chair)104,99800—0104,998
Robert LevyIndependent · Audit · Compensation50,00029,9980—079,998
Marnie SudnowIndependent · Compensation · Nominating and Corporate Governance50,00029,9980—079,998
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer—
Per board meeting fee$0
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$284,998
Equity awards (grant-date value)$2,889,990
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 Neville————not 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.

10d

Frequently asked questions

What is Advanced Flower Capital's CEO-to-median employee pay ratio?
As disclosed, Advanced Flower Capital's CEO-to-median employee pay ratio was 1:1.
How did shareholders vote on Advanced Flower Capital's executive compensation?
As disclosed, 50% of shareholders supported Advanced Flower Capital's executive compensation in the latest say-on-pay vote.
How much does Advanced Flower Capital spend in total on board compensation for fiscal 2025?
As disclosed, Advanced Flower Capital reported total board compensation of $3,174,988 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

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: span 225458–225547
6Section 08, Alexander C. FrankDEF 14A2026-04-170001140361-26-015204Section “Director Compensation”. As printed: 109,998. Filing ↗machine: span 220088–220095
7Section 08, Thomas L. HarrisonDEF 14A2026-04-170001140361-26-015204Section “Director Compensation”. As printed: 104,998. Filing ↗machine: span 218578–218585
8Section 08, Robert LevyDEF 14A2026-04-170001140361-26-015204Section “Director Compensation”. As printed: 79,998. Filing ↗machine: span 221374–221380
9Section 08, Marnie SudnowDEF 14A2026-04-170001140361-26-015204Section “Director Compensation”. As printed: 79,998. Filing ↗machine: 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 02, Brandon Hetzel 2026-08-14Form 42026-08-170001628280-26-057405Insider equity transaction reported since the proxy statement. Filing ↗
12Section 02, Robyn Tannenbaum 2026-08-14Form 42026-08-180001628280-26-057654Insider equity transaction reported since the proxy statement. Filing ↗
13Section 02, Leonard M. Tannenbaum 2026-08-14Form 42026-08-170001628280-26-057419Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, Leonard M. Tannenbaum 2026-08-19Form 42026-08-190001628280-26-058037Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Leonard M. Tannenbaum 2026-08-20Form 42026-08-210001628280-26-058415Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Leonard M. Tannenbaum 2026-08-21Form 42026-08-240001628280-26-058642Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Leonard M. Tannenbaum 2026-08-24Form 42026-08-260001628280-26-059085Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Leonard M. Tannenbaum 2026-08-25Form 42026-08-260001628280-26-059085Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Leonard M. Tannenbaum 2026-08-26Form 42026-08-280001628280-26-059389Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Leonard M. Tannenbaum 2026-08-27Form 42026-08-280001628280-26-059389Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Leonard M. Tannenbaum 2026-08-28Form 42026-09-010001628280-26-059909Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Leonard M. Tannenbaum 2026-08-31Form 42026-09-010001628280-26-059909Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Leonard M. Tannenbaum 2026-09-02Form 42026-09-040001628280-26-060750Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Leonard M. Tannenbaum 2026-09-10Form 42026-09-110001628280-26-061551Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Leonard M. Tannenbaum 2026-09-11Form 42026-09-150001628280-26-062092Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Leonard M. Tannenbaum 2026-09-14Form 42026-09-150001628280-26-062092Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Leonard M. Tannenbaum 2026-09-15Form 42026-09-170001628280-26-062485Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Leonard M. Tannenbaum 2026-09-16Form 42026-09-170001628280-26-062485Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Leonard M. Tannenbaum 2026-09-17Form 42026-09-180001628280-26-062756Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Leonard M. Tannenbaum 2026-09-18Form 42026-09-220001628280-26-063099Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Leonard M. Tannenbaum 2026-09-22Form 42026-09-240001628280-26-063379Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Leonard M. Tannenbaum 2026-09-23Form 42026-09-240001628280-26-063379Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Leonard M. Tannenbaum 2026-09-24Form 42026-09-280001628280-26-063722Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Leonard M. Tannenbaum 2026-09-25Form 42026-09-280001628280-26-063722Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Leonard M. Tannenbaum 2026-09-28Form 42026-09-300001628280-26-064003Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Leonard M. Tannenbaum 2026-09-29Form 42026-09-300001628280-26-064003Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Leonard M. Tannenbaum 2026-09-30Form 42026-09-300001628280-26-064003Insider equity transaction reported since the proxy statement. Filing ↗
38Section 06, 2025 voteForm 8-K2026-04-170001140361-25-035139Item 5.07 · say-on-pay result. As reported: 50%. Filing ↗
39Section 06, 2025 voteForm 8-K2026-04-170001140361-26-015204Item 5.07 · say-on-pay result. As reported: 50%. Filing ↗
40Section 09b board cost (computed)Computed——Cash 284,998 + equity 2,889,990 + all other 0 = 3,174,988, summed across the director compensation table rows.machine: formula: Σ = 3,174,988

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