Daniel Neville
About Daniel Neville
Daniel Neville is Chief Executive Officer of Advanced Flower Capital Inc. (AFCG) and has served in this role since November 2023; he is 39 years old and holds a B.S. in Economics from Duke University . Prior to AFCG, he was CFO of Ascend Wellness Holdings (AWH) from August 2020 through November 2023 and previously served as SVP Finance; earlier roles include Managing Director and Analyst at SLS Capital and Investment Banker in Credit Suisse’s Technology Group focused on M&A and IPOs . Neville is a member of AFCG’s Manager’s Investment Committee, and he signed the company’s Sarbanes-Oxley Section 302 and 906 certifications for the FY2024 10-K, underscoring principal executive responsibility for financial reporting . Company operating context in 2025 included an estimated $383 million origination pipeline as of March 1, 2025 and continued disciplined underwriting led by the Manager’s investment process .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ascend Wellness Holdings, Inc. (AWH) | Chief Financial Officer | Aug 2020–Nov 2023 | Led accounting, finance, M&A, IT, and procurement functions . |
| SLS Capital (special situations hedge fund) | Managing Director | Jan 2015–Mar 2019 | Special situations investing; portfolio and underwriting experience . |
| SLS Capital | Analyst | Apr 2010–Jan 2015 | Research and analysis in special situations strategies . |
| Credit Suisse Technology Group | Investment Banker | Not disclosed | Worked on M&A and IPO transactions . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AFC Management, LLC (Parent Manager’s subsidiary) | Investment Committee Member | Current | Oversees underwriting and investment decisions alongside Leonard and Robyn Tannenbaum and Bernard Berman . |
Fixed Compensation
| Name | Year | Base Salary ($) | Target Bonus (%) | Actual Bonus ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|
| Daniel Neville (CEO) | 2024 | — | Not disclosed | — | — | 750,001 (stock awards fair value) |
Notes:
- Grant date fair values are reported under FASB ASC 718 in the proxy’s Summary Compensation Table .
Performance Compensation
| Award Type | Grant Date | Shares Granted | Grant-Date Fair Value ($) | Performance Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock | Dec 20, 2024 | 82,873 | 750,001 | Time-based (no disclosed performance metric) | N/A | N/A | N/A | N/A | Approx. 33% on each of the 1st, 2nd, and 3rd anniversaries of Dec 20, 2024 |
- Outstanding equity awards for Neville at 2024 year-end consisted of 82,873 unvested restricted shares; no options were disclosed for Neville .
Equity Ownership & Alignment
| As-of Date | Total Beneficial Ownership (shares) | % of Shares Outstanding | Direct/Common Shares (incl. beneficial) | Unvested Restricted Stock (shares) | Exercisable Options (shares) |
|---|---|---|---|---|---|
| Mar 28, 2025 | 187,261 | <1% | 56,599 | 130,662 | 0 (none disclosed) |
| Sep 15, 2025 | 209,649 | <1% | 78,987 | 130,662 | 0 (none disclosed) |
Additional alignment factors:
- Neville beneficially owns an interest in the Parent Manager (Castleground Holdings LLC), reported at 2.54% in the April 2025 proxy and 2.5% in the September 2025 proxy; AFCG is externally managed by the Manager, and management/incentive fee structures impact Manager economics .
Governance controls:
- Company has adopted a Dodd-Frank/Nasdaq-compliant clawback policy for erroneously awarded incentive compensation to current and former officers covering the prior three fiscal years in the event of an accounting restatement .
Employment Terms
- Employment agreement: Dated October 30, 2023 with the Manager (AFC Management, LLC) upon appointment as CEO .
- Severance: If terminated by Manager without “cause” (other than death/disability) or resignation for “good reason” (including non-renewal), Neville is entitled to (i) three months’ base salary continuation, (ii) payment of 100% of medical/dental/vision premiums for three months post-termination (subject to COBRA election), and (iii) full vesting of the restricted common stock award granted at commencement; the Company’s repurchase right with respect to Neville’s ownership in the Manager terminates .
- Change-of-control provisions (personal): Not disclosed in filings; Manager termination fee exists at the company level (three times prior-year base management fee plus incentive compensation to Manager) but is not an individual executive provision .
Investment Implications
- Pay mix and alignment: Neville’s 2024 compensation from AFCG was entirely equity-based via restricted stock ($750,001 grant-date fair value), with no disclosed salary or cash bonus, pointing to at-risk, time-based equity alignment but without disclosed performance-vesting metrics; vesting over three years may create periodic insider selling pressure around anniversary dates .
- Skin-in-the-game: Direct beneficial ownership remains under 1% of shares outstanding (187,261 as of Mar 28, 2025; 209,649 as of Sep 15, 2025), while unvested restricted balances are substantial (130,662), indicating alignment but limited public float exposure; no options are disclosed for Neville, reducing leverage-driven sell pressure risk .
- External management economics: Neville’s personal stake in the Parent Manager (≈2.5%) ties his economics to Manager fee structures; the September proxy proposes a 1940 Act-compliant advisory agreement with a base management fee tiered by leverage and an incentive fee based on net investment income and net capital gains with a reduced 17.5% rate and a 6% hurdle, which may increase sensitivity to quarterly portfolio results and leverage decisions; however, this is Manager-level compensation, not an individual executive metric .
- Retention risk: Individual severance is modest (three months) but includes accelerated vesting of commencement awards, which supports retention near term; lack of disclosed non-compete/non-solicit terms raises uncertainty around post-exit restrictions .
- Governance safeguards: An adopted clawback policy covering restatements enhances pay-for-performance discipline and mitigates shareholder risk from erroneous incentive payouts .