[Form 4] Advanced Flower Capital Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider purchases increased Robyn Tannenbaum's direct stake in Advanced Flower Capital Inc. (AFCG). The Form 4 shows Ms. Tannenbaum, President and CIO, bought 2,000 shares on 08/22/2025 at an average price of $4.10 and 4,000 shares on 08/25/2025 at an average price of $4.13, for a total of 6,000 newly acquired shares. After these purchases she directly owns 127,667 shares. The filing also reports indirect holdings: 4,335,023 shares held by her spouse and 180,400 shares held by the Tannenbaum Family Foundation, of which she disclaims beneficial ownership except for any pecuniary interest. The report is signed by an attorney-in-fact on 08/26/2025.

Positive

• Insider purchases of 6,000 shares executed on 08/22/2025 and 08/25/2025 indicate executive buying at $4.10–$4.13 average prices
• Direct ownership increased to 127,667 shares following the reported transactions
• Transparent reporting with weighted-average price disclosure and an offer to provide full trade details upon request

Negative

• Indirect holdings dominate the reported positions: 4,335,023 shares held by spouse and 180,400 shares held by the Tannenbaum Family Foundation, which the reporting person disclaims beneficial ownership of
• Direct economic exposure is modest relative to the large spouse-held position, limiting the immediate materiality of the purchases

Insights

Securities Analyst

TL;DR: Insider purchases of 6,000 shares modestly increase direct ownership to 127,667 shares, signaling some insider conviction.

The transactions are small relative to the large indirect holdings reported, but they are explicit purchases executed at prices between $4.10 and $4.15. For investors, these purchases provide a measurable increase in direct ownership and show continued executive participation. Note the reporting person disclaims beneficial ownership of substantial indirect holdings; therefore, direct economic exposure remains modest compared with the spouse-held position.

Corporate Governance Expert

TL;DR: Filing is routine and compliant; disclosures include standard ownership disclaimers and a weighted-average price explanation.

The Form 4 includes an explanation that the reported prices are a weighted average across multiple trades and offers to provide detailed trade information on request, which aligns with best practices for transparency. The reporting person properly discloses indirect holdings and a disclaimer regarding beneficial ownership of foundation and spouse-held shares. No departures from required disclosure practices are evident.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Tannenbaum Robyn

(Last) (First) (Middle)

477 S. ROSEMARY AVE.

SUITE 301

(Street)

WEST PALM BEACH FL 33401

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Advanced Flower Capital Inc. [ AFCG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CIO

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/22/2025		P		2,000	A	$4.1	123,667	D
Common Stock	08/25/2025		P		4,000	A	$4.13(1)	127,667	D
Common Stock								4,335,023	I	Held by spouse(2)
Common Stock								180,400	I	See footnote(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was executed in multiple trades ranging from $4.10 to $4.15; the price reported reflects the weighted average price. The Reporting Person hereby undertakes to provide full information regarding the number of shares and prices at which the transactions were effected upon request to the SEC staff, the issuer, or any security holder of the issuer.

2. The Reporting Person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

3. These shares are held by the Tannenbaum Family Foundation (formerly known as the Leonard M. Tannenbaum Foundation), for which the Reporting Person's spouse serves as the President. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of her pecuniary interest.

Remarks:

	/s/ Gabriel A. Katz, as Attorney-in-Fact	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Robyn Tannenbaum report on Form 4 for AFCG?

She purchased 2,000 shares on 08/22/2025 at an average price of $4.10 and 4,000 shares on 08/25/2025 at an average price of $4.13, totaling 6,000 shares.

How many AFCG shares does Robyn Tannenbaum directly own after the reported trades?

She directly owns 127,667 shares following the reported transactions.

Are there any indirect AFCG holdings reported by Robyn Tannenbaum?

Yes. The filing reports 4,335,023 shares held by her spouse and 180,400 shares held by the Tannenbaum Family Foundation; she disclaims beneficial ownership of those shares except to the extent of any pecuniary interest.

What price information is provided for the reported trades?

The filing states the trades ranged from $4.10 to $4.15 and reports a weighted-average price; the reporter offers to provide detailed trade-level prices upon request.

When was the Form 4 signed for these AFCG transactions?

The signature by Attorney-in-Fact Gabriel A. Katz is dated 08/26/2025.