Advanced Flower Capital director buys shares at $3.49

A director and 10% owner reported direct purchases on two consecutive days; the September 25 price reflects multiple trades.

Rhea-AI Filing Summary

At Advanced Flower Capital Inc. (AFCG), director and 10% owner Leonard M. Tannenbaum reported direct purchases of 20,000 shares at $3.49 on September 24, 2026, and 5,228 shares at a weighted average of $3.52 on September 25, 2026. The September 25 purchase comprised multiple trades ranging from $3.52 to $3.55. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Net Buyer: 25,228 shares

Net Buy 4 txns

Insider TANNENBAUM LEONARD M

Role Director, 10% Owner

Bought 25,228 shs ($88K)

Type	Security	Shares	Price	Value
Purchase	Common Stock F1	5,228	$3.52	$18K
Purchase	Common Stock	20,000	$3.49	$70K
holding	Common Stock F2	--	--	--
holding	Common Stock F3	--	--	--

Holdings After Transaction: Common Stock — 7,014,217 shares (Direct); Common Stock — 226,907 shares (Indirect, Held by spouse); Common Stock — 180,400 shares (Indirect, See footnote)

Footnotes (3)

1. F1. This transaction was executed in multiple trades ranging from $3.52 to $3.55; 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. F2. 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. F3. These shares are held by the Tannenbaum Family Foundation (formerly known as the Leonard M. Tannenbaum Foundation), for which the Reporting Person serves as the President. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest.

Key Figures

Shares purchased: 20,000 shares Purchase price: $3.49 per share Shares purchased: 5,228 shares +3 more

6 metrics

Shares purchased 20,000 shares September 24, 2026

Purchase price $3.49 per share September 24, 2026

Shares purchased 5,228 shares September 25, 2026

Weighted average purchase price $3.52 per share September 25, 2026

Shares held by spouse 226,907 shares Reported holding dated September 24, 2026

Shares held by Tannenbaum Family Foundation 180,400 shares Reported holding dated September 24, 2026

Key Terms

weighted average price, beneficial ownership, pecuniary interest

3 terms

weighted average price financial

"price reported reflects the weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficial ownership regulatory

"disclaims beneficial ownership of these securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many AFCG shares did Leonard M. Tannenbaum buy, and at what prices?

He reported buying 20,000 shares at $3.49 on September 24, 2026, and 5,228 shares at a weighted average price of $3.52 on September 25, 2026. The September 25 purchase was executed in multiple trades ranging from $3.52 to $3.55.

What AFCG shares were listed as indirectly held by Leonard M. Tannenbaum?

Reported holdings dated September 24, 2026, include 226,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation. Tannenbaum disclaims beneficial ownership of the spouse-held shares; for the foundation shares, he disclaims it except to the extent of his pecuniary interest. He serves as the foundation’s president.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/28/2026 - 04:17 PM Accepted by SEC EDGAR 09/28/2026 - 04:17 PM Learn about SEC filing dates

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
Estimated average burden
hours per response:			0.5

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 LEONARD M

(Last) (First) (Middle)

477 S. ROSEMARY AVE.

SUITE 301

(Street)

WEST PALM BEACH FLORIDA 33401

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2026

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

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

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

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	09/24/2026		P		20,000	A	$3.49	7,008,989	D
Common Stock	09/25/2026		P		5,228	A	$3.52(1)	7,014,217	D
Common Stock								226,907	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 $3.52 to $3.55; 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 serves as the President. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest.

Remarks:

	/s/ Gabriel A. Katz, as Attorney-in-Fact	09/28/2026
	** 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.
* Form 4: SEC 1474 (03-26)