AFCG director buys 51,808 shares around $2.60

Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of a total of 51,808 shares of Common Stock between $2.58 and $2.60 per share, increasing his direct holdings to 6,047,389 shares.

Rhea-AI Filing Summary

Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of a total of 51,808 shares of Common Stock between $2.58 and $2.60 per share, increasing his direct holdings to 6,047,389 shares. He also reports indirect holdings of 218,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, while disclaiming beneficial ownership of those indirect positions except to the extent of any pecuniary interest.

Insider Trade Summary

Net Buyer: 51,808 shares

Net Buy 5 txns

Insider TANNENBAUM LEONARD M

Role Director, 10% Owner

Bought 51,808 shs ($134K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	34,288	$2.59	$89K
Purchase	Common Stock	15,018	$2.60	$39K
Purchase	Common Stock	2,502	$2.59	$6K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 6,047,389 shares (Direct); Common Stock — 218,907 shares (Indirect, Held by spouse); Common Stock — 180,400 shares (Indirect, See footnote)

Footnotes (4)

1. F1. This transaction was executed in multiple trades ranging from $2.59 to $2.60; 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. This transaction was executed in multiple trades ranging from $2.58 to $2.60; 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.
3. F3. 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.
4. F4. 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.

FAQ

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What insider activity did Leonard M. Tannenbaum report for AFCG?

Leonard M. Tannenbaum reported multiple open-market purchases of Advanced Flower Capital Inc. (AFCG) Common Stock. Across several trades, he bought a combined 51,808 shares, adding to his existing stake and reflecting continued direct ownership in the company’s equity.

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

He purchased a total of 51,808 AFCG Common Stock shares. The trades were executed at weighted average prices around $2.59 and $2.60 per share, with footnotes noting individual trades occurred in ranges between $2.58 and $2.60.

What are Leonard Tannenbaum’s AFCG share holdings after these transactions?

Following these transactions, Leonard Tannenbaum directly holds 6,047,389 shares of AFCG Common Stock. He also reports indirect positions of 218,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, with beneficial ownership of those indirect holdings disclaimed in the filing.

Were Leonard Tannenbaum’s recent AFCG share purchases open-market transactions?

Yes. The filing characterizes the transactions as open-market or private purchases of AFCG Common Stock. Footnotes explain that the trades were executed in multiple lots within narrow price ranges, and the reported prices reflect weighted average trade prices for the day.

How does the AFCG Form 4 describe Tannenbaum’s indirect share ownership?

The Form 4 states that 218,907 shares are held by his spouse and 180,400 shares are held by the Tannenbaum Family Foundation. It further notes that Tannenbaum disclaims beneficial ownership of these securities, except to the extent of any pecuniary interest in those indirect holdings.

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Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 03/16/2026 - 05:48 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 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2026

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	03/12/2026		P		2,502	A	$2.59(1)	5,998,083	D
Common Stock	03/13/2026		P		15,018	A	$2.6(2)	6,013,101	D
Common Stock	03/16/2026		P		34,288	A	$2.59(2)	6,047,389	D
Common Stock								218,907	I	Held by spouse(3)
Common Stock								180,400	I	See footnote(4)

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 $2.59 to $2.60; 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. This transaction was executed in multiple trades ranging from $2.58 to $2.60; 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.

3. 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.

4. 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	03/16/2026
	** 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.