Advanced Flower Capital: Director Tannenbaum Increases Stake to 4.34M Shares

Rhea-AI Filing Summary

Leonard M. Tannenbaum, a director and reported 10% owner of Advanced Flower Capital Inc. (AFCG), filed a Form 4 disclosing multiple open-market purchases of common stock on August 22, 25 and 26, 2025. The filings report acquisitions of 216,117 shares at a weighted average price of $4.03 on August 22, 61,862 shares at $4.08 on August 25, and 97,168 shares at $4.17 on August 26, bringing his directly held shares to 4,335,023.

The report also shows 127,667 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, for which he serves as President; he disclaims beneficial ownership of those holdings except to the extent of any pecuniary interest. The Form 4 is signed by an attorney-in-fact on August 26, 2025.

Positive

• Director purchase consolidation: Mr. Tannenbaum executed open-market purchases totaling 375,147 shares, increasing his direct holdings to 4,335,023 shares.
• Insider alignment: Multiple purchases over three days indicate increased direct ownership and stronger alignment with shareholders.
• Transparent reporting: The filing discloses weighted-average prices and offers to provide detailed trade-level information upon request.

Negative

• None.

Insights

Securities Analyst

TL;DR: Director Leonard Tannenbaum materially increased direct holdings via open-market buys totaling 375,147 shares across three days.

The reported purchases on August 22, 25 and 26, 2025 add 375,147 shares acquired at weighted-average prices between $4.03 and $4.17, raising direct beneficial ownership to 4,335,023 shares. For investors, director buying is a direct signal of insider conviction in the near term; the amounts represent a measurable increase in direct stake for a 10% owner.

Corporate Governance Expert

TL;DR: Insider purchases by a director and 10% owner strengthen alignment with shareholders but disclosures show related-party holdings with disclaimers.

Disclosure includes shares held by spouse and a family foundation where the reporting person is President, with standard disclaimers of beneficial ownership except for pecuniary interest. The filing is complete with price ranges and undertakings to provide trade-level details if requested, meeting typical Section 16 transparency standards.

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 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)
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		216,117	A	$4.03(1)	4,175,993	D
Common Stock	08/25/2025		P		61,862	A	$4.08(2)	4,237,855	D
Common Stock	08/26/2025		P		97,168	A	$4.17(3)	4,335,023	D
Common Stock								127,667	I	Held by spouse(4)
Common Stock								180,400	I	See footnote(5)

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 $3.87 to $4.10; 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 $4.01 to $4.14; 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. This transaction was executed in multiple trades ranging from $4.08 to $4.25; 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.

4. 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.

5. 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	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 shares did Leonard M. Tannenbaum purchase in AFCG?

The Form 4 reports purchases of 216,117 shares on 08/22/2025 at a weighted average of $4.03, 61,862 shares on 08/25/2025 at $4.08, and 97,168 shares on 08/26/2025 at $4.17.

What is Mr. Tannenbaum's total direct beneficial ownership after these transactions?

Following the reported transactions, his direct beneficial ownership is reported as 4,335,023 shares.

Does Mr. Tannenbaum hold additional AFCG shares indirectly?

Yes. The filing reports 127,667 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, with standard disclaimers regarding beneficial ownership.

Were the purchase prices exact single-trade prices?

No. Each aggregate price is a weighted average across multiple trades; the filer offers to provide full trade-level details upon request.

When was the Form 4 signed and filed?

The signature block shows the form was signed by an attorney-in-fact on 08/26/2025.