AFCG director buys 174,517 Advanced Flower shares

Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of a total of 174,517 shares of Common Stock.

Rhea-AI Filing Summary

Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of a total of 174,517 shares of Common Stock. He bought 115,237 shares on March 20 at $2.55 per share, 14,366 shares on March 23 at $2.59 per share, and 44,914 shares on March 24 at $2.59 per share.

Following these transactions, he directly owns 6,373,106 shares. The filing also shows 218,907 shares held indirectly by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, for which he serves as President, with the report stating he disclaims beneficial ownership of these indirect holdings except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 174,517 shares

Net Buy 5 txns

Insider TANNENBAUM LEONARD M

Role Director, 10% Owner

Bought 174,517 shs ($447K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	44,914	$2.59	$116K
Purchase	Common Stock	14,366	$2.59	$37K
Purchase	Common Stock	115,237	$2.55	$294K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 6,373,106 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 $2.48 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 transactions did Leonard M. Tannenbaum report for AFCG?

Leonard M. Tannenbaum reported open-market purchases of 174,517 AFCG common shares. He bought 115,237 shares at $2.55 on March 20 and additional blocks of 14,366 and 44,914 shares at $2.59 on March 23 and March 24, respectively, increasing his direct holdings.

At what prices did Leonard M. Tannenbaum buy AFCG stock in this Form 4?

He purchased AFCG common stock at $2.55 and $2.59 per share. Footnotes note that some trades were executed in multiple lots between $2.48–$2.60 and $2.58–$2.60, with the reported figures representing weighted average prices for those transactions.

How many AFCG shares does Leonard M. Tannenbaum own after these trades?

After these reported trades, Leonard M. Tannenbaum directly holds 6,373,106 AFCG common shares. The filing also lists additional indirect holdings through his spouse and the Tannenbaum Family Foundation, though he disclaims beneficial ownership of those securities except to the extent of any pecuniary interest.

What indirect AFCG holdings related to Leonard M. Tannenbaum are disclosed?

The Form 4 shows 218,907 AFCG shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation. The filing states he serves as the foundation’s President and disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.

Does Leonard M. Tannenbaum claim beneficial ownership of all indirect AFCG shares?

No. For the indirect holdings, the filing states he disclaims beneficial ownership. This applies to shares held by his spouse and by the Tannenbaum Family Foundation, except to the extent of his pecuniary interest, clarifying how much economic benefit he may ultimately have from those positions.

What type of transactions are reported in this AFCG Form 4?

The Form 4 reports open-market purchases of AFCG common stock coded as “P” transactions. All three transactions increase his direct share ownership, and there are no reported sales, option exercises, gifts, or tax-withholding dispositions in this particular filing.

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Accepted by SEC EDGAR 03/24/2026 - 04:58 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)
03/20/2026

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	03/20/2026		P		115,237	A	$2.55(1)	6,313,826	D
Common Stock	03/23/2026		P		14,366	A	$2.59(2)	6,328,192	D
Common Stock	03/24/2026		P		44,914	A	$2.59(2)	6,373,106	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 $2.48 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	03/24/2026
	** 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)