Insider Purchases: AFCG Director Adds 474,526 Shares at ~$4.60 Avg

Rhea-AI Filing Summary

Leonard M. Tannenbaum, a director and listed 10% owner of Advanced Flower Capital Inc. (AFCG), reported purchases of the company's common stock on August 27-28, 2025. He acquired 330,127 shares on 08/27/2025 at a weighted-average price of $4.81 and 144,399 shares on 08/28/2025 at a weighted-average price of $4.57, for a total of 474,526 shares reported in the filing. Following those transactions the report shows 4,665,150 shares beneficially owned after the 08/27 trades and 4,809,549 shares after the 08/28 trades. The filing also discloses 127,667 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation; Mr. Tannenbaum serves as President of the foundation and disclaims beneficial ownership of those holdings except to the extent of any pecuniary interest. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 08/29/2025.

Positive

• Director and 10% owner made open-market purchases totaling 474,526 shares on 08/27-08/28/2025
• Weighted-average execution prices disclosed ($4.81 on 08/27 and $4.57 on 08/28), allowing precise transaction valuation
• Reported beneficial ownership increased to 4,809,549 shares following the 08/28/2025 trades

Negative

• None.

Insights

Financial Analyst

TL;DR: Director and 10% owner purchased 474,526 shares across two days, increasing reported beneficial holdings to 4.81 million shares.

The Form 4 documents disclosed open-market purchases totaling 474,526 shares executed on 08/27/2025 and 08/28/2025 at weighted-average prices of $4.81 and $4.57, respectively. Reported beneficial ownership increases from 4,665,150 to 4,809,549 shares after the transactions. For investors and analysts, the filing is a clear record of insider accumulation at the reported price points and provides exact quantities and weighted-average execution prices, enabling precise modelling of insider purchase exposure.

Corporate Governance Expert

TL;DR: Filing shows standard Form 4 disclosures including direct purchases and disclosed indirect holdings via spouse and a family foundation.

The report identifies Mr. Tannenbaum as both a director and a 10% owner and discloses indirect holdings: 127,667 shares held by spouse and 180,400 shares held by the Tannenbaum Family Foundation, of which he is President. The filing includes standard disclaimers of beneficial ownership for those indirect holdings and provides explanatory footnotes about weighted-average pricing for multiple trades. Execution and signature were completed by an attorney-in-fact on 08/29/2025, consistent with procedural norms.

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
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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)
08/27/2025

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	08/27/2025		P		330,127	A	$4.81(1)	4,665,150	D
Common Stock	08/28/2025		P		144,399	A	$4.57(2)	4,809,549	D
Common Stock								127,667	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 $4.56 to $5.02; 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 $4.47 to $4.70; 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	08/29/2025
	** 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 insider transactions did AFCG director Leonard M. Tannenbaum report?

The Form 4 reports purchases of 330,127 shares on 08/27/2025 at a weighted-average price of $4.81 and 144,399 shares on 08/28/2025 at a weighted-average price of $4.57.

How many shares does Leonard M. Tannenbaum beneficially own after these Form 4 transactions?

The filing shows 4,665,150 shares after the 08/27 trades and 4,809,549 shares after the 08/28 trades.

Are there any indirect holdings disclosed by the reporting person on this Form 4?

Yes. The report discloses 127,667 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, for which he is President; he disclaims beneficial ownership except to the extent of any pecuniary interest.

What prices were used in the Form 4 for the reported trades?

The filing reports weighted-average prices reflecting multiple trades: $4.81 for 08/27/2025 (range $4.56–$5.02) and $4.57 for 08/28/2025 (range $4.47–$4.70).

When was the Form 4 signed and filed?

The signature block shows the form was signed by an attorney-in-fact on behalf of the reporting person on 08/29/2025.