AFCG director buys 104K shares in open market

Advanced Flower Capital Inc. director and 10% owner Leonard M. Tannenbaum reported open-market purchases of a total of 104,213 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 104,213 shares of common stock. He bought 2,000 shares on March 10, 2026 at a weighted average price of $2.57 and 102,213 shares on March 9, 2026 at a weighted average price of $2.54, with trade prices ranging from $2.48 to $2.60 according to footnotes. Following these transactions, he directly holds 5,995,581 common shares. The filing also notes indirect holdings of 218,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, for which he disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

Net Buyer: 104,213 shares

Net Buy 4 txns

Insider TANNENBAUM LEONARD M

Role Director, 10% Owner

Bought 104,213 shs ($265K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	2,000	$2.57	$5K
Purchase	Common Stock	102,213	$2.54	$260K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 5,995,581 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 $2.55 to $2.58; 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

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

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

Leonard M. Tannenbaum reported buying 104,213 AFCG shares in open-market transactions. He purchased 102,213 shares on March 9, 2026 at $2.54 per share and 2,000 shares on March 10, 2026 at $2.57 per share, according to the Form 4.

At what prices did Leonard M. Tannenbaum buy AFCG stock?

Tannenbaum’s reported AFCG purchases were at weighted average prices of $2.54 and $2.57 per share. Footnotes state the March 9 trades ranged from $2.48 to $2.60, while the March 10 trades ranged from $2.55 to $2.58, all executed in multiple lots.

How many AFCG shares does Leonard M. Tannenbaum hold after these transactions?

After the reported buys, Tannenbaum directly holds 5,995,581 AFCG common shares. The Form 4 also lists indirect holdings of 218,907 shares held by his spouse and 180,400 shares held by the Tannenbaum Family Foundation, with beneficial ownership disclaimed in the footnotes.

Were the AFCG insider transactions direct or indirect for Leonard M. Tannenbaum?

The open-market purchases of 104,213 AFCG shares were reported as direct holdings. Separate entries show indirect holdings through his spouse and the Tannenbaum Family Foundation, where he disclaims beneficial ownership except for any pecuniary interest, as disclosed in the footnotes.

What do the AFCG Form 4 footnotes reveal about Leonard M. Tannenbaum’s holdings?

The footnotes explain pricing ranges and ownership disclaimers for AFCG shares. They detail trade price ranges for the weighted average prices and clarify that shares held by his spouse and the Tannenbaum Family Foundation are reported with beneficial ownership disclaimed, except for any pecuniary interest.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 03/11/2026 - 07:02 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)
03/09/2026

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	03/09/2026		P		102,213	A	$2.54(1)	5,993,581	D
Common Stock	03/10/2026		P		2,000	A	$2.57(2)	5,995,581	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 $2.55 to $2.58; 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	03/11/2026
	** 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.