Advanced Flower Capital insider purchases 72,957 shares at ~$4.53 average

Rhea-AI Filing Summary

Advanced Flower Capital director and 10% owner Leonard M. Tannenbaum reported purchases of company common stock on September 2 and 3, 2025. He acquired 36,096 shares on 09/02/2025 at a weighted average price of $4.49, bringing his direct beneficial ownership to 4,845,645 shares. He acquired 36,861 shares on 09/03/2025 at a weighted average price of $4.57, bringing his direct beneficial ownership to 4,882,506 shares. The filing discloses additional indirect holdings of 127,667 shares held by a spouse and 180,400 shares held by the Tannenbaum Family Foundation; the reporting person disclaims beneficial ownership of the spouse-held shares and limits beneficial ownership of the foundation shares to his pecuniary interest.

Positive

• Director and 10% owner purchased shares: 36,096 shares on 09/02/2025 at a weighted average price of $4.49 and 36,861 shares on 09/03/2025 at $4.57, increasing direct holdings to 4,882,506 shares.
• Timely Form 4 disclosure: Transactions are reported with explanatory footnotes and a signature by attorney-in-fact, indicating compliance with filing requirements.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases totaling 72,957 shares at ~$4.53 average, increasing direct stake to 4.88 million shares.

The filing documents open-market purchases executed across multiple trades on 09/02/2025 and 09/03/2025. Reported weighted average prices are $4.49 and $4.57 respectively; the filer acquired 36,096 and 36,861 shares. Post-transactions direct beneficial ownership is reported at 4,882,506 shares. These are routine Form 4 disclosures showing incremental insider accumulation. The report includes standard disclaimers regarding spouse-held shares and foundation-held shares for which the reporting person serves as President.

Corporate Governance Expert

TL;DR: Director and 10% owner submitted timely Form 4 reporting small open-market purchases and standard beneficial ownership disclaimers.

The Form 4 is properly executed and signed by an attorney-in-fact. It reports purchase code P transactions and provides explanatory footnotes about weighted average pricing and indirect holdings. Disclosures include a spouse-held block and shares held by the Tannenbaum Family Foundation with a pecuniary-interest disclaimer. Documentation appears complete for these transactions as presented in the filing.

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)
09/02/2025

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	09/02/2025		P		36,096	A	$4.49(1)	4,845,645	D
Common Stock	09/03/2025		P		36,861	A	$4.57(2)	4,882,506	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 $4.47 to $4.51; 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 $4.55 to $4.60; 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	09/03/2025
	** 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 transactions did Leonard M. Tannenbaum report on Form 4 for AFCG?

The filing reports open-market purchases of 36,096 shares on 09/02/2025 at a weighted average price of $4.49 and 36,861 shares on 09/03/2025 at $4.57.

How many shares does Leonard M. Tannenbaum beneficially own after the reported transactions?

The filing shows direct beneficial ownership of 4,882,506 shares following the reported purchases.

Are there any indirect holdings disclosed for the reporting person?

Yes. The report discloses 127,667 shares held by a spouse (disclaimed) and 180,400 shares held by the Tannenbaum Family Foundation, for which he serves as President.

What do the footnotes say about the reported purchase prices?

Footnotes state the transactions were executed in multiple trades; the reported prices are weighted averages: $4.47–$4.51 for 09/02 and $4.55–$4.60 for 09/03, with full trade details available upon request.

Who signed the Form 4 filing for these transactions?

The Form 4 is signed by Gabriel A. Katz, as Attorney-in-Fact on 09/03/2025.