Insider Buy: Leonard Tannenbaum Increases Direct Holdings to 4.96M AFCG Shares

Rhea-AI Filing Summary

Leonard M. Tannenbaum, a director and listed 10% owner of Advanced Flower Capital Inc. (AFCG), purchased 79,665 shares on 09/05/2025 at a weighted average price of $4.56 per share (trades ranged $4.51–$4.61). After the transaction his direct beneficial ownership is reported as 4,962,171 shares. The filing also discloses 127,667 shares held by his spouse (disclaimed) and 180,400 shares held by the Tannenbaum Family Foundation, for which he serves as President (disclaimed except for pecuniary interest). The report was signed by an attorney-in-fact on 09/08/2025. No derivative transactions or additional material terms are reported in this Form 4.

Positive

• Insider purchase disclosed: Reporting Person acquired 79,665 shares on 09/05/2025 at a weighted average price of $4.56.
• Clear ownership detail: Direct holdings after the transaction are reported as 4,962,171 shares with indirect holdings of 127,667 (spouse) and 180,400 (family foundation) disclosed and footnoted.
• Complete price disclosure: Filing states trades ranged from $4.51 to $4.61 and reports the weighted average, with an offer to provide full trade-level details on request.

Negative

• None.

Insights

Financial Analyst

TL;DR Insider purchases of 79,665 shares at a weighted average $4.56 increase the director's direct holdings to 4.96 million shares.

The transaction indicates incremental insider buying by a director and substantial shareholder. The filing reports the purchase price as a weighted average between $4.51 and $4.61 and shows total direct holdings of 4,962,171 shares after the transaction. Indirect holdings include shares held by a spouse and a family foundation, both disclaimed except for pecuniary interest. No options, warrants, or other derivatives were reported. From a liquidity and disclosure perspective the Form 4 is complete in reporting the weighted average price and the relevant footnotes.

Corporate Governance Expert

TL;DR A director and 10% owner filed a routine Form 4 disclosing a purchase and related beneficial ownership positions.

The filing appropriately discloses direct and indirect holdings and provides footnotes clarifying the nature of indirect ownership through a spouse and a family foundation. The Reporting Person checked roles as both director and 10% owner and the filing includes the attorney-in-fact signature. There are no amendments, derivative transactions, or unusual disclosure gaps present in the document provided.

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)
09/05/2025

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	09/05/2025		P		79,665	A	$4.56(1)	4,962,171	D
Common Stock								127,667	I	Held by spouse(2)
Common Stock								180,400	I	See footnote(3)

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 $4.51 to $4.61; 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. 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.

3. 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	09/08/2025
	** 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 transaction did Leonard M. Tannenbaum report on Form 4 for AFCG?

The Form 4 reports a purchase of 79,665 shares on 09/05/2025 at a weighted average price of $4.56 per share.

How many AFCG shares does Leonard M. Tannenbaum directly own after the reported transaction?

The report shows 4,962,171 shares beneficially owned directly following the transaction.

Are there any indirect AFCG holdings reported for Tannenbaum?

Yes. The filing reports 127,667 shares held by his spouse (disclaimed) and 180,400 shares held by the Tannenbaum Family Foundation, for which he serves as President (disclaimed except for pecuniary interest).

Did the Form 4 report any derivative securities or option transactions?

No. Table II for derivative securities contains no reported transactions in this filing.

What price range covered the reported purchase transactions?

The trades that made up the purchase ranged from $4.51 to $4.61, with the filing reporting a weighted average price of $4.56.