Advanced Flower Capital holder raises stake to 31.6%

Major shareholder Leonard M. Tannenbaum reports a higher AFCG stake of 31.6% following open market purchases and issuer share repurchases.

Rhea-AI Filing Summary

Advanced Flower Capital Inc. (AFCG) has an updated ownership report from major shareholder Leonard M. Tannenbaum, who filed Amendment No. 9 to his Schedule 13D after increasing his stake in the company’s common stock. Tannenbaum now reports beneficial ownership of 7,104,897 shares of common stock, representing 31.6% of the class based on 22,468,755 shares outstanding as of September 14, 2026. Of this, 6,924,497 shares are held directly by Tannenbaum, and 180,400 shares are held by the Tannenbaum Family Foundation, where he serves as President; he disclaims beneficial ownership of the foundation shares except to the extent of his pecuniary interest. The filing states that since the prior amendment, he acquired additional shares in multiple open market purchases using personal funds and that his percentage ownership also increased due to issuer share repurchases under a board-authorized program. The reported stake excludes 226,907 shares held by his spouse, for which he disclaims beneficial ownership.

Filing Explained

Amendment No. 9 reports that Leonard M. Tannenbaum’s beneficial ownership increased by approximately 1.2 percentage points since the prior amendment, reflecting both his purchases and the issuer’s share repurchases; it remains a reported ownership position, not a new issuance.

Key Figures

Beneficially owned shares: 7,104,897 shares Directly held shares: 6,924,497 shares Foundation-held shares: 180,400 shares +4 more

7 metrics

Beneficially owned shares 7,104,897 shares Total common shares beneficially owned by Leonard M. Tannenbaum

Directly held shares 6,924,497 shares Common shares of AFCG held directly by Leonard M. Tannenbaum

Foundation-held shares 180,400 shares Common shares held by the Tannenbaum Family Foundation

Ownership percentage 31.6% Percent of AFCG common stock class beneficially owned

Shares outstanding 22,468,755 shares AFCG common shares outstanding as of September 14, 2026

Ownership increase 1.2 percentage points Increase in Tannenbaum’s beneficial ownership since prior amendment

Spouse-held excluded shares 226,907 shares Common shares held by Ms. Robyn Tannenbaum, excluded from beneficial ownership

Key Terms

beneficial ownership, sole voting power, sole dispositive power, share repurchase program, +1 more

5 terms

beneficial ownership financial

"report changes in the Reporting Person's beneficial ownership of the Issuer's common stock"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: Sole Voting Power 6,924,497.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: Sole Dispositive Power 6,924,497.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

share repurchase program financial

"repurchases of shares of Common Stock made by the Issuer in the open market in the period"

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

Schedule 13D regulatory

"amends and supplements the originally filed with the Securities and Exchange Commission"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

FAQ

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

How many AFCG shares does Leonard M. Tannenbaum now beneficially own?

Leonard M. Tannenbaum reports beneficial ownership of 7,104,897 shares of Advanced Flower Capital Inc. common stock, including 6,924,497 shares held directly and 180,400 shares held by the Tannenbaum Family Foundation, subject to his pecuniary interest disclaimer.

What percentage of AFCG’s common stock does Leonard M. Tannenbaum hold?

Leonard M. Tannenbaum reports beneficial ownership of 31.6% of AFCG’s common stock. This percentage is based on 22,468,755 shares of common stock outstanding as of September 14, 2026, as reported by the company.

What caused the change in Leonard M. Tannenbaum’s ownership in AFCG?

The change reflects additional open market purchases of AFCG common stock by Leonard M. Tannenbaum using personal funds and an increase in his percentage ownership due to share repurchases by the issuer under a board-authorized program.

By how much did Leonard M. Tannenbaum’s AFCG ownership percentage increase?

Leonard M. Tannenbaum’s beneficial ownership of AFCG common stock increased by approximately 1.2 percentage points since his most recent amended Schedule 13D/A filing.

Which AFCG-related holdings does Leonard M. Tannenbaum disclaim beneficial ownership of?

He disclaims beneficial ownership of 180,400 shares held by the Tannenbaum Family Foundation, except for his pecuniary interest, and 226,907 shares of AFCG common stock held by his spouse, Ms. Robyn Tannenbaum.

How many AFCG shares are outstanding for calculating Leonard M. Tannenbaum’s stake?

The reported 31.6% ownership is calculated using 22,468,755 shares of AFCG common stock outstanding as of September 14, 2026, as disclosed in the company’s Form 8-K filed on September 15, 2026.

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

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Available on EDGAR 09/15/2026 - 05:13 PM Accepted by SEC EDGAR 09/15/2026 - 05:12 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

Advanced Flower Capital Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00109K105

(CUSIP Number)

Leonard M. Tannenbaum
477 S. Rosemary Ave, Suite 301,
West Palm Beach, FL, 33401
(561) 510-2390

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/11/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 00109K105

1

Name of reporting person

Leonard M. Tannenbaum

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 6,924,497.00
8	Shared Voting Power 180,400.00
9	Sole Dispositive Power 6,924,497.00
10	Shared Dispositive Power 180,400.00

11

Aggregate amount beneficially owned by each reporting person

7,104,897.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

31.6 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

This Amendment No. 9 to Schedule 13D (this "Amendment No. 9") amends and supplements the Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") by Leonard M. Tannenbaum (the "Reporting Person") with respect to Advanced Flower Capital Inc. (the "Issuer") on April 2, 2021 (the "Schedule 13D"), as amended by Amendment No. 1 to Schedule 13D filed on July 2, 2024, Amendment No. 2 to Schedule 13D filed on August 26, 2025, Amendment No. 3 to Schedule 13D filed on August 29, 2025, Amendment No. 4 to Schedule 13D filed on November 24, 2025, Amendment No. 5 to Schedule 13D filed on March 11, 2026, Amendment No. 6 to Schedule 13D filed on March 24, 2026, Amendment No. 7 to Schedule 13D filed on June 18, 2026 and Amendment No. 8 to Schedule 13D filed on August 26, 2026. This Amendment No. 9 is being filed to report changes in the Reporting Person's beneficial ownership of the Issuer's common stock, par value $0.01 per share (the "Common Stock"). Since the filing of the Reporting Person's most recent Schedule 13D/A, the Reporting Person has acquired additional shares of the Issuer's Common Stock that resulted in an increase in the Reporting Person's beneficial ownership by more than one percent (1%) of the outstanding shares of the Issuer's Common Stock. As the aggregate result of the transactions described herein, the Reporting Person's aggregate beneficial ownership of the Issuer's Common Stock has increased by approximately 1.2 percentage points since the filing of the most recent Schedule 13D/A. The Schedule 13D is hereby amended and supplemented to include the information set forth herein. Capitalized terms not defined herein have the meanings given to such terms in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified. Lines 7 and 9 consist of 6,924,497 shares of the Issuer's Common Stock held directly by the Reporting Person. Lines 8 and 10 consist of 180,400 shares of Common Stock held by the Tannenbaum Family Foundation (formerly known as the Leonard M. Tannenbaum Foundation), for which the Reporting Person serves as the President, over which the Reporting Person disclaims beneficial ownership, except to the extent of his pecuniary interest. The Schedule 13D excludes 226,907 shares of Common Stock held by Ms. Robyn Tannenbaum, the Reporting Person's spouse, over which the Reporting Person disclaims beneficial ownership. Line 13 is based on the 22,468,755 shares of Common Stock outstanding as of September 14, 2026, as reported in the Issuer's Form 8-K, filed with the SEC on September 15, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: Advanced Flower Capital Inc.
(c)	Address of Issuer's Principal Executive Offices: 477 S. Rosemary Ave., Suite 301, West Palm Beach, FLORIDA , 33401.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and supplemented by the addition of the following information: Since August 26, 2026, the Reporting Person purchased shares of Common Stock in multiple open market transactions using personal funds, as listed on Schedule A, attached hereto, and incorporated herein. In addition, this Amendment No. 9 is being filed to reflect increases in the percentage of outstanding Common Stock of the Issuer beneficially owned by the Reporting Person as a result of repurchases of shares of Common Stock made by the Issuer in the open market in the period from August 26, 2026 to September 14, 2026, under the Issuer's share repurchase program authorized by the Board of Directors of the Issuer.
Item 5.	Interest in Securities of the Issuer
(a)	See Items 7-11 and 13 of the cover page above and Item 3.
(b)	See Items 7-11 and 13 of the cover page above and Item 3.
(c)	Transactions in the Common Stock since the last Schedule 13D/A filing are set forth in Schedule A and are incorporated herein. Other than those transactions listed on Schedule A, no transactions in the shares of Common Stock have been effected by the Reporting Person since the filing of Amendment No. 8 to Schedule 13D on August 26, 2026.
Item 7.	Material to be Filed as Exhibits.
	Ex 99.1 - Schedule A - Attached here.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Leonard M. Tannenbaum

Signature:	/s/ Leonard M. Tannenbaum
Name/Title:	Leonard M. Tannenbaum
Date:	09/15/2026