Advanced Flower Capital: Tannenbaum holds 32.6%

The 32.6% reported position includes foundation-held shares over which Tannenbaum disclaims beneficial ownership except to the extent of his pecuniary interest.

Available on EDGAR 11/09/2026 - 05:20 PM EST Accepted by SEC EDGAR 11/09/2026 - 05:20 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Advanced Flower Capital Inc. (AFCG) shareholder Leonard M. Tannenbaum reported beneficial ownership of 7,308,514 common shares, or 32.6%. The percentage is based on 22,403,782 shares outstanding as of November 2, 2026.

Tannenbaum reported buying shares in multiple open-market transactions with personal funds since September 15. He also attributed an approximately 1.0 percentage-point increase in his ownership since the prior amendment to those purchases and AFCG repurchases from September 15 through September 28. His reported position includes 180,400 shares held by the Tannenbaum Family Foundation, where he is president; he disclaims beneficial ownership of those shares except to the extent of his pecuniary interest. The report excludes 236,907 shares held by his spouse, Robyn Tannenbaum, over which he also disclaims beneficial ownership.

Key Figures

Beneficially owned shares: 7,308,514 shares Ownership percentage: 32.6% Directly held shares: 7,128,114 shares +3 more

6 metrics

Beneficially owned shares 7,308,514 shares Leonard M. Tannenbaum’s reported aggregate ownership

Ownership percentage 32.6% Based on shares outstanding as of November 2, 2026

Directly held shares 7,128,114 shares Tannenbaum’s sole voting and dispositive power

Foundation-held shares 180,400 shares Held by the Tannenbaum Family Foundation; Tannenbaum disclaims beneficial ownership except to the extent of his pecuniary interest

Shares held by spouse 236,907 shares Held by Robyn Tannenbaum and excluded from Leonard M. Tannenbaum’s reported ownership

Shares outstanding 22,403,782 shares As of November 2, 2026

Key Terms

beneficial ownership, pecuniary interest, sole voting power, share repurchase program

4 terms

beneficial ownership financial

"aggregate 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.

pecuniary interest financial

"except to the extent of his pecuniary interest"

sole voting power financial

"Sole Voting Power 7,128,114.00"

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.

share repurchase program financial

"under the Issuer's share repurchase program authorized by the Board"

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.

FAQ

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

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

Leonard M. Tannenbaum reported beneficial ownership of 7,308,514 AFCG common shares, or 32.6%. The percentage is based on 22,403,782 shares outstanding as of November 2, 2026.

Why did Leonard M. Tannenbaum’s AFCG ownership percentage increase?

Tannenbaum attributed an approximately 1.0 percentage-point increase since the prior amendment to his purchases in multiple open-market transactions using personal funds and AFCG’s open-market repurchases from September 15 through September 28, 2026. The repurchases were made under a board-authorized share repurchase program.

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

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

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)

11/06/2026

(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 7,128,114.00
8	Shared Voting Power 180,400.00
9	Sole Dispositive Power 7,128,114.00
10	Shared Dispositive Power 180,400.00

11

Aggregate amount beneficially owned by each reporting person

7,308,514.00

12

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

13

Percent of class represented by amount in Row (11)

32.6 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

This Amendment No. 10 to Schedule 13D (this "Amendment No. 10") 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, Amendment No. 8 to Schedule 13D filed on August 26, 2026 and Amendment No. 9 to Schedule 13D filed on September 15, 2026. This Amendment No. 10 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 1.0 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 7,128,114 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 236,907 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 22,403,782 shares of Common Stock outstanding as of November 2, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the SEC on November 5, 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 September 15, 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. 10 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 September 15, 2026 to September 28, 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. 9 to Schedule 13D on September 15, 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:	11/09/2026