[SCHEDULE 13D/A] Advanced Flower Capital Inc. SEC Filing

Rhea-AI Filing Summary

Amendment No. 2 to a Schedule 13D reports that Leonard M. Tannenbaum beneficially owns 6,241,981 shares of Advanced Flower Capital Inc., representing 27.6% of the 22,594,541 shares outstanding as of August 13, 2025. The filing states Mr. Tannenbaum acquired additional Common Stock in multiple open market purchases since his prior Schedule 13D/A on July 2, 2024, using personal funds; those transactions are said to be listed on Schedule A. His holdings include 4,148,243 shares held directly, 186,780 shares of restricted stock and 1,906,958 shares issuable upon exercise of options exercisable within 60 days. The filing disclaims beneficial ownership of 180,400 shares held by the Tannenbaum Family Foundation and 211,827 shares held by his spouse.

Positive

• Significant accumulation: Reporting person increased holdings via open market purchases, signaling continued insider investment
• Transparent breakdown: Filing discloses direct shares, restricted stock, and options exercisable within 60 days (totaling 6,241,981 shares)

Negative

• Concentrated ownership: A 27.6% stake may raise governance and control implications for other shareholders
• Schedule A not included here: Transaction-level details (dates and amounts) referenced but not provided in the supplied content

Insights

Financial Analyst

TL;DR: Reporting person holds a large, near-controlling 27.6% stake largely via direct shares and exercisable options.

The disclosed 6.24 million-share position, including nearly 1.91 million options exercisable within 60 days, meaningfully concentrates economic and voting exposure in one individual. The purchases were made with personal funds in open market transactions and were material enough to require amendment. For investors this signals continued insider accumulation and potential influence on corporate strategy or control dynamics; however, no transaction prices, dates, or Schedule A detail are provided here to assess timing or cost basis.

Corporate Governance Expert

TL;DR: A single holder at 27.6% raises governance and influence considerations for Advanced Flower Capital.

Such a substantial ownership stake can affect board composition, shareholder proposals, and strategic outcomes. The filing appropriately identifies shares excluded from beneficial ownership (foundation and spouse). The amendment reports incremental open-market accumulation but does not include Schedule A detail in the provided text, limiting assessment of whether purchases alter voting dynamics over time.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

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)

08/26/2025

(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).

SCHEDULE 13D

CUSIP No. 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 6,241,981.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 6,241,981.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

6,241,981.00

12

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

13

Percent of class represented by amount in Row (11)

27.6 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

This Amendment No. 2 to Schedule 13D (this "Amendment No. 2") 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. This Amendment No. 2 is being filed solely to report purchases of Common Stock that in aggregate exceeded 1% of the Issuer's outstanding Common Stock since the Reporting Person's last Schedule 13D/A filing, while the Reporting Person's overall percentage ownership did not increase by more than 1%. 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 4,148,243 shares of Common Stock, par value $0.01 per share, of the Issuer (the "Common Stock") held directly by the Reporting Person and 186,780 shares of restricted stock held by the Reporting Person and 1,906,958 shares of Common Stock issuable upon exercise of stock options held directly by the Reporting Person and exercisable within 60 days. Excludes (i) 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 and (ii) 211,827 shares of Common Stock (including restricted stock and shares underlying stock options exercisable within 60 days) held by Ms. Robyn Tannenbaum, the Reporting Person's spouse, over which the Reporting Person disclaims beneficial ownership. Line 13 is based on the 22,594,541 shares of Common Stock outstanding as of August 13, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the SEC on August 14, 2025.

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 July 2, 2024, 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.
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. 1 to Schedule 13D on July 2, 2024.
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:	08/26/2025