Form 4: AFCG Director Leonard Tannenbaum Acquires 729,927 Shares

Advanced Flower Capital Inc. Director and 10% Owner Leonard M. Tannenbaum reported the acquisition of 729,927 shares of common stock through a restricted stock vesting event.

Summary

• Leonard M. Tannenbaum, a Director and 10% Owner of Advanced Flower Capital Inc. (AFCG), reported the acquisition of 729,927 shares of common stock.
• The transaction, dated November 20, 2025, represents restricted stock granted under the Issuer's Stock Incentive Plan that is fully-vested.
• The shares were acquired at a reported price of $2.74 per share.
• Following this transaction, Mr. Tannenbaum directly beneficially owns 5,692,098 shares of common stock.
• Additionally, 218,907 shares are indirectly held by his spouse, for which Mr. Tannenbaum disclaims beneficial ownership.
• An additional 180,400 shares are indirectly held by the Tannenbaum Family Foundation, where Mr. Tannenbaum serves as President, and he disclaims beneficial ownership except to the extent of his pecuniary interest.
• The 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).

Sentiment

Score: 7

Explanation: The vesting of a significant block of restricted stock for a director and 10% owner is a positive indicator of continued alignment of interests with shareholders and a pre-planned compensation event. It does not represent a new cash investment but rather the realization of previously granted equity.

Positives

• The vesting of 729,927 shares of restricted stock for a Director and 10% Owner indicates continued alignment of management's interests with shareholders.
• The transaction is a pre-planned event under a Rule 10b5-1 plan, demonstrating structured equity compensation.

Future Outlook

The filing does not contain any explicit forward-looking statements or guidance beyond the scheduled vesting event.

Industry Context

This filing details an insider's equity compensation event and does not provide broader industry context or trends.

Related Party Transactions

• Shares are indirectly held by the Tannenbaum Family Foundation (formerly known as the Leonard M. Tannenbaum Foundation), for which the Reporting Person serves as President. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders: Increased direct beneficial ownership by a director and 10% owner may be viewed positively as it aligns management's interests with shareholder value.
• Employees (specifically the reporting person): The vesting represents the realization of equity compensation, which is a positive for the individual.

Key Dates

Keywords

Advanced Flower Capital Inc., AFCG, Leonard M. Tannenbaum, Insider Transaction, Form 4, Restricted Stock, Stock Vesting, Beneficial Ownership, Director, 10% Owner, Rule 10b5-1