# EDGAR Filing Document

**Accession Number:** 0001200461
**File Stem:** 0001829126-25-006743
**Filing Date:** 2025-8
**Character Count:** 8518
**Document Hash:** 39c91965411cc5872aed793f83350422
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-006743.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001829126-25-006743

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advanced Flower Capital Inc.
- **CENTRAL INDEX KEY:** 0001822523
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 851807125
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92447
- **FILM NUMBER:** 251259230

**BUSINESS ADDRESS:**
- **STREET 1:** 477 S. ROSEMARY AVE., SUITE 301
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 561.510.2390

**MAIL ADDRESS:**
- **STREET 1:** 477 S. ROSEMARY AVE., SUITE 301
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AFC Gamma, Inc.
- **DATE OF NAME CHANGE:** 20200825
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TANNENBAUM LEONARD M
- **CENTRAL INDEX KEY:** 0001200461

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 525 OKEECHOBEE BLVD., SUITE 1650
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

## Exhibit 99.1

**Exhibit 99.1**

**<u>Schedule A</u>**

The source of funds for all purchases below by the Reporting Person was from personal funds. For each of the transactions below that occurred in multiple trades on the same day, 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 staff of the SEC, the Issuer, or a security holder of the Issuer.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date of Transaction** | **Person Effecting <br> the Transaction** | **Nature of<br> Transaction**  | **Number of**<br> **Securities** | **Price <br> per Share** | **Price<br> Range** |
| 02/25/2025 | Leonard M. Tannenbaum | Grant of Restricted Stock | 95579 | $8.37 | n/a |
| 03/14/2025 | Leonard M. Tannenbaum | Purchase of Common Stock | 32007 | $6.52 | $6.38 - $6.60 |
| 03/17/2025 | Leonard M. Tannenbaum | Purchase of Common Stock | 50000 | $6.20 | $6.17 - $6.20 |
| 08/22/2025 | Leonard M. Tannenbaum | Purchase of Common Stock | 216117 | $4.03 | $3.87 - $4.10 |
| 08/25/2025 | Leonard M. Tannenbaum | Purchase of Common Stock | 61862 | $4.08 | $4.01 - $4.14 |
| 08/26/2025 | Leonard M. Tannenbaum | Purchase of Common Stock | 97168 | $4.17 | $4.08 - $4.25 |

---

### UNITED STATES 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**<br>477 S. Rosemary Ave, Suite 301<br>West Palm Beach FL 33401<br>(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)*

| **CUSIP No.** | **00109K105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Leonard M. Tannenbaum** | Name of reporting person<br>**Leonard M. Tannenbaum** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**6241981.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**6241981.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6241981.00** | Aggregate amount beneficially owned by each reporting person<br>**6241981.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**27.6%** | Percent of class represented by amount in Row (11)<br>**27.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for 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.

**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, FL, 33401

**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.

### 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.

**Reporting Person:** Leonard M. Tannenbaum

**Signature:** /s/ Leonard M. Tannenbaum

**Name/Title:** Leonard M. Tannenbaum

**Date:** 08/26/2025