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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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SCHEDULE 13D/A 0001829126-25-006942 0001200461 XXXXXXXX LIVE 4 Common Stock 11/20/2025 false 0001822523 00109K105 Advanced Flower Capital Inc. 477 S. Rosemary Ave., Suite 301 West Palm Beach FL 33401 Leonard M. Tannenbaum (561) 510-2390 477 S. Rosemary Ave, Suite 301 West Palm Beach FL 33401 0001200461 N Leonard M. Tannenbaum PF OO N X1 5692098.00 180400.00 5692098.00 180400.00 5872498.00 N 25.0 IN This Amendment No. 4 to Schedule 13D (this "Amendment No. 4") 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, and Amendment No. 3 to Schedule 13D filed on August 29, 2025. This Amendment No. 4 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' Commons Stock has increased by approximately 2.9 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 5,505,318 shares of the Issuer's Common Stock held directly by the Reporting Person and 186,780 shares of restricted stock held 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 303,067 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 23,528,844 shares of Common Stock outstanding as of November 20, 2025, as of the date when the restricted stock grants were fully-vested. Common Stock Advanced Flower Capital Inc. 477 S. Rosemary Ave., Suite 301 West Palm Beach FL 33401 Item 3 of the Schedule 13D is hereby amended and supplemented by the addition of the following information: Since August 29, 2025, 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, the Reporting Person received restricted stock granted under the Issuer's Stock Incentive Plan that is fully-vested as of November 20, 2025. See Items 7-11 and 13 of the cover page above and Item 3. See Items 7-11 and 13 of the cover page above and Item 3. 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. 3 to Schedule 13D on August 29, 2025. Ex 99.1 - Schedule A - Attached here. Leonard M. Tannenbaum /s/ Leonard M. Tannenbaum Leonard M. Tannenbaum 11/24/2025