SCHEDULE 13D/A 0001829126-24-004541 0001200461 XXXXXXXX LIVE 2 Common Stock 08/26/2025 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 6241981.00 0.00 6241981.00 0.00 6241981.00 N 27.6 IN 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. 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 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. 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. 1 to Schedule 13D on July 2, 2024. Ex 99.1 - Schedule A - Attached here. Leonard M. Tannenbaum /s/ Leonard M. Tannenbaum 08/26/2025