Robyn Tannenbaum
About Robyn Tannenbaum
Robyn Tannenbaum is President (since March 2023) and Chief Investment Officer (since October 21, 2024) of Advanced Flower Capital Inc. (AFCG). She is age 39, with a B.S. in Finance from Lehigh University, and prior experience in healthcare M&A at CIT Group and investor relations at Fifth Street; she also founded REC Investor Relations (2017–2020) before joining AFCG in 2020 . She beneficially owns 205,827–211,827 AFCG shares (less than 1%) across 2025 disclosures, comprised of directly held common shares, vested options exercisable within 60 days, and unvested restricted stock; her spouse, Chairman Leonard Tannenbaum, beneficially owns 22.8%–24.7% of AFCG over the same period, which is excluded from her beneficial ownership totals . She also holds 9.7% of the Parent Manager that ultimately owns AFC Management, LLC (the external manager), tying her economics to management and incentive fees post the company’s BDC conversion process . Performance metric disclosure specific to her pay structure (e.g., TSR, revenue/EBITDA growth targets) is not provided in the cited filings.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AFCG | Managing Director, Head of Origination & Investor Relations | Jul 2020–Mar 2023 | Led origination and investor relations ahead of/through public company phase . |
| REC Investor Relations | Founder | Oct 2017–Jul 2020 | Boutique IR/marketing advisor to healthcare and financial services companies . |
| Fifth Street | Head of Investor Relations | Mar 2014–Oct 2017 | IR leadership at a credit asset manager (FSAM) . |
| CIT Group Inc. | Vice President, Healthcare M&A | Dates not disclosed | Executed healthcare M&A and leveraged finance mandates . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Sunrise Realty Trust Inc. (SUNS) | President | Since Feb 2024 | Role concurrent with AFCG presidency . |
| Southern Realty Trust (SRT) | Head of Capital Markets | Since Sep 2023 | Capital markets leadership . |
| AFC Management, LLC (Manager) | President, Chief Executive Officer, Manager | As of 2025 proxy | Contact designation in the Manager agreement exhibits . |
Fixed Compensation
| Year | Base Salary ($) |
|---|---|
| 2024 | 69,452 |
| 2023 | 132,260 |
The 2025 proxy Summary Compensation Table shows no cash bonus paid to Robyn for 2023 or 2024 and does not disclose a target bonus percentage for her role .
Performance Compensation
Equity Grants (Grant-Date Fair Value)
| Year | Stock Awards ($) |
|---|---|
| 2024 | 400,000 |
| 2023 | 399,993 |
Outstanding Equity Awards and Vesting (as of 12/31/2024)
| Award Type | Quantity | Key Terms |
|---|---|---|
| Restricted Stock (Grant date 1/3/2023) | 17,127 | Vests 33% on each of the first, second, and third anniversaries of 1/3/2023 (time-based) . |
| Restricted Stock (Grant date 1/2/2024) | 34,188 | Vests 33% on each of the first, second, and third anniversaries of 1/2/2024 (time-based) . |
| Options (Grant 8/12/2020) | 20,160 | Exercise price $9.53; expires 8/12/2027; fully vested at grant and exercisable post-IPO . |
| Options (Grant 3/19/2021) | 14,000 | Exercise price $12.30; expires 3/19/2028; fully vested at grant and exercisable post-IPO . |
| Options (Grant 1/11/2022) | 50,000 | Exercise price $12.99; expires 1/11/2029; fully vested at grant and exercisable post-IPO . |
Option exercise prices were retroactively adjusted on July 9, 2024 in connection with the spin-off to preserve intrinsic value .
Performance Metric Framework
- The proxies do not disclose Robyn-specific performance metrics, weightings, or annual cash incentive plan outcomes; her equity awards are time-based RS and fully vested legacy options (exercisable post-IPO) .
Equity Ownership & Alignment
Beneficial Ownership Detail
| As-Of Date | Common Shares Owned | Options Exercisable within 60 Days | Unvested RS | Total Beneficial Ownership | % of Shares Outstanding |
|---|---|---|---|---|---|
| Mar 28, 2025 | 42,522 | 84,160 | 79,145 | 205,827 | <1% |
| Sep 15, 2025 | 48,522 | 84,160 | 79,145 | 211,827 | <1% |
- Anti-hedging/pledging: Insiders are prohibited from hedging and from margining/pledging company securities, reducing alignment risk from collateral-driven selling .
- Clawback: Company has an SEC/Nasdaq-compliant clawback policy for erroneously awarded incentive compensation over the prior three fiscal years upon a restatement .
- Manager economics: Robyn owns 9.7% of the Parent Manager; AFCG’s proposed BDC advisory agreement includes base and incentive fee structures (including income and capital gains fees), creating alignment with fee-generating AUM and performance fee realizations .
Employment Terms
- Role transitions: Appointed President in March 2023; appointed Chief Investment Officer effective October 21, 2024 .
- Governance policies applicable to executives:
- Insider Trading Policy, including prohibitions on hedging and pledging .
- Compensation Clawback Policy compliant with SEC/Nasdaq rules .
- The filings cited include employment agreement detail for the CEO but do not include specific severance or change-of-control terms for Robyn; no separate non-compete/non-solicit terms for Robyn are disclosed in the cited documents .
Investment Implications
- Pay–performance alignment: Robyn’s compensation mix is concentrated in equity (time-based RS) with minimal cash salary and no disclosed annual cash bonus, suggesting retention-oriented alignment but limited transparency into performance conditions (no PSU/metric detail) .
- Selling pressure windows: Time-based RS grants vest annually over three years from the 2023 and 2024 grant dates, creating predictable liquidity windows; legacy options (2027–2029 expiries) are fully vested, but sale timing may be influenced by price levels and blackout policies .
- Skin-in-the-game: Her direct beneficial ownership is <1%, but she holds meaningful economic exposure via Manager ownership (9.7%) and is closely aligned with the Chairman’s 22.8%–24.7% equity stake (spousal holdings are excluded from her beneficial ownership) . Manager-aligned incentives and the BDC fee design may bias towards AUM growth and NII/capital gains generation, warranting monitoring of fee outcomes post-conversion .
- Governance risk mitigants: Anti-hedging/pledging restrictions and a formal clawback policy reduce downside governance risk; limited disclosure of Robyn-specific employment/severance terms leaves some retention/change-of-control economics opaque in current filings .