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    <div style="text-align: center;">As filed with the Securities and Exchange Commission on April 10, 2025</div>
    <div style="text-align: right;">
      <div>
        <div>Registration No. __________________</div>
      </div>
    </div>
  </div>
  <div>
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    <div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div>&#160;
        <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM S-8</div>
      <div>&#160;</div>
      <div style="text-align: center;">REGISTRATION STATEMENT</div>
      <div style="text-align: center;">UNDER</div>
      <div style="text-align: center;">THE SECURITIES ACT OF 1933</div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">Advanced Flower Capital Inc.</div>
      <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="zd2ae2d39017d40eb90e611ec7be4821c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

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            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Maryland</div>
            </td>
            <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">85-1807125</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center;">(State or other jurisdiction of incorporation or organization)</div>
            </td>
            <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center;">(I.R.S. Employer Identification No.)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">477 Rosemary Ave., Suite 301</div>
      <div style="text-align: center; font-weight: bold;">West Palm Beach, FL 33401</div>
      <div style="text-align: center; font-weight: bold;">(561) 510-2390</div>
      <div style="text-align: center;">(Address, including zip code, of Principal Executive Offices)</div>
      <div style="text-align: center;"> <br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">AFC Gamma, Inc.</div>
      <div style="text-align: center; font-weight: bold;">Stock Incentive Plan</div>
      <div style="text-align: center;">&#160;(Full title of the plan)</div>
      <div style="text-align: center;"><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">Daniel Neville</div>
      <div style="text-align: center; font-weight: bold;">Chief Executive Officer</div>
      <div style="text-align: center; font-weight: bold;">Advanced Flower Capital Inc.</div>
      <div style="text-align: center; font-weight: bold;">477 Rosemary Ave., Suite 301</div>
      <div style="text-align: center; font-weight: bold;">West Palm Beach, FL 33401</div>
      <div style="text-align: center; font-weight: bold;">(561) 510-2390</div>
      <div style="text-align: center;">(Name, address and telephone number, including area code, of agent for service)</div>
      <div><br>
      </div>
      <div style="text-align: center;">COPY TO:</div>
      <div>&#160;</div>
      <div>
        <div style="text-align: center; color: #000000;">C. Brophy Christensen, Esq.</div>
        <div style="text-align: center; color: #000000;">Jeeho M. Lee, Esq.</div>
        <div style="text-align: center; color: #000000;">O&#8217;Melveny &amp; Myers LLP</div>
        <div style="text-align: center; color: #000000;">1301 Avenue of the Americas, 17th Floor</div>
        <div style="text-align: center; color: #000000;">New York, New York 10019</div>
        <div style="text-align: center; color: #000000;">(212) 326-2000</div>
      </div>
      <div>&#160;
        <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="margin-right: 16.55pt; margin-left: 40.3pt;"> <br>
      </div>
      <div>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated
        filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z1e092157763c4e15ae551bc1a8f6f6be" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div>Large accelerated filer</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div>&#9744;</div>
            </td>
            <td colspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div>Accelerated filer</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div>&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div>Non-accelerated filer</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div>&#9745;</div>
            </td>
            <td colspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div>Smaller reporting company</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div>&#9745;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div>Emerging growth company</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div>&#9745;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the
        Securities Act.&#160; &#160; &#9744;</div>
      <div> <br>
      </div>
      <div>
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      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-align: center; font-weight: bold;">EXPLANATORY NOTE</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The AFC Gamma, Inc. Stock Incentive Plan, as amended (the &#8220;Plan&#8221;), includes an evergreen provision which provides that the total number of shares reserved for issuance under the Plan (the &#8220;Share Limit&#8221;) will
        automatically increase (i) upon the sale and consummation of any offering of the Company&#8217;s Common Stock after the date of the Company&#8217;s initial public offering (each such sale and offering, an &#8220;Equity Offering&#8221;), in an amount equal to ten percent
        (10.0%) of the total number of shares of Common Stock sold by the Company in connection with such Equity Offering and (ii) if on the last day of the Company&#8217;s fiscal year, the Share Limit has not increased during such fiscal year by an aggregate
        amount equal to or greater than two percent (2.0%) of the total number of shares of Common Stock outstanding on the first day of such fiscal year (the &#8220;Minimum Annual Increase&#8221;), then in an amount equal to the difference between the Minimum Annual
        Increase and the aggregate amount that the Share Limit increased during such fiscal year, effective as of the last day of such fiscal year. Notwithstanding the foregoing, the Company&#8217;s Board of Directors may act prior to the sale and consummation
        of the applicable Equity Offering or the last day of such fiscal year, as applicable, to provide that an increase in the Share Limit will be a lesser number of shares of Common Stock than would otherwise occur pursuant to the preceding sentence.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">This Registration Statement is filed by the Company to register additional securities issuable pursuant to the Plan and consists of only those items required by General Instruction E to Form S-8.</div>
      <div>&#160;</div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">PART I</div>
      <div>&#160;</div>
      <div style="text-align: center;">INFORMATION REQUIRED IN THE</div>
      <div style="text-align: center;">SECTION 10(a) PROSPECTUS</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The document(s) containing the information specified in Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) promulgated under the Securities Act of 1933, as amended (the &#8220;Securities
        Act&#8221;).</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">2</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">PART II</div>
      <div>&#160;</div>
      <div style="text-align: center;">INFORMATION REQUIRED IN THE</div>
      <div style="text-align: center;">REGISTRATION STATEMENT</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zb6cb241196c547f0af75b7c2047e7e16" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 69.6pt; vertical-align: top; font-weight: bold;">Item 3.</td>
            <td style="vertical-align: top;">
              <div style="font-weight: bold;">Incorporation of Certain Documents by Reference</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The following documents of Advanced Flower Capital Inc. (the &#8220;Company&#8221; or &#8220;Registrant&#8221;) the Company filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) are incorporated herein by reference:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z7d34efcbe82142d49d89e8eebf9927da" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt; vertical-align: top;">(a)</td>
            <td style="vertical-align: top;">
              <div>The Company&#8217;s <a href="https://www.sec.gov/Archives/edgar/data/1822523/000114036121009237/nt10017017x11_s8.htm">Registration Statement on Form S-8</a>, filed with the Commission on March 19, 2021 (Commission File No. 333-254480), as
                amended by <a href="https://www.sec.gov/Archives/edgar/data/1822523/000114036122001177/ny20001242x13_s8pos.htm">Post-Effective Amendment No. 1 to the Form S-8</a>, filed with the Commission on January 10, 2022 (Commission File No.
                333-254480), the Company&#8217;s <a href="https://www.sec.gov/Archives/edgar/data/1822523/000114036122001179/ny20001242x14_s8.htm">Registration Statement on Form S-8</a>, filed with the Commission on January 10, 2022 (Commission File No.
                333-262091), and the Company&#8217;s <a href="https://www.sec.gov/Archives/edgar/data/1822523/000182912623001914/afcgamma_s8.htm">Registration Statement on Form S-8</a>, filed with the Commission on March 8, 2023 (Commission File No.
                333-270373);</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z68075a2a4e2e49799c7be599f031817c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div>The Company&#8217;s Annual Report on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001822523/000182252325000003/afcg-20241231.htm">Form 10-K</a> for its fiscal year ended December 31, 2024, filed with the Commission on March 13,
                2025 (Commission File No. 001-39995);</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z20d61cc399d24a20b33e6751ebc15b6a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(c)</td>
            <td style="width: auto; vertical-align: top;">
              <div>The portions of the Company&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001822523/000114036125012374/ny20044952x1_def14a.htm">Definitive Proxy Statement on Schedule 14A</a>, filed with the Commission on April 4, 2025,
                that are incorporated by reference in Part III of the Company&#8217;s Annual Report on Form 10-K for its fiscal year ended December 31, 2024 (Commission File No. 001-39995); and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf3f93bcc34e949ff93d998f38453f644" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(d)</td>
            <td style="width: auto; vertical-align: top;">
              <div>The description of the Company's Common Stock contained in<a href="https://www.sec.gov/Archives/edgar/data/1822523/000114036122008768/brhc10034929_ex4-1.htm"> Exhibit 4.1</a> to the Company&#8217;s Annual Report on Form 10-K for its fiscal
                year ended December 31, 2021, filed with the Commission on March 10, 2022 (Commission File No. 001-39995), under the Exchange Act, and any amendment or report filed for the purpose of updating such description.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered hereby
        have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing of such documents; provided, however, that
        documents or information deemed to have been furnished and not filed in accordance with Commission rules shall not be deemed incorporated by reference into this Registration Statement.&#160; Any statement contained herein or in a document, all or a
        portion of which is incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently
        filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.&#160; Any such statement so modified or superseded shall not be deemed, except as so modified or amended, to constitute a part of
        this Registration Statement.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">3</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="zddf7b81aa21b46e48b98902e31a5f229" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 69.85pt; vertical-align: top; font-weight: bold;">Item 5.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Interests of Named Experts and Counsel</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Not applicable.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z6133791181ce45e0b7dad719961cf33e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 69.85pt; vertical-align: top; font-weight: bold;">Item 8.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Exhibits</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">See the attached Exhibit Index at page 5, which is incorporated herein by reference.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">4</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">EXHIBIT INDEX</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zce988fa1535b47f69ca727b80cc34d5f" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Exhibit</div>
              <div>Number</div>
            </td>
            <td style="width: 88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Description of Exhibit</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-size: 12pt;"><a href="https://www.sec.gov/Archives/edgar/data/1822523/000114036121001807/nt10017017x4_ex10-5.htm"><font style="font-size: 10pt;">4.1&#8224;</font></a></div>
            </td>
            <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>AFC Gamma, Inc. Stock Incentive Plan (Filed as Exhibit 10.5 to the Company&#8217;s Registration Statement on Form S-11 (Commission File No. 333-251762), initially filed with the Commission on December 28, 2020, as amended on January 22, 2021,
                February 3, 2021, February 11, 2021, February 16, 2021, February 24, 2021, and March 16, 2021).</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="ef20047228_ex5-1.htm">5.1</a></div>
            </td>
            <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Opinion of<font style="font-weight: bold;">&#160;</font>Venable LLP (opinion re legality).</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">&#160;</td>
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            <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
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              <div>Consent of CohnReznick LLP<font style="font-weight: bold; font-style: italic;">&#160;</font>(consent of independent registered public accounting firm).</div>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">&#160;</td>
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            <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
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              <div>Consent of Counsel (included in Exhibit 5.1).</div>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">&#160;</td>
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            <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
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              <div>Power of Attorney (included in this Registration Statement under &#8220;Power of Attorney&#8221;).</div>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">&#160;</td>
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            <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="ef20047228_ex107.htm">107</a></div>
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            <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Filing Fee Table</div>
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                <div>Previously filed.</div>
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      <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S&#8209;8 and has duly caused this Form S-8
        Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of West Palm Beach, State of Florida, on April 10, 2025.</div>
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            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
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              <div style="text-align: justify;">/s/ Daniel Neville</div>
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
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      <div style="text-indent: 36pt;">Each person whose signature appears below constitutes and appoints Daniel Neville and Brandon Hetzel, and each of them, acting individually and without the other, as his or her true and lawful attorneys-in-fact and
        agents, with full power of substitution and resubstitution, for him or her and in his or her name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other
        documents in connection therewith) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them,
        full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all
        that said attorneys-in-fact and agents, or either of them individually, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">Title</div>
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            <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0);">Date</div>
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            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
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            <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Daniel Neville</div>
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            <td style="width: 2%; vertical-align: top;" rowspan="2">&#160;</td>
            <td style="width: 33%; vertical-align: top;" rowspan="2">
              <div style="color: #000000;">Chief Executive Officer</div>
              <div style="color: #000000;">(Principal Executive Officer)</div>
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            <td style="width: 2%; vertical-align: top;" rowspan="2">&#160;</td>
            <td style="width: 30%; vertical-align: top;" rowspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0);">April 10, 2025</div>
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            <td style="width: 33%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Daniel Neville</div>
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          <tr>
            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
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            <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Brandon Hetzel</div>
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            <td style="width: 2%; vertical-align: top;" rowspan="2">&#160;</td>
            <td style="width: 33%; vertical-align: top;" rowspan="2">
              <div style="color: rgb(0, 0, 0);">Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)</div>
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            <td style="width: 2%; vertical-align: top;" rowspan="2">&#160;</td>
            <td style="width: 30%; vertical-align: top;" rowspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0);">April 10, 2025</div>
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            <td style="width: 33%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Brandon Hetzel</div>
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          <tr>
            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
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            <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Leonard M. Tannenbaum</div>
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            <td style="width: 2%; vertical-align: top;" rowspan="2">&#160;</td>
            <td style="width: 33%; vertical-align: top;" rowspan="2">
              <div style="color: rgb(0, 0, 0);">Chairman and Director</div>
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            <td style="width: 2%; vertical-align: top;" rowspan="2">&#160;</td>
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              <div style="text-align: center; color: rgb(0, 0, 0);">April 10, 2025</div>
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            <td style="width: 33%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Leonard M. Tannenbaum</div>
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            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
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            <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td style="width: 2%; vertical-align: top;" rowspan="2">&#160;</td>
            <td style="width: 33%; vertical-align: top;" rowspan="2">
              <div style="color: rgb(0, 0, 0);">Director</div>
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            <td style="width: 2%; vertical-align: top;" rowspan="2">&#160;</td>
            <td style="width: 30%; vertical-align: top;" rowspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0);">April 10, 2025</div>
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            <td style="width: 33%; vertical-align: top;">
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            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
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            <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td style="width: 2%; vertical-align: top;" rowspan="2">&#160;</td>
            <td style="width: 33%; vertical-align: top;" rowspan="2">
              <div style="color: rgb(0, 0, 0);">Director</div>
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            <td style="width: 2%; vertical-align: top;" rowspan="2">&#160;</td>
            <td style="width: 30%; vertical-align: top;" rowspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0);">April 10, 2025</div>
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            <td style="width: 33%; vertical-align: top;">
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            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 33%; vertical-align: top;">&#160;</td>
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            <td style="width: 2%; vertical-align: top;">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">Director</div>
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{"company-data": {"conformed-name": "Advanced Flower Capital Inc.", "cik": "0001822523", "assigned-sic": "6500", "organization-name": "05 Real Estate & Construction", "ein": "851807125", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-286462", "film-number": "25828791"}, "business-address": {"street1": "477 S. ROSEMARY AVE., SUITE 301", "city": "WEST PALM BEACH", "state": "FL", "zip": "33401", "phone": "561.510.2390"}, "mail-address": {"street1": "477 S. ROSEMARY AVE., SUITE 301", "city": "WEST PALM BEACH", "state": "FL", "zip": "33401"}, "former-company": {"former-conformed-name": "AFC Gamma, Inc.", "date-changed": "20200825"}}
As filed with the Securities and Exchange Commission on April 10, 2025
Registration No. __________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Advanced Flower Capital Inc.
(Exact name of registrant as specified in its charter)
Maryland
85-1807125
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
477 Rosemary Ave., Suite 301
West Palm Beach, FL 33401
(561) 510-2390
(Address, including zip code, of Principal Executive Offices)
AFC Gamma, Inc.
Stock Incentive Plan
(Full title of the plan)
Daniel Neville
Chief Executive Officer
Advanced Flower Capital Inc.
477 Rosemary Ave., Suite 301
West Palm Beach, FL 33401
(561) 510-2390
(Name, address and telephone number, including area code, of agent for service)
COPY TO:
C. Brophy Christensen, Esq.
Jeeho M. Lee, Esq.
O'Melveny & Myers LLP
1301 Avenue of the Americas, 17th Floor
New York, New York 10019
(212) 326-2000
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated
        filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☑
Smaller reporting company
☑
Emerging growth company
☑
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the
        Securities Act.    ☐
EXPLANATORY NOTE
The AFC Gamma, Inc. Stock Incentive Plan, as amended (the "Plan"), includes an evergreen provision which provides that the total number of shares reserved for issuance under the Plan (the "Share Limit") will
        automatically increase (i) upon the sale and consummation of any offering of the Company's Common Stock after the date of the Company's initial public offering (each such sale and offering, an "Equity Offering"), in an amount equal to ten percent
        (10.0%) of the total number of shares of Common Stock sold by the Company in connection with such Equity Offering and (ii) if on the last day of the Company's fiscal year, the Share Limit has not increased during such fiscal year by an aggregate
        amount equal to or greater than two percent (2.0%) of the total number of shares of Common Stock outstanding on the first day of such fiscal year (the "Minimum Annual Increase"), then in an amount equal to the difference between the Minimum Annual
        Increase and the aggregate amount that the Share Limit increased during such fiscal year, effective as of the last day of such fiscal year. Notwithstanding the foregoing, the Company's Board of Directors may act prior to the sale and consummation
        of the applicable Equity Offering or the last day of such fiscal year, as applicable, to provide that an increase in the Share Limit will be a lesser number of shares of Common Stock than would otherwise occur pursuant to the preceding sentence.
This Registration Statement is filed by the Company to register additional securities issuable pursuant to the Plan and consists of only those items required by General Instruction E to Form S-8.
PART I
INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS
The document(s) containing the information specified in Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) promulgated under the Securities Act of 1933, as amended (the "Securities
        Act").
2
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Item 3.
Incorporation of Certain Documents by Reference
The following documents of Advanced Flower Capital Inc. (the "Company" or "Registrant") the Company filed with the Securities and Exchange Commission (the "Commission") are incorporated herein by reference:
(a)
The Company's
Registration Statement on Form S-8
, filed with the Commission on March 19, 2021 (Commission File No. 333-254480), as
                amended by
Post-Effective Amendment No. 1 to the Form S-8
, filed with the Commission on January 10, 2022 (Commission File No.
                333-254480), the Company's
Registration Statement on Form S-8
, filed with the Commission on January 10, 2022 (Commission File No.
                333-262091), and the Company's
Registration Statement on Form S-8
, filed with the Commission on March 8, 2023 (Commission File No.
                333-270373);
(b)
The Company's Annual Report on
Form 10-K
for its fiscal year ended December 31, 2024, filed with the Commission on March 13,
                2025 (Commission File No. 001-39995);
(c)
The portions of the Company's
Definitive Proxy Statement on Schedule 14A
, filed with the Commission on April 4, 2025,
                that are incorporated by reference in Part III of the Company's Annual Report on Form 10-K for its fiscal year ended December 31, 2024 (Commission File No. 001-39995); and
(d)
The description of the Company's Common Stock contained in
Exhibit 4.1
to the Company's Annual Report on Form 10-K for its fiscal
                year ended December 31, 2021, filed with the Commission on March 10, 2022 (Commission File No. 001-39995), under the Exchange Act, and any amendment or report filed for the purpose of updating such description.
All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered hereby
        have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing of such documents; provided, however, that
        documents or information deemed to have been furnished and not filed in accordance with Commission rules shall not be deemed incorporated by reference into this Registration Statement.  Any statement contained herein or in a document, all or a
        portion of which is incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently
        filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.  Any such statement so modified or superseded shall not be deemed, except as so modified or amended, to constitute a part of
        this Registration Statement.
3
Item 5.
Interests of Named Experts and Counsel
Not applicable.
Item 8.
Exhibits
See the attached Exhibit Index at page 5, which is incorporated herein by reference.
4
EXHIBIT INDEX
EXHIBIT INDEX
Exhibit
Number
Description of Exhibit
4.1†
AFC Gamma, Inc. Stock Incentive Plan (Filed as Exhibit 10.5 to the Company's Registration Statement on Form S-11 (Commission File No. 333-251762), initially filed with the Commission on December 28, 2020, as amended on January 22, 2021,
                February 3, 2021, February 11, 2021, February 16, 2021, February 24, 2021, and March 16, 2021).
5.1
Opinion of
Venable LLP (opinion re legality).
23.1
Consent of CohnReznick LLP
(consent of independent registered public accounting firm).
23.2
Consent of Counsel (included in Exhibit 5.1).
24.1
Power of Attorney (included in this Registration Statement under "Power of Attorney").
107
Filing Fee Table
†
Previously filed.
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S‑8 and has duly caused this Form S-8
        Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of West Palm Beach, State of Florida, on April 10, 2025.
Advanced Flower Capital Inc.
By:
/s/ Daniel Neville
Daniel Neville
Chief Executive Officer
POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints Daniel Neville and Brandon Hetzel, and each of them, acting individually and without the other, as his or her true and lawful attorneys-in-fact and
        agents, with full power of substitution and resubstitution, for him or her and in his or her name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other
        documents in connection therewith) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them,
        full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all
        that said attorneys-in-fact and agents, or either of them individually, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Daniel Neville
Chief Executive Officer
(Principal Executive Officer)
April 10, 2025
Daniel Neville
/s/ Brandon Hetzel
Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)
April 10, 2025
Brandon Hetzel
/s/ Leonard M. Tannenbaum
Chairman and Director
April 10, 2025
Leonard M. Tannenbaum
/s/ Thomas Harrison
Director
April 10, 2025
Thomas Harrison
/s/ Robert Levy
Director
April 10, 2025
Robert Levy
/s/ Marnie Sudnow
Director
April 10, 2025
Marnie Sudnow
/s/ Alexander Frank
Director
April 10, 2025
Alexander Frank