Welcome to our dedicated page for Chicago Atlantic Real Estate Finance SEC filings (Ticker: REFI), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Chicago Atlantic Real Estate Finance, Inc. filings document the reporting, governance and financing profile of a commercial mortgage REIT that originates senior secured loans primarily to state-licensed cannabis operators. Form 8-K reports furnish quarterly and annual financial results, Regulation FD investor presentations and other material-event disclosures tied to portfolio performance and capital structure.
Proxy materials cover annual meeting matters, director elections, board governance and auditor ratification. Additional 8-K filings record shareholder vote results and amendments to secured revolving credit arrangements involving the company’s financing subsidiary, Chicago Atlantic Lincoln, LLC. The filings also identify the company’s Nasdaq-listed common stock, REIT disclosure framework and related risk and governance subjects.
Chicago Atlantic Real Estate Finance reported first quarter 2026 results showing steady cash generation but lower GAAP earnings. Net interest income was $13.1M, roughly in line with a year ago, while net income declined to $4.8M from $10.0M as the company recorded a $3.8M provision for current expected credit losses versus a prior-year benefit.
Distributable Earnings, the firm’s key non-GAAP metric, were $9.8M, or $0.47 per basic share, matching the prior year on a per-share basis. Regular dividends declared were also $0.47 per share, essentially fully covered by Distributable Earnings.
The loan portfolio remained active, with total loan principal outstanding of $413.6M and a gross unlevered weighted average yield to maturity of 15.8%. Book value per share was $14.39 and the debt/equity ratio rose to 38.4%, reflecting increased use of the revolving loan. Management highlighted full rate protection across the portfolio and viewed recent U.S. cannabis policy moves, including federal rescheduling of medical cannabis, as supportive for borrower credit profiles over time.
Chicago Atlantic Real Estate Finance, Inc. reported Q1 2026 net income of $4.8 million, down from $10.0 million a year earlier, as higher credit loss provisions reduced profitability. Earnings per share were $0.23 basic and diluted, versus $0.48 basic and $0.47 diluted in Q1 2025.
Interest income was stable at $15.2 million, while a $3.8 million provision for current expected credit losses replaced a prior-year benefit, lifting total expenses to $8.1 million. Loans held for investment, net, were $400.6 million, and the CECL reserve rose to $8.7 million, or 2.15% of loan principal.
The company ended the quarter with $27.9 million in cash and cash equivalents and total assets of $435.9 million. It maintained its quarterly dividend at $0.47 per share, declaring cash dividends of about $9.9 million, consistent with its REIT focus on regular distributions funded by loan interest income.
Chicago Atlantic Real Estate Finance, Inc. is asking stockholders to vote at its 2026 Annual Meeting on June 11, 2026 in Chicago. Investors will elect five directors for one-year terms and ratify BDO USA, P.C. as independent auditor for the year ending December 31, 2026.
The board will reduce in size from seven to five directors, with independent directors serving on the audit, compensation, and nominating committees. As of April 2, 2026, there were 21,207,228 common shares outstanding, so a majority of these shares must be represented to reach a quorum.
The company is externally managed. In 2025 it incurred $4.49 million in base management fees, $3.72 million in incentive fees, and $4.93 million of reimbursed general and administrative expenses to its manager. BDO billed $638,710 in audit fees and $50,265 in audit-related and tax services in 2025.
Konigsberg Brandon reported acquisition or exercise transactions in this Form 4 filing.
Chicago Atlantic Real Estate Finance director Brandon Konigsberg received a stock award, increasing his direct holdings. On April 20, 2026, he was granted 6,324 restricted shares of common stock under the company’s 2021 Omnibus Incentive Plan at no cash cost. These restricted shares will vest over a one-year period according to the award terms. Following this grant, he directly owns 33,870 shares of the company’s common stock.
Kite David reported acquisition or exercise transactions in this Form 4 filing.
Chicago Atlantic Real Estate Finance, Inc. reported that President and COO David Kite received a grant of 37,099 restricted shares of common stock on April 20, 2026 under the company’s 2021 Omnibus Incentive Plan. These restricted shares vest in three equal installments after 12, 24 and 36 months, tying value to ongoing service. Following this award, Kite directly holds 96,615 common shares. The grant is compensation-related rather than an open-market purchase.
Silverman Phillip reported acquisition or exercise transactions in this Form 4 filing.
Chicago Atlantic Real Estate Finance, Inc. Chief Financial Officer Phillip Silverman received a grant of 32,462 restricted shares of common stock on April 20, 2026 under the company’s 2021 Omnibus Incentive Plan. These restricted shares vest in three equal installments over three years, and following the award he directly holds 71,516 common shares.
Stavola Elizabeth Mary reported acquisition or exercise transactions in this Form 4 filing.
Chicago Atlantic Real Estate Finance, Inc. director Elizabeth Mary Stavola received an equity award of 6,324 shares of common stock on April 20, 2026. The filing shows these are restricted shares granted at no cash cost as part of her compensation package.
According to the award terms, the 6,324 restricted shares will vest over a one-year period, meaning she earns full ownership gradually during that time. After this grant, she holds 6,324 common shares directly, indicating this is a relatively small, routine compensation-related equity award rather than an open-market stock purchase or sale.
Mazarakis John reported acquisition or exercise transactions in this Form 4 filing.
Chicago Atlantic Real Estate Finance, Inc. disclosed that Executive Chairman John Mazarakis was granted 37,099 restricted shares of common stock under its 2021 Omnibus Incentive Plan. The award vests in three equal installments after 12, 24 and 36 months.
Following this grant, Mazarakis directly holds 453,706 common shares. Additional indirect holdings are 31,524 shares through interests in Joppa Seasoning, LLC and 5,000 shares held by his spouse, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.
Chicago Atlantic Real Estate Finance, Inc. director and Co-Chief Executive Officer Anthony Cappell received a grant of 37,099 restricted shares of common stock as equity compensation. The award was made under the company’s 2021 Omnibus Incentive Plan and carries no cash exercise price.
The 37,099 restricted shares will vest in three equal installments over three years, with one-third vesting after 12, 24, and 36 months, respectively. Following this grant, Cappell directly holds a total of 421,706 shares of common stock, reflecting both existing holdings and the new award.