Chicago Atlantic director awarded 6,324 shares

Papastavrou Jason D reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Papastavrou Jason D reported acquisition or exercise transactions in this Form 4 filing.

Chicago Atlantic Real Estate Finance, Inc. director Jason D. Papastavrou received a grant of 6,324 restricted shares of common stock on April 20, 2026 under the company’s 2021 Omnibus Incentive Plan. These restricted shares will vest over a one-year period.

Following this award, he directly holds 55,870 common shares. The filing also lists 3,000 shares held by him as custodian for Michael Athans and 5,000 shares held by him as trustee for the Michael Athans Trust, for which he disclaims beneficial ownership except for any pecuniary interest.

Insider Trade Summary

Grant/Award: 6,324 shares

Grant/Award 3 txns

Insider Papastavrou Jason D

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	6,324	$0.00	$0.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 55,870 shares (Direct); Common Stock — 5,000 shares (Indirect, By Self as Trustee for Michael Athans Trust); Common Stock — 3,000 shares (Indirect, By Self as Custodian for Michael Athans)

Footnotes (3)

1. F1. On April 20, 2026, Dr. Papastavrou was awarded 6,324 restricted shares of common stock under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan. Pursuant to the terms of the award agreement, the 6,324 restricted shares of common stock will vest over a one-year period.
2. F2. The Reporting Person disclaims beneficial ownership of shares held in trust for which he serves as trustee or co-trustee.
3. F3. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.

Key Figures

Restricted stock award: 6,324 shares Award price: $0.00 per share Direct holdings after award: 55,870 shares +3 more

6 metrics

Restricted stock award 6,324 shares Granted April 20, 2026 under 2021 Omnibus Incentive Plan

Award price $0.00 per share Director compensation grant, not open-market purchase

Direct holdings after award 55,870 shares Common stock held directly by Jason D. Papastavrou

Custodial indirect holding 3,000 shares By self as custodian for Michael Athans

Trust indirect holding 5,000 shares By self as trustee for Michael Athans Trust

Vesting period One year Restricted shares vest over one-year period from grant

Key Terms

restricted shares, 2021 Omnibus Incentive Plan, beneficial ownership

3 terms

restricted shares financial

"Dr. Papastavrou was awarded 6,324 restricted shares of common stock under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan."

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

2021 Omnibus Incentive Plan financial

"awarded 6,324 restricted shares of common stock under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan."

beneficial ownership financial

"The Reporting Person disclaims beneficial ownership of shares held in trust for which he serves as trustee or co-trustee."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/22/2026 - 09:29 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Papastavrou Jason D

(Last) (First) (Middle)

CHICAGO ATLANTIC REAL ESTATE FINANCE INC

1680 MICHIGAN AVENUE, SUITE 700

(Street)

MIAMI BEACH FLORIDA 33139

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Chicago Atlantic Real Estate Finance, Inc. [ REFI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/20/2026		A		6,324	A	$0.00	55,870(1)	D
Common Stock								5,000	I	By Self as Trustee for Michael Athans Trust(2)
Common Stock								3,000	I	By Self as Custodian for Michael Athans(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On April 20, 2026, Dr. Papastavrou was awarded 6,324 restricted shares of common stock under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan. Pursuant to the terms of the award agreement, the 6,324 restricted shares of common stock will vest over a one-year period.

2. The Reporting Person disclaims beneficial ownership of shares held in trust for which he serves as trustee or co-trustee.

3. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.

	/s/ Jason Papastavrou	04/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)