Director Stavola (NASDAQ: REFI) granted 6,324 restricted shares in equity award

Rhea-AI Filing Summary

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.

Insider Trade Summary

Net Buyer: 6,324 shares

Net Buy 1 txn

Insider Stavola Elizabeth Mary

Role Director

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

Holdings After Transaction: Common Stock — 6,324 shares (Direct)

Footnotes (1)

1. F1. On April 20, 2026, Ms. Stavola 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.

Key Figures

Restricted shares granted: 6,324 shares Grant price per share: $0.00 per share Shares held after transaction: 6,324 shares +1 more

4 metrics

Restricted shares granted 6,324 shares Equity award on April 20, 2026

Grant price per share $0.00 per share Compensation grant, not cash purchase

Shares held after transaction 6,324 shares Total direct holdings following grant

Vesting period One year Restricted shares vest over one year

Key Terms

restricted shares, 2021 Omnibus Incentive Plan, vest, Grant, award, or other acquisition

4 terms

restricted shares financial

"Ms. Stavola was awarded 6,324 restricted shares of common stock"

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

"under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan"

vest financial

"the 6,324 restricted shares of common stock will vest over a one year period"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

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

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 04/22/2026 - 09:30 PM Learn about SEC filing dates

FAQ

What insider transaction did REFI director Elizabeth Mary Stavola report?

Elizabeth Mary Stavola reported receiving 6,324 restricted shares of Chicago Atlantic Real Estate Finance common stock. The grant was made on April 20, 2026 as equity compensation and was not an open-market purchase, reflecting a routine director award structure.

How many REFI shares does Elizabeth Mary Stavola hold after this Form 4?

After the reported transaction, Elizabeth Mary Stavola beneficially holds 6,324 shares of Chicago Atlantic Real Estate Finance common stock. All of these shares come from the April 20, 2026 restricted stock award and are subject to a one-year vesting schedule under the company’s incentive plan.

Was cash paid for the REFI shares granted to Elizabeth Mary Stavola?

No cash was paid for these shares; the reported price per share is $0.00. The 6,324 REFI restricted shares were awarded as stock-based compensation, consistent with typical director equity grants under the company’s 2021 Omnibus Incentive Plan.

How do the granted REFI restricted shares vest for Elizabeth Mary Stavola?

The 6,324 restricted shares of Chicago Atlantic Real Estate Finance common stock will vest over a one-year period. This means her ownership rights increase over that year, aligning director compensation with shareholder interests through time-based stock vesting.

Is the REFI Form 4 for Elizabeth Mary Stavola a stock purchase or sale?

The Form 4 reflects an acquisition through a grant, not a market purchase or sale. The transaction code is “A” for grant or award, and the filing specifies 6,324 restricted shares awarded at $0.00 per share rather than bought or sold in the open market.

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^*

Stavola Elizabeth Mary

(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	6,324(1)	D

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, Ms. Stavola 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.

	/s/ Elizabeth Stavola	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)