Chicago Atlantic chair buys 47.7K shares at $10.67

Rhea-AI Filing Summary

Chicago Atlantic Real Estate Finance, Inc. (REFI) Executive Chairman and director John Mazarakis reported open-market purchases of the company’s common stock. On August 26, 2026, he purchased 40,181 shares at a weighted-average price of $10.6666 per share, with trade prices ranging from $10.65 to $10.67. On August 27, 2026, he purchased an additional 7,530 shares at $10.67 per share. The filing also reports indirect holdings of 5,000 shares held by his spouse and 31,524 shares held through Joppa Seasoning, LLC, for which he disclaims beneficial ownership except to the extent of his pecuniary interest. The Rule 10b5-1 checkbox is not marked, indicating these trades were not reported as made under a trading plan.

Insider Trade Summary

Net Buyer: 47,711 shares

Net Buy 4 txns

Insider Mazarakis John

Role Executive Chairman

Bought 47,711 shs ($509K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	7,530	$10.67	$80K
Purchase	Common Stock F1	40,181	$10.6666	$429K
holding	Common Stock F2	--	--	--
holding	Common Stock F2	--	--	--

Holdings After Transaction: Common Stock — 526,562 shares (Direct); Common Stock — 5,000 shares (Indirect, Spouse); Common Stock — 31,524 shares (Indirect, Held through ownership of interests in Joppa Seasoning, LLC)

Footnotes (2)

1. F1. The price reported reflects the weighted-average purchase price from several discrete transactions executed throughout the Transaction Date at prices that ranged from $10.65 to $10.67 per share. Upon request, the Reporting Person has agreed to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission full information regarding the number of shares purchased at each price within the range set forth in this footnote.
2. F2. The reporting person disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.

Key Figures

Shares purchased on 2026-08-26: 40,181 shares of Common Stock Weighted-average purchase price on 2026-08-26: $10.6666 per share Price range on 2026-08-26: $10.65 to $10.67 per share +5 more

8 metrics

Shares purchased on 2026-08-26 40,181 shares of Common Stock Open-market purchase by John Mazarakis on August 26, 2026

Weighted-average purchase price on 2026-08-26 $10.6666 per share Weighted-average price with trades ranging $10.65–$10.67

Price range on 2026-08-26 $10.65 to $10.67 per share Range of prices for the August 26, 2026 trades

Shares purchased on 2026-08-27 7,530 shares of Common Stock Open-market purchase by John Mazarakis on August 27, 2026

Purchase price on 2026-08-27 $10.67 per share Per-share purchase price on August 27, 2026

Total net shares bought 47,711 shares Net buy volume across reported transactions

Indirect spouse-held shares 5,000 shares Indirect ownership attributed to spouse, with beneficial ownership disclaimed except for pecuniary interest

Indirect Joppa Seasoning, LLC-held shares 31,524 shares Indirect ownership through Joppa Seasoning, LLC, with beneficial ownership similarly disclaimed

Key Terms

weighted-average purchase price, beneficial ownership, pecuniary interest, Rule 10b5-1

4 terms

weighted-average purchase price financial

"The price reported reflects the weighted-average purchase price from several discret"

beneficial ownership regulatory

"The reporting person disclaims beneficial ownership of these shares, except to the"

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.

pecuniary interest financial

"disclaims beneficial ownership of these shares, except to the extent of his pecuniar"

Rule 10b5-1 regulatory

"aff_10b5_one is the filing's document-level Rule 10b5-1 checkbox"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

What insider transactions did REFI’s Executive Chairman John Mazarakis report?

John Mazarakis reported two open-market purchases of Chicago Atlantic Real Estate Finance (REFI) common stock on August 26 and 27, 2026, totaling 47,711 shares, at prices around $10.67 per share.

How many REFI shares did John Mazarakis buy on August 26, 2026?

On August 26, 2026, John Mazarakis purchased 40,181 REFI shares at a weighted-average price of $10.6666 per share, with prices ranging from $10.65 to $10.67, according to the Form 4 footnote.

How many REFI shares did John Mazarakis buy on August 27, 2026?

On August 27, 2026, John Mazarakis purchased 7,530 shares of Chicago Atlantic Real Estate Finance common stock at a price of $10.67 per share in an open-market transaction.

Does John Mazarakis have indirect ownership of REFI shares?

Yes. The Form 4 reports 5,000 shares indirectly owned through his spouse and 31,524 shares indirectly owned through Joppa Seasoning, LLC, with Mazarakis disclaiming beneficial ownership except to the extent of his pecuniary interest.

Were these REFI insider purchases made under a Rule 10b5-1 trading plan?

No. The Rule 10b5-1 checkbox is not marked on the Form 4 for Chicago Atlantic Real Estate Finance (REFI), indicating the reported purchases were not identified as made under a pre-arranged trading plan.

What is the price range for the REFI shares bought by John Mazarakis on August 26, 2026?

For the August 26, 2026 REFI purchase, the Form 4 footnote states a weighted-average price of $10.6666 per share, with individual trade prices ranging from $10.65 to $10.67 per share.

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Available on EDGAR 08/28/2026 - 03:25 PM Accepted by SEC EDGAR 08/28/2026 - 03:24 PM 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^*

Mazarakis John

(Last) (First) (Middle)

C/O CHICAGO ATLANTIC REAL ESTATE FINANCE

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
X	Officer (give title below)		Other (specify below)
	Executive Chairman

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2026

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	08/26/2026		P		40,181	A	$10.6666(1)	519,032	D
Common Stock	08/27/2026		P		7,530	A	$10.67	526,562	D
Common Stock								5,000	I	Spouse(2)
Common Stock								31,524	I	Held through ownership of interests in Joppa Seasoning, LLC(2)

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. The price reported reflects the weighted-average purchase price from several discrete transactions executed throughout the Transaction Date at prices that ranged from $10.65 to $10.67 per share. Upon request, the Reporting Person has agreed to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission full information regarding the number of shares purchased at each price within the range set forth in this footnote.

2. The reporting person disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.

	/s/ John Mazarakis	08/28/2026
	** 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)