[Form 4] Chicago Atlantic Real Estate Finance, Inc. Insider Trading Activity

Rhea-AI Filing Summary

John Mazarakis, Executive Chairman and Director of Chicago Atlantic Real Estate Finance, Inc. (REFI), reported purchasing shares on 10/01/2025. He acquired 7,500 shares of REFI common stock at a price of $12.43 per share, increasing his direct beneficial ownership to 408,607 shares. The filing also reports indirect holdings of 5,000 shares held by his spouse and 31,524 shares held through interests in Joppa Seasoning, LLC, with the reporting person disclaiming beneficial ownership except for his pecuniary interest.

The Form 4 is signed 10/02/2025 and shows the filing was made by a single reporting person. No derivative transactions or additional amendments are reported in this filing.

Positive

• Insider purchase disclosed: Reporting person acquired 7,500 shares at $12.43, increasing direct ownership to 408,607 shares.
• Clear role disclosure: Reporting person identified as Executive Chairman and Director.
• Proper indirect ownership disclosure: Reports 5,000 shares held by spouse and 31,524 shares via Joppa Seasoning, LLC with a disclaimer.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchased 7,500 shares at $12.43, modestly increasing direct holdings to 408,607 shares.

The reported open-market purchase of 7,500 shares at $12.43 is a straightforward acquisition by an executive insider. This increases direct ownership and aligns the executive's economic exposure with the company. The filing discloses additional indirect holdings via spouse and an LLC, which are properly noted. The transaction appears routine and provides limited new information about corporate strategy or performance because no derivative activity, sales, or material change in control is disclosed.

Corporate Governance Expert

TL;DR: Executive Chairman disclosed a small open-market purchase and appropriate beneficial ownership disclosures.

The Form 4 shows timely disclosure of an insider purchase and identifies the reporting person as Executive Chairman and Director. Indirect holdings by spouse and an LLC are disclosed with a disclaimer of beneficial ownership except for pecuniary interest, consistent with standard reporting practice. No red flags such as undisclosed derivative positions or omission of relationship data are present in the filing.

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

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 FL 33139

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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

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

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

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	10/01/2025		P		7,500	A	$12.43	408,607	D
Common Stock								5,000	I	By Spouse(1)
Common Stock								31,524	I	Held through ownership of interests in Joppa Seasoning, LLC(1)

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

	/s/ John Mazarakis	10/02/2025
	** 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.

FAQ

What transaction did the REFI insider report on Form 4?

The insider reported purchasing 7,500 shares of REFI common stock on 10/01/2025 at a price of $12.43 per share.

How many REFI shares does John Mazarakis directly own after the transaction?

Following the reported purchase, he directly beneficially owns 408,607 shares.

Does the filing disclose any indirect holdings for the reporting person?

Yes. The filing discloses 5,000 shares held by his spouse and 31,524 shares held through interests in Joppa Seasoning, LLC.

What is the reporting person's position at Chicago Atlantic Real Estate Finance, Inc. (REFI)?

The filing lists the reporting person as Executive Chairman and Director of the issuer.

When was the Form 4 signed and filed?

The Form 4 bears the reporting person's signature dated 10/02/2025 and reports the transaction date as 10/01/2025.