Chicago Atlantic co-CEO buys 45K shares at $10.41

Chicago Atlantic Real Estate Finance, Inc. (REFI) reported that Co-Chief Executive Officer and director Anthony Cappell purchased 45,000 shares of common stock on August 17, 2026 in an open-market or private transaction.

Rhea-AI Filing Summary

Chicago Atlantic Real Estate Finance, Inc. (REFI) reported that Co-Chief Executive Officer and director Anthony Cappell purchased 45,000 shares of common stock on August 17, 2026 in an open-market or private transaction. The weighted-average purchase price was $10.405 per share, with individual trade prices ranging from $10.32 to $10.42. Following this transaction, Cappell directly holds 466,706 REFI shares.

Insider Trade Summary

Net Buyer: 45,000 shares

Net Buy 1 txn

Insider Cappell Anthony

Role Co-Chief Executive Officer

Bought 45,000 shs ($468K)

Type	Security	Shares	Price	Value
Purchase	Common stock F1	45,000	$10.405	$468K

Holdings After Transaction: Common stock — 466,706 shares (Direct)

Footnotes (1)

1. F1. The price reported reflects the weighted-average purchase price from (3) discrete transactions executed throughout the Transaction Date at prices that ranged from $10.32 to $10.42 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.

Key Figures

Shares purchased: 45,000 shares Weighted-average purchase price: $10.405 per share Price range: $10.32–$10.42 per share +2 more

5 metrics

Shares purchased 45,000 shares Common stock acquired by Anthony Cappell on August 17, 2026

Weighted-average purchase price $10.405 per share Average price for 45,000 REFI shares bought on August 17, 2026

Price range $10.32–$10.42 per share Range of prices for the three discrete purchase transactions

Post-transaction holdings 466,706 shares REFI common stock directly owned by Anthony Cappell after the purchase

Transactions reported as buys 1 transaction Net-buy direction with 45,000 shares purchased and no sales reported

Key Terms

weighted-average purchase price, open market or private transaction, Rule 10b5-1

3 terms

weighted-average purchase price financial

"The price reported reflects the weighted-average purchase price from (3) discrete transactions"

open market or private transaction financial

"transaction code description shows Purchase in open market or private transaction"

Rule 10b5-1 regulatory

"The filing’s Rule 10b5-1 checkbox is not affirmed for this transaction"

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did REFI disclose involving Anthony Cappell?

REFI disclosed that Anthony Cappell, its Co-Chief Executive Officer and director, purchased 45,000 shares of common stock on August 17, 2026. The shares were acquired in a purchase characterized as an open-market or private transaction.

How many REFI shares did Anthony Cappell buy, and at what price range?

Anthony Cappell bought 45,000 REFI shares at a weighted-average price of $10.405 per share. The filing notes individual trade prices ranged from $10.32 to $10.42 on the transaction date.

What is Anthony Cappell’s total REFI share ownership after this transaction?

After the reported purchase, Anthony Cappell directly owns 466,706 shares of REFI common stock. This figure represents his direct holdings as stated in the filing following the August 17, 2026 transaction.

Was the August 17, 2026 REFI insider trade made under a Rule 10b5-1 plan?

The filing’s Rule 10b5-1 checkbox is marked as not affirmed, indicating the transaction was not reported as being made under a Rule 10b5-1 trading plan. No trading-plan footnote is provided for this transaction.

What does the weighted-average price disclosure mean for the REFI insider purchase?

The filing reports a weighted-average purchase price of $10.405 for the 45,000 shares. It explains this reflects three separate trades on August 17, 2026, executed between $10.32 and $10.42 per share.

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

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 08/19/2026 - 05:23 PM Accepted by SEC EDGAR 08/19/2026 - 05:22 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^*

Cappell Anthony

(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
X	Officer (give title below)		Other (specify below)
	Co-Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/17/2026

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	08/17/2026		P		45,000	A	$10.405(1)	466,706	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. The price reported reflects the weighted-average purchase price from (3) discrete transactions executed throughout the Transaction Date at prices that ranged from $10.32 to $10.42 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.

	/s/ Anthony Cappell	08/19/2026
	** 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)