REFI director buys 10,000 shares directly, adds indirect positions

Rhea-AI Filing Summary

Chicago Atlantic Real Estate Finance (REFI) director Jason Papastavrou reported open‑market purchases on 10/15/2025. He bought 10,000 shares of common stock at $12.615 directly, 5,000 shares at $12.71 through a trust for which he serves as trustee, and 3,000 shares at $12.68 as custodian.

After these trades, he directly held 49,546 shares, with additional indirect positions as disclosed. Separately, on April 1, 2025, he was awarded 5,071 restricted shares under the company’s 2021 Omnibus Incentive Plan, scheduled to vest over one year.

Insider Trade Summary

Net Buyer: 18,000 shares

Net Buy 3 txns

Insider Papastavrou Jason D

Role Director

Bought 18,000 shs ($228K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	10,000	$12.615	$126K
Purchase	Common Stock	5,000	$12.71	$64K
Purchase	Common Stock	3,000	$12.68	$38K

Holdings After Transaction: Common Stock — 49,546 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 1, 2025, Dr. Papastavrou was awarded 5,071 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 5,071 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.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/16/2025 - 12:00 AM Learn about SEC filing dates

FAQ

What insider transactions did REFI’s director report on 10/15/2025?

He purchased 10,000 shares at $12.615 directly, 5,000 shares at $12.71 via a trust, and 3,000 shares at $12.68 as custodian.

How many REFI shares did the director hold directly after the trades?

He held 49,546 shares directly following the reported transactions.

Were any REFI shares acquired indirectly by the director?

Yes. 5,000 shares were held by a trust for which he serves as trustee, and 3,000 shares were held as custodian, both disclaimed except for pecuniary interest.

What prices were paid for the REFI share purchases?

The reported prices were $12.615, $12.71, and $12.68 per share.

Did the director receive any equity awards in 2025?

On April 1, 2025, he was awarded 5,071 restricted shares under the 2021 Omnibus Incentive Plan, vesting over one year.

What SEC form reported these REFI insider transactions?

The transactions were reported on Form 4 and filed as a single‑reporting‑person 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
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

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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/15/2025

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	10/15/2025		P		10,000	A	$12.615	49,546(1)	D
Common Stock	10/15/2025		P		5,000	A	$12.71	5,000	I	By Self as Trustee for Michael Athans Trust(2)
Common Stock	10/15/2025		P		3,000	A	$12.68	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 1, 2025, Dr. Papastavrou was awarded 5,071 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 5,071 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	10/16/2025
	** 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.