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

Rhea-AI Filing Summary

Chicago Atlantic Real Estate Finance (REFI) reported an insider purchase by Chief Operating Officer David Kite. He bought 2,500 shares on 10/14/2025 at $12.31 and another 2,500 shares on 10/15/2025 at $12.70. Following these transactions, his beneficial ownership rose to 59,516 shares.

The filing also notes a prior grant of 28,398 restricted shares awarded on April 1, 2025 under the 2021 Omnibus Incentive Plan, vesting in equal thirds after 12, 24, and 36 months.

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^*

Kite David

(Last) (First) (Middle)

CHICAGO ATLANTIC REAL ESTATE FINANCE,

INC. 420 NORTH WABASH AVENUE, SUITE 500

(Street)

CHICAGO IL 60611

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/14/2025

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	10/14/2025		P		2,500	A	$12.31	57,016(1)	D
Common Stock	10/15/2025		P		2,500	A	$12.7	59,516(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 1, 2025, Mr. Kite was awarded 28,398 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 28,398 restricted shares of common stock will vest over a three-year period, with one-third of the restricted stock vesting after 12 months, 24 months and 36 months, respectively.

	/s/ David Kite	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.

FAQ

What insider transaction did REFI disclose on Form 4?

COO David Kite purchased 5,000 shares of common stock across two days.

What were the purchase dates and prices for REFI (REFI) insider buys?

He bought 2,500 shares on 10/14/2025 at $12.31 and 2,500 shares on 10/15/2025 at $12.70.

How many REFI shares does the COO beneficially own after the trades?

Beneficial ownership is 59,516 shares following the reported transactions.

What is David Kite’s relationship to Chicago Atlantic Real Estate Finance (REFI)?

He is an Officer, serving as the company’s Chief Operating Officer.

Does the filing mention any restricted stock awards for REFI’s COO?

Yes. 28,398 restricted shares were awarded on April 1, 2025, vesting in thirds after 12, 24, and 36 months.

Was this Form 4 filed by multiple reporting persons?

No. It was filed by one reporting person.