Chicago Atlantic (NASDAQ: REFI) Co-CEO receives 37,099 restricted shares

Rhea-AI Filing Summary

Sack Peter reported acquisition or exercise transactions in this Form 4 filing.

Chicago Atlantic Real Estate Finance, Inc. director and Co-Chief Executive Officer Peter Sack received an equity award of 37,099 restricted shares of common stock on April 20, 2026 under the company’s 2021 Omnibus Incentive Plan. These restricted shares vest in three equal installments after 12, 24 and 36 months, tying compensation to continued service and future performance. Following this grant, Sack holds a total of 118,356 shares of common stock directly.

Insider Trade Summary

Net Buyer: 37,099 shares

Net Buy 1 txn

Insider Sack Peter

Role Co-Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	37,099	$0.00	$0.00

Holdings After Transaction: Common Stock — 118,356 shares (Direct)

Footnotes (1)

1. F1. On April 20, 2026, Mr. Sack was awarded 37,099 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 37,099 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.

Key Figures

Restricted share grant: 37,099 shares Grant price per share: $0.0000 per share Total shares after transaction: 118,356 shares +1 more

4 metrics

Restricted share grant 37,099 shares Equity award on April 20, 2026 to Co-CEO Peter Sack

Grant price per share $0.0000 per share Indicates compensation grant, not open-market purchase

Total shares after transaction 118,356 shares Direct holdings of Peter Sack following the grant

Vesting schedule Three equal annual tranches One-third vests after 12, 24 and 36 months respectively

Key Terms

restricted shares of common stock, 2021 Omnibus Incentive Plan, vest over a three-year period, transaction code "A"

4 terms

restricted shares of common stock financial

"was awarded 37,099 restricted shares of common stock under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan"

Restricted shares of common stock are company shares that cannot be sold or transferred until specific conditions are met, such as a set time period, performance targets, or regulatory approvals; they are often granted to founders, employees or early investors. They matter to investors because when the restrictions lift those shares can enter the market and increase the supply, potentially diluting existing holders and changing the stock’s price, similar to a locked faucet being opened and more water joining the flow.

2021 Omnibus Incentive Plan financial

"under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan"

vest over a three-year period financial

"the 37,099 restricted shares of common stock will vest over a three-year period"

transaction code "A" regulatory

"transaction_code": "A","transaction_type": "non-derivative""

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 04/22/2026 - 09:29 PM Learn about SEC filing dates

FAQ

What did REFI Co-CEO Peter Sack report in this Form 4 filing?

Peter Sack reported an equity award of 37,099 restricted shares of Chicago Atlantic Real Estate Finance common stock. The grant was made under the 2021 Omnibus Incentive Plan and represents compensation, not an open-market purchase, increasing his direct holdings to 118,356 shares.

How many REFI shares does Peter Sack hold after this award?

After the reported award, Peter Sack directly holds 118,356 shares of Chicago Atlantic Real Estate Finance common stock. This total includes the 37,099 restricted shares granted on April 20, 2026, which will vest over three years under the company’s incentive plan.

What are the vesting terms of Peter Sack’s 37,099 REFI restricted shares?

The 37,099 restricted shares vest over three years in three equal installments. One-third of the restricted stock vests after 12 months, another third after 24 months, and the final third after 36 months, encouraging long-term alignment with Chicago Atlantic Real Estate Finance.

Was Peter Sack’s REFI share award an open-market purchase or a grant?

The transaction was a grant of restricted shares, not an open-market purchase. The Form 4 uses transaction code “A” for a grant or award, with a price of $0.0000 per share, reflecting equity compensation under Chicago Atlantic Real Estate Finance’s 2021 Omnibus Incentive Plan.

Under which plan were Peter Sack’s REFI restricted shares granted?

The 37,099 restricted shares were granted under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan. This plan provides equity-based compensation, and the award agreement specifies three-year vesting with equal installments after 12, 24 and 36 months of continued service.

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^*

Sack Peter

(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)
04/20/2026

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	04/20/2026		A		37,099	A	$0.00	118,356(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 20, 2026, Mr. Sack was awarded 37,099 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 37,099 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/ Peter Sack	04/22/2026
	** 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)