REFI CFO granted 32,462 restricted shares

Silverman Phillip reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Silverman Phillip reported acquisition or exercise transactions in this Form 4 filing.

Chicago Atlantic Real Estate Finance, Inc. Chief Financial Officer Phillip Silverman received a grant of 32,462 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 over three years, and following the award he directly holds 71,516 common shares.

Insider Trade Summary

Grant/Award: 32,462 shares

Grant/Award 1 txn

Insider Silverman Phillip

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	32,462	$0.00	$0.00

Holdings After Transaction: Common Stock — 71,516 shares (Direct)

Footnotes (1)

1. F1. On April 20, 2026, Mr. Silverman was awarded 32,462 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 32,462 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: 32,462 shares Post-transaction holdings: 71,516 shares Grant price: $0.00 per share +1 more

4 metrics

Restricted share grant 32,462 shares Restricted common stock awarded on April 20, 2026

Post-transaction holdings 71,516 shares Total common shares directly held after award

Grant price $0.00 per share Equity compensation, not an open-market purchase

Vesting period 3 years Restricted shares vest in three equal annual installments

Key Terms

restricted shares of common stock, 2021 Omnibus Incentive Plan, vest over a three-year period, grant, award, or other acquisition

4 terms

restricted shares of common stock financial

"Mr. Silverman was awarded 32,462 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 32,462 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"

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

FAQ

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

What insider transaction did REFI CFO Phillip Silverman report on this Form 4?

REFI’s CFO Phillip Silverman reported receiving a grant of 32,462 restricted shares of common stock. The shares were awarded as equity compensation under Chicago Atlantic Real Estate Finance, Inc.’s 2021 Omnibus Incentive Plan, rather than being purchased on the open market for cash.

How will the 32,462 restricted REFI shares granted to the CFO vest?

The 32,462 restricted REFI shares granted to the CFO will vest over three years. According to the award terms, one-third of the restricted stock vests after 12 months, another third after 24 months, and the final third after 36 months from the April 20, 2026 grant date.

Is the REFI CFO’s Form 4 transaction a market purchase or a compensation award?

The REFI CFO’s Form 4 transaction is a compensation award, not a market purchase. The filing shows a grant of 32,462 restricted shares at a price of $0.00 per share under the 2021 Omnibus Incentive Plan, classified as a grant or award acquisition.

How many REFI shares does the CFO hold after this restricted stock grant?

After this restricted stock grant, the REFI CFO directly holds 71,516 shares of common stock. This total includes the newly awarded 32,462 restricted shares, subject to their time-based vesting schedule, along with any previously held common shares reported in the filing.

What equity plan was used for the REFI CFO’s 32,462-share restricted stock award?

The REFI CFO’s 32,462-share restricted stock award was granted under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan. This plan provides for equity-based compensation, and the grant’s vesting terms are set in an accompanying award agreement described in the Form 4 footnote.

Does the REFI CFO pay anything for the 32,462 restricted shares granted?

No, the REFI CFO does not pay cash for the 32,462 restricted shares granted. The Form 4 reports a transaction price of $0.00 per share, indicating these are equity compensation shares awarded by the company rather than purchased in a market transaction.

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

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Accepted by SEC EDGAR 04/22/2026 - 09:31 PM EDT 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^*

Silverman Phillip

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial 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		32,462	A	$0.00	71,516(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 20, 2026, Mr. Silverman was awarded 32,462 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 32,462 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/ Phillip Silverman	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)