Chicago Atlantic Real Estate Finance (REFI) Co-CEO granted 37,099 shares

Rhea-AI Filing Summary

Chicago Atlantic Real Estate Finance, Inc. director and Co-Chief Executive Officer Anthony Cappell received a grant of 37,099 restricted shares of common stock as equity compensation. The award was made under the company’s 2021 Omnibus Incentive Plan and carries no cash exercise price.

The 37,099 restricted shares will vest in three equal installments over three years, with one-third vesting after 12, 24, and 36 months, respectively. Following this grant, Cappell directly holds a total of 421,706 shares of common stock, reflecting both existing holdings and the new award.

Insider Trade Summary

Net Buyer: 37,099 shares

Net Buy 1 txn

Insider Cappell Anthony

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 — 421,706 shares (Direct)

Footnotes (1)

1. F1. On April 20, 2026, Mr. Cappell 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 shares granted: 37,099 shares Transaction price per share: $0.00 per share Shares held after transaction: 421,706 shares +1 more

4 metrics

Restricted shares granted 37,099 shares Equity award on April 20, 2026

Transaction price per share $0.00 per share Grant/award acquisition (code A)

Shares held after transaction 421,706 shares Direct ownership following award

Vesting schedule One-third at 12, 24, 36 months Three-year vesting of restricted stock

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"

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 - 09:30 PM Learn about SEC filing dates

FAQ

What did Anthony Cappell report in this Form 4 for REFI?

Anthony Cappell reported receiving a grant of 37,099 restricted shares of Chicago Atlantic Real Estate Finance common stock. The award is part of his equity compensation and was issued under the company’s 2021 Omnibus Incentive Plan, with future vesting conditions attached.

How many REFI shares did Cappell receive and at what price?

Cappell received 37,099 restricted shares of REFI common stock at a stated transaction price of $0.00 per share. This reflects a compensation grant rather than an open-market purchase, meaning he did not pay cash to acquire these shares under the award.

What is the vesting schedule for Cappell’s 37,099 REFI restricted shares?

The 37,099 restricted REFI shares vest over three years in equal parts. One-third of the restricted stock vests after 12 months, another third after 24 months, and the final third after 36 months, subject to the terms of the award agreement.

Under which plan were Cappell’s REFI restricted shares granted?

The restricted shares were granted under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan. This plan provides equity-based compensation to executives and other participants, aligning their interests with shareholders through stock and similar awards.

How many REFI shares does Cappell own after this grant?

After the grant, Cappell directly holds a total of 421,706 shares of Chicago Atlantic Real Estate Finance common stock. This figure includes his existing holdings plus the newly awarded 37,099 restricted shares reported in the Form 4 filing.

Is Cappell’s REFI share grant an open-market purchase or compensation?

The transaction is equity compensation, not an open-market purchase. The Form 4 uses transaction code “A” for a grant or award, with a price of $0.00 per share, indicating the shares were awarded as part of his compensation package rather than bought in the market.

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)
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	421,706(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. Cappell 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/ Anthony Cappell	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)