Chicago Atlantic (REFI) co-CEO buys stock in open market

Rhea-AI Filing Summary

Chicago Atlantic Real Estate Finance, Inc. (REFI) director and Co-Chief Executive Officer Peter Sack reported open-market purchases of a total of 5,000 shares of common stock on August 18–19, 2026 at prices between $10.39 and $10.53 per share. A related footnote states that on April 20, 2026, he was awarded 37,099 restricted shares under the company’s 2021 Omnibus Incentive Plan, vesting in three equal annual installments over 36 months.

Insider Trade Summary

Net Buyer: 5,000 shares

Net Buy 3 txns

Insider Sack Peter

Role Co-Chief Executive Officer

Bought 5,000 shs ($52K)

Type	Security	Shares	Price	Value
Purchase	Common Stock F1	1,500	$10.53	$16K
Purchase	Common Stock F1	2,000	$10.39	$21K
Purchase	Common Stock F1	1,500	$10.43	$16K

Holdings After Transaction: Common Stock — 123,356 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

Shares purchased on 2026-08-18: 1,500 shares Shares purchased on 2026-08-19 (first transaction): 1,500 shares Shares purchased on 2026-08-19 (second transaction): 2,000 shares +3 more

6 metrics

Shares purchased on 2026-08-18 1,500 shares Open-market purchase of common stock at $10.43 per share

Shares purchased on 2026-08-19 (first transaction) 1,500 shares Open-market purchase of common stock at $10.53 per share

Shares purchased on 2026-08-19 (second transaction) 2,000 shares Open-market purchase of common stock at $10.39 per share

Total shares purchased in reported period 5,000 shares Net buy transactions reported for August 18–19, 2026

Restricted shares award 37,099 shares Awarded on April 20, 2026 under 2021 Omnibus Incentive Plan, vesting over 36 months

Purchase price range $10.39–$10.53 per share Prices paid for common stock purchases on August 18–19, 2026

Key Terms

restricted shares of common stock, 2021 Omnibus Incentive Plan, open market or private transaction

3 terms

restricted shares of common stock financial

"was awarded 37,099 restricted shares of common stock under the"

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"

open market or private transaction financial

"Purchase in open market or private transaction"

FAQ

What insider transactions did REFI Co-CEO Peter Sack report on this Form 4?

Peter Sack reported three open-market purchases of Chicago Atlantic Real Estate Finance, Inc. common stock on August 18–19, 2026, totaling 5,000 shares at prices between $10.39 and $10.53 per share.

How many REFI shares did Peter Sack buy and at what prices?

He purchased 1,500 shares at $10.43 on August 18, 2026, and on August 19, 2026 he purchased 1,500 shares at $10.53 and 2,000 shares at $10.39, for a total of 5,000 shares.

Were the reported REFI transactions by Peter Sack buys or sells?

All reported transactions were purchases of Chicago Atlantic Real Estate Finance, Inc. common stock, coded as transaction type P (purchase in open market or private transaction) and classified as direct ownership.

Did Peter Sack receive any equity awards from REFI mentioned in this Form 4?

Yes. A footnote states that on April 20, 2026, he was awarded 37,099 restricted shares of common stock under the 2021 Omnibus Incentive Plan, vesting in three equal installments over 12, 24, and 36 months.

Does the Form 4 indicate any Rule 10b5-1 trading plan for REFI insider Peter Sack?

No. The Form 4 indicates the Rule 10b5-1 checkbox is not checked (aff_10b5_one is false), so the reported purchases are not identified as being made under a Rule 10b5-1 trading plan.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/21/2026 - 01:50 PM Accepted by SEC EDGAR 08/21/2026 - 01:49 PM 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^*

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)
08/18/2026

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	08/18/2026		P		1,500	A	$10.43	119,856(1)	D
Common Stock	08/19/2026		P		1,500	A	$10.53	121,356(1)	D
Common Stock	08/19/2026		P		2,000	A	$10.39	123,356(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	08/21/2026
	** 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)