Welcome to our dedicated page for Chicago Atlantic Real Estate Finance SEC filings (Ticker: REFI), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Chicago Atlantic Real Estate Finance, Inc. filings document the reporting, governance and financing profile of a commercial mortgage REIT that originates senior secured loans primarily to state-licensed cannabis operators. Form 8-K reports furnish quarterly and annual financial results, Regulation FD investor presentations and other material-event disclosures tied to portfolio performance and capital structure.
Proxy materials cover annual meeting matters, director elections, board governance and auditor ratification. Additional 8-K filings record shareholder vote results and amendments to secured revolving credit arrangements involving the company’s financing subsidiary, Chicago Atlantic Lincoln, LLC. The filings also identify the company’s Nasdaq-listed common stock, REIT disclosure framework and related risk and governance subjects.
Chicago Atlantic Real Estate Finance, Inc. is asking stockholders to vote at its 2026 Annual Meeting on June 11, 2026 in Chicago. Investors will elect five directors for one-year terms and ratify BDO USA, P.C. as independent auditor for the year ending December 31, 2026.
The board will reduce in size from seven to five directors, with independent directors serving on the audit, compensation, and nominating committees. As of April 2, 2026, there were 21,207,228 common shares outstanding, so a majority of these shares must be represented to reach a quorum.
The company is externally managed. In 2025 it incurred $4.49 million in base management fees, $3.72 million in incentive fees, and $4.93 million of reimbursed general and administrative expenses to its manager. BDO billed $638,710 in audit fees and $50,265 in audit-related and tax services in 2025.
Konigsberg Brandon reported acquisition or exercise transactions in this Form 4 filing.
Chicago Atlantic Real Estate Finance director Brandon Konigsberg received a stock award, increasing his direct holdings. On April 20, 2026, he was granted 6,324 restricted shares of common stock under the company’s 2021 Omnibus Incentive Plan at no cash cost. These restricted shares will vest over a one-year period according to the award terms. Following this grant, he directly owns 33,870 shares of the company’s common stock.
Kite David reported acquisition or exercise transactions in this Form 4 filing.
Chicago Atlantic Real Estate Finance, Inc. reported that President and COO David Kite received a grant 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 value to ongoing service. Following this award, Kite directly holds 96,615 common shares. The grant is compensation-related rather than an open-market purchase.
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.
Stavola Elizabeth Mary reported acquisition or exercise transactions in this Form 4 filing.
Chicago Atlantic Real Estate Finance, Inc. director Elizabeth Mary Stavola received an equity award of 6,324 shares of common stock on April 20, 2026. The filing shows these are restricted shares granted at no cash cost as part of her compensation package.
According to the award terms, the 6,324 restricted shares will vest over a one-year period, meaning she earns full ownership gradually during that time. After this grant, she holds 6,324 common shares directly, indicating this is a relatively small, routine compensation-related equity award rather than an open-market stock purchase or sale.
Mazarakis John reported acquisition or exercise transactions in this Form 4 filing.
Chicago Atlantic Real Estate Finance, Inc. disclosed that Executive Chairman John Mazarakis was granted 37,099 restricted shares of common stock under its 2021 Omnibus Incentive Plan. The award vests in three equal installments after 12, 24 and 36 months.
Following this grant, Mazarakis directly holds 453,706 common shares. Additional indirect holdings are 31,524 shares through interests in Joppa Seasoning, LLC and 5,000 shares held by his spouse, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.
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.
Papastavrou Jason D reported acquisition or exercise transactions in this Form 4 filing.
Chicago Atlantic Real Estate Finance, Inc. director Jason D. Papastavrou received a grant of 6,324 restricted shares of common stock on April 20, 2026 under the company’s 2021 Omnibus Incentive Plan. These restricted shares will vest over a one-year period.
Following this award, he directly holds 55,870 common shares. The filing also lists 3,000 shares held by him as custodian for Michael Athans and 5,000 shares held by him as trustee for the Michael Athans Trust, for which he disclaims beneficial ownership except for any pecuniary interest.
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.
Chicago Atlantic Real Estate Finance, Inc. reported solid fourth-quarter and full-year 2025 results as a commercial mortgage REIT focused on state-licensed cannabis operators. For Q4 2025, net interest income was $14.2M and net income was $8.2M, or $0.38 per diluted share. Quarterly distributable earnings were $9.3M, or $0.43 per diluted share, supporting regular dividends of $0.47 per share.
For the year ended December 31, 2025, net interest income was $55.4M and diluted net income was $36.0M, or $1.68 per share. Full-year distributable earnings totaled $40.4M, or $1.88 per diluted share, against regular dividends declared of $41.4M, also $1.88 per share.
At year-end 2025, total loan principal outstanding was $411.1M across 26 portfolio companies, with a gross unlevered weighted average yield to maturity of 16.3%. The portfolio showed a loan-to-enterprise-value ratio of 44.2% and real estate collateral coverage of 1.2x. The debt/equity ratio was 32.0%, and book value per share was $14.60. Management highlighted a near-term investment pipeline of $616M and emphasized that over 90% of the portfolio is insulated from further interest rate declines through fixed rates or rate floors.