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.
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.
Chicago Atlantic Real Estate Finance, Inc. is a Maryland-incorporated commercial mortgage REIT focused on originating and investing in first-lien and structured loans, primarily to state-licensed cannabis operators. It is externally managed by Chicago Atlantic REIT Manager, LLC under a renewable management agreement.
The company targets senior, real-estate‑secured loans with strong collateral, covenants and risk-adjusted yields, concentrating on profitable or EBITDA‑positive operators across cultivation, processing, dispensaries and ancillary businesses. As of December 31, 2025, the aggregate market value of common stock held by non‑affiliates was approximately $236.8 million, and as of March 6, 2026 there were 21,080,272 shares outstanding.
Management emphasizes a credit‑first underwriting process, short loan durations with prepayment protections, and diversification by geography and borrower type. The company has elected REIT tax status and relies on the Investment Company Act Section 3(c)(5) exemption by keeping a majority of assets in real‑estate‑related interests.
Chicago Atlantic Real Estate Finance, Inc. has filed a shelf registration to offer up to $452,114,647 in securities. The company may sell common stock, preferred stock, debt securities, warrants, rights and units, separately or in combination, from time to time, with final terms set in future prospectus supplements.
The shelf carries forward unsold securities from a prior $500,000,000 registration. Chicago Atlantic is a commercial mortgage REIT that primarily originates and invests in first mortgage loans and other structured financings, mainly to state-licensed cannabis operators, aiming to deliver attractive, risk-adjusted returns through dividends and distributions. Its common stock trades on Nasdaq under the symbol REFI.
Chicago Atlantic Real Estate Finance (REFI) furnished an update on its quarterly performance. The company announced that a press release covering financial results for the third quarter ended September 30, 2025 is available as Exhibit 99.1, and an earnings supplemental presentation is available as Exhibit 99.2.
The presentation supports a conference call scheduled for November 4, 2025 at 9:00 a.m. Eastern. Both exhibits are furnished, not filed, and the presentation is also posted on the company’s Investor Relations website.
Chicago Atlantic Real Estate Finance (REFI) reported Q3 2025 results. Net income was $8.93 million with basic and diluted EPS of $0.42. Net interest income was $13.69 million on interest income of $15.25 million and interest expense of $1.57 million. The quarter included a $0.56 million provision for current expected credit losses and a common dividend of $0.47 per share.
Total assets were $427.1 million. Loans held for investment, net, were $393.06 million after a CECL reserve of $4.99 million, representing 1.25% of principal. Two loans were on non‑accrual as of September 30, 2025 totaling $23.88 million by carrying value. Cash and cash equivalents were $28.92 million.
On the balance sheet, the revolving loan was $52.4 million outstanding with $57.6 million availability and a 7.25% rate; its maturity was extended to June 30, 2028 on August 5, 2025. Unsecured notes payable were $49.27 million, bearing 9.00% and maturing October 18, 2028. Shares outstanding were 21,075,298 as of November 3, 2025.
Chicago Atlantic Real Estate Finance (REFI) disclosed an insider transaction: Executive Chairman and Director John Mazarakis purchased 8,000 shares of common stock at $12.75 on October 16, 2025.
After the trade, he directly owns 416,607 shares. Additional indirect holdings are listed as 5,000 shares by spouse and 31,524 shares held through interests in Joppa Seasoning, LLC. The reporting person disclaims beneficial ownership of the indirect shares except to the extent of his pecuniary interest.
Chicago Atlantic Real Estate Finance (REFI): Co‑Chief Executive Officer and Director Peter Sack reported an open‑market purchase of 8,150 shares of common stock on 10/14/2025 at $12.43 per share. Following the transaction, he beneficially owned 81,257 shares.
The filing also notes a previously granted award of 28,398 restricted shares on April 1, 2025 under the 2021 Omnibus Incentive Plan, vesting in three equal annual installments over 12, 24, and 36 months.
Chicago Atlantic Real Estate Finance (REFI) disclosed an insider purchase. Director Brandon Konigsberg bought 7,000 shares of common stock on 10/14/2025 at $12.328 per share, coded “P” for a purchase. Following the transaction, he beneficially owns 27,546 shares held directly.
This Form 4 reports a single non-derivative transaction; no derivative positions were listed.