Chicago Atlantic Real Estate Finance Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

NasdaqGM:REFI Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Role	Shares	Max Price
08 Nov 24	BuyUS$43,964	John Mazarakis	Individual		2,779	US$15.82
07 Nov 24	SellUS$44,069	John Mazarakis	Individual		2,779	US$15.86

Insider Trading Volume

Insider Buying: REFI insiders have bought and sold the same number of shares in the past 3 months.

Ownership Breakdown

What is the ownership structure of REFI?
Owner Type	Number of Shares	Ownership Percentage
Private Companies	40,266	0.205%
Individual Insiders	3,341,005	17%
Institutions	6,862,988	35%
General Public	9,390,223	47.8%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8%.

Top Shareholders

Top 25 shareholders own 45.88% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
7.5%	BlackRock, Inc.	1,472,695	US$22.9m	4.36%	no data
6.37%	Ray Thurston	1,250,000	US$19.4m	0%	no data
4.49%	The Vanguard Group, Inc.	881,497	US$13.7m	6.67%	no data
3.19%	Donald Gulbrandsen	627,258	US$9.8m	0%	no data
3.16%	Fielder Capital Group LLC	619,681	US$9.6m	13.2%	3.06%
2.47%	Tidal Investments LLC	485,610	US$7.6m	21.4%	0.08%
2.04%	State Street Global Advisors, Inc.	400,790	US$6.2m	15.1%	no data
1.92%	John Mazarakis	377,709	US$5.9m	0%	no data
1.85%	Andreas Bodmeier	363,136	US$5.6m	0%	no data
1.81%	Anthony Cappell	356,209	US$5.5m	0%	no data
1.46%	Corient Private Wealth LLC	287,166	US$4.5m	0%	0.01%
1.45%	EMFO, LLC	285,031	US$4.4m	0%	3.68%
1.14%	Donald E. And Allison K. Gulbrandsen Foundation, Endowment Arm	224,187	US$3.5m	0%	no data
1.14%	Michael Steiner	223,267	US$3.5m	0%	no data
0.96%	Two Sigma Advisers, LP	188,400	US$2.9m	65.4%	0.01%
0.7%	Northern Trust Global Investments	136,691	US$2.1m	2.37%	no data
0.66%	Two Sigma Investments, LP	130,210	US$2.0m	8.21%	no data
0.6%	Intrepid Capital Management, Inc. (Florida)	117,909	US$1.8m	0%	1.12%
0.59%	Sage Mountain Advisors, LLC	116,603	US$1.8m	-12.6%	0.15%
0.5%	Renaissance Technologies LLC	98,006	US$1.5m	170%	no data
0.43%	AdvisorShares Investments, LLC	85,361	US$1.3m	-15.8%	0.21%
0.39%	HighTower Advisors, LLC	76,418	US$1.2m	-46.8%	no data
0.35%	Connor, Clark & Lunn Investment Management Ltd.	68,677	US$1.1m	315%	no data
0.35%	Morgan Stanley, Investment Banking and Brokerage Investments	68,186	US$1.1m	84.5%	no data
0.34%	Hoya Capital Real Estate, LLC	67,188	US$1.0m	0%	0.8%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/03 12:27
End of Day Share Price	2025/01/03 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Chicago Atlantic Real Estate Finance, Inc. is covered by 6 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Aaron Grey	Alliance Global Partners
Merrill Ross	Compass Point Research & Trading, LLC
Aaron Hecht	JMP Securities