Chicago Atlantic Real Estate Finance, Inc. (REFI) shareholders
REFINasdaqReal Estate Investment TrustsFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 10, 2026Score 9/3056% below fair value
$8.61−0.19 (-2.16%)
Close on Nov 13, 2026Market cap $220.60MP/E 7.2Yield 21.84%
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
27.0%
7M of 26M shares
Institutional holders
101
16 new, 13 sold out
Net institutional buying
1M
In Q2 2026
Insider trades, 12 months
8 buys · 0 sales
Net bought $1.29M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| BlackRock, Inc. | 1,319,746 | 7.30% | 13G (passive) | Dec 31, 2023 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of REFI | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| BlackRock, Inc. | 1,719,049 | 6.71% | $18.43M | +293,478 | 0.00% |
| Fielder Capital Group LLC | 982,283 | 3.83% | $10.53M | +22,483 | 2.28% |
| Vanguard Capital Management LLC | 788,254 | 3.08% | $8.45M | +60,401 | 0.00% |
| State Street Corp | 499,188 | 1.95% | $5.58M | −11,345 | 0.00% |
| Segall Bryant & Hamill, LLC | 188,621 | 0.74% | $2.02M | New | 0.02% |
| CDC Financial, Inc. | 163,704 | 0.64% | $1.75M | +22,154 | 0.73% |
| Clayton Partners LLC | 155,344 | 0.61% | $1.67M | +5,000 | 1.09% |
| Corient Private Wealth LLC | 152,719 | 0.60% | $1.64M | −3,498 | 0.00% |
| Northern Trust Corp | 146,958 | 0.57% | $1.58M | +5,485 | 0.00% |
| Vanguard Portfolio Management LLC | 125,772 | 0.49% | $1.35M | +21,439 | 0.00% |
| Vanguard Fiduciary Trust Co | 115,888 | 0.45% | $1.24M | +1,593 | 0.00% |
| Connor, Clark & Lunn Investment Management Ltd. | 113,810 | 0.44% | $1.22M | −2,459 | 0.00% |
| Doliver Advisors, LP | 111,008 | 0.43% | $1.19M | −800 | 0.27% |
| Penserra Capital Management LLC | 108,882 | 0.42% | $1.17M | +14,100 | 0.01% |
| Osaic Holdings, Inc. | 91,265 | 0.36% | $978.37K | +7,213 | 0.00% |
| Arrowstreet Capital, Limited Partnership | 88,975 | 0.35% | $953.81K | New | 0.00% |
| Intrepid Capital Management Inc | 73,922 | 0.29% | $792.44K | – | 0.28% |
| Price T Rowe Associates Inc /Md/ | 69,485 | 0.27% | $745.00K | +12,524 | 0.00% |
| Morgan Stanley | 63,595 | 0.25% | $681.74K | +14,923 | 0.00% |
| Odyssean, LLC | 63,292 | 0.25% | $678.49K | +50,317 | 0.11% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 101 | 7M | 27.0% | 16 / 46 | 23 / 13 | 1M | 1M |
| Q1 2026 | 100 | 6M | 24.7% | 20 / 29 | 32 / 19 | 2M | 1M |
| Q4 2025 | 101 | 7M | 26.4% | 21 / 36 | 31 / 16 | 1M | 1M |
| Q3 2025 | 97 | 7M | 26.0% | 16 / 36 | 25 / 14 | 1M | 0M |
| Q2 2025 | 95 | 6M | 24.7% | 12 / 35 | 32 / 23 | 1M | 1M |
| Q1 2025 | 109 | 7M | 25.8% | 19 / 33 | 35 / 12 | 1M | 1M |
| Q4 2024 | 103 | 7M | 28.3% | 20 / 40 | 24 / 14 | 1M | 0M |
| Q3 2024 | 98 | 6M | 24.5% | 19 / 39 | 20 / 8 | 3M | 0M |
| Q2 2024 | 89 | 6M | 22.1% | 13 / 35 | 26 / 13 | 1M | 1M |
| Q1 2024 | 89 | 6M | 22.2% | 17 / 28 | 24 / 9 | 1M | 0M |
| Q4 2023 | 81 | 5M | 18.3% | 13 / 36 | 21 / 4 | 0M | 0M |
| Q3 2023 | 73 | 5M | 17.9% | 9 / 29 | 22 / 8 | 1M | 1M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
76 funds held REFI in Q2 2026, 85% of their shares through ETFs. Each fund counts once per quarter, from its quarter-end report.
| Fund | Shares | % of REFI | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 570,761 | 2.23% | $6.12M | 0.00% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 548,268 | 2.14% | $5.88M | 0.01% | Jun 30, 2026 |
| iShares Mortgage Real Estate ETF | 214,812 | 0.84% | $2.30M | 0.42% | Jun 30, 2026 |
| iShares Russell 2000 Value ETF | 200,952 | 0.78% | $2.15M | 0.01% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 199,009 | 0.78% | $2.13M | 0.00% | Jun 30, 2026 |
| Hoya Capital High Dividend Yield ETF | 95,391 | 0.37% | $1.08M | 1.04% | May 31, 2026 |
| Vanguard Russell 2000 Index Fund | 93,204 | 0.36% | $1.06M | 0.01% | May 31, 2026 |
| iShares Micro-Cap ETF | 63,282 | 0.25% | $678.38K | 0.04% | Jun 30, 2026 |
| Intrepid Capital Fund | 61,878 | 0.24% | $663.33K | 0.53% | Jun 30, 2026 |
| Schwab Small-Cap Index Fund | 46,772 | 0.18% | $456.49K | 0.01% | Jul 31, 2026 |
| Master Small Cap Index Series | 39,316 | 0.15% | $421.47K | 0.01% | Jun 30, 2026 |
| Amplify Seymour Cannabis ETF | 33,345 | 0.13% | $357.46K | 0.43% | Jun 30, 2026 |
| EQ/2000 Managed Volatility Portfolio | 22,627 | 0.09% | $242.56K | 0.01% | Jun 30, 2026 |
| Sequoia Global Value ETF | 19,902 | 0.08% | $226.29K | 0.02% | May 29, 2026 |
| Virtus Real Asset Income ETF | 18,127 | 0.07% | $176.92K | 0.95% | Jul 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| John Mazarakis | Executive Chairman, Director | 563,086 | 2.20% | Aug 28, 2026 |
| Peter Sack | Co-Chief Executive Officer, Director | 121,356 | 0.47% | Aug 21, 2026 |
| Anthony Cappell | Co-Chief Executive Officer, Director | 480,073 | 1.87% | Aug 19, 2026 |
| David Kite | President and COO | 109,611 | 0.43% | Apr 22, 2026 |
| Phillip Silverman | Chief Financial Officer | 71,516 | 0.28% | Apr 22, 2026 |
| Andreas Bodmeier | President and CIO | 404,901 | 1.58% | Apr 3, 2025 |
| Elizabeth Mary Stavola | Director | 6,324 | 0.02% | Apr 22, 2026 |
| Jason D. Papastavrou | Director | 63,870 | 0.25% | Apr 22, 2026 |
| Brandon Konigsberg | Director | 33,870 | 0.13% | Apr 22, 2026 |
| Michael L. Steiner | Director | 453,688 | 1.77% | Apr 3, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| John Mazarakis Executive Chairman, Director | Aug 27, 2026 | Buy | +7,530 | $10.67 | $80.35K | 526,562 |
| John Mazarakis Executive Chairman, Director | Aug 26, 2026 | Buy | +40,181 | $10.67 | $428.73K | 519,032 |
| John Mazarakis Executive Chairman, Director | Aug 21, 2026 | Buy | +145 | $10.67 | $1.55K | 478,851 |
| Peter Sack Co-Chief Executive Officer, Director | Aug 19, 2026 | Buy | +1,500 | $10.53 | $15.79K | 121,356 |
| Peter Sack Co-Chief Executive Officer, Director | Aug 19, 2026 | Buy | +2,000 | $10.39 | $20.78K | 123,356 |
| Peter Sack Co-Chief Executive Officer, Director | Aug 18, 2026 | Buy | +1,500 | $10.43 | $15.65K | 119,856 |
| Anthony Cappell Co-Chief Executive Officer, Director | Aug 17, 2026 | Buy | +45,000 | $10.41 | $468.45K | 466,706 |
| John Mazarakis Executive Chairman, Director | Aug 17, 2026 | Buy | +25,000 | $10.25 | $256.25K | 478,706 |
| Brandon Konigsberg Director | Apr 20, 2026 | Award | +6,324 | – | – | 33,870 |
| John Mazarakis Executive Chairman, Director | Apr 20, 2026 | Award | +37,099 | – | – | 453,706 |
| David Kite President and COO | Apr 20, 2026 | Award | +37,099 | – | – | 96,615 |
| Elizabeth Mary Stavola Director | Apr 20, 2026 | Award | +6,324 | – | – | 6,324 |
| Phillip Silverman Chief Financial Officer | Apr 20, 2026 | Award | +32,462 | – | – | 71,516 |
| Peter Sack Co-Chief Executive Officer, Director | Apr 20, 2026 | Award | +37,099 | – | – | 118,356 |
| Jason D. Papastavrou Director | Apr 20, 2026 | Award | +6,324 | – | – | 55,870 |
| Anthony Cappell Co-Chief Executive Officer, Director | Apr 20, 2026 | Award | +37,099 | – | – | 421,706 |
| John Mazarakis Executive Chairman, Director | Oct 16, 2025 | Buy | +8,000 | $12.75 | $102.00K | 416,607 |
| David Kite Chief Operating Officer | Oct 15, 2025 | Buy | +2,500 | $12.70 | $31.75K | 59,516 |
| Jason D. Papastavrou Director | Oct 15, 2025 | Buy | +3,000 | $12.68 | $38.04K | 3,000 |
| Jason D. Papastavrou Director | Oct 15, 2025 | Buy | +5,000 | $12.71 | $63.55K | 5,000 |
| Jason D. Papastavrou Director | Oct 15, 2025 | Buy | +10,000 | $12.62 | $126.20K | 49,546 |
| Brandon Konigsberg Director | Oct 14, 2025 | Buy | +7,000 | $12.33 | $86.31K | 27,546 |
| David Kite Chief Operating Officer | Oct 14, 2025 | Buy | +2,500 | $12.31 | $30.78K | 57,016 |
| Peter Sack Co-Chief Executive Officer, Director | Oct 14, 2025 | Buy | +8,150 | $12.43 | $101.30K | 81,257 |
| John Mazarakis Executive Chairman, Director | Oct 1, 2025 | Buy | +7,500 | $12.43 | $93.23K | 408,607 |
| Phillip Silverman Chief Financial Officer | Apr 9, 2025 | Buy | +769 | $13.00 | $10.00K | 39,054 |
| Anthony Cappell Co-Chief Executive Officer, Director | Apr 1, 2025 | Award | +28,398 | – | – | 384,607 |
| Michael L. Steiner Director | Apr 1, 2025 | Award | +5,071 | – | – | 274,109 |
| Phillip Silverman Chief Financial Officer | Apr 1, 2025 | Award | +8,993 | – | – | 38,285 |
| Jason D. Papastavrou Director | Apr 1, 2025 | Award | +5,071 | – | – | 39,546 |
| John Mazarakis Executive COB, Director | Apr 1, 2025 | Award | +28,398 | – | – | 401,107 |
| Peter Sack Co-Chief Executive Officer, Director | Apr 1, 2025 | Award | +28,398 | – | – | 73,107 |
| David Kite Chief Operating Officer | Apr 1, 2025 | Award | +28,398 | – | – | 54,516 |
| Brandon Konigsberg Director | Apr 1, 2025 | Award | +5,071 | – | – | 20,546 |
| Andreas Bodmeier President and CIO | Apr 1, 2025 | Award | +28,398 | – | – | 391,534 |
| John Mazarakis Executive COB, Director | Nov 8, 2024 | Buy | +2,779 | $15.82 | $43.96K | 372,709 |
| John Mazarakis Executive COB, Director | Nov 7, 2024 | Sale | −2,779 | $15.86 | $44.07K | 369,930 |
| Jason D. Papastavrou Director | Apr 1, 2024 | Award | +4,811 | $15.59 | $75.00K | 34,475 |
| Frederick C. Herbst Director | Apr 1, 2024 | Award | +4,811 | $15.59 | $75.00K | 19,475 |
| Andreas Bodmeier President and CIO, Director | Apr 1, 2024 | Award | +43,655 | $15.59 | $680.58K | 363,136 |
| Anthony Cappell Co-Chief Executive Officer, Director | Apr 1, 2024 | Award | +43,655 | $15.59 | $680.58K | 356,209 |
| Donald E. Gulbrandsen Co-President and CIO, Director | Apr 1, 2024 | Award | +4,811 | $15.59 | $75.00K | 851,445 |
| John Mazarakis Executive COB, Director | Apr 1, 2024 | Award | +43,655 | $15.59 | $680.58K | 372,709 |
| Michael L. Steiner Director | Apr 1, 2024 | Award | +4,811 | $15.59 | $75.00K | 232,009 |
| Brandon Konigsberg Director | Apr 1, 2024 | Award | +4,811 | $15.59 | $75.00K | 15,475 |
| Peter Sack Co-Chief Executive Officer, Director | Apr 1, 2024 | Award | +11,388 | $15.59 | $177.54K | 44,709 |
| Phillip Silverman CFO | Apr 1, 2024 | Award | +5,717 | – | – | 29,292 |
| Andreas Bodmeier Co-President and CIO, Director | Jun 1, 2023 | Award | +85,100 | $14.75 | $1.26M | 319,481 |
| Anthony Cappell Chief Executive Officer, Director | Jun 1, 2023 | Award | +85,100 | $14.75 | $1.26M | 312,554 |
| Peter Sack Co-President, Director | Jun 1, 2023 | Award | +27,500 | $14.75 | $405.63K | 33,321 |
| John Mazarakis Executive COB, Director | Jun 1, 2023 | Award | +85,100 | $14.75 | $1.26M | 365,578 |
| Phillip Silverman Interim CFO | Jun 1, 2023 | Award | +11,500 | $14.75 | $169.63K | 23,575 |
| John Mazarakis Executive COB, Director | Mar 14, 2023 | Buy | +10,000 | $13.19 | $131.90K | 243,954 |
| Michael L. Steiner Director | Dec 31, 2022 | Award | +4,976 | – | – | 200,595 |
| Brandon Konigsberg Director | Dec 31, 2022 | Award | +4,976 | – | – | 10,664 |
| Jason D. Papastavrou Director | Dec 31, 2022 | Award | +4,976 | – | – | 29,644 |
| Donald E. Gulbrandsen Director | Dec 31, 2022 | Award | +4,976 | – | – | 846,634 |
| Frederick C. Herbst Director | Dec 31, 2022 | Award | +4,976 | – | – | 14,664 |
| Andreas Bodmeier Co-President and CIO, Director | Dec 12, 2022 | Buy | +9,184 | $15.86 | $145.66K | 234,381 |
| Peter Sack Co-President, Director | Dec 12, 2022 | Buy | +2,396 | $15.86 | $38.00K | 5,821 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Short interest
Shares sold short and not yet bought back, as of Oct 30, 2026 (FINRA, reported twice a month)
Short % of float
6.92%
2M shares short
Days to cover
10.9
At 0M shares a day
Change since last report
-3.3%
From 2M shares
Short volume, 20 days
51.4%
Of volume reported to FINRA
Shares sold short, last 12 months
Short sale volume counts trades marked short on any given day, including market-maker hedging, so it runs far higher than the share of Chicago Atlantic Real Estate Finance's stock actually held short. Settlement fails (shares not delivered on time) peaked at 81,003 shares on Sep 21, 2026 over the last 90 days.
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