Mazarakis John 4

What Happened
John Mazarakis, Executive Chairman and a director of Chicago Atlantic Real Estate Finance, Inc. (REFI), was granted 37,099 restricted shares of common stock on April 20, 2026. The Form 4 reports the shares at $0.00 acquisition price (award/grant). The award will vest in thirds over three years (one‑third at 12, 24 and 36 months), so these are compensation shares, not an open‑market purchase or sale.

Key Details

• Transaction date: 2026-04-20; Form 4 filed: 2026-04-22 (timely filing).
• Transaction type/code: Award/Grant (A). Price reported: $0.00; total reported value on Form 4 = $0.
• Shares granted: 37,099 restricted shares; vesting: one‑third at 12, 24 and 36 months per award agreement (Footnote F1).
• Shares owned after transaction: not specified in the filing.
• Footnote: reporting person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest (Footnote F2).
• No indication of a 10b5‑1 plan, tax withholding sale, or immediate sale of shares.

Context
Restricted stock awards are a common form of executive compensation and reflect future vesting-based ownership rather than an immediate market purchase signal. Because these shares vest over time and the filer disclaims beneficial ownership except for pecuniary interest, this filing documents compensation and potential future alignment with shareholders but does not represent an immediate buy or sell in the market.