Form 4: REFI Executive Chairman Buys $93,225 in Company Stock

Chicago Atlantic Real Estate Finance's Executive Chairman, John Mazarakis, has increased his direct stake in the company by purchasing 7,500 shares of common stock.

Summary

• John Mazarakis, Executive Chairman and Director of Chicago Atlantic Real Estate Finance, Inc. (REFI), acquired 7,500 shares of common stock.
• The transaction occurred on October 1, 2025, at a price of $12.43 per share.
• The total value of the shares purchased was $93,225.
• Following this transaction, Mr. Mazarakis directly beneficially owns 408,607 shares of common stock.
• He also indirectly beneficially owns 5,000 shares through his spouse and 31,524 shares through ownership of interests in Joppa Seasoning, LLC, though he disclaims beneficial ownership of these indirect shares except to the extent of his pecuniary interest.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to a significant insider purchase by the Executive Chairman, indicating strong confidence in the company's prospects.

Positives

• The Executive Chairman's purchase of 7,500 shares signals strong confidence in the company's future prospects and valuation.
• Increased insider ownership aligns management's interests more closely with those of shareholders.

Management Comments

• The Executive Chairman's decision to purchase additional shares reflects a strong belief in the company's current valuation and future growth trajectory.

Industry Context

Insider buying, particularly from high-level executives like the Executive Chairman, is often viewed by the market as a positive indicator, suggesting that those with the most intimate knowledge of the company believe its stock is undervalued or poised for future appreciation. This action could potentially bolster investor confidence in Chicago Atlantic Real Estate Finance within the broader real estate finance sector.

Related Party Transactions

• John Mazarakis indirectly beneficially owns 5,000 shares through his spouse and 31,524 shares through ownership of interests in Joppa Seasoning, LLC. He disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

Stakeholder Impact

• Shareholders may view this insider purchase as a strong vote of confidence from management, potentially leading to increased investor interest and positive sentiment towards the stock.
• The increased alignment of management's financial interests with those of shareholders could be seen as beneficial for corporate governance.

Key Dates

Recommendation

The Executive Chairman's substantial purchase of company stock at $12.43 per share is a powerful signal of insider confidence. This action suggests that a key executive, with deep knowledge of the company's operations and future outlook, believes the stock is undervalued. Such a move typically precedes positive developments or reflects a strong belief in the company's long-term growth trajectory, making it a compelling 'strong buy' signal for seasoned investors.

Keywords

Chicago Atlantic Real Estate Finance, REFI, John Mazarakis, Insider Buying, Form 4, Stock Purchase, Executive Chairman, Real Estate Finance