Chicago Atlantic Real Estate Finance

REFI • NASDAQ

Chicago Atlantic Real Estate Finance is a reit - mortgage company in the real estate sector on NASDAQ, led by Phillip Silverman, with a market cap of $283.9M. As of Q3 2025, 32% of shares are held by 97 institutional investors, with BlackRock, Inc. as the largest holder at 6.72%.

Interim Chief Executive OfficerPhillip Silverman

Market Cap$283.9M

REIT - Mortgage

Real Estate

Websitechicagoatlanticcredit.com

Country

United States of America

Overview

Overview of institutional ownership in REFI as of Q3 2025 with a market cap of $269.5M

All Institutions

Institutions: 97
Value Held: $84.9M
Shares Held: 6.6M
Avg Position: $875.6K
Median Position: $159.8K

Hedge Funds

Hedge Funds: 8
Value Held: $9.0M
Shares Held: 705.7K
Avg Position: $1.1M
Median Position: $854.5K

Ownership Breakdown

Institutional (non-HF)

28.16%

$75.9M

Hedge Funds

3.35%

$9.0M

Retail & Other

68.49%

$184.6M

Based on market cap of $269.5M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in REFI as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$18.1M 0.00% of portfolio	6.72% 1.4M shares	Q1 2022 Held for 3y 8m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$12.0M 0.00% of portfolio	4.47% 941.0K shares	Q1 2022 Held for 3y 8m	$6.69T
Fielder Capital Group LLC RIA/Wealth	Stephen Lawrence Korn CIO	$10.4M 2.36% of portfolio	3.84% 809.4K shares	Q2 2024 Held for 1y 5m	$439.1M
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$7.1M 0.00% of portfolio	2.53% 532.5K shares	Q1 2022 Held for 3y 8m	$2.88T
C CI Private Wealth, LLC RIA/Wealth	Kurt Macalpine CEO	$2.8M 0.00% of portfolio	1.05% 222.1K shares	Q3 2024 Held for 1y 2m	$63.4B
INTREPID CAPITAL MANAGEMENT INC Hedge Fund•Value	Mark Forrest Travis CEO	$2.7M 1.35% of portfolio	1.02% 214.8K shares	Q1 2023 Held for 2y 8m	$204.1M
VAN ECK ASSOCIATES CORP ETF Provider	Jan Frederick Vaneck CEO	$2.5M 0.00% of portfolio	0.94% 198.8K shares	Q2 2025 Held for 5 months	$96.6B
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$2.4M 0.00% of portfolio	0.88% 184.7K shares	Q1 2023 Held for 2y 8m	$121.98B
S Sage Mountain Advisors LLC RIA/Wealth	Scott Matthew Neu CEO	$2.1M 0.12% of portfolio	0.78% 163.8K shares	Q2 2022 Held for 3y 5m	$1.7B
NORTHERN TRUST CORP Institution	Michael G. O'Grady CEO	$1.8M 0.00% of portfolio	0.67% 142.0K shares	Q1 2022 Held for 3y 8m	$782.01B

Net Capital Flow

Institutional buying and selling activity for REFI in Q3 2025

Traded: +$3.9M
Buyers: 53
Sellers: 39
Total Bought: +$7.8M
Total Sold: −$3.9M
Avg Position: $758.4K

Biggest Buyers

Institution	Net Bought	Current Position
Clayton Partners LLC Hedge Fund•Long/Short	+$1.8M +138.0K shares	$1.8M 138.0K shares
A Advisor Group Holdings, Inc. Institution	+$947.1K +73.7K shares	$1.1M 83.6K shares
Fielder Capital Group LLC RIA/Wealth	+$485.0K +37.9K shares	$10.4M 809.4K shares
Q Quadrature Capital Ltd Institution	+$391.6K +30.6K shares	$391.6K 30.6K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$342.1K +26.8K shares	$2.4M 184.7K shares
JPMORGAN CHASE & CO Institution	+$338.4K +26.5K shares	$612.8K 47.9K shares
STATE STREET CORP Institution	+$326.2K +24.6K shares	$7.1M 532.5K shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	+$318.4K +24.9K shares	$1.6M 121.9K shares
United Advisor Group, LLC RIA/Wealth	+$314.0K +24.6K shares	$314.0K 24.6K shares
DOLIVER CAPITAL ADVISORS, INC. RIA/Wealth	+$296.3K +23.2K shares	$1.3M 103.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$945.1K −67.7K shares	Sold Off 0 shares
Atom Investors LP Hedge Fund•Market Neutral	−$359.7K −25.8K shares	Sold Off 0 shares
A AdvisorShares Investments LLC Institution	−$329.7K −25.8K shares	$335.5K 26.2K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$326.9K −23.4K shares	Sold Off 0 shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$300.8K −23.5K shares	$205.9K 16.1K shares
A Ariadne Wealth Management, LP RIA/Wealth	−$197.2K −13.7K shares	Sold Off 0 shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	−$182.9K −13.1K shares	Sold Off 0 shares
B BlackRock, Inc. Institution	−$172.3K −13.5K shares	$18.1M 1.4M shares
C CI Private Wealth, LLC RIA/Wealth	−$169.7K −13.3K shares	$2.8M 222.1K shares
A Ascent Group, LLC Institution	−$141.2K −10.1K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited REFI in Q3 2025

New Positions: 9
New Value: $314.7K
Exited Positions: 15
Exited Value: $2.2M

New Positions

Institution	Position Value
MML INVESTORS SERVICES, LLC RIA/Wealth	$146.3K 11.4K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	$136.2K 10.7K shares
Sunbelt Securities, Inc. RIA/Wealth	$11.2K 879.0 shares
Triumph Capital Management RIA/Wealth	$9.6K 750.0 shares
PNC FINANCIAL SERVICES GROUP, INC. Institution	$5.2K 406.0 shares
Union Bankshares Corp Institution	$4.5K 352.0 shares
V Versant Capital Management, Inc RIA/Wealth	$1.7K 129.0 shares
ROTHSCHILD INVESTMENT LLC RIA/Wealth	$26.0 2.0 shares
Hartland & Co., LLC RIA/Wealth	$13.0 1.0 shares

Exited Positions

Institution	Previous Position
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	$945.1K 67.7K shares
Atom Investors LP Hedge Fund•Market Neutral	$359.7K 25.8K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$326.9K 23.4K shares
A Ariadne Wealth Management, LP RIA/Wealth	$197.2K 13.7K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	$182.9K 13.1K shares
A Ascent Group, LLC Institution	$141.2K 10.1K shares
Transce3nd, LLC RIA/Wealth	$46.5K 3.3K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$17.7K 1.3K shares
Parallel Advisors, LLC RIA/Wealth	$11.7K 840.0 shares
Farther Finance Advisors, LLC RIA/Wealth	$5.4K 387.0 shares

Options Activity

Institutions with the largest Call and Put options positions in REFI as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 1
Put Value: $608.8K

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$608.8K 476.0 contracts

Most Committed Institutions

Institutions with REFI as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Fielder Capital Group LLC RIA/Wealth	Stephen Lawrence Korn CIO	2.36% $10.4M	3.84% 809.4K shares	Q2 2024 Held for 1y 5m	$439.1M
INTREPID CAPITAL MANAGEMENT INC Hedge Fund•Value	Mark Forrest Travis CEO	1.35% $2.7M	1.02% 214.8K shares	Q1 2023 Held for 2y 8m	$204.1M
Clayton Partners LLC Hedge Fund•Long/Short	Alex Gates CCO	1.34% $1.8M	0.65% 138.0K shares	Q3 2025 Held for 2 months	$131.9M
DOLIVER CAPITAL ADVISORS, INC. RIA/Wealth	Edward Coe Tredennick President	0.34% $1.3M	0.49% 103.8K shares	Q3 2024 Held for 1y 2m	$386.5M
PERRITT CAPITAL MANAGEMENT INC Long Only Manager	Mark J Buh President	0.16% $338.9K	0.13% 26.5K shares	Q4 2021 Held for 3y 11m	$211.0M
S Sage Mountain Advisors LLC RIA/Wealth	Scott Matthew Neu CEO	0.12% $2.1M	0.78% 163.8K shares	Q2 2022 Held for 3y 5m	$1.7B
PBMares Wealth Management LLC RIA/Wealth	Daniel Joseph Bender Managing Partner	0.06% $385.7K	0.14% 30.2K shares	Q2 2022 Held for 3y 5m	$616.9M
A AdvisorShares Investments LLC Institution	Noah Hamman CEO	0.06% $335.5K	0.12% 26.2K shares	Q1 2023 Held for 2y 8m	$602.4M
United Advisor Group, LLC RIA/Wealth	Raymond Steven Gettins CCO	0.04% $314.0K	0.12% 24.6K shares	Q3 2025 Held for 2 months	$735.4M
DUMONT & BLAKE INVESTMENT ADVISORS LLC RIA/Wealth	Morley Goldberg President	0.04% $143.5K	0.05% 11.2K shares	Q1 2023 Held for 2y 8m	$393.9M

Hedge Fund Spotlight

Discover hedge funds investing in REFI

INTREPID CAPITAL MANAGEMENT INC

Hedge Fund • Value

Portfolio ManagerMark Forrest Travis

Portfolio Value: $204.1M
Positions: 104
Last Reported: Q3 2025

Sector Allocation

Position in Chicago Atlantic Real Estate Finance

Market Value: $2.7M
Shares Held: 214.8K
Portfolio Weight: 1.35%
Owned Since: 2023-Q1

Top Holding	Sector	Market Value	Weight
1 Dimensional US High Profitability DUHP	ETF ETF	$17.2M	8.43%
2 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$9.1M	4.48%
3 Sprott Physical Gold and Silver Trust CEF	Unknown Unknown	$8.3M	4.06%