Chicago Atlantic Real Estate Finance Business Summary

Chicago Atlantic Real Estate Finance, Inc. (REFI) operates as a commercial mortgage real estate investment trust (mREIT) primarily focused on the cannabis industry. The company generates revenue through interest income and fees derived from originating, structuring, and investing in first mortgage loans and alternative structured financings. Its primary business segment is senior secured lending to state-licensed cannabis operators in limited-license jurisdictions, where federal restrictions limit traditional banking competition. REFI maintains a "credit-first" underwriting approach, securing loans with real estate, equipment, and other corporate assets. Direct competitors include AFC Gamma (AFCG), Innovative Industrial Properties (IIPR), and NewLake Capital Partners (NLCP). Within this peer group, REFI distinguishes itself as a specialized credit provider rather than a pure-play equity landlord, positioning itself as a leading lender of choice for established multi-state operators (MSOs). The leadership team is anchored by Executive Chairman John Mazarakis and Co-CEOs Anthony Cappell and Peter Sack, who co-founded the firm's management platform. Cappell brings over 15 years of specialty finance experience from Stonegate Capital, while Sack previously served as a Principal at BC Partners Credit. The executive suite is rounded out by CFO Phil Silverman, a veteran CPA, and COO David Kite, a former commodities trader and founder of K&K Capital Management. President and CIO Dr. Andreas Bodmeier provides quantitative risk expertise with a PhD from the University of Chicago. The company is supported by a notable board including cannabis entrepreneur Elizabeth Stavola and ARIS Capital Management founder Dr. Jason Papastavrou. As of early 2026, the firm maintains significant insider alignment, with officers and directors holding approximately 8.2% of fully diluted shares, alongside institutional backing from major firms like BlackRock and Vanguard.