Chicago Atlantic Real Estate Finance, Inc.
US ˙ NasdaqGM ˙ US1672391026

SecurityREFI / Chicago Atlantic Real Estate Finance, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership48,672 shares
Latest Disclosed Value $ 550,975
Morgan Stanley reports 32.46% increase in ownership of REFI / Chicago Atlantic Real Estate Finance, Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 48,672 shares of Chicago Atlantic Real Estate Finance, Inc. (US:REFI) valued at $550,967 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 36,744 shares of Chicago Atlantic Real Estate Finance, Inc.. This represents a change in shares of 32.46% during the quarter. The current value of the position is $549,994 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 48,672 11,928 32.46 551 22.22 0.0000
2026-05-27 2025-12-31 13F/A-1 CHICAGO ATLANTIC REAL ESTATE COM 167239102 36,744 -17,029 -31.67 450 -34.50 0.0000
2026-02-13 2025-12-31 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 36,744 -17,029 450 0.0000
2026-05-27 2025-09-30 13F/A-1 CHICAGO ATLANTIC REAL ESTATE COM 167239102 53,773 5,710 11.88 688 2.54 0.0000
2025-11-14 2025-09-30 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 53,773 5,710 688 0.0000
2025-08-15 2025-06-30 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 48,063 -13,611 -22.07 671 -26.05 0.0000
2025-05-15 2025-03-31 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 61,674 -6,211 -9.15 907 -13.38 0.0001
2025-05-15 2024-12-31 13F/A-1 CHICAGO ATLANTIC REAL ESTATE COM 167239102 67,885 -7,132 -9.51 1,047 -10.06 0.0001
2025-02-14 2024-12-31 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 67,885 -7,132 1,047 0.0001
2025-05-14 2024-09-30 13F/A-2 CHICAGO ATLANTIC REAL ESTATE COM 167239102 75,017 30,263 67.62 1,164 69.29 0.0001
2025-02-14 2024-09-30 13F/A-1 CHICAGO ATLANTIC REAL ESTATE COM 167239102 75,017 30,263 1,164 0.0001
2024-11-14 2024-09-30 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 75,017 30,263 1,164 0.0000
2025-05-14 2024-06-30 13F/A-2 CHICAGO ATLANTIC REAL ESTATE COM 167239102 44,754 -2,539 -5.37 687 -7.79 0.0001
2024-10-17 2024-06-30 13F/A-1 CHICAGO ATLANTIC REAL ESTATE COM 167239102 44,754 -2,539 687 0.0001
2024-08-14 2024-06-30 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 44,754 -2,539 687 0.0001
2024-10-17 2024-03-31 13F/A-2 CHICAGO ATLANTIC REAL ESTATE COM 167239102 47,293 -8,812 -15.71 746 -17.86 0.0001
2024-08-16 2024-03-31 13F/A-1 CHICAGO ATLANTIC REAL ESTATE COM 167239102 47,293 -8,812 746 0.0000
2024-05-15 2024-03-31 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 47,293 -8,812 746 0.0001
2024-08-16 2023-12-31 13F/A-1 CHICAGO ATLANTIC REAL ESTATE COM 167239102 56,105 18,160 47.86 908 62.54 0.0001
2024-02-13 2023-12-31 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 56,105 18,160 908 0.0001
2023-11-15 2023-09-30 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 37,945 -359 -0.94 559 -3.79 0.0001
2023-08-14 2023-06-30 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 38,304 18,660 94.99 580 118.87 0.0001
2023-05-15 2023-03-31 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 19,644 2,018 11.45 265 0.00 0.0000
2023-02-14 2022-12-31 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 17,626 372 2.16 266 6.85 0.0000
2022-11-14 2022-09-30 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 17,254 1,721 11.08 248 6.44 0.0000
2022-10-27 2022-06-30 13F/A-1 CHICAGO ATLANTIC REAL ESTATE COM 167239102 15,533 -16,653 -51.74 233 -59.12 0.0000
2022-08-15 2022-06-30 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 15,533 -16,653 233 0.0000
2022-10-27 2022-03-31 13F/A-1 CHICAGO ATLANTIC REAL ESTATE COM 167239102 32,186 27,666 612.08 570 660.00 0.0001
2022-05-13 2022-03-31 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 32,186 27,666 570 0.0001
2022-02-14 2021-12-31 13F CHICAGO ATLANTIC REAL ESTATE COM 167239102 4,520 4,520 75 0.0000
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.