# EDGAR Filing Document

**Accession Number:** 0001867949
**File Stem:** 0001213900-23-000954
**Filing Date:** 2023-1
**Character Count:** 6534
**Document Hash:** 708e332c4473b3b165fbb809faecea73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-000954.hdr.sgml**: 20230104

**ACCESSION NUMBER**: 0001213900-23-000954

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230104

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Gulbrandsen Donald E.
- **CENTRAL INDEX KEY:** 0001890445

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41123
- **FILM NUMBER:** 23509438

**MAIL ADDRESS:**
- **STREET 1:** C/O CHICAGO ATLANTIC REAL ESTATE FINANCE
- **STREET 2:** 420 NORTH WABASH AVENUE, SUITE 500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chicago Atlantic Real Estate Finance, Inc.
- **CENTRAL INDEX KEY:** 0001867949
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 863125132
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 420 NORTH WABASH AVENUE
- **STREET 2:** SUITE 500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** (312) 809-7002

**MAIL ADDRESS:**
- **STREET 1:** 420 NORTH WABASH AVENUE
- **STREET 2:** SUITE 500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Gulbrandsen Donald E.<br><sub>(Last) (First) (Middle)</sub><br>CHICAGO ATLANTIC REAL ESTATE FINANCE INC<br>420 NORTH WABASH AVENUE, SUITE 500<br><sub>(Street)</sub><br>CHICAGO, IL 60611<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2022-12-31 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Chicago Atlantic Real Estate Finance, Inc. [ REFI ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2022-12-31 |  | A |  | 4976 | A | $0.00 | 846634<sup>(1)(2)</sup> | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) On December 31, 2022, Mr. Gulbrandsen was awarded 4,976 restricted shares of common stock under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan. Pursuant to the terms of the award agreement, the 4,976 restricted shares of common stock will vest over a three year period, with one-third of the restricted stock vesting after 12 months, 24 months and 36 months, respectively.

(2) Includes 836,970 shares distributed by Chicago Atlantic Management, LLC and Chicago Atlantic CRE Manager, LLC, the managing members of Chicago Atlantic Fund QP, LLC and Chicago Atlantic CRE Holdings, LLC, respectively, in connection with the distribution of shares of Chicago Atlantic Real Estate Finance, Inc. held by Chicago Atlantic Fund QP, LLC and Chicago Atlantic CRE Holdings, LLC to their members pursuant to the terms of their respective operating agreements for no consideration.

**Signature:** /s/ Donald Gulbrandsen  
**Date:** 2023-01-04

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**