secwatch.observer — SEC 8-K summary
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Issuer:     Chicago Atlantic Real Estate Finance, Inc. (REFI)
CIK:        0001867949
Form:       8-K
Filed at:   2026-07-13T20:30:15+00:00
Accession:  0001213900-26-077585
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

REFI issues 4.3M shares for $62.5M in second-lien notes on 32 cannabis retail properties
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- Issued 4,306,754 shares at $14.53/share to Koach for $62.5M in second-lien notes secured by 32 retail properties leased to cannabis operators.
- Notes bear 12% interest (10% cash, 2% PIK), weighted avg maturity ~12 years, exit fee 2.5x commitment.
- Shares represent ~16.8% of outstanding post-issuance; lock-up: 20% for 3 months, 80% for 6 months.
- Transaction permitted under pending merger with LIEN; exchange ratio will reflect increased share count.
- No underwriter or placement agent; shares issued in private placement under Rule 506.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1867949/000121390026077585/0001213900-26-077585-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1867949/000121390026077585/ea0297476-8k425_chicago.htm
  HTML page:      https://secwatch.observer/filing/0001213900-26-077585

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