Chicago Atlantic

Chicago Atlantic is a private-markets alternative investment manager that lends to state-licensed cannabis operators where traditional bank financing is constrained. It runs the strategy through two publicly traded, permanent-capital vehicles: Chicago Atlantic Real Estate Finance, Inc. (Nasdaq: REFI), a commercial mortgage REIT that originates senior secured, real-estate-backed loans to cannabis operators, and Chicago Atlantic BDC, Inc. (Nasdaq: LIEN), a business development company making similarly secured cannabis loans. As of June 30, 2026, REFI/the platform reported roughly $453M in loan principal outstanding across 26 portfolio companies at a gross unlevered yield near 15.8%.

Headquartered in Chicago with offices in New York, Miami, and London, the firm was co-founded by John Mazarakis and Tony Cappell. On June 17, 2026, REFI and LIEN announced a definitive, NAV-based, stock-for-stock merger (former REFI holders projected to own ~50.5% of the combined Nasdaq: LIEN entity); the deal is targeted to close in Q4 2026 pending shareholder and regulatory approval, so both tickers remain separately listed as of this review.