Chicago Atlantic Real Estate Finance
REFI
109 hedge funds and large institutions have $97M invested in Chicago Atlantic Real Estate Finance in 2025 Q1 according to their latest regulatory filings, with 18 funds opening new positions, 33 increasing their positions, 36 reducing their positions, and 12 closing their positions.
194% more call options, than puts
Call options by funds: $291K | Put options by funds: $99K
50% more first-time investments, than exits
New positions opened: 18 | Existing positions closed: 12
6% more funds holding
Funds holding: 103 → 109 (+6)
8% less repeat investments, than reductions
Existing positions increased: 33 | Existing positions reduced: 36
5.34% less ownership
Funds ownership: 36.87% → 31.54% (-5.3%)
13% less capital invested
Capital invested by funds: $112M → $97M (-$15M)
50% less funds holding in top 10
Funds holding in top 10: 2 → 1 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FCG
Fielder Capital Group
Nashville,
Tennessee
|
+$1.2M |
| 2 |
BlackRock
New York
|
+$1.13M |
| 3 |
Deutsche Bank
Frankfurt Am Main Ge,
Germany
|
+$1.03M |
| 4 |
Connor, Clark & Lunn Investment Management (CC&L)
Vancouver,
British Columbia, Canada
|
+$833K |
| 5 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$545K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
ICM
Intrepid Capital Management
Jacksonville Beach,
Florida
|
-$7.72M |
| 2 |
TI
Tidal Investments
Milwaukee,
Wisconsin
|
-$7.15M |
| 3 |
Millennium Management
New York
|
-$755K |
| 4 |
State Street
Boston,
Massachusetts
|
-$677K |
| 5 |
JP Morgan Chase
New York
|
-$476K |
REFI Hedge Fund Activity: Q1 2025 in Review
109 of the 7,473 institutional investors tracked by Wall St. Rank reported a position in Chicago Atlantic Real Estate Finance (REFI) for Q1 2025, worth a combined $97M — down 13% from $112M a quarter earlier.
Buyers outnumbered sellers: 18 funds opened new REFI positions and 12 closed out — a net gain of 6 holders — while 33 added to existing stakes and 36 trimmed.
The largest buyer was Fielder Capital Group, adding an estimated $1.2M. The largest seller was Intrepid Capital Management, cutting an estimated $7.72M.
- 109 institutional investors held Chicago Atlantic Real Estate Finance (REFI) as of Q1 2025, up from 103 in Q4 2024.
- Funds reported $97M of Chicago Atlantic Real Estate Finance stock for Q1 2025, down 13% quarter-over-quarter.
- 18 funds opened new Chicago Atlantic Real Estate Finance positions in Q1 2025 and 12 closed out, a net change of +6 holders.
- The largest Chicago Atlantic Real Estate Finance buyer in Q1 2025 was Fielder Capital Group, an estimated $1.2M added.
- The largest Chicago Atlantic Real Estate Finance seller in Q1 2025 was Intrepid Capital Management, an estimated $7.72M sold.
Based on aggregated 13F filings for Q1 2025.