John Mazarakis, chief executive and board member of Chicago Atlantic Real Estate Finance Inc. (REFI), acquired 145 ordinary shares on Aug. 21 at a price of $10.67 per share, according to a Form 4 filing with the U.S. Securities and Exchange Commission dated Aug. 25.
The transaction, valued at $1,547, occurred as REFI’s stock traded at $10.80, close to its 52-week low of $9.69. Mazarakis holds 478,851 shares directly and an additional 36,524 shares indirectly through a stake in Joppa Seasoning, LLC, with beneficial ownership disclosed only to the extent of his pecuniary interest.
The insider purchase follows Chicago Atlantic’s second-quarter results, which fell short of Wall Street expectations. The company reported earnings per share of $0.43, below the $0.47 estimate, and revenue of $12.83 million, below the $13.93 million forecast. Management attributed the underperformance to timing in capital redeployment.
Analysts at Citizens adjusted Chicago Atlantic’s stock price target to $16 from $18 while maintaining a Market Outperform rating. The revision reflects a valuation multiple of 1.13 times book value, down from the prior 1.27 times. Chicago Atlantic’s dividend yield stands at 17.4%.
