Who owns Chicago Atlantic Real Estate Finance (REFI)
Which tracked institutional funds hold REFI, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See REFI company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-09-22). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
6 tracked funds added or opened REFI while 7 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
REFI’s largest tracked holder by dollar value, BlackRock, Inc., sizes it at 0.0% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 0.0pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in REFI divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 98 tracked filers holding REFI, 60 increased or opened the position and 41 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in REFI between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 3
- SEGALL BRYANT & HAMILL, LLC$2M
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP$954K
- RAYMOND JAMES FINANCIAL INC$521K
Full exits 3
- VAN ECK ASSOCIATES CORP$3M
- Penserra Capital Management LLC$1M
- MILLENNIUM MANAGEMENT LLC$561K
Largest adds
- BlackRock, Inc.$2M
- Odyssean, LLC$532K
- AQR CAPITAL MANAGEMENT LLC$304K
Largest trims
- Sage Mountain Advisors LLC$750K
- STATE STREET CORP$432K
- Fielder Capital Group LLC$335K
- Quantinno Capital Management LP$257K
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| BlackRock, Inc. added | 1,719,049 | $18M | 21.0% | 2026-Q2 |
| Fielder Capital Group LLC added | 982,283 | $11M | 12.0% | 2026-Q2 |
| VANGUARD CAPITAL MANAGEMENT LLC added | 788,254 | $8M | 9.7% | 2026-Q2 |
| STATE STREET CORP trimmed | 499,188 | $6M | 6.4% | 2026-Q2 |
| SEGALL BRYANT & HAMILL, LLC new | 188,621 | $2M | 2.3% | 2026-Q2 |
| CDC Financial, Inc. added | 163,704 | $2M | 2.0% | 2026-Q2 |
| Clayton Partners LLC added | 155,344 | $2M | 1.9% | 2026-Q2 |
| Corient Private Wealth LP trimmed | 152,719 | $2M | 1.9% | 2026-Q2 |
| NORTHERN TRUST CORP added | 146,958 | $2M | 1.8% | 2026-Q2 |
| VANGUARD PORTFOLIO MANAGEMENT LLC added | 125,772 | $1M | 1.5% | 2026-Q2 |
| VANGUARD FIDUCIARY TRUST CO added | 115,888 | $1M | 1.4% | 2026-Q2 |
| Connor, Clark & Lunn Investment Management Ltd. trimmed | 113,810 | $1M | 1.4% | 2026-Q2 |
| DOLIVER ADVISORS, LP trimmed | 111,008 | $1M | 1.4% | 2026-Q2 |
| OSAIC HOLDINGS, INC. added | 91,265 | $978K | 1.1% | 2026-Q2 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added | 88,975 | $954K | 1.1% | 2026-Q2 |
| INTREPID CAPITAL MANAGEMENT INC | 73,922 | $792K | 0.9% | 2026-Q2 |
| PRICE T ROWE ASSOCIATES INC /MD/ added | 69,485 | $745K | 0.9% | 2026-Q2 |
| MORGAN STANLEY added | 63,595 | $682K | 0.8% | 2026-Q2 |
| Odyssean, LLC added | 63,292 | $678K | 0.8% | 2026-Q2 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC added | 61,764 | $662K | 0.8% | 2026-Q2 |
| COMMONWEALTH EQUITY SERVICES, LLC added | 57,975 | $621K | 0.7% | 2026-Q2 |
| Quantinno Capital Management LP trimmed | 55,827 | $598K | 0.7% | 2026-Q2 |
| Bank of New York Mellon Corp added | 53,308 | $571K | 0.7% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC added | 48,623 | $521K | 0.6% | 2026-Q2 |
| AQR CAPITAL MANAGEMENT LLC added | 48,189 | $517K | 0.6% | 2026-Q2 |
| Atom Investors LP added | 42,314 | $454K | 0.5% | 2026-Q2 |
| Magnus Financial Group LLC added | 39,818 | $427K | 0.5% | 2026-Q2 |
| RENAISSANCE TECHNOLOGIES LLC trimmed | 38,600 | $414K | 0.5% | 2026-Q2 |
| Sage Mountain Advisors LLC trimmed | 34,284 | $368K | 0.4% | 2026-Q2 |
| Invesco Ltd. added | 33,413 | $358K | 0.4% | 2026-Q2 |
| Tidal Investments LLC trimmed | 33,345 | $357K | 0.4% | 2026-Q2 |
| United Advisor Group, LLC added | 33,050 | $354K | 0.4% | 2026-Q2 |
| GEODE CAPITAL MANAGEMENT, LLC added | 28,235 | $304K | 0.3% | 2026-Q2 |
| Nuveen, LLC trimmed | 27,041 | $290K | 0.3% | 2026-Q2 |
| ALLIANCEBERNSTEIN L.P. added | 24,410 | $276K | 0.3% | 2026-Q2 |
| RHUMBLINE ADVISERS trimmed | 24,562 | $263K | 0.3% | 2026-Q2 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE added | 23,099 | $248K | 0.3% | 2026-Q2 |
| MML INVESTORS SERVICES, LLC added | 22,529 | $242K | 0.3% | 2026-Q2 |
| Mission Financial Group, LLC added | 21,818 | $234K | 0.3% | 2026-Q2 |
| Empowered Funds, LLC trimmed | 19,872 | $213K | 0.2% | 2026-Q2 |
| ENVESTNET ASSET MANAGEMENT INC added | 19,349 | $207K | 0.2% | 2026-Q2 |
| Cerity Partners LLC new | 19,120 | $205K | 0.2% | 2026-Q2 |
| AlTi Global, Inc. added | 17,995 | $201K | 0.2% | 2026-Q2 |
| DEUTSCHE BANK AG\ added | 18,425 | $198K | 0.2% | 2026-Q2 |
| EVERETT HARRIS & CO /CA/ | 18,400 | $197K | 0.2% | 2026-Q2 |
| Virtus Investment Advisers, LLC added | 17,929 | $192K | 0.2% | 2026-Q2 |
| BNP PARIBAS FINANCIAL MARKETS added | 17,440 | $187K | 0.2% | 2026-Q2 |
| FMR LLC trimmed | 16,349 | $175K | 0.2% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN added | 15,824 | $170K | 0.2% | 2026-Q2 |
| MERCER GLOBAL ADVISORS INC /ADV added | 14,717 | $158K | 0.2% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ trimmed | 14,091 | $151K | 0.2% | 2026-Q2 |
| Y-Intercept (Hong Kong) Ltd new | 12,279 | $132K | 0.2% | 2026-Q2 |
| Russell Investments Group, Ltd. added | 11,332 | $121K | 0.1% | 2026-Q2 |
| GOLDMAN SACHS GROUP INC trimmed | 10,401 | $111K | 0.1% | 2026-Q2 |
| HB Wealth Management, LLC added | 10,270 | $110K | 0.1% | 2026-Q2 |
| MetLife Investment Management, LLC | 9,960 | $107K | 0.1% | 2026-Q2 |
| CITIGROUP INC added | 9,329 | $100K | 0.1% | 2026-Q2 |
| Eurizon Capital SGR S.p.A. | 8,534 | $95K | 0.1% | 2026-Q2 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. added | 8,700 | $93K | 0.1% | 2026-Q2 |
| JPMORGAN CHASE & CO added | 7,930 | $88K | 0.1% | 2026-Q2 |
| SIMPLEX TRADING, LLC trimmed | 6,497 | $70K | 0.1% | 2026-Q2 |
| Vanguard Global Advisers, LLC | 6,440 | $69K | 0.1% | 2026-Q2 |
| NEW YORK STATE COMMON RETIREMENT FUND | 6,038 | $65K | 0.1% | 2026-Q2 |
| Police & Firemen's Retirement System of New Jersey | 4,346 | $47K | 0.1% | 2026-Q2 |
| UBS Group AG trimmed | 4,030 | $43K | 0.0% | 2026-Q2 |
| STRS OHIO | 3,200 | $34K | 0.0% | 2026-Q2 |
| PNC Financial Services Group, Inc. trimmed | 3,006 | $32K | 0.0% | 2026-Q2 |
| BARCLAYS PLC trimmed | 2,815 | $30K | 0.0% | 2026-Q2 |
| Geneos Wealth Management Inc. | 2,330 | $25K | 0.0% | 2026-Q2 |
| GAMMA Investing LLC added | 1,808 | $19K | 0.0% | 2026-Q2 |
| MCF Advisors LLC new | 1,664 | $18K | 0.0% | 2026-Q2 |
| Legal & General Group Plc | 1,638 | $18K | 0.0% | 2026-Q2 |
| ROYAL BANK OF CANADA added | 1,550 | $16K | 0.0% | 2026-Q2 |
| Ameritas Investment Partners, Inc. | 1,352 | $14K | 0.0% | 2026-Q2 |
| Arax Advisory Partners added | 1,316 | $14K | 0.0% | 2026-Q2 |
| Tower Research Capital LLC (TRC) added | 1,169 | $13K | 0.0% | 2026-Q2 |
| NISA INVESTMENT ADVISORS, LLC trimmed | 672 | $8K | 0.0% | 2026-Q2 |
| Westside Investment Management, Inc. | 500 | $5K | 0.0% | 2026-Q2 |
| Sterling Capital Management LLC trimmed | 381 | $4K | 0.0% | 2026-Q2 |
| Atlantic Union Bankshares Corp | 352 | $4K | 0.0% | 2026-Q2 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM trimmed | 255 | $3K | 0.0% | 2026-Q2 |
| Triumph Capital Management | 250 | $3K | 0.0% | 2026-Q2 |
| Integrated Wealth Concepts LLC new | 195 | $2K | 0.0% | 2026-Q2 |
| Larson Financial Group LLC added | 173 | $2K | 0.0% | 2026-Q2 |
| IFP Advisors, Inc added | 170 | $2K | 0.0% | 2026-Q2 |
| Allworth Financial LP added | 160 | $2K | 0.0% | 2026-Q2 |
| Silver Grove Financial Group, Inc. new | 121 | $1K | 0.0% | 2026-Q2 |
| EverSource Wealth Advisors, LLC trimmed | 91 | $977 | 0.0% | 2026-Q2 |
| Allied Private Wealth LLC new | 70 | $747 | 0.0% | 2026-Q2 |
| True Wealth Design, LLC added | 50 | $536 | 0.0% | 2026-Q2 |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ trimmed | 48 | $515 | 0.0% | 2026-Q2 |
| Ares Financial Consulting, LLC | 44 | $472 | 0.0% | 2026-Q2 |
| Physician Wealth Advisors, Inc. trimmed | 44 | $472 | 0.0% | 2026-Q2 |
| ROTHSCHILD INVESTMENT LLC added | 39 | $418 | 0.0% | 2026-Q2 |
| Essential Partners LLC trimmed | 35 | $375 | 0.0% | 2026-Q2 |
| Farther Finance Advisors, LLC added | 30 | $322 | 0.0% | 2026-Q2 |
| SJS Investment Consulting Inc. new | 5 | $54 | 0.0% | 2026-Q2 |
| Clearstead Advisors, LLC added | 2 | $22 | 0.0% | 2026-Q2 |
| VAN ECK ASSOCIATES CORP added | 236,157 | $3M | 3.1% | 2026-Q1 stale (1 quarter behind) |
| VANGUARD GROUP INC added | 942,423 | $12M | 13.2% | 2025-Q4 stale (2 quarters behind) |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.