Ranked by reported Q1 2026 13F market value
Share of total reported institutional value in REFI held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 1.4M | $16.1M | -1.1% | 6.722% | 0.00% |
| 2 | Fielder Capital Group LLC | 960K | $10.9M | +15.3% | 4.526% | 2.37% |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 728K | $8.2M | — | 3.432% | 0.00% |
| 4 | STATE STREET CORP | 511K | $6.0M | -3.4% | 2.407% | 0.00% |
| 5 | Corient Private Wealth LLC | 156K | $1.8M | -23.0% | 0.737% | 0.00% |
| 6 | Clayton Partners LLC | 150K | $1.7M | -28.7% | 0.709% | 1.24% |
| 7 | CDC Financial, Inc. | 142K | $1.6M | +16.7% | 0.667% | 1.19% |
| 8 | NORTHERN TRUST CORP | 141K | $1.6M | +4.3% | 0.667% | 0.00% |
| 9 | Connor, Clark & Lunn Investment Management Ltd. | 116K | $1.3M | -10.6% | 0.548% | 0.00% |
| 10 | VANGUARD FIDUCIARY TRUST CO | 114K | $1.3M | — | 0.539% | 0.00% |
| 11 | DOLIVER ADVISORS, LP | 112K | $1.3M | +5.2% | 0.527% | 0.29% |
| 12 | VANGUARD PORTFOLIO MANAGEMENT LLC | 104K | $1.2M | — | 0.492% | 0.00% |
| 13 | Sage Mountain Advisors LLC | 99K | $1.1M | -18.7% | 0.466% | 0.08% |
| 14 | ADVISOR GROUP HOLDINGS, INC. | 84K | $951K | -0.5% | 0.396% | 0.00% |
| 15 | Quantinno Capital Management LP | 76K | $855K | +58.1% | 0.356% | 0.00% |
| 16 | INTREPID CAPITAL MANAGEMENT INC | 74K | $837K | 0.0% | 0.349% | 0.32% |
| 17 | COMMONWEALTH EQUITY SERVICES, LLC | 51K | $581K | +2.8% | 0.242% | 0.00% |
| 18 | RENAISSANCE TECHNOLOGIES LLC | 51K | $577K | -8.3% | 0.240% | 0.00% |
| 19 | MILLENNIUM MANAGEMENT LLC | 50K | $561K | -68.9% | 0.234% | 0.00% |
| 20 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 49K | $558K | -10.3% | 0.232% | 0.00% |
| 21 | MORGAN STANLEY | 49K | $551K | +32.5% | 0.230% | 0.00% |
| 22 | Bank of New York Mellon Corp | 48K | $543K | -0.7% | 0.226% | 0.00% |
| 23 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 41K | $467K | -43.2% | 0.195% | 0.00% |
| 24 | Magnus Financial Group LLC | 33K | $371K | +0.3% | 0.154% | 0.03% |
| 25 | Nuveen, LLC | 31K | $349K | +35.9% | 0.145% | 0.00% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). “% of Fund” shows how much of that investor’s total 13F portfolio is invested in REFI — a direct measure of their conviction.
Filings activity in REFI during Q1 2026, grouped by how each filer changed its position.
8 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q1 2026 | 98 | 1.0% | 28.02% | 4.67 pp | $68M | 14% |
| Q4 2025 | 99 | +4.2% | 32.69% | 0.58 pp | $79M | 1.7% |
| Q3 2025 | 95 | 2.1% | 33.27% | 1.34 pp | $80M | 3.9% |
| Q2 2025 | 97 | 9.3% | 34.61% | 4.16 pp | $83M | 11% |
| Q1 2025 | 107 | +5.9% | 38.77% | 6.00 pp | $93M | 13% |
| Q4 2024 | 101 | +4.1% | 44.77% | +5.71 pp | $108M | +15% |
| Q3 2024 | 97 | +10% | 39.06% | +4.01 pp | $94M | +11% |
| Q2 2024 | 88 | — | 35.05% | — | $85M | — |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Δ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying REFI stock.
Based on Q1 2026 13F filings, institutional ownership of Chicago Atlantic Real Estate Finance, Inc. stands at 28.0%, held across 98 reporting institutions.
BlackRock, Inc. is the largest reported institutional holder of REFI, with approximately 1,425,571 shares worth $0.02B as of Q1 2026.
Yes — 3 widely-followed marquee investors appear among the top 25 institutional holders of REFI, including RENAISSANCE TECHNOLOGIES LLC, MILLENNIUM MANAGEMENT LLC, SUSQUEHANNA INTERNATIONAL GROUP, LLP.
Our composite Smart Money Score for REFI is 47 out of 100 (Neutral). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
20 institutions opened new positions in REFI during Q1 2026, while 21 fully exited. 19 added to existing positions and 56 trimmed.
REFI institutional ownership fell by 4.67 percentage points quarter-over-quarter, with a net change of -1 holders.
The top 10 institutions account for 74.8% of all reported 13F value in REFI, and the top 25 account for 90.7%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.
Chicago Atlantic Real Estate Finance, Inc. (REFI) Institutional Ownership