Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 16, 2022, Lindsay Menze tendered her resignation as Chief Financial
Officer and Secretary of Chicago Atlantic Real Estate Finance, Inc. (the
"Company"), effective as of the close of business on September 30, 2022. Ms.
Menze's resignation is for personal reasons and is not a result of any
disagreement with the Company or on any matter relating to the Company's
operations, policies or practices. Ms. Menze will remain in each of her
positions until her resignation becomes effective.
In connection with Ms. Menze's resignation, on September 20, 2022, the Company's
Board of Directors appointed Phillip Silverman, the Company's Controller, as
Interim Chief Financial Officer and Secretary of the Company, effective as of
the close of business on September 30, 2022. In this role, Mr. Silverman will
serve as the Company's principal financial officer and principal accounting
officer, as such terms are used in the Securities and Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder. The Company has
commenced a search for a principal financial and/or accounting officer.
Mr. Silverman, 32, has served as Controller of the Company and as Chief
Financial Officer at Chicago Atlantic Group, LLC since June 2021. Mr. Silverman
has over ten years of accounting and finance experience with expertise in
financial reporting, operations, and internal controls within the asset
management industry. Prior to joining Chicago Atlantic Group, Mr. Silverman
spent more than eight years with BDO USA LLP, where he most recently served as a
Senior Manager in the Financial Services and Private Equity group, responsible
for end to end execution of audits of private equity and venture capital funds,
small business investment companies and business development companies and other
Mr. Silverman holds a B.S. in Finance from Indiana University's Kelley School of
Business and is a Certified Public Accountant.
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