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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
  on December 10, 2021</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B>&nbsp;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form
  S-8</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>REGISTRATION
  STATEMENT UNDER THE SECURITIES ACT OF 1933 </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="vertical-align: top; width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maryland</B></FONT></TD>
      <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>86-3125132</B></FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">incorporation or organization)</FONT></P></TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Identification No.)</FONT></P></TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>420 N. Wabash Avenue </B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 500</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago, Illinois</B></P></TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>60611</B></FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(Zip code)</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago Atlantic Real Estate Finance, Inc. 2021
  Omnibus Incentive Plan</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plans)</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Anthony Cappell</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Executive Officer</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago Atlantic Real Estate Finance, Inc.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>420 N. Wabash Avenue, Suite 500</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago, Illinois 60611 </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(312) 809-7002</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code, of agent
  for service) &nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Copies to:</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Owen J. Pinkerton, Esq.<BR>
  Daniel R. McKeithen, Esq.<BR>
  Eversheds Sutherland (US) LLP<BR>
  700 Sixth Street, N.W.<BR>
  Washington, DC 20001<BR>
  (202) 383-0262</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
  See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
  and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
      <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
      <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
      <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
      <TD>&#9746;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
      <TD>&#9744;</TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If an emerging growth company, indicate by check
  mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
  standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION
  OF REGISTRATION FEE</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Title of securities to be registered</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Amount&nbsp;to&nbsp;be<BR>
   registered<SUP>(1)</SUP>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
  
      maximum<BR>
   offering<BR>
   price per<BR>
   share<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
  
      maximum<BR>
   aggregate<BR>
   offering<BR>
   price<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount of <BR> registration fee</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 52%">Common Stock, par value $0.01 per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">904,090</TD><TD STYLE="width: 1%; text-align: left">(3)</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">16.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">14,465,440</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,340.95</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
      <TD><FONT STYLE="font-size: 10pt">Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this registration statement on Form S-8 also covers an indeterminate number of additional shares of common stock, par value $0.01 per share (&ldquo;Common Stock&rdquo;), of Chicago Atlantic Real Estate Finance, Inc. (the &ldquo;Registrant&rdquo;) that may be issued under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan as a result of stock splits, stock dividends or similar transactions.</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: justify">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
      <TD><FONT STYLE="font-size: 10pt">Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(h) under the Securities Act based on the initial public offering price per share of Common Stock of $16.00 per share as set forth in the Registrant&rsquo;s Registration Statement on Form S-11 (File No. 333-260505), effective as of December 7, 2021.</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: justify">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
      <TD><FONT STYLE="font-size: 10pt">Represents shares of Common Stock of the Registrant reserved for issuance under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan.</FONT></TD></TR>
    </TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  
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  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The documents containing the information required
  in Part I of Form S-8 will be sent or given to participants in the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan
  as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). In accordance with Rule
  428 under the Securities Act and the requirements of Part I of Form S-8, such documents are not being filed with the U.S. Securities and
  Exchange Commission (the &ldquo;SEC&rdquo;) either as part of this registration statement on Form S-8 (this &ldquo;Registration Statement&rdquo;)
  or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. Chicago Atlantic Real Estate Finance, Inc.
  (the &ldquo;Company,&rdquo; &ldquo;us&rdquo; &ldquo;our&rdquo; or &ldquo;we&rdquo;) will maintain a file of such documents in accordance
  with the provisions of Rule 428 under the Securities Act. Upon request, the Company will furnish to the SEC or its staff a copy or copies
  of all of the documents included in such file. These documents and the documents incorporated by reference into this Registration Statement
  pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section
  10(a) of the Securities Act.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt"><B>Item 3.</B></FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Incorporation of Documents by Reference.</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The following documents filed by the Company with
  the SEC are incorporated herein by reference and made a part hereof:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) </FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment
      No.&nbsp; 3 to the Company's Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390021062499/fs112021a3_chicago.htm">Form S-11</A> filed with the Commission on&nbsp;November 30, 2021 (Commission
      File No. 333-260505), which contains the Registrant&rsquo;s audited financial statements as of March 31, 2021 and unaudited financial
      statements for the period April 1, 2021 (date of commencement of operations) to September 30, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">;</FONT></TD>
      </TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
      Company's Prospectus filed on <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390021064272/f424b41221_chicagoatl.htm">December 9, 2021</A> pursuant to Rule 424(b) under the Securities Act, relating to the Registration Statement
      on Form S-11, as amended (Commission File No. 333-260505)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">;</FONT></TD>
      </TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) </FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the description of the
      Company&rsquo;s common stock, par value $0.01 per share, contained in the Company&rsquo;s Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390021063327/ea151715-8a12b_chicagoatl.htm">Form 8-A</A>, filed
      with the SEC on December 3, 2021, including any amendments or reports filed for the purpose of updating such description.</FONT></TD>
      </TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">All documents filed with the SEC by the Company
  pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), subsequent
  to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates
  that all securities offered hereby have been sold, or that deregisters all securities then remaining unsold, shall be deemed to be incorporated
  by reference in this Registration Statement and to be a part hereof from the date of filing of such documents; provided, however, that
  documents or information deemed to have been &ldquo;furnished&rdquo; and not &ldquo;filed&rdquo; in accordance with SEC rules&nbsp;shall
  not be deemed incorporated by reference into this Registration Statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Any statement contained in this Registration Statement
  or in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded for purposes
  of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that also is, or
  is deemed to be, incorporated herein by reference, modifies or supersedes such statement. Any such statement so modified or superseded
  shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt"><B>Item 4.</B></FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Description of Securities.</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>
  
  <!-- Field: Page; Sequence: 4; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 5.</B></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interests
      of Named Experts and Counsel.</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
  applicable.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 6.</B></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification of Directors
      and Officers.</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland
  law permits the Company to include a provision in its charter (the &ldquo;Charter&rdquo;) limiting the liability of its directors and
  officers to the Company and its stockholders for money damages, except for liability resulting from (a) actual receipt of an improper
  benefit or profit in money, property or services or (b) active and deliberate dishonesty that is established by a final judgment and
  that is material to the cause of action. The Charter contains a provision that eliminates the Company&rsquo;s directors&rsquo; and officers&rsquo;
  liability to the maximum extent permitted by Maryland law.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  MGCL requires the Company (unless the Charter provides otherwise, which the Charter does not) to indemnify a director or officer who
  has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his
  or her service in that capacity. The MGCL permits the Company to indemnify its present and former directors and officers, among others,
  against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding
  to which they may be made or threatened to be made a party by reason of their service in those or certain other capacities unless it
  is established that:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                              act or omission of the director or officer was material to the matter giving rise to the
                                              proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate
                                              dishonesty;</FONT></TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                              director or officer actually received an improper personal benefit in money, property or
                                              services; or</FONT></TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                              the case of any criminal proceeding, the director or officer had reasonable cause to believe
                                              that the act or omission was unlawful.</FONT></TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
  the MGCL, the Company may not indemnify a director or officer in a suit by the Company or in its right in which the director or officer
  was adjudged liable to the Company or in a suit in which the director or officer was adjudged liable on the basis that personal benefit
  was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled
  to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the
  basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by the Company or in
  its right, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  addition, the MGCL permits the Company to advance reasonable expenses to a director or officer upon its receipt of (a) a written affirmation
  by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification
  and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed if it is ultimately determined
  that the standard of conduct was not met.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Charter obligates the Company to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without
  requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance
  of final disposition of a proceeding to:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                              present or former director or officer who is made or threatened to be made a party to, or
                                              witness in, a proceeding by reason of his or her service in that capacity; or</FONT></TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                              individual who, while a director or officer of our Company and at our request, serves or
                                              has served as a director, officer, partner, trustee, member, manager, employee or agent of
                                              another corporation, real estate investment trust, limited liability company, partnership,
                                              joint venture, trust, employee benefit plan or any other enterprise and who is made or threatened
                                              to be made a party to, or witness in, the proceeding by reason of his or her service in that
                                              capacity.</FONT></TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Page; Sequence: 5; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Charter also permits the Company to indemnify and advance expenses to any individual who served any of its predecessors in any of the
  capacities described above and any employee or agent of the Company or any of its predecessors.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Company has entered into indemnification agreements with each of its directors and officers whereby it agrees to indemnify such directors
  and officers to the maximum extent permitted by Maryland law against all expenses and liabilities, subject to certain standards to be
  met and certain other limitations and conditions as set forth in such indemnification agreements. Insofar as indemnification for liabilities
  arising under the Securities Act may be permitted to directors or executive officers, the Company has been informed that in the opinion
  of the SEC such indemnification is against public policy and is therefore unenforceable.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
  do not currently carry directors&rsquo; and officers&rsquo; insurance.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 7.</B></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exemption from Registration
      Claimed.</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
  applicable.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 8.</B></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits.</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  following documents are filed as a part of this Registration Statement or incorporated by reference herein:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/0001867949/000121390021058618/fs112021a1ex10-4_chicagoatl.htm">Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan (<FONT>Filed as Exhibit 10.4 to the Company&rsquo;s Registration Statement on Form S-11 (File No. 333-260505), filed with the Commission on November 29, 2021</FONT>).</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea152066ex5-1_chicagoatl.htm">Opinion of Venable LLP.*</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea152066ex5-1_chicagoatl.htm">Consent of Venable LLP (included in Exhibit 5.1 hereto).*</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea152066ex23-2_chicagoatl.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of BDO USA LLP.*</FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#poa_001">Power of Attorney (included on signature page).*</A>&nbsp;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
  herewith.</FONT></TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 9.</B></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertakings.</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.4pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                              undersigned registrant hereby undertakes:</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 74.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38.4pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              file, during any period in which offers or sales are being made, a post-effective amendment
                                              to this registration statement:</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 74.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              include any prospectus required by Section 10(a)(3) of the Securities Act;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 38.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              reflect in the prospectus any facts or events arising after the effective date of the registration
                                              statement (or the most recent post-effective amendment thereof) which, individually or in
                                              the aggregate, represent a fundamental change in the information set forth in the registration
                                              statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                              offered (if the total dollar value of securities offered would not exceed that which was
                                              registered) and any deviation from the low or high end of the estimated maximum offering
                                              range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b)
                                              (&sect;230.424(b) of this chapter) if, in the aggregate, the changes in volume and price
                                              represent no more than 20% change in the maximum aggregate offering price set forth in the
                                              &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 74.4pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 74.4pt"></P>
  
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 74.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              include any material information with respect to the plan of distribution not previously
                                              disclosed in the registration statement or any material change to such information in the
                                              registration statement;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided,
  however, </I>that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective
  amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or
  Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38.4pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                              for the purpose of determining any liability under the Securities Act, each such post-effective
                                              amendment shall be deemed to be a new registration statement relating to the securities offered
                                              therein, and the offering of such securities at that time shall be deemed to be the initial
                                              bona fide offering thereof.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38.4pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              remove from registration by means of a post-effective amendment any of the securities being
                                              registered which remain unsold at the termination of the offering.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 74.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.4pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                              undersigned registrant hereby undertakes that, for purposes of determining any liability
                                              under the Securities Act, each filing of the registrant's annual report pursuant to Section
                                              13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee
                                              benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
                                              by reference in the registration statement shall be deemed to be a new registration statement
                                              relating to the securities offered therein, and the offering of such securities at that time
                                              shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 74.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2.4pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
                                              as indemnification for liabilities arising under the Securities Act may be permitted to directors,
                                              officers and controlling persons of the registrant pursuant to the foregoing provisions,
                                              or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification
                                              is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
                                              In the event that a claim for indemnification against such liabilities (other than the payment
                                              by the registrant of expenses incurred or paid by a director, officer or controlling person
                                              of the registrant in the successful defense of any action, suit or proceeding) is asserted
                                              by such director, officer or controlling person in connection with the securities being registered,
                                              the registrant will, unless in the opinion of its counsel the matter has been settled by
                                              controlling precedent, submit to a court of appropriate jurisdiction the question whether
                                              such indemnification by it is against public policy as expressed in the Securities Act and
                                              will be governed by the final adjudication of such issue.&nbsp;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Page; Sequence: 7; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
  to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that
  it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement on Form S-8 to be signed on its
  behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois, on the 10<SUP>th</SUP> day of December,
  2021.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD COLSPAN="2">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
      <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Anthony Cappell</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60%">&nbsp;</TD>
      <TD STYLE="width: 4%">&nbsp;</TD>
      <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
      <TD STYLE="width: 31%"> <FONT STYLE="font-size: 10pt">Anthony Cappell</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
      <TD> <FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="poa_001"></A>POWER
  OF ATTORNEY</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
  officer and director of Chicago Atlantic Real Estate Finance, Inc. whose signature appears below hereby constitutes and appoints Dr.
  Andreas Bodmeier and Lindsay Menze, and each of them to act without the other, as his true and lawful attorneys-in-fact and agents, with
  full power of substitution, resubstitution and revocation, for him and on his behalf and in his name, place and stead, in any and all
  capacities, to execute and file this Registration Statement on Form S-8 and any and all amendments thereto (including, without limitation,
  any post-effective amendments), with any and all exhibits thereto and other documents in connection therewith, with the U.S. Securities
  and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform
  each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person,
  hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully
  do or cause to be done by virtue hereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
  to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-8 has been signed by the following
  persons in the capacities indicated on December 10, 2021.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="width: 40%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
      <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
      <TD STYLE="width: 59%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony Cappell</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director </FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony Cappell</FONT></TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lindsay Menze</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer, Treasurer and Secretary</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lindsay Menze</FONT></TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial and Accounting Officer)</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John Mazarakis</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Mazarakis</FONT></TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Andreas Bodmeier</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andreas Bodmeier</FONT></TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Peter Sack</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter Sack</FONT></TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jason Papastavrou</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason Papastavrou</FONT></TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Frederick C. Herbst</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frederick C. Herbst</FONT></TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    </TABLE>
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "ea152066-s8_chicagoatl.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 78371}]
metadata_filer: {"company-data": {"conformed-name": "Chicago Atlantic Real Estate Finance, Inc.", "cik": "0001867949", "assigned-sic": "6798", "irs-number": "863125132", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-261589", "film-number": "211484765"}, "business-address": {"street1": "420 NORTH WABASH AVENUE", "street2": "SUITE 500", "city": "CHICAGO", "state": "IL", "zip": "60611", "phone": "(312) 809-7002"}, "mail-address": {"street1": "420 NORTH WABASH AVENUE", "street2": "SUITE 500", "city": "CHICAGO", "state": "IL", "zip": "60611"}}
text: As filed with the Securities and Exchange Commission
  on December 10, 2021
  Registration No. 333-
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  Form
  S-8
  REGISTRATION
  STATEMENT UNDER THE SECURITIES ACT OF 1933
  CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.
  (Exact name of registrant as specified in its charter)
  Maryland
  86-3125132
  (State or other jurisdiction of
  incorporation or organization)
  (I.R.S. Employer
  Identification No.)
  420 N. Wabash Avenue
  Suite 500
  Chicago, Illinois
  60611
  (Address of Principal Executive Offices)
  (Zip code)
  Chicago Atlantic Real Estate Finance, Inc. 2021
  Omnibus Incentive Plan
  (Full title of the plans)
  Anthony Cappell
  Chief Executive Officer
  Chicago Atlantic Real Estate Finance, Inc.
  420 N. Wabash Avenue, Suite 500
  Chicago, Illinois 60611
  (Name and address of agent for service)
  (312) 809-7002
  (Telephone number, including area code, of agent
  for service)
  Copies to:
  Owen J. Pinkerton, Esq.
  Daniel R. McKeithen, Esq.
  Eversheds Sutherland (US) LLP
  700 Sixth Street, N.W.
  Washington, DC 20001
  (202) 383-0262
  Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,"
  and "emerging growth company" in Rule 12b-2 of the Exchange Act.
  Large accelerated filer
  ☐
  Accelerated filer
  ☐
  Non-accelerated filer
  ☒
  Smaller reporting company
  ☐
  Emerging growth company
  ☒
  If an emerging growth company, indicate by check
  mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
  standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
  ¨
  CALCULATION
  OF REGISTRATION FEE
  Title of securities to be registered
  Amount to be
  registered
  (1)
  Proposed
  maximum
  offering
  price per
  share
  (2)
  Proposed
  maximum
  aggregate
  offering
  price
  (2)
  Amount of
  registration fee
  Common Stock, par value $0.01 per share
  904,090
  (3)
  $
  16.00
  $
  14,465,440
  $
  1,340.95
  (1)
  Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement on Form S-8 also covers an indeterminate number of additional shares of common stock, par value $0.01 per share ("Common Stock"), of Chicago Atlantic Real Estate Finance, Inc. (the "Registrant") that may be issued under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan as a result of stock splits, stock dividends or similar transactions.
  (2)
  Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(h) under the Securities Act based on the initial public offering price per share of Common Stock of $16.00 per share as set forth in the Registrant's Registration Statement on Form S-11 (File No. 333-260505), effective as of December 7, 2021.
  (3)
  Represents shares of Common Stock of the Registrant reserved for issuance under the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan.
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  The documents containing the information required
  in Part I of Form S-8 will be sent or given to participants in the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan
  as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities Act"). In accordance with Rule
  428 under the Securities Act and the requirements of Part I of Form S-8, such documents are not being filed with the U.S. Securities and
  Exchange Commission (the "SEC") either as part of this registration statement on Form S-8 (this "Registration Statement")
  or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. Chicago Atlantic Real Estate Finance, Inc.
  (the "Company," "us" "our" or "we") will maintain a file of such documents in accordance
  with the provisions of Rule 428 under the Securities Act. Upon request, the Company will furnish to the SEC or its staff a copy or copies
  of all of the documents included in such file. These documents and the documents incorporated by reference into this Registration Statement
  pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section
  10(a) of the Securities Act.
  1
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3.
  Incorporation of Documents by Reference.
  The following documents filed by the Company with
  the SEC are incorporated herein by reference and made a part hereof:
  (a)
  Amendment
      No.  3 to the Company's Registration Statement on
  Form S-11
  filed with the Commission on November 30, 2021 (Commission
      File No. 333-260505), which contains the Registrant's audited financial statements as of March 31, 2021 and unaudited financial
      statements for the period April 1, 2021 (date of commencement of operations) to September 30, 2021
  ;
  (b)
  the
      Company's Prospectus filed on
  December 9, 2021
  pursuant to Rule 424(b) under the Securities Act, relating to the Registration Statement
      on Form S-11, as amended (Commission File No. 333-260505)
  ;
  (c)
  the description of the
      Company's common stock, par value $0.01 per share, contained in the Company's Registration Statement on
  Form 8-A
  , filed
      with the SEC on December 3, 2021, including any amendments or reports filed for the purpose of updating such description.
  All documents filed with the SEC by the Company
  pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), subsequent
  to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates
  that all securities offered hereby have been sold, or that deregisters all securities then remaining unsold, shall be deemed to be incorporated
  by reference in this Registration Statement and to be a part hereof from the date of filing of such documents; provided, however, that
  documents or information deemed to have been "furnished" and not "filed" in accordance with SEC rules shall
  not be deemed incorporated by reference into this Registration Statement.
  Any statement contained in this Registration Statement
  or in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded for purposes
  of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that also is, or
  is deemed to be, incorporated herein by reference, modifies or supersedes such statement. Any such statement so modified or superseded
  shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
  Item 4.
  Description of Securities.
  Not applicable.
  2
  Item 5.
  Interests
      of Named Experts and Counsel.
  Not
  applicable.
  Item 6.
  Indemnification of Directors
      and Officers.
  Maryland
  law permits the Company to include a provision in its charter (the "Charter") limiting the liability of its directors and
  officers to the Company and its stockholders for money damages, except for liability resulting from (a) actual receipt of an improper
  benefit or profit in money, property or services or (b) active and deliberate dishonesty that is established by a final judgment and
  that is material to the cause of action. The Charter contains a provision that eliminates the Company's directors' and officers'
  liability to the maximum extent permitted by Maryland law.
  The
  MGCL requires the Company (unless the Charter provides otherwise, which the Charter does not) to indemnify a director or officer who
  has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his
  or her service in that capacity. The MGCL permits the Company to indemnify its present and former directors and officers, among others,
  against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding
  to which they may be made or threatened to be made a party by reason of their service in those or certain other capacities unless it
  is established that:
  ●
  the
                                              act or omission of the director or officer was material to the matter giving rise to the
                                              proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate
                                              dishonesty;
  ●
  the
                                              director or officer actually received an improper personal benefit in money, property or
                                              services; or
  ●
  in
                                              the case of any criminal proceeding, the director or officer had reasonable cause to believe
                                              that the act or omission was unlawful.
  Under
  the MGCL, the Company may not indemnify a director or officer in a suit by the Company or in its right in which the director or officer
  was adjudged liable to the Company or in a suit in which the director or officer was adjudged liable on the basis that personal benefit
  was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled
  to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the
  basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by the Company or in
  its right, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.
  In
  addition, the MGCL permits the Company to advance reasonable expenses to a director or officer upon its receipt of (a) a written affirmation
  by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification
  and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed if it is ultimately determined
  that the standard of conduct was not met.
  The
  Charter obligates the Company to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without
  requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance
  of final disposition of a proceeding to:
  ●
  any
                                              present or former director or officer who is made or threatened to be made a party to, or
                                              witness in, a proceeding by reason of his or her service in that capacity; or
  ●
  any
                                              individual who, while a director or officer of our Company and at our request, serves or
                                              has served as a director, officer, partner, trustee, member, manager, employee or agent of
                                              another corporation, real estate investment trust, limited liability company, partnership,
                                              joint venture, trust, employee benefit plan or any other enterprise and who is made or threatened
                                              to be made a party to, or witness in, the proceeding by reason of his or her service in that
                                              capacity.
  3
  The
  Charter also permits the Company to indemnify and advance expenses to any individual who served any of its predecessors in any of the
  capacities described above and any employee or agent of the Company or any of its predecessors.
  The
  Company has entered into indemnification agreements with each of its directors and officers whereby it agrees to indemnify such directors
  and officers to the maximum extent permitted by Maryland law against all expenses and liabilities, subject to certain standards to be
  met and certain other limitations and conditions as set forth in such indemnification agreements. Insofar as indemnification for liabilities
  arising under the Securities Act may be permitted to directors or executive officers, the Company has been informed that in the opinion
  of the SEC such indemnification is against public policy and is therefore unenforceable.
  We
  do not currently carry directors' and officers' insurance.
  Item 7.
  Exemption from Registration
      Claimed.
  Not
  applicable.
  Item 8.
  Exhibits.
  The
  following documents are filed as a part of this Registration Statement or incorporated by reference herein:
  Exhibit No.
  Description
  4.1
  Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan (
  Filed as Exhibit 10.4 to the Company's Registration Statement on Form S-11 (File No. 333-260505), filed with the Commission on November 29, 2021
  ).
  5.1
  Opinion of Venable LLP.*
  23.1
  Consent of Venable LLP (included in Exhibit 5.1 hereto).*
  23.2
  Consent of BDO USA LLP.*
  24.1
  Power of Attorney (included on signature page).*
  *
  Filed
  herewith.
  Item 9.
  Undertakings.
  (a)
  The
                                              undersigned registrant hereby undertakes:
  (1)
  To
                                              file, during any period in which offers or sales are being made, a post-effective amendment
                                              to this registration statement:
  (i)
  To
                                              include any prospectus required by Section 10(a)(3) of the Securities Act;
  (ii)
  To
                                              reflect in the prospectus any facts or events arising after the effective date of the registration
                                              statement (or the most recent post-effective amendment thereof) which, individually or in
                                              the aggregate, represent a fundamental change in the information set forth in the registration
                                              statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                              offered (if the total dollar value of securities offered would not exceed that which was
                                              registered) and any deviation from the low or high end of the estimated maximum offering
                                              range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b)
                                              (§230.424(b) of this chapter) if, in the aggregate, the changes in volume and price
                                              represent no more than 20% change in the maximum aggregate offering price set forth in the
                                              "Calculation of Registration Fee" table in the effective registration statement;
  4
  (iii)
  To
                                              include any material information with respect to the plan of distribution not previously
                                              disclosed in the registration statement or any material change to such information in the
                                              registration statement;
  provided,
  however,
  that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective
  amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or
  Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.
  (2)
  That,
                                              for the purpose of determining any liability under the Securities Act, each such post-effective
                                              amendment shall be deemed to be a new registration statement relating to the securities offered
                                              therein, and the offering of such securities at that time shall be deemed to be the initial
                                              bona fide offering thereof.
  (3)
  To
                                              remove from registration by means of a post-effective amendment any of the securities being
                                              registered which remain unsold at the termination of the offering.
  (b)
  The
                                              undersigned registrant hereby undertakes that, for purposes of determining any liability
                                              under the Securities Act, each filing of the registrant's annual report pursuant to Section
                                              13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee
                                              benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
                                              by reference in the registration statement shall be deemed to be a new registration statement
                                              relating to the securities offered therein, and the offering of such securities at that time
                                              shall be deemed to be the initial bona fide offering thereof.
  (c)
  Insofar
                                              as indemnification for liabilities arising under the Securities Act may be permitted to directors,
                                              officers and controlling persons of the registrant pursuant to the foregoing provisions,
                                              or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification
                                              is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
                                              In the event that a claim for indemnification against such liabilities (other than the payment
                                              by the registrant of expenses incurred or paid by a director, officer or controlling person
                                              of the registrant in the successful defense of any action, suit or proceeding) is asserted
                                              by such director, officer or controlling person in connection with the securities being registered,
                                              the registrant will, unless in the opinion of its counsel the matter has been settled by
                                              controlling precedent, submit to a court of appropriate jurisdiction the question whether
                                              such indemnification by it is against public policy as expressed in the Securities Act and
                                              will be governed by the final adjudication of such issue.
  5
  SIGNATURES
  Pursuant
  to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that
  it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement on Form S-8 to be signed on its
  behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois, on the 10
  th
  day of December,
  2021.
  CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.
  By:
  /s/ Anthony Cappell
  Name:
  Anthony Cappell
  Title:
  Chief Executive Officer
  POWER
  OF ATTORNEY
  Each
  officer and director of Chicago Atlantic Real Estate Finance, Inc. whose signature appears below hereby constitutes and appoints Dr.
  Andreas Bodmeier and Lindsay Menze, and each of them to act without the other, as his true and lawful attorneys-in-fact and agents, with
  full power of substitution, resubstitution and revocation, for him and on his behalf and in his name, place and stead, in any and all
  capacities, to execute and file this Registration Statement on Form S-8 and any and all amendments thereto (including, without limitation,
  any post-effective amendments), with any and all exhibits thereto and other documents in connection therewith, with the U.S. Securities
  and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform
  each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person,
  hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully
  do or cause to be done by virtue hereof.
  Pursuant
  to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-8 has been signed by the following
  persons in the capacities indicated on December 10, 2021.
  Name
  Title
  /s/ Anthony Cappell
  Chief Executive Officer and Director
  Anthony Cappell
  (Principal Executive Officer)
  /s/ Lindsay Menze
  Chief Financial Officer, Treasurer and Secretary
  Lindsay Menze
  (Principal Financial and Accounting Officer)
  /s/ John Mazarakis
  Director
  John Mazarakis
  /s/ Andreas Bodmeier
  Director
  Andreas Bodmeier
  /s/ Peter Sack
  Director
  Peter Sack
  /s/ Jason Papastavrou
  Director
  Jason Papastavrou
  /s/ Frederick C. Herbst
  Director
  Frederick C. Herbst
  6