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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 July 12, 2022</B></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 0; text-align: right"><B>Registration No.&nbsp;333</B>-&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><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"><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">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: center">&nbsp;</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="border-bottom: Black 1.5pt solid; vertical-align: top; width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maryland</B></FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; 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="text-align: center; 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>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: top; width: 49%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>420 N. Wabash Avenue </B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Suite 500</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chicago, Illinois</B></P></TD>
      <TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; width: 49%"><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="text-align: center; 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">&nbsp;</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: 0pt 0; text-align: center"></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-top: 0pt; margin-bottom: 0pt; 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">(Full title of the plan)</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"></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: 0pt 0; text-align: center">&nbsp;</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: 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>
  
  <!-- 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: 0pt 0; text-align: center"><B></B>&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="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
      filer</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
      growth company</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><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>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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"></P>
  
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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="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>EXPLANATORY NOTE</B></P>
  
  <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 0; text-indent: 0.5in"><FONT STYLE="background-color: white">This Registration
  Statement on Form&nbsp;S-8&nbsp;(this &ldquo;Registration Statement&rdquo;) registers 605,200 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;) to be issued
  pursuant to the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan (the &ldquo;Plan&rdquo;). The information contained
  in the Registrant&rsquo;s registration statement on Form&nbsp;S-8&nbsp;filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
  (File No.&nbsp;333-261589) on December 10, 2021, together with all exhibits filed therewith or incorporated therein by reference, is hereby
  incorporated by reference pursuant to General Instruction E to Form&nbsp;S-8,&nbsp;and the shares of Common Stock registered hereunder
  are in addition to the shares of Common Stock registered pursuant to such registration statement. </FONT></P>
  
  <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 0; text-indent: 0.5in"><FONT STYLE="background-color: white">Pursuant
  to the Plan, the Registrant is authorized to issue up to 8.5% of its issued and outstanding Common Stock immediately following a Public
  Listing (as that term is defined in the Plan). The additional shares of Common Stock being registered on this Registration Statement,
  together with the previously registered shares, represent the full amount of the shares authorized to be issued pursuant to the Plan.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></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">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item
  3. Incorporation of Documents by Reference.</B></FONT></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; text-indent: 0.5in">The following documents filed by the Registrant
  with the SEC are 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 0">(a)&nbsp;the Registrant&rsquo;s
  Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390022019847/f10k2021_chicagoatlant.htm">Form 10-K</A> for the fiscal year ended December 31, 2021, filed with the SEC on April 14, 2022;</P>
  
  <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 0">(b)&nbsp;the Registrant&rsquo;s
  Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390022026022/f10q0322_chicagoatl.htm">Form 10-Q</A> for the quarter ended March 31, 2022, filed with the SEC on May 12, 2022;</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 0">(c)&nbsp;the Registrant&rsquo;s
  Current Reports on Form 8-K, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390022002701/ea154224-8k_chicago.htm">January 19, 2022</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390022005797/ea155074-8k_chicago.htm">February 8, 2022</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390022026059/ea159857-8k_chicago.htm">May 13, 2022</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390022031023/ea161096-8k_chicago.htm">June 3, 2022</A>, and the Registrant&rsquo;s
  amended Current Reports on Form 8-K/A, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390022010336/ea156402-8ka1_chicago.htm">March 2, 2022</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390022016955/ea157690-8ka1_chicago.htm">March 31, 2022</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390022020811/ea158672-8k_chiatl.htm">April 20, 2022</A>;</P>
  
  <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 0">(d)&nbsp;the description of the
  Company&rsquo;s common stock, par value $0.01 per share, contained in the Company&rsquo;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.</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 0; 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 0; 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-indent: 0.5in">&nbsp;</P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <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-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item
  8. Exhibits.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></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="vertical-align: top; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Exhibit<BR> No.</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Description</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; width: 9%; text-align: left">4.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 89%; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1867949/000121390021058618/fs112021a1ex10-4_chicagoatl.htm">Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan (Filed as Exhibit 10.4 to the Company&rsquo;s Registration Statement on Form S-11 (File No. 333-260505), filed with the SEC on November 12, 2021).</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left">5.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="ea162643ex5-1_chicagoatl.htm">Opinion of Venable LLP.*</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">23.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="ea162643ex5-1_chicagoatl.htm">Consent of Venable LLP (included in Exhibit 5.1 hereto).*</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left">23.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="ea162643ex23-2_chicagoatl.htm">Consent of BDO USA LLP.*</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: left">24.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="#a_001">Power of Attorney (included on signature page).*</A></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="vertical-align: top; text-align: left">107.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left"><A HREF="ea162643ex-fee_chicagoatl.htm">Filing Fees Table*</A></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></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>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></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>SIGNATURES</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">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 12<SUP>th</SUP> day of July, 2022.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 0pt; width: 60%; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
      <TD STYLE="padding-right: 0pt; width: 4%; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
      <TD STYLE="padding-right: 0pt; width: 5%; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
      <TD STYLE="padding-right: 0pt; width: 31%; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding-bottom: 1.5pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
      <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
      <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
  Anthony Cappell</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
      <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
      <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anthony Cappell</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
      <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
      <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
      <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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"></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>
      <!-- Field: /Page -->
  
  <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"><A NAME="a_001"></A><B>POWER OF ATTORNEY</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">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.</P>
  
  <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 0; text-indent: 0.5in">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 July 12, 2022.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Anthony Cappell</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
      Executive Officer and Director</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony
      Cappell</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Principal Executive
      Officer)</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Lindsay Menze</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
      Financial Officer, Treasurer and Secretary</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lindsay
      Menze</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Principal Financial
      and Accounting Officer)</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      John Mazarakis</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
      Mazarakis</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Andreas Bodmeier</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andreas
      Bodmeier</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Peter Sack</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter
      Sack</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Jason Papastavrou</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason
      Papastavrou</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frederick
      C. Herbst</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Brandon Konigsberg</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brandon
      Konigsberg</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Donald E. Gulbrandsen</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Donald
      E. Gulbrandsen</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Michael L. Steiner</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
      L. Steiner</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    </TABLE>
  
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "ea162643-s8_chicagoatl.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 50828}]
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": "333-266109", "film-number": "221080054"}, "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 July 12, 2022
  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 plan)
  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.
  ¨
  EXPLANATORY NOTE
  This Registration
  Statement on Form S-8 (this "Registration Statement") registers 605,200 additional shares of common stock, par value
  $0.01 per share ("Common Stock") of Chicago Atlantic Real Estate Finance, Inc. (the "Registrant") to be issued
  pursuant to the Chicago Atlantic Real Estate Finance, Inc. 2021 Omnibus Incentive Plan (the "Plan"). The information contained
  in the Registrant's registration statement on Form S-8 filed with the Securities and Exchange Commission (the "SEC")
  (File No. 333-261589) on December 10, 2021, together with all exhibits filed therewith or incorporated therein by reference, is hereby
  incorporated by reference pursuant to General Instruction E to Form S-8, and the shares of Common Stock registered hereunder
  are in addition to the shares of Common Stock registered pursuant to such registration statement.
  Pursuant
  to the Plan, the Registrant is authorized to issue up to 8.5% of its issued and outstanding Common Stock immediately following a Public
  Listing (as that term is defined in the Plan). The additional shares of Common Stock being registered on this Registration Statement,
  together with the previously registered shares, represent the full amount of the shares authorized to be issued pursuant to the Plan.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item
  3. Incorporation of Documents by Reference.
  The following documents filed by the Registrant
  with the SEC are incorporated by reference into this Registration Statement:
  (a) the Registrant's
  Annual Report on
  Form 10-K
  for the fiscal year ended December 31, 2021, filed with the SEC on April 14, 2022;
  (b) the Registrant's
  Quarterly Report on
  Form 10-Q
  for the quarter ended March 31, 2022, filed with the SEC on May 12, 2022;
  (c) the Registrant's
  Current Reports on Form 8-K, filed with the SEC on
  January 19, 2022
  ,
  February 8, 2022
  ,
  May 13, 2022
  and
  June 3, 2022
  , and the Registrant's
  amended Current Reports on Form 8-K/A, filed with the SEC on
  March 2, 2022
  ,
  March 31, 2022
  and
  April 20, 2022
  ;
  (d) 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.
  II-
  1
  Item
  8. Exhibits.
  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 SEC on November 12, 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).*
  107.1
  Filing Fees Table*
  *
  Filed herewith.
  II-
  2
  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 12
  th
  day of July, 2022.
  CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.
  By:
  /s/
  Anthony Cappell
  Name:
  Anthony Cappell
  Title:
  Chief Executive Officer
  II-
  3
  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 July 12, 2022.
  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
  /s/
      Brandon Konigsberg
  Director
  Brandon
      Konigsberg
  /s/
      Donald E. Gulbrandsen
  Director
  Donald
      E. Gulbrandsen
  /s/
      Michael L. Steiner
  Director
  Michael
      L. Steiner
  II-4