NOTE 15 — SUBSEQUENT EVENTS

The Company has evaluated subsequent events through August 12, 2026, the date the financial statements were issued, and has identified the following events requiring disclosure.

On July 9, 2026, REFI issued 4,306,754 shares of its common stock, at a price of $14.53 per share, in a private placement in exchange for second lien promissory notes in an aggregate principal amount of approximately $62.5 million. The issuance was permitted under the Merger Agreement. The additional REFI shares outstanding, and the notes received in exchange, will be reflected in the Closing REFI NAV per share and, accordingly, in the Exchange Ratio. See “Note 14. Proposed Merger with Chicago Atlantic Real Estate Finance, Inc.”

On July 31, 2026, the Company filed a registration statement on Form N-14 with the SEC containing a preliminary joint proxy statement/prospectus relating to the Merger. The registration statement had not been declared effective as of the date of this Quarterly Report.

On August 10, 2026 the Board approved a cash dividend of $0.34 per share. The dividend is payable on October 9, 2026, to stockholders of record on September 25, 2026.