Andreas Bodmeier

About Andreas Bodmeier

Andreas A. Bodmeier, Ph.D., age 37, is President and Chief Investment Officer of Chicago Atlantic Real Estate Finance (REFI) and has been an executive officer since 2021. He co‑founded Chicago Atlantic Group in April 2019; previously served as CEO of Chicago Atlantic BDC, Inc. (LIEN) from October 2024 to March 2025; was a Senior Advisor at the U.S. Department of Health and Human Services (Oct 2019–Dec 2020); and led risk/quant roles at Quantitative Treasury Analytics and Kinetik Finance. Education: Ph.D. in Finance and MBA (Chicago Booth); B.Sc. in Mathematics and Physics (Freie University Berlin); B.Sc. in Business Economics (University of Hagen); M.Sc. in Statistics (Humboldt University Berlin). The company highlights Bodmeier’s underwriting experience of over $500 million in cannabis credit transactions .

Past Roles

External Roles

Fixed Compensation

REFI is externally managed; executive cash compensation is paid by the Manager and not disclosed at the individual level. REFI reimburses the Manager for allocable compensation and G&A under the Management Agreement; the company may grant equity to executives directly under the 2021 Omnibus Incentive Plan .

Performance Compensation

Time‑based restricted stock awards to Bodmeier under the 2021 Omnibus Incentive Plan; vesting one‑third after 12, 24, and 36 months.

• No performance stock units (PSUs) or option grants are disclosed for Bodmeier; awards are time‑vested RS .
• Company‑level incentive compensation to the Manager is linked to Core Earnings under the Management Agreement, not individual executive metrics .

Equity Ownership & Alignment

Additional alignment signals:

• Officers and Directors collectively owned ~8.3% as of April 4, 2025 , and later disclosed open‑market purchases of ~54,000 shares over three weeks with aggregate insider beneficial ownership ~1,770,000 shares (~8.2% FD) by Oct 17, 2025 (individual participants not specified) .

Employment Terms

• Executive Officer Status: President & CIO; executive officer since 2021 .
• Board Service/Independence: Previously served as Director; resigned effective Jan 1, 2025 to maintain NASDAQ majority‑independent board after another director’s resignation; remains President & CIO .
• Contract Structure: REFI is externally managed by Chicago Atlantic REIT Manager, LLC. The Manager earns Base Fees (1.50% annualized on defined Equity, net of Outside Fees) and quarterly Incentive Compensation based on Core Earnings; REFI reimburses allocable compensation and G&A. Termination Fee to Manager equals 3× the sum of annualized average quarterly Base Fees plus Incentive Compensation for the prior 24 months; individual executive severance/change‑of‑control terms are not disclosed at the REFI level .

Performance & Track Record

• Underwriting: Bodmeier has underwritten over $500 million in cannabis credit transactions; broader team highlights $8+ billion of real estate and commercial credit experience across the platform .
• Platform roles: Led REFI investment activities; served as LIEN CEO (Oct 2024–Mar 2025), indicating cross‑platform leadership and credit execution capability .

Board Governance

• Director Tenure: Director through 2024; resigned Jan 1, 2025 to preserve majority independence; no committee memberships listed during his tenure (interested director) .
• Board/Committee Activity: Board held six meetings in 2024; Audit four; Compensation one; Nominating zero; all incumbent directors ≥75% attendance (individual attendance rates not disclosed) .

Compensation Structure Analysis

• Mix and trend: Equity grants have trended down (85,100 in 2023 → 43,655 in 2024 → 28,398 in 2025), implying tighter equity issuance and potentially reduced dilution; awards remain time‑based RS rather than performance‑based PSUs, lowering pay‑for‑performance sensitivity .
• External management: Individual cash comp not itemized; incentive alignment at REFI occurs via Manager’s fee structure tied to Core Earnings, which may not map directly to TSR or multi‑factor executive scorecards at the individual level .

Risk Indicators & Red Flags

• Section 16 compliance: One late Form 4 reported for Bodmeier in 2022 (inadvertent oversight; subsequently filed), along with other insiders; no ongoing compliance issues indicated thereafter .
• Related party dynamics: Extensive related party transactions via co‑investments and Manager arrangements, monitored and approved by the Audit Committee; structural conflicts mitigated through committee oversight but persist as a governance consideration .

Investment Implications

• Alignment: Bodmeier’s ~1.9% beneficial ownership and recurring RS grants support alignment, though time‑based vesting and external management reduce direct sensitivity to TSR. Group insider ownership (~8%+) and recent open‑market purchases are constructive signals of management conviction .
• Vesting/supply overhang: RS grants vest annually in equal tranches through 2028 (for the 2025 grant), creating periodic potential selling pressure around annual vest dates, subject to insider trading windows and individual disposition decisions .
• Pay‑for‑performance: Absence of disclosed individual cash pay, bonus targets, or performance‑linked equity (PSUs/options) limits pay‑for‑performance transparency; evaluation should focus on REFI’s Core Earnings (driving Manager Incentive Compensation) and credit outcomes, together with insider ownership trends .

Overall: Bodmeier brings deep quantitative and credit expertise with meaningful stock ownership and declining equity grant sizes. External management structure and time‑based RS awards warrant attention to vesting calendars and related‑party oversight while insider buying and consistent leadership roles indicate confidence in portfolio execution .