David Kite
About David Kite
David Kite, 54, is Chief Operating Officer at Chicago Atlantic Real Estate Finance (REFI). He has served as COO since December 2021 and is listed as an executive officer since 2025; he is a Managing Partner at Chicago Atlantic . His background spans commodities trading at Commodities Corp, founding K&K Capital Management (strategy peak >$250 million AUM), and COO/Partner at Free Market Ventures focusing on real estate development and cannabis cultivation infrastructure; he holds a BA in Economics (University of Illinois) and an MBA (University of Chicago Booth) . Performance metrics (TSR, revenue/EBITDA growth) are not disclosed for Kite; REFI’s externally managed structure limits individual executive pay-for-performance transparency .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Commodities Corp | Trader | Not disclosed | Early career training ground for notable macro traders; foundation in trading and risk management |
| K&K Capital Management | Founder | Not disclosed | Built a proprietary trading strategy; peak managed >$250 million |
| Free Market Ventures | Partner & COO | Since 2013 (as disclosed) | Developed >200 multifamily units; built >100,000 sq ft cannabis cultivation warehouses; acquired/managed >250,000 sq ft office; purchased >$25 million distressed debt/receiver liens |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Chicago Atlantic (affiliate of REFI’s manager) | Managing Partner | Not disclosed | Affiliate role; not a REFI board directorship |
Fixed Compensation
- REFI has no employees; executive officers (including Kite) are employed and compensated by Chicago Atlantic REIT Manager, LLC or affiliates. REFI reimburses the Manager for a fair allocable share of officer compensation (salary, bonus, benefits) based on time devoted to REFI; investment professionals’ compensation is not reimbursed. Specific base salary, target bonus and payouts for Kite are not disclosed .
- Manager economics: Base management fees equal 1.50% annualized on “Equity” (quarterly 0.375%), net of “Outside Fees” reduction; incentive compensation is paid on Core Earnings; termination fee equals 3× the annualized average quarterly base fee plus incentive comp for the prior 24 months .
Performance Compensation
Equity Awards (Restricted Stock under 2021 Omnibus Incentive Plan)
| Grant Date | Award Type | Shares | Vesting Schedule | Notes |
|---|---|---|---|---|
| 2023-06-01 | Restricted Stock (RS) | 5,100 | 1/3 on 12, 24, 36-month anniversaries of grant | Award under 2021 Omnibus Incentive Plan |
| 2024-04-01 | Restricted Stock (RS) | 2,535 | 1/3 on 12, 24, 36-month anniversaries of grant | Award under 2021 Omnibus Incentive Plan |
| 2025-04-01 | Restricted Stock (RS) | 28,398 | 1/3 on 12, 24, 36-month anniversaries of grant | Award under 2021 Omnibus Incentive Plan |
Hedging and Pledging Policy (Trading Constraints)
- Hedging/monetization transactions and derivative trading in REFI securities are prohibited except in limited circumstances with General Counsel pre-approval; pledging is prohibited except for non‑margin loans with demonstrated capacity to repay and pre-approval .
Equity Ownership & Alignment
Beneficial Ownership
| Holder | Shares Beneficially Owned | % of Class | Components/Notes |
|---|---|---|---|
| David Kite | 54,516 | <1% | Includes 36,033 restricted shares (RS awards of 5,100 on 6/1/23, 2,535 on 4/1/24, 28,398 on 4/1/25; all vest 1/3 annually over 3 years) |
Plan Capacity
| Plan | Securities Remaining Available |
|---|---|
| 2021 Omnibus Incentive Plan (as of 12/31/2024) | 670,588 shares available |
Ownership Policy and Pledging
- Stock ownership guidelines for executives are not disclosed. Insider trading policy restricts hedging and pledging as noted above .
Employment Terms
- Individual employment agreement, severance, non-compete, non-solicit, and change-of-control terms for Kite are not disclosed. Executives serve via the Manager; compensation is paid by the Manager and reimbursed by REFI as described; equity awards are granted under the 2021 Omnibus Incentive Plan .
- Manager agreement: base/incentive fee structure and a manager termination fee (3× recent annualized base and incentive) upon certain terminations; these are Manager-level economics, not individual executive severance .
Investment Implications
- Pay transparency: As an externally managed REIT, Kite’s cash compensation (salary/bonus) is not disclosed; equity awards are used to align interests, but pay-for-performance linkages (metrics, weightings, payouts) are not provided, limiting direct assessment of incentive alignment .
- Vesting cadence: RS awards vest in equal thirds over three years (not cliff), creating ongoing alignment and potential periodic liquidity events upon vesting; 2025 award size (28,398 shares) increases exposure to multi-year vesting .
- Trading and risk controls: Company policy restricts hedging and pledging (pre-approval, capacity to repay), which supports alignment and reduces adverse signaling from derivatives or collateralization of shares .
- Ownership scale: Beneficial ownership is <1% of shares outstanding (54,516 shares), including 36,033 restricted shares; alignment exists but is modest in size relative to float .
- Governance context: Executive compensation is largely at the Manager level (fee/incentive constructs), introducing a structural layer where manager-level incentives (Core Earnings) could influence strategic decisions; equity grants to executives partially offset opacity .