REFI
Chicago Atlantic Real Estate Finance, Inc.
REIT - Mortgage
Market Cap$245M
5Y Perf.-30.2%
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Stock Comparison
REFI vs ACRE
Revenue, margins, valuation, and 5-year total return — side by side.
ACRE
Ares Commercial Real Estate Corporation
REIT - Mortgage
Market Cap$280M
5Y Perf.-65.3%
REFI vs ACRE — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | REFI | ACRE |
|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $245M | $280M |
| Revenue (TTM) | $44M | $55M |
| Net Income (TTM) | $4.87B | $-20M |
| Gross Margin | 95.6% | 46.3% |
| Operating Margin | 18.4% | 44.6% |
| Forward P/E | 6.4x | 16.3x |
| Total Debt | $98M | $1.05B |
| Cash & Equiv. | $15M | $29M |
REFI vs ACRE — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
REFI
ACRE
| Stock | Dec 21 | May 26 | Return |
|---|---|---|---|
| Chicago Atlantic Re… (REFI) | 100 | 69.8 | -30.2% |
| Ares Commercial Rea… (ACRE) | 100 | 34.7 | -65.3% |
Price return only. Dividends and distributions are not included.
Quick Verdict: REFI vs ACRE
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: REFI leads in 6 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Ares Commercial Real Estate Corporation is the stronger pick specifically for recent price momentum and sentiment. As sector peers, any of these can serve as alternatives in the same allocation.
REFI
Chicago Atlantic Real Estate Finance, Inc.
The Real Estate Income Play
REFI carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 1 yrs, beta 0.69, yield 100.0%
- Rev growth 15.2%, EPS growth -10.6%, 3Y rev CAGR 8.9%
- Lower volatility, beta 0.69, Low D/E 32.0%, current ratio 0.28x
Best for: income & stability and growth exposure
ACRE
Ares Commercial Real Estate Corporation
The Real Estate Income Play
ACRE is the clearest fit if your priority is long-term compounding.
- 43.3% 10Y total return vs REFI's 24.7%
- +20.7% vs REFI's -7.9%
Best for: long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | REFI | 15.2% FFO/revenue growth vs ACRE's -2.8% |
| Value | REFI | Lower P/E (6.4x vs 16.3x) |
| Quality / Margins | REFI | 109.7% margin vs ACRE's -36.3% |
| Stability / Safety | REFI | Beta 0.69 vs ACRE's 0.99, lower leverage |
| Dividends | REFI | 100.0% yield, 1-year raise streak, vs ACRE's 14.1% |
| Momentum (1Y) | ACRE | +20.7% vs REFI's -7.9% |
| Efficiency (ROA) | REFI | 4.5% ROA vs ACRE's -1.3%, ROIC 6.9% vs 2.9% |
REFI vs ACRE — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
FY 2025
REFI vs ACRE — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLREFILAGGINGACRE
ACREAres Commercial Real …
0leads
REFIChicago Atlantic Real…
3leads
6 Total Categories
CATEGORYLEADERvs ACREMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
REFI4/6
Valuation MetricsMultiples, price ratios, and targets
Tied
—
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
REFI8/8
Total Returns1Y, 3Y, 5Y total returns with dividends
Tied
—
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
REFI2/2
Income & Cash Flow (Last 12 Months)
REFI leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
ACRE and REFI operate at a comparable scale, with $55M and $44M in trailing revenue. REFI is the more profitable business, keeping 109.7% of every revenue dollar as net income compared to ACRE's -36.3%. On growth, ACRE holds the edge at -10.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… |
|---|---|---|
| RevenueTrailing 12 months | $44M | $55M |
| EBITDAEarnings before interest/tax | $8M | $31M |
| Net IncomeAfter-tax profit | $4.9B | -$20M |
| Free Cash FlowCash after capex | $3.2B | -$44M |
| Gross MarginGross profit ÷ Revenue | +95.6% | +46.3% |
| Operating MarginEBIT ÷ Revenue | +18.4% | +44.6% |
| Net MarginNet income ÷ Revenue | +109.7% | -36.3% |
| FCF MarginFCF ÷ Revenue | +71.8% | -80.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | -100.0% | -10.0% |
| EPS Growth (YoY)Latest quarter vs prior year | -51.1% | -2.0% |
REFI leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
Evenly matched — REFI and ACRE each lead in 3 of 6 comparable metrics.
Valuation Metrics
On an enterprise value basis, REFI's 9.1x EV/EBITDA is more attractive than ACRE's 18.5x.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… |
|---|---|---|
| Market CapShares × price | $245M | $280M |
| Enterprise ValueMkt cap + debt − cash | $328M | $1.3B |
| Trailing P/EPrice ÷ TTM EPS | 6.92x | -307.93x |
| Forward P/EPrice ÷ next-FY EPS est. | 6.41x | 16.34x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 9.12x | 18.49x |
| Price / SalesMarket cap ÷ Revenue | 3.88x | 3.28x |
| Price / BookPrice ÷ Book value/share | 0.81x | 0.54x |
| Price / FCFMarket cap ÷ FCF | 0.01x | 14.18x |
Evenly matched — REFI and ACRE each lead in 3 of 6 comparable metrics.
Profitability & Efficiency
REFI leads this category, winning 8 of 8 comparable metrics.
Profitability & Efficiency
REFI delivers a 6.4% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $-4 for ACRE. REFI carries lower financial leverage with a 0.32x debt-to-equity ratio, signaling a more conservative balance sheet compared to ACRE's 2.06x.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… |
|---|---|---|
| ROE (TTM)Return on equity | +6.4% | -3.9% |
| ROA (TTM)Return on assets | +4.5% | -1.3% |
| ROICReturn on invested capital | +6.9% | +2.9% |
| ROCEReturn on capital employed | +9.3% | +5.8% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.32x | 2.06x |
| Net DebtTotal debt minus cash | $83M | $1.0B |
| Cash & Equiv.Liquid assets | $15M | $29M |
| Total DebtShort + long-term debt | $98M | $1.0B |
| Interest CoverageEBIT ÷ Interest expense | 4.77x | 0.95x |
REFI leads this category, winning 8 of 8 comparable metrics.
Total Returns (Dividends Reinvested)
Evenly matched — REFI and ACRE each lead in 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in REFI five years ago would be worth $12,468 today (with dividends reinvested), compared to $7,045 for ACRE. Over the past 12 months, ACRE leads with a +20.7% total return vs REFI's -7.9%. The 3-year compound annual growth rate (CAGR) favors REFI at 7.9% vs ACRE's -1.5% — a key indicator of consistent wealth creation.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… |
|---|---|---|
| YTD ReturnYear-to-date | -1.4% | +9.9% |
| 1-Year ReturnPast 12 months | -7.9% | +20.7% |
| 3-Year ReturnCumulative with dividends | +25.7% | -4.4% |
| 5-Year ReturnCumulative with dividends | +24.7% | -29.5% |
| 10-Year ReturnCumulative with dividends | +24.7% | +43.3% |
| CAGR (3Y)Annualised 3-year return | +7.9% | -1.5% |
Evenly matched — REFI and ACRE each lead in 3 of 6 comparable metrics.
Risk & Volatility
Evenly matched — REFI and ACRE each lead in 1 of 2 comparable metrics.
Risk & Volatility
REFI is the less volatile stock with a 0.69 beta — it tends to amplify market swings less than ACRE's 0.99 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. ACRE currently trades 85.7% from its 52-week high vs REFI's 76.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.69x | 0.99x |
| 52-Week HighHighest price in past year | $15.20 | $5.89 |
| 52-Week LowLowest price in past year | $10.74 | $4.05 |
| % of 52W HighCurrent price vs 52-week peak | +76.4% | +85.7% |
| RSI (14)Momentum oscillator 0–100 | 58.1 | 53.4 |
| Avg Volume (50D)Average daily shares traded | 167K | 396K |
Evenly matched — REFI and ACRE each lead in 1 of 2 comparable metrics.
Analyst Outlook
REFI leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates REFI as "Buy" and ACRE as "Buy". Consensus price targets imply 20.5% upside for REFI (target: $14) vs -1.0% for ACRE (target: $5). For income investors, REFI offers the higher dividend yield at 100.00% vs ACRE's 14.07%.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $14.00 | $5.00 |
| # AnalystsCovering analysts | 6 | 13 |
| Dividend YieldAnnual dividend ÷ price | +100.0% | +14.1% |
| Dividend StreakConsecutive years of raises | 1 | 0 |
| Dividend / ShareAnnual DPS | $2045.71 | $0.71 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
REFI leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
REFI leads in 3 of 6 categories — strongest in Income & Cash Flow and Profitability & Efficiency. 3 categories are tied.
Best OverallChicago Atlantic Real Estat… (REFI)Leads 3 of 6 categories
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REFI vs ACRE: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is REFI or ACRE a better buy right now?
For growth investors, Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the stronger pick with 15. 2% revenue growth year-over-year, versus -2. 8% for Ares Commercial Real Estate Corporation (ACRE). Chicago Atlantic Real Estate Finance, Inc. (REFI) offers the better valuation at 6. 9x trailing P/E (6. 4x forward), making it the more compelling value choice. Analysts rate Chicago Atlantic Real Estate Finance, Inc. (REFI) a "Buy" — based on 6 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — REFI or ACRE?
On forward P/E, Chicago Atlantic Real Estate Finance, Inc.
is actually cheaper at 6. 4x.
03Which is the better long-term investment — REFI or ACRE?
Over the past 5 years, Chicago Atlantic Real Estate Finance, Inc.
(REFI) delivered a total return of +24. 7%, compared to -29. 5% for Ares Commercial Real Estate Corporation (ACRE). Over 10 years, the gap is even starker: ACRE returned +43. 3% versus REFI's +24. 7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — REFI or ACRE?
By beta (market sensitivity over 5 years), Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the lower-risk stock at 0. 69β versus Ares Commercial Real Estate Corporation's 0. 99β — meaning ACRE is approximately 45% more volatile than REFI relative to the S&P 500. On balance sheet safety, Chicago Atlantic Real Estate Finance, Inc. (REFI) carries a lower debt/equity ratio of 32% versus 2% for Ares Commercial Real Estate Corporation — giving it more financial flexibility in a downturn.
05Which is growing faster — REFI or ACRE?
By revenue growth (latest reported year), Chicago Atlantic Real Estate Finance, Inc.
(REFI) is pulling ahead at 15. 2% versus -2. 8% for Ares Commercial Real Estate Corporation (ACRE). On earnings-per-share growth, the picture is similar: Ares Commercial Real Estate Corporation grew EPS 97. 4% year-over-year, compared to -10. 6% for Chicago Atlantic Real Estate Finance, Inc.. Over a 3-year CAGR, REFI leads at 8. 9% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — REFI or ACRE?
Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the more profitable company, earning 57. 1% net margin versus -1. 1% for Ares Commercial Real Estate Corporation — meaning it keeps 57. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ACRE leads at 72. 4% versus 57. 1% for REFI. At the gross margin level — before operating expenses — REFI leads at 86. 9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is REFI or ACRE more undervalued right now?
On forward earnings alone, Chicago Atlantic Real Estate Finance, Inc.
(REFI) trades at 6. 4x forward P/E versus 16. 3x for Ares Commercial Real Estate Corporation — 9. 9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for REFI: 20. 5% to $14. 00.
08Which pays a better dividend — REFI or ACRE?
All stocks in this comparison pay dividends.
Chicago Atlantic Real Estate Finance, Inc. (REFI) offers the highest yield at 100. 0%, versus 14. 1% for Ares Commercial Real Estate Corporation (ACRE).
09Is REFI or ACRE better for a retirement portfolio?
For long-horizon retirement investors, Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 69), 100. 0% yield). Both have compounded well over 10 years (REFI: +24. 7%, ACRE: +43. 3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between REFI and ACRE?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: REFI is a small-cap high-growth stock; ACRE is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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