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 vs BXMT vs RC
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%
BXMT
Blackstone Mortgage Trust, Inc.
REIT - Mortgage
Market Cap$3.23B
5Y Perf.-37.5%
RC
Ready Capital Corporation
REIT - Mortgage
Market Cap$357M
5Y Perf.-86.2%
REFI vs ACRE vs BXMT vs RC — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | REFI | ACRE | BXMT | RC |
|---|---|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $245M | $280M | $3.23B | $357M |
| Revenue (TTM) | $44M | $55M | $1.54B | $499M |
| Net Income (TTM) | $4.87B | $-20M | $104M | $-229M |
| Gross Margin | 95.6% | 46.3% | 62.6% | -0.0% |
| Operating Margin | 18.4% | 44.6% | 58.3% | -50.5% |
| Forward P/E | 6.4x | 16.3x | 12.0x | — |
| Total Debt | $98M | $1.05B | $16.16B | $5.86B |
| Cash & Equiv. | $15M | $29M | $453M | $248M |
REFI vs ACRE vs BXMT vs RC — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
REFI
ACRE
BXMT
RC
| Stock | Dec 21 | May 26 | Return |
|---|---|---|---|
| Chicago Atlantic Re… (REFI) | 100 | 69.8 | -30.2% |
| Ares Commercial Rea… (ACRE) | 100 | 34.7 | -65.3% |
| Blackstone Mortgage… (BXMT) | 100 | 62.5 | -37.5% |
| Ready Capital Corpo… (RC) | 100 | 13.8 | -86.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: REFI vs ACRE vs BXMT vs RC
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: REFI leads in 5 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. Ares Commercial Real Estate Corporation is the stronger pick specifically for recent price momentum and sentiment. RC also leads in specific categories worth noting. 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 sleep-well-at-night.
- Dividend streak 1 yrs, beta 0.69, yield 100.0%
- Lower volatility, beta 0.69, Low D/E 32.0%, current ratio 0.28x
- Beta 0.69, yield 100.0%, current ratio 0.28x
- Better valuation composite
Best for: income & stability and sleep-well-at-night
ACRE
Ares Commercial Real Estate Corporation
The Real Estate Income Play
ACRE is the #2 pick in this set and the best alternative if momentum is your priority.
- +20.7% vs RC's -44.9%
Best for: momentum
BXMT
Blackstone Mortgage Trust, Inc.
The Real Estate Income Play
BXMT is the clearest fit if your priority is long-term compounding.
- 50.5% 10Y total return vs REFI's 24.7%
Best for: long-term compounding
RC
Ready Capital Corporation
The Real Estate Income Play
RC is the clearest fit if your priority is growth exposure.
- Rev growth 17.3%, EPS growth 45.2%, 3Y rev CAGR 9.2%
- 17.3% FFO/revenue growth vs BXMT's -14.0%
Best for: growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | RC | 17.3% FFO/revenue growth vs BXMT's -14.0% |
| Value | REFI | Better valuation composite |
| Quality / Margins | REFI | 109.7% margin vs RC's -45.8% |
| Stability / Safety | REFI | Beta 0.69 vs RC's 1.17, lower leverage |
| Dividends | REFI | 100.0% yield, 1-year raise streak, vs ACRE's 14.1% |
| Momentum (1Y) | ACRE | +20.7% vs RC's -44.9% |
| Efficiency (ROA) | REFI | 4.5% ROA vs RC's -2.6%, ROIC 6.9% vs 1.2% |
REFI vs ACRE vs BXMT vs RC — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
FY 2025
Segment breakdown not available.
Segment breakdown not available.
REFI vs ACRE vs BXMT vs RC — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLREFILAGGINGRC
Who Leads Where
REFI leads in 4 of 6 categories
BXMT leads 1 • ACRE leads 0 • RC leads 0 • 1 tied
Explore the data ↓RCReady Capital Corpora…
0leads
ACREAres Commercial Real …
0leads
BXMTBlackstone Mortgage T…
1leads
REFIChicago Atlantic Real…
4leads
6 Total Categories
CATEGORYLEADERvs BXMTvs ACREMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
REFI3/6
Valuation MetricsMultiples, price ratios, and targets
REFI3/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
REFI7/9
Total Returns1Y, 3Y, 5Y total returns with dividends
BXMT3/6
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 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
BXMT is the larger business by revenue, generating $1.5B annually — 34.6x REFI's $44M. REFI is the more profitable business, keeping 109.7% of every revenue dollar as net income compared to RC's -45.8%. On growth, RC holds the edge at +8.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… | BXMTBlackstone Mortga… | RCReady Capital Cor… |
|---|---|---|---|---|
| RevenueTrailing 12 months | $44M | $55M | $1.5B | $499M |
| EBITDAEarnings before interest/tax | $8M | $31M | $948M | -$249M |
| Net IncomeAfter-tax profit | $4.9B | -$20M | $104M | -$229M |
| Free Cash FlowCash after capex | $3.2B | -$44M | $335M | $303M |
| Gross MarginGross profit ÷ Revenue | +95.6% | +46.3% | +62.6% | -0.0% |
| Operating MarginEBIT ÷ Revenue | +18.4% | +44.6% | +58.3% | -50.5% |
| Net MarginNet income ÷ Revenue | +109.7% | -36.3% | +6.7% | -45.8% |
| FCF MarginFCF ÷ Revenue | +71.8% | -80.3% | +21.8% | +60.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | -100.0% | -10.0% | +4.0% | +8.7% |
| EPS Growth (YoY)Latest quarter vs prior year | -51.1% | -2.0% | — | +24.9% |
REFI leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
REFI leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
At 6.9x trailing earnings, REFI trades at a 77% valuation discount to BXMT's 29.9x P/E. On an enterprise value basis, REFI's 9.1x EV/EBITDA is more attractive than RC's 48.3x.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… | BXMTBlackstone Mortga… | RCReady Capital Cor… |
|---|---|---|---|---|
| Market CapShares × price | $245M | $280M | $3.2B | $357M |
| Enterprise ValueMkt cap + debt − cash | $328M | $1.3B | $18.9B | $6.0B |
| Trailing P/EPrice ÷ TTM EPS | 6.92x | -307.93x | 29.92x | -1.50x |
| Forward P/EPrice ÷ next-FY EPS est. | 6.41x | 16.34x | 11.98x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 9.12x | 18.49x | 16.35x | 48.25x |
| Price / SalesMarket cap ÷ Revenue | 3.88x | 3.28x | 2.12x | 0.71x |
| Price / BookPrice ÷ Book value/share | 0.81x | 0.54x | 0.93x | 0.22x |
| Price / FCFMarket cap ÷ FCF | 0.01x | 14.18x | 11.71x | — |
REFI leads this category, winning 3 of 6 comparable metrics.
Profitability & Efficiency
REFI leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
REFI delivers a 6.4% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $-12 for RC. REFI carries lower financial leverage with a 0.32x debt-to-equity ratio, signaling a more conservative balance sheet compared to BXMT's 4.61x. On the Piotroski fundamental quality scale (0–9), BXMT scores 6/9 vs RC's 5/9, reflecting solid financial health.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… | BXMTBlackstone Mortga… | RCReady Capital Cor… |
|---|---|---|---|---|
| ROE (TTM)Return on equity | +6.4% | -3.9% | +2.9% | -12.2% |
| ROA (TTM)Return on assets | +4.5% | -1.3% | +0.5% | -2.6% |
| ROICReturn on invested capital | +6.9% | +2.9% | +4.3% | +1.2% |
| ROCEReturn on capital employed | +9.3% | +5.8% | +11.3% | +1.4% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.32x | 2.06x | 4.61x | 3.55x |
| Net DebtTotal debt minus cash | $83M | $1.0B | $15.7B | $5.6B |
| Cash & Equiv.Liquid assets | $15M | $29M | $453M | $248M |
| Total DebtShort + long-term debt | $98M | $1.0B | $16.2B | $5.9B |
| Interest CoverageEBIT ÷ Interest expense | 4.77x | 0.95x | 1.11x | 0.41x |
REFI leads this category, winning 7 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
BXMT leads this category, winning 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 $5,564 for RC. Over the past 12 months, ACRE leads with a +20.7% total return vs RC's -44.9%. The 3-year compound annual growth rate (CAGR) favors BXMT at 14.0% vs RC's -23.1% — a key indicator of consistent wealth creation.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… | BXMTBlackstone Mortga… | RCReady Capital Cor… |
|---|---|---|---|---|
| YTD ReturnYear-to-date | -1.4% | +9.9% | +0.7% | +1.4% |
| 1-Year ReturnPast 12 months | -7.9% | +20.7% | +12.1% | -44.9% |
| 3-Year ReturnCumulative with dividends | +25.7% | -4.4% | +48.1% | -54.4% |
| 5-Year ReturnCumulative with dividends | +24.7% | -29.5% | -4.1% | -44.4% |
| 10-Year ReturnCumulative with dividends | +24.7% | +43.3% | +50.5% | +6.1% |
| CAGR (3Y)Annualised 3-year return | +7.9% | -1.5% | +14.0% | -23.1% |
BXMT leads this category, winning 3 of 6 comparable metrics.
Risk & Volatility
Evenly matched — REFI and BXMT 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 RC's 1.17 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. BXMT currently trades 92.6% from its 52-week high vs RC's 45.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… | BXMTBlackstone Mortga… | RCReady Capital Cor… |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.69x | 0.99x | 0.74x | 1.17x |
| 52-Week HighHighest price in past year | $15.20 | $5.89 | $20.67 | $4.75 |
| 52-Week LowLowest price in past year | $10.74 | $4.05 | $17.67 | $1.51 |
| % of 52W HighCurrent price vs 52-week peak | +76.4% | +85.7% | +92.6% | +45.5% |
| RSI (14)Momentum oscillator 0–100 | 58.1 | 53.4 | 47.5 | 64.1 |
| Avg Volume (50D)Average daily shares traded | 167K | 396K | 1.4M | 2.1M |
Evenly matched — REFI and BXMT each lead in 1 of 2 comparable metrics.
Analyst Outlook
REFI leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: REFI as "Buy", ACRE as "Buy", BXMT as "Hold", RC 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 BXMT's 9.86%.
| Metric | REFIChicago Atlantic … | ACREAres Commercial R… | BXMTBlackstone Mortga… | RCReady Capital Cor… |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Hold | Buy |
| Price TargetConsensus 12-month target | $14.00 | $5.00 | — | $2.50 |
| # AnalystsCovering analysts | 6 | 13 | 18 | 16 |
| Dividend YieldAnnual dividend ÷ price | +100.0% | +14.1% | +9.9% | +31.4% |
| Dividend StreakConsecutive years of raises | 1 | 0 | 0 | 0 |
| Dividend / ShareAnnual DPS | $2045.71 | $0.71 | $1.89 | $0.68 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | +3.4% | +18.9% |
REFI leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
REFI leads in 4 of 6 categories (Income & Cash Flow, Valuation Metrics). BXMT leads in 1 (Total Returns). 1 tied.
Best OverallChicago Atlantic Real Estat… (REFI)Leads 4 of 6 categories
Loading custom metrics...
REFI vs ACRE vs BXMT vs RC: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is REFI or ACRE or BXMT or RC a better buy right now?
For growth investors, Ready Capital Corporation (RC) is the stronger pick with 1726% revenue growth year-over-year, versus -14.
0% for Blackstone Mortgage Trust, Inc. (BXMT). 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 or BXMT or RC?
On trailing P/E, Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the cheapest at 6. 9x versus Blackstone Mortgage Trust, Inc. at 29. 9x. 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 or BXMT or RC?
Over the past 5 years, Chicago Atlantic Real Estate Finance, Inc.
(REFI) delivered a total return of +24. 7%, compared to -44. 4% for Ready Capital Corporation (RC). Over 10 years, the gap is even starker: BXMT returned +50. 5% versus RC's +6. 1%. 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 or BXMT or RC?
By beta (market sensitivity over 5 years), Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the lower-risk stock at 0. 69β versus Ready Capital Corporation's 1. 17β — meaning RC is approximately 71% 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 5% for Blackstone Mortgage Trust, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — REFI or ACRE or BXMT or RC?
By revenue growth (latest reported year), Ready Capital Corporation (RC) is pulling ahead at 1726% versus -14.
0% for Blackstone Mortgage Trust, Inc. (BXMT). On earnings-per-share growth, the picture is similar: Blackstone Mortgage Trust, Inc. grew EPS 154. 7% year-over-year, compared to -10. 6% for Chicago Atlantic Real Estate Finance, Inc.. Over a 3-year CAGR, RC leads at 9. 2% 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 or BXMT or RC?
Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the more profitable company, earning 57. 1% net margin versus -45. 8% for Ready Capital 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 24. 2% for RC. At the gross margin level — before operating expenses — RC leads at 87. 7%, 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 or BXMT or RC 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 or BXMT or RC?
All stocks in this comparison pay dividends.
Chicago Atlantic Real Estate Finance, Inc. (REFI) offers the highest yield at 100. 0%, versus 9. 9% for Blackstone Mortgage Trust, Inc. (BXMT).
09Is REFI or ACRE or BXMT or RC 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%, RC: +6. 1%), 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 and BXMT and RC?
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; BXMT is a small-cap income-oriented stock; RC is a small-cap high-growth 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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