REFI
Chicago Atlantic Real Estate Finance, Inc.
REIT - Mortgage
Market Cap$245M
5Y Perf.-27.3%
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Stock Comparison
REFI vs TPVG vs HRZN vs SUNS
Revenue, margins, valuation, and 5-year total return — side by side.
TPVG
TriplePoint Venture Growth BDC Corp.
Asset Management
Market Cap$243M
5Y Perf.-32.2%
HRZN
Horizon Technology Finance Corporation
Asset Management
Market Cap$199M
5Y Perf.-61.3%
SUNS
Sunrise Realty Trust, Inc.
REIT - Residential
Market Cap$103M
5Y Perf.-35.8%
REFI vs TPVG vs HRZN vs SUNS — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | REFI | TPVG | HRZN | SUNS |
|---|---|---|---|---|
| Industry | REIT - Mortgage | Asset Management | Asset Management | REIT - Residential |
| Market Cap | $245M | $243M | $199M | $103M |
| Revenue (TTM) | $44M | $97M | $40M | $26M |
| Net Income (TTM) | $4.87B | $-12M | $28M | $12M |
| Gross Margin | 95.6% | 83.5% | 18.0% | 79.9% |
| Operating Margin | 18.4% | 77.9% | -4.0% | 53.4% |
| Forward P/E | 6.4x | 6.5x | 6.1x | 6.6x |
| Total Debt | $98M | $469M | $473M | $122M |
| Cash & Equiv. | $15M | $20M | $106M | $6M |
REFI vs TPVG vs HRZN vs SUNS — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
REFI
TPVG
HRZN
SUNS
| Stock | Jul 24 | May 26 | Return |
|---|---|---|---|
| Chicago Atlantic Re… (REFI) | 100 | 72.7 | -27.3% |
| TriplePoint Venture… (TPVG) | 100 | 67.8 | -32.2% |
| Horizon Technology … (HRZN) | 100 | 38.7 | -61.3% |
| Sunrise Realty Trus… (SUNS) | 100 | 64.3 | -35.8% |
Price return only. Dividends and distributions are not included.
Quick Verdict: REFI vs TPVG vs HRZN vs SUNS
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: REFI leads in 3 of 7 categories, making it the strongest pick for profitability and margin quality and capital preservation and lower volatility. Sunrise Realty Trust, Inc. is the stronger pick specifically for growth and revenue expansion and operational efficiency and capital deployment. TPVG and HRZN also each lead in at least one category. This set spans 2 sectors — these stocks serve different portfolio roles, not just different price points.
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
- 109.7% margin vs HRZN's -6.6%
Best for: income & stability and sleep-well-at-night
TPVG
TriplePoint Venture Growth BDC Corp.
The Banking Pick
TPVG is the clearest fit if your priority is long-term compounding and bank quality.
- 93.3% 10Y total return vs REFI's 24.7%
- NIM 7.4% vs HRZN's 7.1%
- +19.3% vs HRZN's -23.2%
Best for: long-term compounding and bank quality
HRZN
Horizon Technology Finance Corporation
The Banking Pick
HRZN is the clearest fit if your priority is valuation efficiency.
- PEG 0.26 vs TPVG's 6.41
- Lower P/E (6.1x vs 6.6x)
Best for: valuation efficiency
SUNS
Sunrise Realty Trust, Inc.
The Real Estate Income Play
SUNS is the #2 pick in this set and the best alternative if growth exposure is your priority.
- Rev growth 148.1%, EPS growth -5.0%
- 148.1% FFO/revenue growth vs REFI's 15.2%
- 4.6% ROA vs TPVG's -1.5%, ROIC 6.0% vs 7.2%
Best for: growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | SUNS | 148.1% FFO/revenue growth vs REFI's 15.2% |
| Value | HRZN | Lower P/E (6.1x vs 6.6x) |
| Quality / Margins | REFI | 109.7% margin vs HRZN's -6.6% |
| Stability / Safety | REFI | Beta 0.69 vs SUNS's 0.86, lower leverage |
| Dividends | REFI | 100.0% yield, 1-year raise streak, vs SUNS's 15.3% |
| Momentum (1Y) | TPVG | +19.3% vs HRZN's -23.2% |
| Efficiency (ROA) | SUNS | 4.6% ROA vs TPVG's -1.5%, ROIC 6.0% vs 7.2% |
REFI vs TPVG vs HRZN vs SUNS — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLREFILAGGINGSUNS
Who Leads Where
REFI leads in 3 of 6 categories
HRZN leads 1 • TPVG leads 0 • SUNS leads 0 • 2 tied
Explore the data ↓SUNSSunrise Realty Trust,…
0leads
TPVGTriplePoint Venture G…
0leads
HRZNHorizon Technology Fi…
1leads
REFIChicago Atlantic Real…
3leads
6 Total Categories
CATEGORYLEADERvs HRZNvs TPVGMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
REFI3/6
Valuation MetricsMultiples, price ratios, and targets
HRZN3/7
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
REFI5/9
Total Returns1Y, 3Y, 5Y total returns with dividends
REFI4/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
REFI leads this category, winning 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
TPVG is the larger business by revenue, generating $97M annually — 3.7x SUNS's $26M. REFI is the more profitable business, keeping 109.7% of every revenue dollar as net income compared to HRZN's -6.6%. On growth, SUNS holds the edge at +108.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | REFIChicago Atlantic … | TPVGTriplePoint Ventu… | HRZNHorizon Technolog… | SUNSSunrise Realty Tr… |
|---|---|---|---|---|
| RevenueTrailing 12 months | $44M | $97M | $40M | $26M |
| EBITDAEarnings before interest/tax | $8M | -$22M | $19M | $16M |
| Net IncomeAfter-tax profit | $4.9B | -$12M | $28M | $12M |
| Free Cash FlowCash after capex | $3.2B | $35M | $67M | -$3M |
| Gross MarginGross profit ÷ Revenue | +95.6% | +83.5% | +18.0% | +79.9% |
| Operating MarginEBIT ÷ Revenue | +18.4% | +77.9% | -4.0% | +53.4% |
| Net MarginNet income ÷ Revenue | +109.7% | +50.6% | -6.6% | +46.0% |
| FCF MarginFCF ÷ Revenue | +71.8% | -58.7% | +141.5% | -13.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | -100.0% | — | — | +108.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -51.1% | -2.3% | -29.6% | -55.6% |
REFI leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
HRZN leads this category, winning 3 of 7 comparable metrics.
Valuation Metrics
At 4.3x trailing earnings, HRZN trades at a 47% valuation discount to SUNS's 8.1x P/E. Adjusting for growth (PEG ratio), HRZN offers better value at 0.18x vs TPVG's 4.84x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | REFIChicago Atlantic … | TPVGTriplePoint Ventu… | HRZNHorizon Technolog… | SUNSSunrise Realty Tr… |
|---|---|---|---|---|
| Market CapShares × price | $245M | $243M | $199M | $103M |
| Enterprise ValueMkt cap + debt − cash | $328M | $691M | $567M | $219M |
| Trailing P/EPrice ÷ TTM EPS | 6.92x | 4.91x | 4.30x | 8.12x |
| Forward P/EPrice ÷ next-FY EPS est. | 6.41x | 6.50x | 6.10x | 6.58x |
| PEG RatioP/E ÷ EPS growth rate | — | 4.84x | 0.18x | — |
| EV / EBITDAEnterprise value multiple | 9.12x | 9.13x | — | 12.93x |
| Price / SalesMarket cap ÷ Revenue | 3.88x | 2.50x | 4.97x | 3.92x |
| Price / BookPrice ÷ Book value/share | 0.81x | 0.68x | 0.60x | 0.54x |
| Price / FCFMarket cap ÷ FCF | 0.01x | — | 3.51x | — |
HRZN leads this category, winning 3 of 7 comparable metrics.
Profitability & Efficiency
REFI leads this category, winning 5 of 9 comparable metrics.
Profitability & Efficiency
HRZN delivers a 9.0% return on equity — every $100 of shareholder capital generates $9 in annual profit, vs $-3 for TPVG. REFI carries lower financial leverage with a 0.32x debt-to-equity ratio, signaling a more conservative balance sheet compared to HRZN's 1.49x. On the Piotroski fundamental quality scale (0–9), REFI scores 5/9 vs SUNS's 3/9, reflecting solid financial health.
| Metric | REFIChicago Atlantic … | TPVGTriplePoint Ventu… | HRZNHorizon Technolog… | SUNSSunrise Realty Tr… |
|---|---|---|---|---|
| ROE (TTM)Return on equity | +6.4% | -3.4% | +9.0% | +6.6% |
| ROA (TTM)Return on assets | +4.5% | -1.5% | +3.6% | +4.6% |
| ROICReturn on invested capital | +6.9% | +7.2% | -0.2% | +6.0% |
| ROCEReturn on capital employed | +9.3% | +9.4% | -0.2% | +5.4% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 | 5 | 3 |
| Debt / EquityFinancial leverage | 0.32x | 1.33x | 1.49x | 0.67x |
| Net DebtTotal debt minus cash | $83M | $449M | $368M | $116M |
| Cash & Equiv.Liquid assets | $15M | $20M | $106M | $6M |
| Total DebtShort + long-term debt | $98M | $469M | $473M | $122M |
| Interest CoverageEBIT ÷ Interest expense | 4.77x | -1.02x | 0.60x | 3.53x |
REFI leads this category, winning 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
REFI leads this category, winning 4 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 $6,724 for HRZN. Over the past 12 months, TPVG leads with a +19.3% total return vs HRZN's -23.2%. The 3-year compound annual growth rate (CAGR) favors REFI at 7.9% vs HRZN's -10.3% — a key indicator of consistent wealth creation.
| Metric | REFIChicago Atlantic … | TPVGTriplePoint Ventu… | HRZNHorizon Technolog… | SUNSSunrise Realty Tr… |
|---|---|---|---|---|
| YTD ReturnYear-to-date | -1.4% | -6.3% | -26.7% | -13.4% |
| 1-Year ReturnPast 12 months | -7.9% | +19.3% | -23.2% | -12.3% |
| 3-Year ReturnCumulative with dividends | +25.7% | -3.4% | -27.7% | -10.5% |
| 5-Year ReturnCumulative with dividends | +24.7% | -13.5% | -32.8% | -10.5% |
| 10-Year ReturnCumulative with dividends | +24.7% | +93.3% | +52.9% | -10.5% |
| CAGR (3Y)Annualised 3-year return | +7.9% | -1.2% | -10.3% | -3.6% |
REFI leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
Evenly matched — REFI and TPVG 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 SUNS's 0.86 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. TPVG currently trades 79.5% from its 52-week high vs HRZN's 53.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | REFIChicago Atlantic … | TPVGTriplePoint Ventu… | HRZNHorizon Technolog… | SUNSSunrise Realty Tr… |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.69x | 0.83x | 0.70x | 0.86x |
| 52-Week HighHighest price in past year | $15.20 | $7.53 | $8.46 | $11.78 |
| 52-Week LowLowest price in past year | $10.74 | $4.48 | $3.80 | $7.39 |
| % of 52W HighCurrent price vs 52-week peak | +76.4% | +79.5% | +53.3% | +65.4% |
| RSI (14)Momentum oscillator 0–100 | 58.1 | 58.3 | 58.5 | 47.0 |
| Avg Volume (50D)Average daily shares traded | 167K | 504K | 1.2M | 105K |
Evenly matched — REFI and TPVG each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — REFI and SUNS each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: REFI as "Buy", TPVG as "Hold", HRZN as "Hold", SUNS as "Hold". Consensus price targets imply 97.8% upside for SUNS (target: $15) vs 20.5% for REFI (target: $14). For income investors, REFI offers the higher dividend yield at 100.00% vs SUNS's 15.25%.
| Metric | REFIChicago Atlantic … | TPVGTriplePoint Ventu… | HRZNHorizon Technolog… | SUNSSunrise Realty Tr… |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Hold | Hold |
| Price TargetConsensus 12-month target | $14.00 | $8.95 | $6.50 | $15.25 |
| # AnalystsCovering analysts | 6 | 12 | 22 | 8 |
| Dividend YieldAnnual dividend ÷ price | +100.0% | +17.1% | +27.8% | +15.3% |
| Dividend StreakConsecutive years of raises | 1 | 0 | 0 | 2 |
| Dividend / ShareAnnual DPS | $2045.71 | $1.02 | $1.25 | $1.18 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% | 0.0% |
Evenly matched — REFI and SUNS each lead in 1 of 2 comparable metrics.
Key Takeaway
REFI leads in 3 of 6 categories (Income & Cash Flow, Profitability & Efficiency). HRZN leads in 1 (Valuation Metrics). 2 tied.
Best OverallChicago Atlantic Real Estat… (REFI)Leads 3 of 6 categories
Loading custom metrics...
REFI vs TPVG vs HRZN vs SUNS: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is REFI or TPVG or HRZN or SUNS a better buy right now?
For growth investors, Sunrise Realty Trust, Inc.
(SUNS) is the stronger pick with 148. 1% revenue growth year-over-year, versus 15. 2% for Chicago Atlantic Real Estate Finance, Inc. (REFI). Horizon Technology Finance Corporation (HRZN) offers the better valuation at 4. 3x trailing P/E (6. 1x 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 TPVG or HRZN or SUNS?
On trailing P/E, Horizon Technology Finance Corporation (HRZN) is the cheapest at 4.
3x versus Sunrise Realty Trust, Inc. at 8. 1x. On forward P/E, Horizon Technology Finance Corporation is actually cheaper at 6. 1x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Horizon Technology Finance Corporation wins at 0. 26x versus TriplePoint Venture Growth BDC Corp. 's 6. 41x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — REFI or TPVG or HRZN or SUNS?
Over the past 5 years, Chicago Atlantic Real Estate Finance, Inc.
(REFI) delivered a total return of +24. 7%, compared to -32. 8% for Horizon Technology Finance Corporation (HRZN). Over 10 years, the gap is even starker: TPVG returned +93. 3% versus SUNS's -10. 5%. 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 TPVG or HRZN or SUNS?
By beta (market sensitivity over 5 years), Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the lower-risk stock at 0. 69β versus Sunrise Realty Trust, Inc. 's 0. 86β — meaning SUNS is approximately 25% 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 149% for Horizon Technology Finance Corporation — giving it more financial flexibility in a downturn.
05Which is growing faster — REFI or TPVG or HRZN or SUNS?
By revenue growth (latest reported year), Sunrise Realty Trust, Inc.
(SUNS) is pulling ahead at 148. 1% versus 15. 2% for Chicago Atlantic Real Estate Finance, Inc. (REFI). On earnings-per-share growth, the picture is similar: Horizon Technology Finance Corporation grew EPS 756. 3% year-over-year, compared to -10. 6% for Chicago Atlantic Real Estate Finance, Inc.. 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 TPVG or HRZN or SUNS?
Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the more profitable company, earning 57. 1% net margin versus -6. 6% for Horizon Technology Finance Corporation — meaning it keeps 57. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: TPVG leads at 77. 9% versus -4. 0% for HRZN. At the gross margin level — before operating expenses — SUNS leads at 90. 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 TPVG or HRZN or SUNS more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.
By this metric, Horizon Technology Finance Corporation (HRZN) is the more undervalued stock at a PEG of 0. 26x versus TriplePoint Venture Growth BDC Corp. 's 6. 41x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Horizon Technology Finance Corporation (HRZN) trades at 6. 1x forward P/E versus 6. 6x for Sunrise Realty Trust, Inc. — 0. 5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SUNS: 97. 8% to $15. 25.
08Which pays a better dividend — REFI or TPVG or HRZN or SUNS?
All stocks in this comparison pay dividends.
Chicago Atlantic Real Estate Finance, Inc. (REFI) offers the highest yield at 100. 0%, versus 15. 3% for Sunrise Realty Trust, Inc. (SUNS).
09Is REFI or TPVG or HRZN or SUNS better for a retirement portfolio?
For long-horizon retirement investors, Horizon Technology Finance Corporation (HRZN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.
70), 27. 8% yield). Both have compounded well over 10 years (HRZN: +52. 9%, SUNS: -10. 5%), 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 TPVG and HRZN and SUNS?
These companies operate in different sectors (REFI (Real Estate) and TPVG (Financial Services) and HRZN (Financial Services) and SUNS (Real Estate)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.
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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- Sector: Financial Services
- Market Cap > $100B
- Revenue Growth > 8%
- Dividend Yield > 11.1%
Revenue Growth>
%
(REFI: -100.0% · TPVG: 36.6%)Net Margin>
%
(REFI: 10972.3% · TPVG: 50.6%)P/E Ratio<
x
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