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Chicago Atlantic Real Estate Finance, Inc.(REFI)Earnings, Financials & Key Ratios
REFI•NASDAQ•REIT / Real Estate
6.8× P/E·Price updated Jun 19, 2026
AboutChicago Atlantic Real Estate Finance, Inc. operates as a commercial real estate finance company in the United States. It originates, structures, and invests in first mortgage loans and alternative structured financings secured by commercial real estate properties. The company offers senior loans to state-licensed operators and property owners in the cannabis industry. It has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 2021 and is based in Chicago, Illinois.Show more
- Revenue$63M+15.2%
- FFO$36M-2.8%
- FFO/Share1.68-10.6%
- FFO Payout121.75%+8.3%
- FFO per Share1.68-10.6%
- NOI Margin86.88%-13.1%
- FFO Margin57.07%-15.6%
- ROE11.68%-8.5%
- ROA8.37%-10.2%
REFI Key Insights
Chicago Atlantic Real Estate Finance, Inc. (REFI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓High NOI margin of 86.9%
- ✓Trading at only 0.8x book value
✗Weaknesses
- ✗Dividend payout exceeds 100% of earnings
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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REFI Price & Volume
Chicago Atlantic Real Estate Finance, Inc. (REFI) stock price & volume — 10-year historical chart
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REFI Growth Metrics
Chicago Atlantic Real Estate Finance, Inc. (REFI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years8.9%
TTM9.03%
Profit CAGR
10 Years-
5 Years-
3 Years3.7%
TTM-19.68%
EPS CAGR
10 Years-
5 Years-
3 Years-2.63%
TTM-23.4%
Return on Capital
10 Years7.04%
5 Years7.04%
3 Years9.32%
Last Year9.32%
REFI Recent Earnings
Chicago Atlantic Real Estate Finance, Inc. (REFI) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$0.46-4.2%
$0.48
Rev
$13M-4.1%
$14M
Q2 2026
Mar 12, 2026Metric
Actual
Est
EPS
$0.43+2.4%
$0.42
Rev
$14M-0.7%
$14M
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$0.49+6.5%
$0.46
Rev
$14M-3.6%
$14M
Q3 2025
Aug 7, 2025Metric
Actual
Est
EPS
$0.51+13.3%
$0.45
Rev
$17M+3.8%
$16M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $0.46vs $0.48-4.2% | $13Mvs $14M-4.1% |
| Q2 2026 | Mar 12, 2026 | $0.43vs $0.42+2.4% | $14Mvs $14M-0.7% |
| Q4 2025 | Nov 4, 2025 | $0.49vs $0.46+6.5% | $14Mvs $14M-3.6% |
| Q3 2025 | Aug 7, 2025 | $0.51vs $0.45+13.3% | $17Mvs $16M+3.8% |
Based on last 12 quarters of dataView full earnings history →
REFI Peer Comparison
Chicago Atlantic Real Estate Finance, Inc. (REFI) competitors in Commercial mortgage loan REITs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SUNS | 114.36M | 8.46 | 8.91 | 148.14% | 41.96% | 7.25% | 0.67 | |
 TPVG | 202.99M | 5.00 | 4.10 | 36.55% | -19.55% | -3.39% | 1.33 | |
 IIPR | 1.7B | 59.60 | 15.17 | -13.8% | 45.58% | 6.41% | 0.21 | |
 STWD | 6.19B | 16.70 | 13.69 | -7.88% | 17.69% | 4.75% | 2.95 | |
 ACRE | 256.32M | 4.62 | -281.71 | -2.79% | -24.91% | -3.88% | 2.06 | |
 BXMT | 3.05B | 18.09 | 28.27 | -13.96% | 6.75% | 2.93% | 4.61 | |
 RC | 289.13M | 1.75 | -1.22 | 17.26% | -290.69% | -29.57% | 3.55 | |
 GPMT | 63.25M | 1.32 | -1.14 | 187.77% | -30.49% | -7.1% | 2.12 |
Compare REFI vs Peers
Chicago Atlantic Real Estate Finance, Inc. (REFI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
REFI Income Statement
Chicago Atlantic Real Estate Finance, Inc. (REFI) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|
Revenue | 14.47M | 48.86M | 57.33M | 54.78M | 63.1M | 59.52M |
Revenue Growth % | - | 237.69% | 17.34% | -4.44% | 15.18% | 9.03% |
Property Operating Expenses | 223.46K | 0 | 0 | 0 | 8.28M | 3.66M |
Net Operating Income (NOI) | 14.24M▲ 0% | 48.86M▲ 243.0% | 57.33M▲ 17.3% | 54.78M▼ 4.4% | 54.82M▲ 0.1% | 55.86M▲ 0% |
NOI Margin % | 98.46% | 100% | 100% | 100% | 86.88% | 93.86% |
Operating Expenses | 1.58M | 48.86M | 57.33M | 54.78M | 18.81M | 40.82M |
G&A Expenses | 1.58M | 3.96M | 6.74M | 8.45M | 8.67M | 1.66B |
EBITDA | 12.66M | 0 | 0 | 0 | 36.01M | 15.04M |
EBITDA Margin % | 87.51% | 0% | 0% | 0% | 57.07% | 25.27% |
Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 |
D&A / Revenue % | 0% | 0% | 0% | 0% | 0% | 0% |
Operating Income | 12.66M▲ 0% | 0▼ 100.0% | 0▲ 0% | 0▲ 0% | 36.01M▲ 0% | 15.04M▲ 0% |
Operating Margin % | 87.51% | 0% | 0% | 0% | 57.07% | 25.27% |
Interest Expense | 75.86K | 2.61M | 5.75M | 7.15M | 7.55M | 4M |
Interest Coverage | 166.91x | - | - | - | 4.77x | - |
Non-Operating Income | 12.66M | 0 | 0 | 0 | 0 | 0 |
Pretax Income | 12.66M▲ 0% | 32.29M▲ 155.0% | 38.71M▲ 19.9% | 37.05M▼ 4.3% | 36.01M▼ 2.8% | 30.81M▲ 0% |
Pretax Margin % | 87.51% | 66.1% | 67.52% | 67.62% | 57.07% | 51.77% |
Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
Net Income | 12.66M▲ 0% | 32.29M▲ 155.0% | 38.71M▲ 19.9% | 37.05M▼ 4.3% | 36.01M▼ 2.8% | 30.81M▲ 0% |
Net Margin % | 87.51% | 66.1% | 67.52% | 67.62% | 57.07% | 51.77% |
Net Income Growth % | - | 155.04% | 19.87% | -4.3% | -2.79% | -19.68% |
Funds From Operations (FFO) | 12.76M▲ 0% | 595.76M▲ 4567.8% | 38.71M▼ 93.5% | 37.05M▼ 4.3% | 36.01M▼ 2.8% | -952.53M▲ 0% |
FFO Margin % | 88.21% | 1219.37% | 67.52% | 67.62% | 57.07% | -1600.47% |
FFO Growth % | - | 4567.82% | - | - | - | -3108.88% |
FFO per Share | 0.73 | 33.57 | 2.11 | 1.88 | 1.68 | -44.34 |
FFO Payout Ratio % | 53.66% | 4.73% | 101.1% | 112.38% | 121.75% | -3.17% |
EPS (Diluted) | 0.54▲ 0% | 1.82▲ 237.0% | 2.11▲ 15.9% | 1.88▼ 10.9% | 1.68▼ 10.6% | 1.43▲ 0% |
EPS Growth % | - | 237.04% | 15.93% | -10.9% | -10.64% | -23.4% |
EPS (Basic) | 0.54 | 1.83 | 2.14 | 1.92 | 1.71 | - |
Diluted Shares Outstanding | 17.45M | 17.75M | 18.34M | 19.71M | 21.43M | 21.48M |
REFI Balance Sheet
Chicago Atlantic Real Estate Finance, Inc. (REFI) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|
Total Assets | 278.17M | 343.27M | 359.23M | 435.15M | 424.92M | 435.95B |
Asset Growth % | - | 23.4% | 4.65% | 21.14% | -2.35% | 105064.79% |
Real Estate & Other Assets | 868.02K | 805.6K | 366.59K | 305.07K | 2.06M | 403.12M |
PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
Investment Securities | 0 | 0 | 842.27K | 0 | 1000K | 0 |
Total Current Assets | 277.3M | 342.47M | 358.02M | 434.84M | 18.96M | 35.33B |
Cash & Equivalents | 80.25M | 5.72M | 7.9M | 26.4M | 14.95M | 14.95M |
Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Other Current Assets | 203.88K | 1.42M | 1.45M | 4.98M | 0 | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
Total Liabilities | 14.09M | 79.24M | 87.37M | 126.19M | 117.1M | 132.53B |
Total Debt | 0 | 58M | 66M | 104.1M | 98.43M | 98.43M |
Net Debt | -80.25M | 52.28M | 58.1M | 77.7M | 83.49M | 83.49M |
Long-Term Debt | 0 | 58M | 66M | 104.1M | 49.33M | 116.44M |
Short-Term Borrowings | 0 | 0 | 0 | 0 | 49.1M | 49.39B |
Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
Total Current Liabilities | 12.19M | 19.75M | 19.32M | 20.01M | 66.92M | 49.39B |
Accounts Payable | 212.89K | 963.71K | 1.13M | 2.24M | 1.35M | 0 |
Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | 1.9M | 1.49M | 2.05M | 2.09M | 847.66K | 83.13B |
Total Equity | 264.08M▲ 0% | 264.03M▼ 0.0% | 271.85M▲ 3.0% | 308.96M▲ 13.6% | 307.81M▼ 0.4% | 303.42B▲ 0% |
Equity Growth % | - | -0.02% | 2.96% | 13.65% | -0.37% | 97543.04% |
Shareholders Equity | 264.08M | 264.03M | 271.85M | 308.96M | 307.81M | 303.42B |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Common Stock | 173.55K | 176.86K | 181.97K | 208.29K | 210.8K | 210.8M |
Additional Paid-in Capital | 264.08M | 269M | 277.48M | 318.89M | 323.13M | 323.99M |
Retained Earnings | -177.56K | -5.14M | -5.81M | -10.14M | -15.52M | -20.78B |
Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 |
Return on Assets (ROA) | 4.55% | 10.39% | 11.02% | 9.33% | 8.37% | 0.03% |
Return on Equity (ROE) | 4.79% | 12.23% | 14.45% | 12.76% | 11.68% | 0.04% |
Debt / Assets | - | 16.9% | 18.37% | 23.92% | 23.17% | 0.02% |
Debt / Equity | - | 0.22x | 0.24x | 0.34x | 0.32x | 0.00x |
Net Debt / EBITDA | -6.34x | - | - | - | 2.32x | 5.55x |
Book Value per Share | 15.13 | 14.88 | 14.82 | 15.67 | 14.36 | 14123.19 |
REFI Cash Flow Statement
Chicago Atlantic Real Estate Finance, Inc. (REFI) cash flow — operating, investing & free cash flow history
| Metric | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|
Cash from Operations | 6.67M | 17.01M | 28.42M | 23.16M | 28.79M | 24.33M |
Operating CF Growth % | - | 154.97% | 67.11% | -18.5% | 24.33% | 202.04% |
Operating CF / Revenue % | 46.1% | 34.81% | 49.57% | 42.27% | 45.63% | 40.88% |
Net Income | 9.5M | 32.29M | 38.71M | 37.05M | 36.01M | 30.81M |
Depreciation & Amortization | 101.15K | 563.46M | 0 | 0 | 0 | -246.29M |
Stock-Based Compensation | 39.48K | 435.62K | 1.48M | 3.06M | 3.37M | -1.27B |
Other Non-Cash Items | -1.28M | -568.81M | -11.13M | -11M | -8.74M | 22.29B |
Working Capital Changes | -1.69M | -10.38M | -642.77K | -5.94M | -1.84M | -6.36M |
Cash from Investing | -145.22M | -125.24M | -1.93M | -39.3M | 8.74M | 4.96M |
Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 |
Sale of Investments | 0 | 6.7B | 0 | 0 | 0 | 0 |
Other Investing | -145.22M | -6.82B | -1.93M | -39.3M | 8.74M | 4.96M |
Cash from Financing | 218.8M | 33.71M | -24.31M | 34.64M | -48.98M | -11.31M |
Dividends Paid | -6.85M | -28.17M | -39.13M | -41.63M | -43.84M | -40.15M |
Common Dividends | -6.85M | -28.17M | -39.13M | -41.63M | -43.84M | -30.24M |
Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | -1000K | 0 |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
Other Financing | 1.71M | -625.54K | -112.28K | -1.22M | -270.74K | -137.93K |
Net Change in Cash | 80.25M▲ 0% | -74.53M▼ 192.9% | 2.18M▲ 102.9% | 18.5M▲ 747.9% | -11.45M▼ 161.9% | 17.98M▲ 0% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 0 | 80.25M | 5.72M | 7.9M | 26.4M | 14.95M |
Cash at End | 80.25M | 5.72M | 7.9M | 26.4M | 14.95M | 27.86M |
Free Cash Flow | 6.67M▲ 0% | 17.01M▲ 155.0% | 28.42M▲ 67.1% | 23.16M▼ 18.5% | 28.79M▲ 24.3% | 24.33M▲ 0% |
FCF Growth % | - | 154.97% | 67.11% | -18.5% | 24.33% | 1.95% |
FCF / Revenue % | 46.1% | 34.81% | 49.57% | 42.27% | 45.63% | 40.88% |
REFI Key Ratios
Chicago Atlantic Real Estate Finance, Inc. (REFI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
FFO per Share | 33.57 | 2.11 | 1.88 | 1.68 | -44.34 |
FFO Payout Ratio | 4.73% | 101.1% | 112.38% | 121.75% | -3.17% |
NOI Margin | 100% | 100% | 100% | 86.88% | 93.86% |
Net Debt / EBITDA | - | - | - | 2.32x | 5.55x |
Debt / Assets | 16.9% | 18.37% | 23.92% | 23.17% | 0.02% |
Interest Coverage | - | - | - | 4.77x | - |
Book Value / Share | 14.88 | 14.82 | 15.67 | 14.36 | 14.12K |
Revenue Growth | 237.69% | 17.34% | -4.44% | 15.18% | 9.03% |
Related:REFI Dividend History·REFI Revenue History·REFI Price History·REFI P/E History·REFI Financial Ratios·REFI Institutional Holders
REFI SEC Filings & Documents
Chicago Atlantic Real Estate Finance, Inc. (REFI) SEC filings — annual & quarterly reports (10-K, 10-Q)
REFI Frequently Asked Questions
Chicago Atlantic Real Estate Finance, Inc. (REFI) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Chicago Atlantic Real Estate Finance, Inc. (REFI) reported $59.5M in revenue for fiscal year 2025. This represents a 311% increase from $14.5M in 2021.
Chicago Atlantic Real Estate Finance, Inc. (REFI) grew revenue by 15.2% over the past year. This is strong growth.
Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) is profitable, generating $30.8M in net income for fiscal year 2025 (57.1% net margin).
Dividend & Returns
Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) pays a dividend with a yield of 17.87%. This makes it attractive for income-focused investors.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a return on equity (ROE) of 11.7%. This is reasonable for most industries.
Industry Metrics
Chicago Atlantic Real Estate Finance, Inc. (REFI) generated Funds From Operations (FFO) of $-952.5M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Chicago Atlantic Real Estate Finance, Inc. (REFI) offers a 17.87% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.