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Chicago Atlantic Real Estate Finance, Inc. (REFI) 10-Year Financial Performance & Capital Metrics

REFI • • REIT / Real Estate
Real EstateMortgage REITsSpecialty Mortgage REITsSmall Business & Specialty Lenders
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 $55M -4.4%
  • FFO $37M -4.3%
  • FFO/Share 1.88 -11.0%
  • FFO Payout 112.38% +11.2%
  • FFO per Share 1.88 -11.0%
  • NOI Margin 100%
  • FFO Margin 67.62% +0.1%
  • ROE 12.76% -11.7%
  • ROA 9.33% -15.4%
  • Debt/Assets 23.92% +30.2%
  • Net Debt/EBITDA -
  • Book Value/Share 15.67 +5.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High NOI margin of 100.0%
  • ✓Trading at only 0.8x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗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.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-
3Y55.86%
TTM-1.34%

Profit (Net Income) CAGR

10Y-
5Y-
3Y43.02%
TTM-7.14%

EPS CAGR

10Y-
5Y-
3Y51.56%
TTM-15.5%

ROCE

10Y Avg4.76%
5Y Avg4.76%
3Y Avg-
Latest-

Peer Comparison

Small Business & Specialty Lenders
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
Safety & Leverage
TTM Growth
Famous Investor Metrics
Dividends
Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
LOANManhattan Bridge Capital, Inc.53.3M4.669.5132.68%69.99%12.22%9.24%0.52
REFIChicago Atlantic Real Estate Finance, Inc.267.45M12.696.75-4.44%64.78%11.54%8.66%0.34
RCReady Capital Corporation358.3M2.21-0.84-92.98%-15.93%-16.58%3.12
SACHSachem Capital Corp.51.03M1.07-1.1591.85%-10.02%-18.42%25.11%1.48
RCDReady Capital Corporation 9.00% Senior Notes due 20293.5B21.64-8.23-92.98%-15.93%-16.58%3.12
RCBReady Capital Corporation4.01B24.65-9.48112.63%-63.23%-8.07%0.23
SCCGSachem Capital Corp. 8.00% Note1.1B23.50-25.27-11.23%-81.91%-20.88%1.16%1.66

Profit & Loss

Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+14.47M48.86M57.33M54.78M
Revenue Growth %-2.38%0.17%-0.04%
Property Operating Expenses223.46K000
Net Operating Income (NOI)+----
NOI Margin %----
Operating Expenses+1.58M48.86M57.33M54.78M
G&A Expenses1.58M3.96M6.74M8.45M
EBITDA+12.66M000
EBITDA Margin %----
Depreciation & Amortization+0000
D&A / Revenue %----
Operating Income+12.66M000
Operating Margin %----
Interest Expense+75.86K2.61M5.75M7.15M
Interest Coverage166.91x---
Non-Operating Income12.66M000
Pretax Income+12.66M32.29M38.71M37.05M
Pretax Margin %----
Income Tax+0000
Effective Tax Rate %----
Net Income+12.66M32.29M38.71M37.05M
Net Margin %----
Net Income Growth %-1.55%0.2%-0.04%
Funds From Operations (FFO)+----
FFO Margin %----
FFO Growth %-45.68%--
FFO per Share+----
FFO Payout Ratio %----
EPS (Diluted)+0.541.822.111.88
EPS Growth %-2.37%0.16%-0.11%
EPS (Basic)0.541.832.141.92
Diluted Shares Outstanding17.45M17.75M18.34M19.71M

Balance Sheet

Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+278.17M343.27M359.23M435.15M
Asset Growth %-0.23%0.05%0.21%
Real Estate & Other Assets+868.02K805.6K366.59K305.07K
PP&E (Net)0000
Investment Securities00842.27K0
Total Current Assets+277.3M342.47M358.02M434.84M
Cash & Equivalents80.25M5.72M7.9M26.4M
Receivables1000K1000K1000K1000K
Other Current Assets203.88K1.42M1.45M4.98M
Intangible Assets0000
Total Liabilities14.09M79.24M87.37M126.19M
Total Debt+058M66M104.1M
Net Debt-80.25M52.28M58.1M77.7M
Long-Term Debt058M66M104.1M
Short-Term Borrowings0000
Capital Lease Obligations0000
Total Current Liabilities+12.19M19.75M19.32M20.01M
Accounts Payable212.89K963.71K1.13M2.24M
Deferred Revenue0000
Other Liabilities1.9M1.49M2.05M2.09M
Total Equity+264.08M264.03M271.85M308.96M
Equity Growth %--0%0.03%0.14%
Shareholders Equity264.08M264.03M271.85M308.96M
Minority Interest0000
Common Stock173.55K176.86K181.97K208.29K
Additional Paid-in Capital264.08M269M277.48M318.89M
Retained Earnings-177.56K-5.14M-5.81M-10.14M
Preferred Stock0000
Return on Assets (ROA)0.05%0.1%0.11%0.09%
Return on Equity (ROE)0.05%0.12%0.14%0.13%
Debt / Assets-0.17%0.18%0.24%
Debt / Equity-0.22x0.24x0.34x
Net Debt / EBITDA-6.34x---
Book Value per Share15.1314.8814.8215.67

Cash Flow

Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+6.67M17.01M28.42M23.16M
Operating CF Growth %-1.55%0.67%-0.19%
Operating CF / Revenue %----
Net Income9.5M32.29M38.71M37.05M
Depreciation & Amortization101.15K563.46M00
Stock-Based Compensation39.48K435.62K1.48M3.06M
Other Non-Cash Items-1.28M-568.81M-11.13M-11M
Working Capital Changes-1.69M-10.38M-642.77K-5.94M
Cash from Investing+-145.22M-125.24M-1.93M-39.3M
Acquisitions (Net)0000
Purchase of Investments0000
Sale of Investments01000K00
Other Investing-145.22M-6.82B-1.93M-39.3M
Cash from Financing+218.8M33.71M-24.31M34.64M
Dividends Paid-6.85M-28.17M-39.13M-41.63M
Common Dividends-6.85M-28.17M-39.13M-41.63M
Debt Issuance (Net)01000K1000K1000K
Share Repurchases0000
Other Financing1.71M-625.54K-112.28K-1.22M
Net Change in Cash+80.25M-74.53M2.18M18.5M
Exchange Rate Effect0000
Cash at Beginning080.25M5.72M7.9M
Cash at End80.25M5.72M7.9M26.4M
Free Cash Flow+6.67M17.01M28.42M23.16M
FCF Growth %-1.55%0.67%-0.19%
FCF / Revenue %----

Key Ratios

Metric2021202220232024
FFO per Share0.7333.572.111.88
FFO Payout Ratio53.66%4.73%101.1%112.38%
NOI Margin98.46%100%100%100%
Net Debt / EBITDA-6.34x---
Debt / Assets-16.9%18.37%23.92%
Interest Coverage166.91x---
Book Value / Share15.1314.8814.8215.67
Revenue Growth-237.69%17.34%-4.44%

Frequently Asked Questions

Valuation & Price

Chicago Atlantic Real Estate Finance, Inc. (REFI) has a price-to-earnings (P/E) ratio of 6.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Chicago Atlantic Real Estate Finance, Inc. (REFI) reported $55.2M in revenue for fiscal year 2024. This represents a 282% increase from $14.5M in 2021.

Chicago Atlantic Real Estate Finance, Inc. (REFI) saw revenue decline by 4.4% over the past year.

Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) is profitable, generating $35.8M in net income for fiscal year 2024 (67.6% net margin).

Dividend & Returns

Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) pays a dividend with a yield of 16.64%. This makes it attractive for income-focused investors.

Chicago Atlantic Real Estate Finance, Inc. (REFI) has a return on equity (ROE) of 12.8%. This is reasonable for most industries.

Industry Metrics

Chicago Atlantic Real Estate Finance, Inc. (REFI) generated Funds From Operations (FFO) of $31.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Chicago Atlantic Real Estate Finance, Inc. (REFI) offers a 16.64% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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