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REFIChicago Atlantic Real Estate Finance, Inc.
$8.80$188M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
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REFI logo

Chicago Atlantic Real Estate Finance, Inc.

REFI
NASDAQ · Mortgage REITs
$8.80
At close - Nov 6, 4:00 PM EST - USD
Market Cap$188M
P/E6.5x
52W High$13.49
Volume85.72K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Credit Reset And Dividend Strain Cloud REFI Outlook

Chicago Atlantic's revenue recovered to $15.2M in 2026Q2 (+4.3% year over year) but the trajectory appears driven by new originations rather than a stable compounding stream, while the 2025Q4 credit event swung FFO to negative $238.1M and left FFO per share at $0.35 versus $0.56 in 2024Q3, a 37.5% decline.

GrowthMixed
ProfitabilityStrained
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

REFI price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

7/12 Beats

EPS beat 7 of last 12 quarters

02

Valuation risk

-41% Peers

P/E is 41% below peer median

03

Market leadership

RS 30 · Lag

Laggard (Underperforming 70% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystConfirmed earnings · Nov 10

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
REFI-16.72%
S&P 500 (^GSPC)+7.63%
1-Year Return
REFI-15.17%
S&P 500 (^GSPC)+9.69%
3-Year Return
REFI+2.33%
S&P 500 (^GSPC)+67.43%
5-Year Return
REFI+13.28%
S&P 500 (^GSPC)+55.71%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
6.5x
Forward P/EExpansion
4.6x
EV/EBITDA67th %ile
10.9x
FCF YieldCash Flow
14.4%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
6.5x
8.2x
0th· Low
EV/EBITDA
10.9x
9.6x
67th· Fair
Price/FCF
7.0x
13.1x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$63M+15.2% YoY
Net income FY25
$36M-2.8% YoY
Free cash flow FY25
$29M+24.3% YoY
Operating margin FY25
57.1%
ROIC (FY25)6.9%
Avg ROIC 5Y6.9%
ROE (TTM)9.6%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate7/12 (58%)
Revenue Beat Rate4/12 (33%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 11, 2026
$0.43-10.4%
vs $0.48
$13M-9.4%
vs $14M
Q2 2026
May 7, 2026
$0.46-4.2%
vs $0.48
$13M-4.1%
vs $14M
Q2 2026
Mar 12, 2026
$0.43+2.4%
vs $0.42
$14M-0.7%
vs $14M
Q4 2025
Nov 4, 2025
$0.49+6.5%
vs $0.46
$14M-3.6%
vs $14M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Seeking Alpha·Oct 21, 2026
18 Ideal 'Safer' DiviDog Buys Readers Tagged In September

Top ten ReFa/Ro Dogs for September 2026 offer projected net gains of 40.66% to 122.87% by September 2027, per broker estimates. All ten IDEAL ReFa/Ro stocks have annual dividends from $1,000 invested exceeding their single share prices, signaling contrarian value opportunities. Analyst targets suggest five lowest-priced ReFa/Ro Dogs could deliver 92.27% net gains versus 70.37% for all ten, highlighting potential upside in low-priced names.

GlobeNewsWire·Oct 20, 2026
Chicago Atlantic Real Estate Finance Schedules Third Quarter 2026 Earnings Release and Conference Call Date

CHICAGO, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) ("Chicago Atlantic" or the “Company”), a commercial mortgage real estate investment trust, announced details for the release of its results for the third quarter ended September 30, 2026.

Defense World·Oct 19, 2026
Reviewing Chicago Atlantic Real Estate Finance (NASDAQ:REFI) and Ladder Capital (NYSE:LADR)

Chicago Atlantic Real Estate Finance (NASDAQ: REFI - Get Free Report) and Ladder Capital (NYSE: LADR - Get Free Report) are both small-cap finance companies, but which is the superior stock? We will compare the two companies based on the strength of their profitability, risk, analyst recommendations, dividends, earnings, institutional ownership and valuation. Analyst Ratings This is

Zacks Investment Research·Oct 16, 2026
High-Yield REITs vs. 10-Year Treasuries: Which Is the Better Buy?

With the 10-year U.S. Treasury yield recently reaching 5.3%, income-oriented investors have a compelling alternative to dividend-paying stocks, particularly as rising interest rates pressure real estate investment trusts (REITs).

Filtered for Chicago Atlantic Real Estate Finance, Inc.More Headlines
04

Compare before deciding

Benchmark REFI against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Chicago Atlantic Real Estate Finance, Inc. (REFI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
REFI logoREFIChicago Atlantic Real Estate Finance, Inc.Current
$8.80$187.57M6.5015.18%48.89%9.62%23.25%
SUNS logoSUNSSunrise Realty Trust, Inc.
$6.76$91.38M6.93148.14%38.85%7.12%17.39%
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.
$4.37$177.42M8.1755.25%58.87%6.24%23.45%
IIPR logoIIPRInnovative Industrial Properties, Inc.
$54.83$1.59B10.92-13.8%53.2%7.56%13.9%
STWD logoSTWDStarwood Property Trust, Inc.
$12.05$4.47B-18.86-7.88%-11.27%-3.28%16.46%
ACRE logoACREAres Commercial Real Estate Corporation
$3.65$202.51M214.7122.54%1.13%0.19%19.47%

Compare REFI vs Peers

Chicago Atlantic Real Estate Finance, Inc. (REFI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SUNS

Most directly comparable listed peer for REFI.

Scale Benchmark

vs STWD

Larger-name benchmark to compare REFI against a more recognizable public peer.

Peer Set

Compare Top 5

vs SUNS, TPVG, IIPR, STWD

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

REFI SEC Filings & Documents

Chicago Atlantic Real Estate Finance, Inc. (REFI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 11, 2026·SEC

Material company update

Jul 13, 2026·SEC

Material company update

Jun 18, 2026·SEC

10-K Annual Reports

4
FY 2026

Mar 12, 2026·SEC

FY 2025

Mar 12, 2025·SEC

FY 2024

Mar 12, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 11, 2026·SEC

FY 2026

May 7, 2026·SEC

FY 2025

Nov 4, 2025·SEC

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REFI Frequently Asked Questions

Chicago Atlantic Real Estate Finance, Inc. (REFI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Chicago Atlantic Real Estate Finance, Inc.'s revenue?

Chicago Atlantic Real Estate Finance, Inc. (REFI) reported $60.1M in revenue over the trailing twelve months. Revenue was $63.1M in fiscal year 2025. That is 336% more than the $14.5M of fiscal year 2021.

How fast is Chicago Atlantic Real Estate Finance, Inc. growing?

Chicago Atlantic Real Estate Finance, Inc. (REFI) grew revenue by 7.4% over the trailing twelve months, compared with the twelve months before.

Is REFI profitable?

Yes. Chicago Atlantic Real Estate Finance, Inc. (REFI) earned $29.4M in net income over the trailing twelve months (a 48.9% net margin).

Dividend & Returns
Does REFI pay dividends?

Yes. Chicago Atlantic Real Estate Finance, Inc. (REFI) pays a dividend that yields 23.25% at the current price, a high yield.

What is REFI's return on equity?

Chicago Atlantic Real Estate Finance, Inc. (REFI) had a return on equity (ROE) of 9.6% over the trailing twelve months. That is below the market's typical 10-15%.

Industry Metrics
Is REFI a good dividend stock?

Chicago Atlantic Real Estate Finance, Inc. (REFI) offers a 23.25% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in REFI back in 2021?

Total return calculator · dividends reinvested · 5+ years of data

See returns →