The company maintains a conservative capital structure with a 0.32 debt-to-equity ratio as of 2025Q4, though the asset base is entirely comprised of debt instruments rather than physical real estate.
Chicago Atlantic Real Estate Finance, Inc. (REFI) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Assets | 461.7M | 424.92M | 435.15M | 359.23M | 343.27M | 278.17M |
| Asset Growth % | 20.92% | -2.35% | 21.14% | 4.65% | 23.4% | - |
| Real Estate & Other Assets | 442.09M | 2.06M | 305.07K | 366.59K | 805.6K | 868.02K |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 0 | 1000K | 0 | 842.27K | 0 | 0 |
| Total Current Assets | 19.61M | 18.96M | 434.84M | 358.02M | 342.47M | 277.3M |
| Cash & Equivalents | 13.35M | 14.95M | 26.4M | 7.9M | 5.72M | 80.25M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 4.98M | 1.45M | 1.42M | 203.88K |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 160.05M | 117.1M | 126.19M | 87.37M | 79.24M | 14.09M |
| Total Debt | 49.45M | 98.43M | 104.1M | 66M | 58M | 0 |
| Net Debt | 36.1M | 83.49M | 77.7M | 58.1M | 52.28M | -80.25M |
| Long-Term Debt | 140.5M | 49.33M | 104.1M | 66M | 58M | 0 |
| Short-Term Borrowings | 49.45M | 49.1M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 49.45M | 66.92M | 20.01M | 19.32M | 19.75M | 12.19M |
| Accounts Payable | 0 | 1.35M | 2.24M | 1.13M | 963.71K | 212.89K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 19.55M | 847.66K | 2.09M | 2.05M | 1.49M | 1.9M |
| Total Equity | 301.65M | 307.81M | 308.96M | 271.85M | 264.03M | 264.08M |
| Equity Growth % | -0.55% | -0.37% | 13.65% | 2.96% | -0.02% | - |
| Shareholders Equity | 301.65M | 307.81M | 308.96M | 271.85M | 264.03M | 264.08M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 213.14K | 210.8K | 208.29K | 181.97K | 176.86K | 173.55K |
| Additional Paid-in Capital | 324.95M | 323.13M | 318.89M | 277.48M | 269M | 264.08M |
| Retained Earnings | -23.51M | -15.52M | -10.14M | -5.81M | -5.14M | -177.56K |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 6.72% | 8.37% | 9.33% | 11.02% | 10.39% | 4.55% |
| Return on Equity (ROE) | 9.62% | 11.68% | 12.76% | 14.45% | 12.23% | 4.79% |
| Debt / Assets | 10.71% | 23.17% | 23.92% | 18.37% | 16.9% | - |
| Debt / Equity | 0.16x | 0.32x | 0.34x | 0.24x | 0.22x | - |
| Net Debt / EBITDA | 1.45x | 2.32x | - | - | 0.09x | -6.29x |
| Book Value per Share | 13.89 | 14.36 | 15.67 | 14.82 | 14.88 | 15.13 |
Quick answers to the most common questions about buying REFI stock.
As of 2025, Chicago Atlantic Real Estate Finance, Inc. (REFI) had total assets of $424.9M including $19.0M in current assets.
Chicago Atlantic Real Estate Finance, Inc. (REFI) carries total debt of $98.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has total shareholders' equity (book value) of $307.8M ($14.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Chicago Atlantic Real Estate Finance, Inc. (REFI) reported a current ratio of 0.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Regulatory-driven yield compression
Metrics are mathematically derived from official filings.
Conservative Leverage Amidst Market Uncertainty
Based on reported financial statements, REFI maintains a conservative debt-to-equity ratio of 0.32 as of 2025Q4, reflecting a strategic preference for equity-heavy capitalization that shields the firm from immediate liquidity crises while simultaneously limiting the potential for aggressive balance sheet expansion in the current high-yield environment.
The low leverage profile suggests management is prioritizing capital preservation over yield enhancement, which is prudent given the inherent volatility of the cannabis sector. Investors should monitor whether this conservative stance persists if the company faces pressure to scale its loan book to maintain dividend distributions.
Cash Reserves and Liquidity Constraints
According to recent quarterly filings, REFI's cash position has fluctuated significantly, dropping from $35.6 million in 2025Q2 to $14.9 million by 2025Q4, which may indicate a tightening of available liquidity for new loan originations or a potential need for future capital raises to support operations.
The volatility in cash balances warrants further investigation into the company's deployment cycle and its ability to manage short-term funding requirements. A sustained decline in cash reserves could limit the REIT's flexibility to respond to borrower defaults or capitalize on new, high-margin lending opportunities.
Asset Base Stability and Growth
As reported in the company's balance sheet data, total assets have remained relatively stable, moving from $435.1 million in 2024Q4 to $424.9 million in 2025Q4, suggesting that the firm is currently in a consolidation phase rather than an aggressive growth trajectory within its specialized mortgage portfolio.
This plateau in asset growth may reflect a disciplined approach to underwriting in a challenging regulatory climate where high-quality collateral is increasingly scarce. Analysts should consider whether this stagnation is a deliberate risk-mitigation strategy or a sign of limited demand for the company's specific credit products.
Hidden Risks in Collateral Quality
Financial disclosures indicate that REFI's balance sheet is entirely devoid of traditional PPE, with 100% of its asset base tied to debt instruments, which implies that the firm's terminal value is inextricably linked to the creditworthiness of cannabis operators rather than the underlying real estate value.
This structure suggests that the REIT is essentially a credit play rather than a traditional real estate owner, exposing investors to significant downside if the specialized cultivation facilities lose their utility. The lack of tangible property assets means that recovery values in a default scenario may be lower than the book value of the loans suggests.