Cash conversion efficiency is currently obscured by erratic FFO metrics, including a reported -$238.1 million in 2025Q4, which complicates the assessment of core cash generation relative to dividend obligations.
Chicago Atlantic Real Estate Finance, Inc. (REFI) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | 26.92M | 28.79M | 23.16M | 28.42M | 17.01M | 6.67M |
| Operating CF Growth % | 238.08% | 24.33% | -18.5% | 67.11% | 154.97% | - |
| Operating CF / Revenue % | 44.76% | 45.63% | 42.27% | 49.57% | 34.81% | 46.1% |
| Net Income | 29.41M | 36.01M | 37.05M | 38.71M | 32.29M | 9.5M |
| Depreciation & Amortization | -246.12M | 0 | 0 | 0 | 563.46M | 101.15K |
| Stock-Based Compensation | -1.27B | 3.37M | 3.06M | 1.48M | 435.62K | 39.48K |
| Other Non-Cash Items | 22.29B | -8.74M | -11M | -11.13M | -568.81M | -1.28M |
| Working Capital Changes | -1.58M | -1.84M | -5.94M | -642.77K | -10.38M | -1.69M |
| Cash from Investing | -28.13M | 8.74M | -39.3M | -1.93M | -125.24M | -145.22M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 27.11M | 0 | 0 | 0 | 6.7B | 0 |
| Other Investing | -55.24M | 8.74M | -39.3M | -1.93M | -6.82B | -145.22M |
| Cash from Financing | -21M | -48.98M | 34.64M | -24.31M | 33.71M | 218.8M |
| Dividends Paid | -40.63M | -43.84M | -41.63M | -39.13M | -28.17M | -6.85M |
| Common Dividends | -29.72M | -43.84M | -41.63M | -39.13M | -28.17M | -6.85M |
| Debt Issuance (Net) | 0 | -1000K | 1000K | 1000K | 1000K | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -167.61K | -270.74K | -1.22M | -112.28K | -625.54K | 1.71M |
| Net Change in Cash | -22.21M | -11.45M | 18.5M | 2.18M | -74.53M | 80.25M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 27.86M | 26.4M | 7.9M | 5.72M | 80.25M | 0 |
| Cash at End | 13.35M | 14.95M | 26.4M | 7.9M | 5.72M | 80.25M |
| Free Cash Flow | 26.92M | 28.79M | 23.16M | 28.42M | 17.01M | 6.67M |
| FCF Growth % | 11.63% | 24.33% | -18.5% | 67.11% | 154.97% | - |
| FCF / Revenue % | 44.76% | 45.63% | 42.27% | 49.57% | 34.81% | 46.1% |
Quick answers to the most common questions about buying REFI stock.
Chicago Atlantic Real Estate Finance, Inc. (REFI) generated $28.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Chicago Atlantic Real Estate Finance, Inc. (REFI) generated $28.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Chicago Atlantic Real Estate Finance, Inc. (REFI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Chicago Atlantic Real Estate Finance, Inc. (REFI) returned $43.8M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Regulatory-driven yield compression
Metrics are mathematically derived from official filings.
FFO Volatility Obscures Operating Reality
As reported in financial statements, the relationship between GAAP operating cash flow and FFO has become increasingly erratic, with the FFO/NI ratio swinging from 1.65 in 2023Q4 to a deeply negative figure in 2025Q4, suggesting significant accounting adjustments that complicate the assessment of core cash generation.
The extreme variance in FFO relative to net income indicates that non-cash items or significant one-time adjustments are heavily distorting the company's reported earnings. Investors should monitor whether these fluctuations represent genuine operational volatility or merely the impact of periodic credit loss provisioning and valuation adjustments inherent in the mortgage REIT model.
Dividend Coverage Remains Highly Uncertain
Based on REFI's reported figures, the dividend payout ratio has fluctuated wildly, reaching as high as 1.57 in 2024Q1, which suggests that the company's ability to cover distributions from recurring AFFO is inconsistent and potentially reliant on non-recurring capital inflows or balance sheet management.
The lack of consistent AFFO data makes it difficult to determine if the dividend is sustainably supported by interest income or if it is being subsidized by capital recycling. Given the high payout ratios observed in previous periods, the current dividend policy appears vulnerable to any sustained compression in loan yields or an increase in non-accrual events.
Net Income Diverges From Cash
According to recent SEC filings, the company's GAAP net income frequently exceeds operating cash flow, a trend that warrants further investigation into the quality of earnings and the extent to which non-cash interest accruals are inflating the bottom line relative to actual cash collected from borrowers.
The persistent gap between net income and operating cash flow suggests that a meaningful portion of reported earnings may not be realized in cash, potentially due to PIK interest or other non-cash accruals. This divergence implies that the company's reported profitability may overstate its immediate liquidity position and ability to fund ongoing operations.
Hidden Risks in Loan Accruals
Financial disclosures indicate that the company's cash flow statement may mask underlying credit deterioration, as the reliance on interest income necessitates careful scrutiny of non-accrual status and the potential for capitalized interest to artificially bolster reported cash flow metrics without corresponding cash receipts.
The absence of clear, consistent AFFO reporting suggests that investors are not receiving a transparent view of the true free cash flow available for distribution. The potential for capitalized interest to be treated as income without cash collection implies that the company's cash flow profile may be more fragile than the headline earnings suggest.