Revenue growth remains highly volatile, fluctuating between a 16.3% increase in 2026Q1 and a 7.9% contraction in 2024Q4, while maintaining NOI margins that frequently hit 100%.
| Revenue | 59.52M | 63.1M | 54.78M | 57.33M | 48.86M | 14.47M |
| Revenue Growth % | 9.03% | 15.18% | -4.44% | 17.34% | 237.69% | - |
| Property Operating Expenses | 3.66M | 8.28M | 0 | 0 | 0 | 223.46K |
| Net Operating Income (NOI) | 55.86M | 54.82M | 54.78M | 57.33M | 48.86M | 14.24M |
| NOI Margin % | 93.86% | 86.88% | 100% | 100% | 100% | 98.46% |
| Operating Expenses | 40.82M | 18.81M | 54.78M | 57.33M | 48.86M | 1.58M |
| G&A Expenses | 1.66B | 8.67M | 8.45M | 6.74M | 3.96M | 1.58M |
| EBITDA | 15.04M | 36.01M | 0 | 0 | 0 | 12.66M |
| EBITDA Margin % | 25.27% | 57.07% | 0% | 0% | 0% | 87.51% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 0% | 0% | 0% | 0% | 0% | 0% |
| Operating Income | 15.04M | 36.01M | 0 | 0 | 0 | 12.66M |
| Operating Margin % | 25.27% | 57.07% | 0% | 0% | 0% | 87.51% |
| Interest Expense | 4M | 7.55M | 7.15M | 5.75M | 2.61M | 75.86K |
| Interest Coverage | - | 4.77x | - | - | - | 166.91x |
| Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 12.66M |
| Pretax Income | 30.81M | 36.01M | 37.05M | 38.71M | 32.29M | 12.66M |
| Pretax Margin % | 51.77% | 57.07% | 67.62% | 67.52% | 66.1% | 87.51% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 30.81M | 36.01M | 37.05M | 38.71M | 32.29M | 12.66M |
| Net Margin % | 51.77% | 57.07% | 67.62% | 67.52% | 66.1% | 87.51% |
| Net Income Growth % | -19.68% | -2.79% | -4.3% | 19.87% | 155.04% | - |
| Funds From Operations (FFO) | -952.53M | 36.01M | 37.05M | 38.71M | 595.76M | 12.76M |
| FFO Margin % | -1600.47% | 57.07% | 67.62% | 67.52% | 1219.37% | 88.21% |
| FFO Growth % | -3108.88% | - | - | - | 4567.82% | - |
| FFO per Share | -44.34 | 1.68 | 1.88 | 2.11 | 33.57 | 0.73 |
| FFO Payout Ratio % | -3.17% | 121.75% | 112.38% | 101.1% | 4.73% | 53.66% |
| EPS (Diluted) | 1.43 | 1.68 | 1.88 | 2.11 | 1.82 | 0.54 |
| EPS Growth % | -23.4% | -10.64% | -10.9% | 15.93% | 237.04% | - |
| EPS (Basic) | - | 1.71 | 1.92 | 2.14 | 1.83 | 0.54 |
| Diluted Shares Outstanding | 21.48M | 21.43M | 19.71M | 18.34M | 17.75M | 17.45M |
Regulatory-driven yield compression
According to the provided quarterly financial data, REFI's revenue growth has exhibited significant volatility, fluctuating between a 16.3% increase in 2026Q1 and a 7.9% contraction in 2024Q4, suggesting that the company's ability to consistently deploy capital remains highly sensitive to the broader cannabis industry's cyclical investment requirements.
The inconsistent revenue trajectory indicates that REFI's growth is not purely organic but rather dependent on the lumpy nature of loan originations within the restricted cannabis sector. Investors should monitor whether the recent 16.3% revenue growth in 2026Q1 represents a sustainable expansion of the loan book or merely a temporary spike from transactional origination fees.
As reported in the company's recent financial statements, the FFO metric has shown extreme instability, including a reported -$238.1 million in 2025Q4, which raises significant questions regarding the reliability of FFO as a consistent indicator of the company's underlying cash-generating capacity and its long-term dividend safety profile.
The massive negative FFO swing in late 2025 suggests that GAAP-based earnings metrics may be subject to significant non-recurring adjustments or accounting volatility that obscures true operational performance. Analysts should investigate the specific drivers of this FFO collapse to determine if it reflects actual credit deterioration or merely accounting noise.
Based on the provided income statement data, REFI maintains exceptionally high NOI margins that frequently reach 100%, reflecting a lean, externally managed structure that currently avoids the interest expense burdens typically associated with mortgage REITs, though this margin profile appears vulnerable to any future shift toward higher leverage.
The near-perfect NOI margins suggest that the company is currently operating with minimal property-level overhead, which is typical for a mortgage-focused REIT. However, this efficiency may be deceptive, as it does not account for the potential impact of credit losses or the high management fees inherent in the external management model.
Financial disclosures indicate that the company's reliance on interest income necessitates careful scrutiny of non-accrual status and potential PIK interest components, as the reported 15.18% year-over-year revenue growth may not fully capture the underlying credit risk embedded within the specialized cannabis-focused loan portfolio held by the REIT.
The potential for Payment-in-Kind interest to inflate revenue figures warrants further investigation, as such income does not provide immediate cash flow for dividend distributions. Furthermore, the lack of transparency regarding the specific credit quality of the underlying collateral suggests that the current earnings quality may be overstated if borrower defaults begin to accelerate.
Quick answers to the most common questions about buying REFI stock.
For fiscal year 2025, Chicago Atlantic Real Estate Finance, Inc. (REFI) reported total revenue of $63.1M. This represents a 336.1% increase compared to $14.5M in 2021.
Chicago Atlantic Real Estate Finance, Inc. (REFI) is profitable, generating $36.0M in net income for the fiscal year ending 2025 with a net profit margin of 57.1%.
Chicago Atlantic Real Estate Finance, Inc. (REFI) reported an operating income of $36.0M, resulting in an operating profit margin of 57.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Chicago Atlantic Real Estate Finance, Inc. (REFI) generated $54.8M in gross profit for the year, representing a gross profit margin of 86.9%. This demonstrates the company's core pricing power and production efficiency.