Revenue rebounded 4.3% year over year to $15.2M in 2026Q2, yet NOI margin reset to 89.5% from its prior 100.0% level and FFO per share fell 37.5% to $0.35 versus $0.56 in 2024Q3, indicating structural earnings erosion beneath the top-line recovery.
Chicago Atlantic Real Estate Finance, Inc. (REFI) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Revenue | 60.14M | 63.1M | 54.78M | 57.33M | 48.86M | 14.47M |
| Revenue Growth % | 7.41% | 15.18% | -4.44% | 17.34% | 237.69% | - |
| Property Operating Expenses | 5.26M | 8.28M | 0 | 0 | 0 | 223.46K |
| Net Operating Income (NOI) | 54.88M | 54.82M | 54.78M | 57.33M | 48.86M | 14.24M |
| NOI Margin % | 91.25% | 86.88% | 100% | 100% | 100% | 98.46% |
| Operating Expenses | 29.99M | 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 | 24.9M | 36.01M | 0 | 0 | 563.46M | 12.76M |
| EBITDA Margin % | 41.39% | 57.07% | 0% | 0% | 1153.28% | 88.21% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 563.46M | 101.15K |
| D&A / Revenue % | 0% | 0% | 0% | 0% | 1153.28% | 0.7% |
| Operating Income | 24.9M | 36.01M | 0 | 0 | 0 | 12.66M |
| Operating Margin % | 41.39% | 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 | 0 |
| Pretax Income | 29.41M | 36.01M | 37.05M | 38.71M | 32.29M | 12.66M |
| Pretax Margin % | 48.89% | 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 | 29.41M | 36.01M | 37.05M | 38.71M | 32.29M | 12.66M |
| Net Margin % | 48.89% | 57.07% | 67.62% | 67.52% | 66.1% | 87.51% |
| Net Income Growth % | -22.72% | -2.79% | -4.3% | 19.87% | 155.04% | - |
| Funds From Operations (FFO) | -230.49M | 36.01M | 37.05M | 38.71M | 595.76M | 12.76M |
| FFO Margin % | -383.23% | 57.07% | 67.62% | 67.52% | 1219.37% | 88.21% |
| FFO Growth % | -3108.88% | - | - | - | 4567.82% | - |
| FFO per Share | -10.61 | 1.68 | 1.88 | 2.11 | 33.57 | 0.73 |
| FFO Payout Ratio % | -17.63% | 121.75% | 112.38% | 101.1% | 4.73% | 53.66% |
| EPS (Diluted) | 1.35 | 1.68 | 1.88 | 2.11 | 1.82 | 0.54 |
| EPS Growth % | -25.14% | -10.64% | -10.9% | 15.93% | 237.04% | - |
| EPS (Basic) | - | 1.71 | 1.92 | 2.14 | 1.83 | 0.54 |
| Diluted Shares Outstanding | 21.71M | 21.43M | 19.71M | 18.34M | 17.75M | 17.45M |
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.
Key Metrics
Top Statement Risk
Concentrated credit exposure
Metrics are mathematically derived from official filings.
Revenue Rebounds Mask Portfolio Rotation
Chicago Atlantic's quarterly revenue recovered to $15.2M in 2026Q2, up 4.3% year over year after a 15.6% jump in 2025Q4, per recent financial statements, but the swing from a 5.4% decline in 2025Q3 suggests growth is being driven by new loan originations rather than a stable, compounding rent-like stream.
For a mortgage REIT, revenue is effectively interest and fee income on a loan book, so the pattern of alternating double-digit declines and advances points to a portfolio that is being continuously turned over rather than grown organically. The 2026Q1 revenue base of $15.2M growing only 4.3% into 2026Q2 while net income fell from $10.0M in 2025Q1 to $4.8M in 2026Q1 suggests that top-line recovery has not translated into proportional earnings, and investors should monitor whether the 2026 revenue level proves durable or simply reflects a temporary step-up in deployed capital.
FFO Per Share Halved After Credit Reset
FFO collapsed to negative $238.1M in 2025Q4 and has not been reported since the $7.6M recorded in 2026Q2, per company filings, leaving FFO per share at $0.35 versus $0.56 in 2024Q3, a 37.5% decline that outpaced the roughly flat revenue base and signals structural earnings erosion.
The 2026Q2 FFO of $7.6M sits meaningfully below the $9.3M–$11.3M range the company posted through 2024, which implies that a portion of the loan book that previously generated earnings has either been written off or is no longer producing coupons. With FFO per share trending lower even as the share count appears stable enough to hold EPS at $0.34, the deterioration looks asset-driven rather than dilution-driven, and the 4.7% dividend yield against $0.35 quarterly FFO per share warrants close scrutiny of payout sustainability.
NOI Margin Resets Below Perfection
NOI margin held at 100.0% through 2025Q3 before stepping down to 87.9% in 2025Q4 and recovering to 89.5% in 2026Q2, according to Chicago Atlantic's reported figures, implying roughly $1.6M of operating costs now sit between revenue and NOI and that the 100% figure likely reflected a different presentation convention.
A structural shift from a 100% to a sub-90% NOI margin is not a margin compression story in the usual sense but rather suggests the company began disclosing servicing, management, or allocated operating expenses that were previously netted within interest income. The stability of that margin in the 88%–90% band across 2025Q4 to 2026Q2 indicates the new cost structure is now run-rate, so the prior 100% comparatives should be disregarded when modeling forward property-level profitability.
2025Q4 Credit Event Reshapes Earnings
The fourth quarter of 2025 stands out as the pivotal period, with revenue peaking at $16.1M while FFO swung to negative $238.1M, as disclosed in SEC filings, a divergence of nearly $254M that appears to reflect a large-scale credit or valuation write-down rather than an operating shortfall.
That the revenue line advanced 15.6% in the very quarter the FFO line went deeply negative is the most diagnostic datapoint in the series: the portfolio continued to accrue contractual income while the carrying value of the underlying loans was marked down severely. The absence of a reported FFO figure in 2026Q1 and the materially lower $7.6M in 2026Q2 relative to 2024 levels suggest the write-down removed earnings capacity on a permanent basis, and the second-half 2025 dividend yield compression from 4.4% to 3.5% may indicate the market was pricing credit risk ahead of the disclosure.
Net Income Divergence Undercuts Reported Earnings
GAAP net income remained positive at $8.2M in 2025Q4 even as FFO printed negative $238.1M, per company filings, a gap that suggests depreciation and non-cash adjustments are masking economic losses and that the $0.38 diluted EPS that quarter may overstate distributable earnings power considerably.
Typically FFO is the flattering metric for a REIT because it adds back depreciation, so a case where net income exceeds FFO by such a magnitude inverts the normal relationship and points to a large non-cash gain or reversal sitting below the operating line. Analysts should treat the net income series as unreliable as a proxy for cash generation here and anchor instead on FFO and the dividend, which at $4.7% against a $0.35 FFO per share print implies a payout ratio near 100% and leaves little cushion if further credit events materialize.