Chicago Atlantic Real Estate Finance, Inc. (REFI) Revenue History
Annual and quarterly revenue from 2021 to present
REFI Revenue Over Time (2021–2025)
REFI Revenue Growth History
3 of 4 years with positive growth- FY2021 revenue growth
- N/A
- FY2022 revenue growth
- +237.7%
- FY2023 revenue growth
- +17.3%
- FY2024 revenue growth
- -4.4%
- FY2025 revenue growth
- +15.2%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $15.2M | +16.3% |
| Q4 2025 | $16.1M | +15.6% |
| Q3 2025 | $13.7M | -5.4% |
| Q2 2025 | $14.6M | +10.7% |
| Q1 2025 | $13.0M | -1.5% |
| Q4 2024 | $13.9M | -7.9% |
| Q3 2024 | $14.5M | +4.6% |
| Q2 2024 | $13.2M | -3.5% |
Multi-year avg. share of annual revenue by fiscal quarter
REFI Revenue Analysis (2021–2025)
Current Revenue & Growth
As of June 24, 2026, Chicago Atlantic Real Estate Finance, Inc. (REFI) generated trailing twelve-month (TTM) revenue of $59.5 million, reflecting strong growth of +16.3% year-over-year. The most recent quarter (Q1 2026) recorded $15.2 million in revenue, down 5.7% sequentially.
Historical Growth Trajectory
REFI's historical revenue data shows a 3-year CAGR of +8.9%. Chicago Atlantic Real Estate Finance, Inc.'s highest annual revenue of $63.1 million was recorded in 2025, an all-time high.
Peer Comparison
Compared to Real Estate sector peers — including SUNS (+133.7% YoY), TPVG, and IIPR (-13.6% YoY) — REFI has underperformed the peer group in revenue growth. Compare REFI vs SUNS →
REFI Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| REFICurrent | $60M | +16.3% | - | 57.1% | |
 SUNS | $26M | +133.7% | - | 64.2% | |
 TPVG | $97M | - | - | 77.9% | |
 IIPR | $266M | -13.6% | +17.9% | 46.7% | |
 STWD | $1.9B | +7.6% | +10.6% | 76.2% | |
 ACRE | $85M | +209.4% | +1.6% | 72.4% |
REFI Historical Revenue Data (2021–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $63.1M | +15.2% | $54.8M | 86.9% | $36.0M | 57.1% |
| 2024 | $54.8M | -4.4% | $54.8M | 100.0% | $0 | - |
| 2023 | $57.3M | +17.3% | $57.3M | 100.0% | $0 | - |
| 2022 | $48.9M | +237.7% | $48.9M | 100.0% | $0 | - |
| 2021 | $14.5M | - | $14.2M | 98.5% | $12.7M | 87.5% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
REFI — Frequently Asked Questions
Quick answers to the most common questions about buying REFI stock.
Is REFI's revenue growth accelerating or slowing?
REFI revenue growth is accelerating. TTM revenue reached $60M, up +16.3% year-over-year — ahead of the 5-year CAGR of N/A. This indicates the business is expanding faster than its historical baseline.
What is REFI's revenue history from 2021 to 2026?
Chicago Atlantic Real Estate Finance, Inc. (REFI) revenue history spans 2021 to 2026. TTM revenue as of 2026 is $60M, growing at +16.3% YoY. The 5-year CAGR is N/A. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is REFI's long-term revenue growth rate (CAGR)?
Chicago Atlantic Real Estate Finance, Inc.'s 5-year revenue CAGR of N/A reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +16.3% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for REFI.
Why does REFI's quarterly revenue fluctuate?
REFI quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Chicago Atlantic Real Estate Finance, Inc.'s revenue data from 2021 to 2026 shows full historical quarterly detail on this page.
How is REFI's revenue distributed by segment?
REFI reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does REFI's revenue compare to industry peers?
Chicago Atlantic Real Estate Finance, Inc. (REFI) with TTM revenue of $60M and +16.3% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.