Chicago Atlantic Real Estate Finance, Inc. (REFI) Revenue History
Annual and quarterly revenue from 2021 to 2025
Compound Annual Growth Rate (CAGR)
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REFI Revenue Growth
REFI Revenue Analysis (2021–2025)
As of May 8, 2026, Chicago Atlantic Real Estate Finance, Inc. (REFI) generated trailing twelve-month (TTM) revenue of $44.4 million, reflecting significant decline in growth of -100.0% year-over-year. The most recent quarter (Q1 2026) recorded $0 in revenue, down 100.0% sequentially.
Looking at the longer-term picture, REFI's historical revenue data shows a 3-year CAGR of +8.9%. The company achieved its highest annual revenue of $63.1 million in 2025, representing a new all-time high.
When compared to Real Estate sector peers including SUNS (+148.1% YoY), TPVG, and IIPR (-13.6% YoY), REFI has underperformed the peer group in terms of 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 | $44M | -100.0% | - | 57.1% | |
 SUNS | $26M | +148.1% | - | 64.2% | |
 TPVG | $97M | - | - | 77.9% | |
 IIPR | $266M | -13.6% | +17.9% | 46.7% | |
 STWD | $1.9B | -7.4% | +10.6% | 76.2% | |
 ACRE | $85M | +112.4% | +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% |
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Start ComparisonREFI — Frequently Asked Questions
Quick answers to the most common questions about buying REFI stock.
Is REFI's revenue growth accelerating or slowing?
REFI revenue declined -100.0% year-over-year, contrasting with the 5-year CAGR of N/A. TTM revenue fell to $44M. This reverses the prior growth trend.
What is REFI's long-term revenue growth rate?
Chicago Atlantic Real Estate Finance, Inc.'s 5-year revenue CAGR of N/A reflects the variable expansion pattern. Current YoY growth of -100.0% is below this long-term average.
How is REFI's revenue distributed by segment?
REFI reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2021-2025 are available for download. Segment mix reveals concentration and diversification trends.