Chicago Atlantic Real Estate Finance, Inc. REFI R2K

Real Estate · REIT - Mortgage · United States

https://www.refi.reit

Chicago Atlantic Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust in the United States. It engages in originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. The company's loan portfolio is comprised of senior loans to state-licensed operators in the cannabis industry. It has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Chicago Atlantic Real Estate Finance, Inc. was incorporated in 2021 and is based in Miami Beach, Florida.

Market & Price

Market Cap

$241.13M

Current Price

$11.37

High / Low (52W)

$12.85 / $10.96

Beta

0.32

Valuation

Stock P/E

7.90

Industry PE

26.58

Forward P/E

5.92

PEG Ratio

Book Value

$14.60

Price to Book

0.78

P/S

4.84

EV/EBITDA

Dividend Yield

16.55%

Profitability & Returns

ROCE

ROE

10.03%

ROA

7.24%

Profit Margin

61.83%

Op Margin

54.34%

EPS (Latest Qtr)

$0.23

EPS (TTM)

$1.44

Balance Sheet & Liquidity

Debt/Equity

0.38

Quick Ratio

30.37

Current Ratio

30.37

Debt

$116.44M

Total Assets

$424.92M

Current Assets

Working Capital

Ownership

Promoter Holding

13.33%

Chg in Prom Hold

FII / Inst Holding

32.60%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$329.71M

Total Revenue (TTM)

$49.83M

EBITDA

Free Cash Flow

Operating Cash Flow

$24.33M

Shares Outstanding

21.21M

Gross Margin

100.00%

Payout Ratio

130.56%

Growth (CAGR)

Revenue 5Y

4.38%

Profit 5Y

3.70%

Revenue (YoY)

-34.20%

Earnings (YoY)

-51.10%

PROS

Excellent profit margin of 61.8%.
Attractive dividend yield of 16.55%.

CONS

In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Real Estate).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	REFI Chicago Atlantic Real Estate Finance, Inc. R2K	11.37	7.90	$241.13M	16.55%	-	10.03%	4.38%	3.70%
2	WELL Welltower Inc. SPX	205.33	99.19	$144.95B	1.44%	0.26%	3.67%	22.69%	87.90%
3	PLD Prologis, Inc. SPX	143.47	36.14	$133.76B	2.98%	4.94%	6.84%	13.74%	-0.36%
4	EQIX Equinix, Inc. SPX	1,068.04	74.07	$105.33B	1.84%	5.61%	10.06%	8.27%	24.18%
5	AMT American Tower Corporation SPX	186.96	30.11	$87.10B	3.73%	7.82%	29.95%	3.34%	12.73%
6	SPG Simon Property Group, Inc. SPX	204.91	14.25	$77.86B	4.29%	17.44%	113.59%	6.35%	29.32%
7	DLR Digital Realty Trust, Inc. SPX	190.00	50.53	$67.96B	2.57%	3.99%	5.69%	9.22%	51.32%
8	O Realty Income Corporation SPX	61.28	50.23	$57.14B	5.30%	3.27%	2.83%	19.80%	6.78%
9	PSA Public Storage SPX	303.69	31.34	$53.31B	3.95%	10.69%	20.18%	4.88%	-25.69%

Quarterly Results

Figures in USD.

Metric	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	4.12M	9.76M	11.40M	12.93M	14.91M	13.66M	-	-	-	-	13.04M	14.59M	13.69M	14.24M	12.92M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	2.07M	2.08M	1.57M	1.84M	2.04M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	10.04M	8.88M	8.93M	8.16M	4.84M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0
Net Income	1.07M	4.07M	7.80M	7.46M	9.77M	10.69M	8.64M	9.98M	8.73M	9.18M	11.21M	10.04M	8.88M	8.93M	8.16M	4.84M
Diluted EPS	0.45	0.83	0.44	0.42	0.55	0.60	0.47	0.54	0.47	0.46	0.56	0.47	0.41	0.42	0.38	0.23

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	48.86M	57.33M	54.78M	55.56M
Cost of Revenue	-	-	-	-
Gross Profit	-	-	-	-
Operating Expenses	-	-	-	-
Operating Income	-	-	-	-
EBITDA	-	-	-	-
Interest Expense	2.61M	5.75M	7.15M	7.55M
Pretax Income	32.29M	38.71M	37.05M	36.01M
Tax Provision	0	0	0	0
Net Income	32.29M	38.71M	37.05M	36.01M
Diluted EPS	1.82	2.11	1.88	-

Compounded Sales Growth

5 Years:	4.38%
1 Year:	-34.20%

Compounded Profit Growth

5 Years:	3.70%
1 Year:	-51.10%

Stock Price Performance

1 Year:	-9.43%
6 Months:	-2.83%
3 Months:	-2.49%
1 Month:	-4.53%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	343.27M	359.23M	435.15M	424.92M
Current Assets	-	-	-	-	-
Cash & Equivalents	-	5.72M	7.90M	26.40M	14.95M
Inventory	-	-	-	-	-
Receivables	-	1.20M	1.00M	1.45M	4.01M
Total Liabilities	-	79.24M	87.37M	126.19M	117.10M
Current Liabilities	-	-	-	-	-
Long Term Debt	-	58.00M	66.00M	49.10M	49.33M
Total Debt	-	58.00M	66.00M	104.10M	98.43M
Total Equity	-	264.03M	271.85M	308.96M	307.81M
Shares Outstanding	-	17.77M	18.20M	20.83M	21.08M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	17.01M	28.42M	23.16M	28.79M
Investing Cash Flow	-125.24M	-1.93M	-39.30M	8.74M
Financing Cash Flow	33.71M	-24.31M	34.64M	-48.98M
Capital Expenditure	-	-	-	-
Free Cash Flow	17.01M	28.42M	23.16M	28.79M
Net Change in Cash	-74.53M	2.18M	18.50M	-11.45M
Dividends Paid	28.17M	39.13M	41.63M	43.84M

Ratios (Annual)

Figures in %.

Metric	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-
Operating Margin %	-	-	-	-
Net Margin %	66.1%	67.5%	67.6%	64.8%
ROE %	12.2%	14.2%	12.0%	11.7%
ROCE %	-	-	-	-

Shareholding Pattern

Insiders

13.33%

Institutions

32.60%

Public Float

37.62%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	6.72%	1.43M	$16.21M
2	Fielder Capital Group LLC	4.53%	959.80K	$10.91M
3	Vanguard Capital Management LLC	3.43%	727.85K	$8.28M
4	State Street Corporation	2.41%	510.53K	$5.80M
5	Van Eck Associates Corporation	1.11%	236.16K	$2.69M
6	Corient Private Wealth LLC	0.74%	156.22K	$1.78M
7	Clayton Partners, LLC	0.71%	150.34K	$1.71M
8	Northern Trust Corporation	0.67%	141.47K	$1.61M
9	Cdc Financial, Inc.	0.67%	141.55K	$1.61M
10	Connor Clark & Lunn Investment Management Ltd	0.55%	116.27K	$1.32M

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REFI · Real Estate