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REFIChicago Atlantic Real Estate Finance, Inc.
$10.73$228M
Overview & Verdict
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REFI logoChicago Atlantic Real Estate Finance, Inc.(REFI)Earnings, Financials & Key Ratios

REFI•NASDAQ•REIT / Real Estate
$10.73
6.4× P/E·Price updated Jul 7, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryCommercial mortgage loan REITs
AboutChicago Atlantic Real Estate Finance, Inc. operates as a commercial real estate finance company in the United States. It originates, structures, and invests in first mortgage loans and alternative structured financings secured by commercial real estate properties. The company offers senior loans to state-licensed operators and property owners 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. The company was incorporated in 2021 and is based in Chicago, Illinois.Show more
  • Revenue$63M+15.2%
  • FFO$36M-2.8%
  • FFO/Share1.68-10.6%
  • FFO Payout121.75%+8.3%
  • FFO per Share1.68-10.6%
  • NOI Margin86.88%-13.1%
  • FFO Margin57.07%-15.6%
  • ROE11.68%-8.5%
  • ROA8.37%-10.2%

REFI Price & Volume

Chicago Atlantic Real Estate Finance, Inc. (REFI) stock price & volume — 10-year historical chart

Loading chart...

Niche Cannabis Lending Faces Volatile Cash Realization

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Strong
Financial:Healthy
Cash Flow:Deteriorating
Primary Risk:Regulatory-driven yield compression

Key Thesis Takeaways

  • Chicago Atlantic Real Estate Finance operates a specialized mortgage REIT model that benefits from high NOI margins often reaching 100%, yet the firm faces significant headwinds from erratic FFO performance and potential credit risks within its cannabis-focused loan portfolio.
  • While the company maintains a conservative debt-to-equity ratio of 0.32 as of 2025Q4, the lack of traditional PPE and reliance on interest income suggest that terminal value is highly sensitive to borrower creditworthiness.
  • Investors should monitor the sustainability of the 17.9% dividend yield, which appears challenged by inconsistent cash conversion and historical payout ratios that have reached as high as 1.57.

Verdict Logic

while the 17.9% dividend yield is attractive, the historical dividend payout ratio reaching 1.57 in 2024Q1 and the extreme FFO volatility suggest significant risks to long-term distribution sustainability.

REFI Growth Metrics

Chicago Atlantic Real Estate Finance, Inc. (REFI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years8.9%
TTM9.03%

Profit CAGR

10 Years-
5 Years-
3 Years3.7%
TTM-19.68%

EPS CAGR

10 Years-
5 Years-
3 Years-2.63%
TTM-23.4%

Return on Capital

10 Years7.04%
5 Years7.04%
3 Years9.32%
Last Year9.32%

REFI Recent Earnings

Chicago Atlantic Real Estate Finance, Inc. (REFI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 7, 2026
Metric
Actual
Est
EPS
$0.46-4.2%
$0.48
Rev
$13M-4.1%
$14M
Q2 2026
Mar 12, 2026
Metric
Actual
Est
EPS
$0.43+2.4%
$0.42
Rev
$14M-0.7%
$14M
Q4 2025
Nov 4, 2025
Metric
Actual
Est
EPS
$0.49+6.5%
$0.46
Rev
$14M-3.6%
$14M
Q3 2025
Aug 7, 2025
Metric
Actual
Est
EPS
$0.51+13.3%
$0.45
Rev
$17M+3.8%
$16M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$0.46vs $0.48-4.2%
$13Mvs $14M-4.1%
Q2 2026Mar 12, 2026
$0.43vs $0.42+2.4%
$14Mvs $14M-0.7%
Q4 2025Nov 4, 2025
$0.49vs $0.46+6.5%
$14Mvs $14M-3.6%
Q3 2025Aug 7, 2025
$0.51vs $0.45+13.3%
$17Mvs $16M+3.8%
Based on last 12 quarters of dataView full earnings history →

Latest REFI News

Recent stock market news and headlines for Chicago Atlantic Real Estate Finance, Inc. (REFI)

Seeking Alpha·22h ago
Dividend Power: 6 'Safer' Ideal Dogs To Buy In July

The July Dividend Power strategy highlights 35 high-yield, low-valuation stocks, with six 'safer' picks whose free cash flow covers dividends. Analyst targets project 35.4% to 69.97% net gains for the top ten Dividend Power Dogs by July 2027, with an average estimated return of 48.98%. Financials dominate the list, with nine of the top ten by yield from this sector; low-priced stocks like Invesco Mortgage Capital and Hafnia offer the highest upside.

GuruFocus·Jun 25, 2026
Are TECH, APGE, BOLD, REFI Obtaining Fair Deals for their Shareholders?

Are TECH, APGE, BOLD, REFI Obtaining Fair Deals for their Shareholders? PR Newswire NEW YORK, June 25, 2026

GuruFocus·Jun 22, 2026
REFI Stock Alert: Halper Sadeh LLC is Investigating Whether Chicago Atlantic Real Estate Finance, Inc. is Obtaining a Fair Price for its Shareholders

Halper Sadeh LLC, an investor rights law firm, is investigating the merger of Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) and Chicago Atlantic BDC

GlobeNewsWire·Jun 17, 2026
Chicago Atlantic Real Estate Finance Declares Common Stock Dividend of $0.47 for the Second Quarter of 2026

CHICAGO, June 17, 2026 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI), a commercial mortgage real estate investment trust, announced that its board of directors has declared a regular quarterly cash dividend of $0.47 per share for the second quarter of 2026. The regular quarterly dividend, which equates to an annualized rate of $1.88 per common share, is payable on July 15, 2026, to shareholders of record as of the close of business on June 30, 2026.

Peers Comparison

Key metrics vs top competitors for Chicago Atlantic Real Estate Finance, Inc. (REFI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
REFI logoREFIChicago Atlantic Real Estate Finance, Inc.Current
$10.73$227.55M6.3915.18%57.07%11.68%19.07%
SUNS logoSUNSSunrise Realty Trust, Inc.
$8.30$112.2M8.74148.14%41.96%7.25%—
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.
$4.75$192.85M3.8936.55%-19.55%-3.39%—
IIPR logoIIPRInnovative Industrial Properties, Inc.
$61.81$1.77B15.73-13.8%45.58%6.41%—
STWD logoSTWDStarwood Property Trust, Inc.
$16.33$6.05B13.39-7.88%17.69%4.75%—
ACRE logoACREAres Commercial Real Estate Corporation
$4.43$245.78M-270.12-2.79%-24.91%-3.88%—

Compare REFI vs Peers

Chicago Atlantic Real Estate Finance, Inc. (REFI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SUNS

Most directly comparable listed peer for REFI.

Scale Benchmark

vs STWD

Larger-name benchmark to compare REFI against a more recognizable public peer.

Peer Set

Compare Top 5

vs SUNS, TPVG, IIPR, STWD

REFI SEC Filings & Documents

Chicago Atlantic Real Estate Finance, Inc. (REFI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

Mar 12, 2026·SEC

Material company update

Nov 4, 2025·SEC

10-K Annual Reports

5
FY 2026

Mar 12, 2026·SEC

FY 2025

Mar 12, 2025·SEC

FY 2024

Mar 12, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 7, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 7, 2025·SEC

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REFI Frequently Asked Questions

Chicago Atlantic Real Estate Finance, Inc. (REFI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Chicago Atlantic Real Estate Finance, Inc.'s revenue?

Chicago Atlantic Real Estate Finance, Inc. (REFI) reported $59.5M in revenue for fiscal year 2025. This represents a 311% increase from $14.5M in 2021.

How fast is Chicago Atlantic Real Estate Finance, Inc. growing?

Chicago Atlantic Real Estate Finance, Inc. (REFI) grew revenue by 15.2% over the past year. This is strong growth.

Is REFI profitable?

Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) is profitable, generating $30.8M in net income for fiscal year 2025 (57.1% net margin).

Dividend & Returns
Does REFI pay dividends?

Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) pays a dividend with a yield of 19.07%. This makes it attractive for income-focused investors.

What is REFI's return on equity?

Chicago Atlantic Real Estate Finance, Inc. (REFI) has a return on equity (ROE) of 11.7%. This is reasonable for most industries.

Industry Metrics
What is Chicago Atlantic Real Estate Finance, Inc.'s FFO?

Chicago Atlantic Real Estate Finance, Inc. (REFI) generated Funds From Operations (FFO) of $-952.5M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is REFI a good dividend stock?

Chicago Atlantic Real Estate Finance, Inc. (REFI) offers a 19.07% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in REFI back in 2021?

Total return calculator · dividends reinvested · 5+ years of data

See returns →