Chicago Atlantic Real Estate Finance, Inc. (REFI) held its Q2 2026 earnings call covering financial results, operations, and outlook. Earnings call provides updates on financials and guidance that may shift near-term stock sentiment.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | 5 | — | — | — | — | — | — | — | — | — | 5 | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡ |
|
| 2027 | ‡‡‡‡ |
|
| 2026 | 1.88 |
—
—
—
|
| 2025 | 1.88 |
—
—
—
—
|
| 2024 | 1.88 |
—
—
—
—
|
| 2023 | 1.41 |
—
—
—
—
|
| 2022 | 1.81 |
—
—
—
—
|
| 2021 | 0.26 |
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 7.90 | 26.40 | 14.95 | 13.35 |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 7.90 | 26.40 | 14.95 | 13.35 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1.14 | 1.14 | 0.84 | 1.04 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 67.14 | 105.23 | 99.27 | 141.54 |
| 10y | 5y | 3y | |
| Sales | — | — | ‡‡‡‡‡ |
| Cash Flow | — | — | ‡‡‡‡‡ |
| Earnings | — | — | ‡‡‡‡‡ |
| Book Value | — | — | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 13.12 | 12.83 | — | — |
—
|
| ’25 | 13.04 | 14.43 | 13.69 | 14.24 |
55.39
|
| ’24 | 13.24 | 13.18 | 14.46 | 14.07 |
54.95
|
| ’23 | 14.91 | 13.66 | 13.73 | 14.84 |
57.15
|
| ’22 | 9.76 | 11.40 | 12.93 | 14.76 |
48.86
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 3.16 | 9.06 | — | — |
—
|
| ’25 | 7.63 | 6.46 | 8.19 | 6.52 |
28.79
|
| ’24 | 6.92 | 6.21 | 8.20 | 1.83 |
23.16
|
| ’23 | 1.70 | 10.21 | 1.00 | 15.50 |
28.42
|
| ’22 | 3.04 | 4.34 | 5.00 | 4.63 |
17.01
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 3.16 | 9.06 | — | — |
—
|
| ’25 | 7.63 | 6.46 | 8.19 | 6.52 |
28.79
|
| ’24 | 6.92 | 6.21 | 8.20 | 1.83 |
23.16
|
| ’23 | 1.70 | 10.21 | 1.00 | 15.50 |
28.42
|
| ’22 | 3.04 | 4.34 | 5.00 | 4.63 |
17.01
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.23 | 0.34 | — | — |
—
|
| ’25 | 0.47 | 0.41 | 0.42 | 0.38 |
1.68
|
| ’24 | 0.47 | 0.46 | 0.56 | 0.39 |
1.88
|
| ’23 | 0.60 | 0.47 | 0.54 | 0.51 |
2.11
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | ‡‡‡‡ | 13.87 | 12.91 | 14.82 | 11.85 | — | — | — |
Low Price
|
| — | — | — | — | — | ‡‡‡‡ | 20.29 | 17.65 | 16.75 | 16.27 | — | — | — |
High Price
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Employees
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
Revenue/Emp
|
| — | — | — | — | — | ‡‡‡‡‡ | 48.86 | 57.15 | 54.95 | 55.39 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | — | — | — | ‡‡‡ | 100.00% | 100.00% | 100.00% | 100.00% | — | — | — |
Gross Margin
|
| — | — | — | — | — | ‡‡‡‡‡ | 32.29 | 38.71 | 37.05 | 36.01 | — | — | — |
EBT
|
| — | — | — | — | — | ‡‡‡‡‡ | 66.10% | 67.74% | 67.42% | 65.01% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | — | — | — | — | ‡‡‡‡‡ | 32.29 | 38.71 | 37.05 | 36.01 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | — | — | — | ‡‡‡‡‡ | (2.31) | (2.43) | (1.44) | (1.78) | — | — | — |
Depreciation
|
| — | — | — | — | — | ‡‡‡‡‡ | 2.77 | 3.16 | 2.85 | 2.64 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 1.82 | 2.14 | 1.92 | 1.71 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 0.96 | 1.57 | 1.20 | 1.37 | — | — | — |
Cash Flow/Sh
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 0.96 | 1.57 | 1.20 | 1.37 | — | — | — |
Free CF/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 14.96 | 15.03 | 16.02 | 14.66 | — | — | — |
Book Value/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 17.65 | 18.09 | 19.28 | 21.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | — | — | — | ‡‡‡‡‡ | 8.24 | 7.44 | 8.03 | 7.17 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ |
PE Ratio
|
| — | — | — | — | — | ‡‡‡ | 5.42 | 5.06 | 5.41 | 4.65 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | — | — | — | ‡‡‡‡‡ | 1.00 | 1.06 | 0.96 | 0.84 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | — | — | — | ‡‡‡ | 6.49 | 5.58 | 5.61 | 5.06 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | — | — | — | — | ‡‡‡ | 18.65 | 11.22 | 13.32 | 9.73 | — | — | — |
EV/FCF
|
| — | — | — | — | — | ‡‡‡‡‡ | 17.01 | 28.42 | 23.16 | 28.79 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Capex
|
| — | — | — | — | — | ‡‡‡‡‡ | 17.01 | 28.42 | 23.16 | 28.79 | — | — | — |
FCF
|
| — | — | — | — | — | ‡‡‡‡‡ | (53.34) | (59.24) | (78.83) | (84.32) | — | — | — |
Working Cap'
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Total Debt
|
| — | — | — | — | — | ‡‡‡‡‡ | (5.72) | (7.90) | (26.40) | (14.95) | — | — | — |
Net Debt
|
| — | — | — | — | — | ‡‡‡‡‡ | 264.03 | 271.85 | 308.96 | 307.81 | — | — | — |
Sh' Equity
|
| — | — | — | — | — | ‡‡‡ | 10.39% | 11.02% | 9.33% | 8.37% | — | — | — |
ROA
|
| — | — | — | — | — | ‡‡‡‡‡ | 7.81% | 9.12% | 8.23% | 7.65% | — | — | — |
ROIC
|
| — | — | — | — | — | ‡‡‡ | 12.23% | 14.45% | 12.76% | 11.68% | — | — | — |
ROE
|
Chicago Atlantic Real Estate Finance, Inc. (REFI) stands out as a niche mREIT lending to cannabis operators, with revenue surging from $11M in 2021 to a 2023 peak of $57.1M before a modest 4% dip to $54.9M in 2024 amid rate hikes. Despite share dilution pushing the count up 228% since debut, profitability remains robust—net income steady at $37M in 2024 with 67-86% margins, 12.8% ROE, and a cash fortress yielding negative $26M net debt. Valuations scream value: trailing PE at 8x, forward 6.9x on $1.73 EPS, PB under 1x against $16.02 book value per share, and EV/FCF at 13.3x backing a historical ~14% yield.
Insiders are piling in, with $683K in buys through 2025 at ~$12.60-$12.75—led by execs and directors doubling down near current lows—signaling confidence amid a 17% stock drop driven more by sentiment than fundamentals. The shares trade at multi-year troughs despite climbing ROIC (8.2%) and FCF per share at $1.20, decoupled from peers’ rate woes thanks to REFI’s debt-free balance sheet.
Analysts project 3% revenue growth to 2026, with targets implying 15-67% upside (avg. 42%) fueled by Fed pivots, potential Schedule III rescheduling boosting loan demand 10-20%, and buyback potential. Risks like borrower defaults and reform delays loom, but for yield hunters eyeing cannabis tailwinds, REFI looks like a mispriced rebound play—fundamentals say buy the fear.
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