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Friday 6 November 2026
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Chicago Atlantic Real Estate Finance, Inc.
REFI Real Estate Reit Mortgage
Chicago Atlantic Real Estate Finance, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $55.4 million, up 0.80% from fiscal 2024.
- Revenue
- −11.0%
- EPS
- −16.7%
- Free cash flow
- +40.1%
Quarter to June 2026, against a year earlier
8.79
0.15
−1.68%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 11 | 49 | 57 | 55 | 55 | 54 | +49.8% | 55 | 59 | 65 | +5.3% | |
| Gross margin, % | — | — | — | — | — | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | — | — | — | — | — | 9 | 32 | 39 | 37 | 36 | 29 | +39.5% | ||||||
| EBT margin, % | — | — | — | — | — | 86.34 | 66.10 | 67.74 | 67.42 | 65.01 | 54.57 | (21.3) pt | ||||||
| Net income | — | — | — | — | — | 9 | 32 | 39 | 37 | 36 | 29 | +39.5% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 1.71 | 2.77 | 3.16 | 2.85 | 2.64 | 2.54 | +11.5% | |||||
| Earnings | — | — | — | — | — | 1.47 | 1.82 | 2.14 | 1.92 | 1.71 | 1.39 | +3.8% | ||||||
| Cash flow | — | — | — | — | — | 1.04 | 0.96 | 1.57 | 1.20 | 1.37 | 1.27 | +7.3% | ||||||
| Capex | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | — | — | — | — | — | 1.04 | 0.96 | 1.57 | 1.20 | 1.37 | 1.27 | +7.3% | ||||||
| Book value | — | — | — | — | — | 40.99 | 14.96 | 15.03 | 16.02 | 14.66 | 14.20 | (22.7%) | ||||||
| Shares, m | — | — | — | — | — | 6 | 18 | 18 | 19 | 21 | 21 | +34.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 9.02 | 8.24 | 7.44 | 8.03 | 7.17 | 6.46 | 8.0 | |||||
| P/S | — | — | — | — | — | 0.00 | 5.42 | 5.06 | 5.41 | 4.65 | 3.54 | 4.1 | ||||||
| P/B | — | — | — | — | — | 1.10 | 1.00 | 1.06 | 0.96 | 0.84 | 0.63 | 1.0 | ||||||
| EV/Sales | — | — | — | — | — | 0.00 | 5.30 | 4.92 | 4.93 | 4.38 | 3.29 | 3.9 | ||||||
| EV/FCF | — | — | — | — | — | 0.00 | 15.24 | 9.90 | 11.70 | 8.42 | 6.59 | 9.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | 7 | 17 | 28 | 23 | 29 | 27 | +44.1% | |||||
| Capex | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Free cash flow | — | — | — | — | — | 7 | 17 | 28 | 23 | 29 | 27 | +44.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 80 | (53) | (59) | (79) | (84) | (128) | n/m | |||||
| Net debt | — | — | — | — | — | (80) | (6) | (8) | (26) | (15) | (13) | (34.3%) | ||||||
| Shareholders’ equity | — | — | — | — | — | 264 | 264 | 272 | 309 | 308 | 302 | +3.9% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | 0.00 | 10.39 | 11.02 | 9.33 | 8.37 | 6.41 | +8.4 pt | |||||
| ROIC | — | — | — | — | — | 3.23 | 7.81 | 9.12 | 8.23 | 7.65 | 6.47 | +4.4 pt | ||||||
| ROE | — | — | — | — | — | 0.00 | 12.23 | 14.45 | 12.76 | 11.68 | 9.61 | +11.7 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Chicago Atlantic Real Estate Finance, Inc. vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ARI Apollo Commercial Real Estate Finance | $309.8M | 3.0× | 10.2× | −37.40% (below 0%: shrinking) | −8.33% (below 0%: shrinking) | −20.13% (below 0%: shrinking) | 91.99% | 16.46% | Compare |
| ABR Arbor Realty Trust | $305.7M | — (loss-making) | — (loss-making) | −6.33% (below 0%: shrinking) | n/m | +22.05% (above 0%: growing) | 14.29% | (18.36%) | Compare |
| NREF NexPoint Real Estate Finance, Inc. | $256.2M | 3.9× | 10.9× | +11.50% (above 0%: growing) | −57.97% (below 0%: shrinking) | −363.98% (below 0%: shrinking) | 100.00% | 25.54% | Compare |
| CMTG Claros Mortgage Trust, Inc. | $241.3M | — (loss-making) | — (loss-making) | −29.16% (below 0%: shrinking) | n/m | +36.67% (above 0%: growing) | 79.10% | (44.62%) | Compare |
| REFI Chicago Atlantic Real Estate Finance, Inc. | $229.1M | 6.5× | 6.7× | −11.02% (below 0%: shrinking) | −16.67% (below 0%: shrinking) | +40.10% (above 0%: growing) | 100.00% | 59.97% | |
| ACRE Ares Commercial Real Estate Corporation | $188.6M | — (loss-making) | 48.0× | +14.25% (above 0%: growing) | n/m | +1,481.15% (above 0%: growing) | 100.00% | 37.52% | Compare |
| RC Ready Capital Corp | $176.8M | — (loss-making) | — (loss-making) | −49.32% (below 0%: shrinking) | n/m | +231.22% (above 0%: growing) | 100.00% | 101.65% | Compare |
| ACR ACRES Commercial Realty Corp. | $176.4M | — (loss-making) | — (loss-making) | −4.08% (below 0%: shrinking) | n/m | −57.74% (below 0%: shrinking) | 92.55% | (26.38%) | Compare |
| MITT TPG Mortgage Investment Trust Inc. | $158.7M | 6.8× | 16.4× | +11.99% (above 0%: growing) | n/m | +110.45% (above 0%: growing) | 100.00% | 100.45% | Compare |
| Median of peers | $215.0M | 3.9× | 13.6× | −5.20% | — | +29.36% | 96.28% | 21.00% |
Pay and ownership Proxy statement filed 23 April 2026
Ownership
Directors and executive officers, together
6.50%
BlackRock, Inc.
6.10%
Ray Thurston
5.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement