Saturday 17 October 2026 Export REFI’s income statement to Excel — free account

Chicago Atlantic Real Estate Finance, Inc.

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. In the quarter to June 2026, revenue fell 11.0%, EPS fell 16.7% and free cash flow grew 40.1%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.

9.32 0.07 −0.75%

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Market cap: $240.6M
P/E: 6.7×
Fwd P/E: 7.0×
Dividend yield: 20.2%
F-score: 3/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.29

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	5	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 240.59

Revenue 53.88

Net Income 29.41

Free Cash Flow 26.92

Net Debt (13.35)

Current Ratio 0.09

Debt/Equity 0.00

P/E ratio 6.71

Fwd P/E 7.01

P/S ratio 3.67

P/B ratio 0.66

Past 5Y EPS Growth —

This Y EPS Growth 1.42%

Next Y EPS Growth 10.14%

Next Y revenue growth (1.07%)

Next 5Y EPS Growth 4.57%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 0.35%

10-year low 10-year high

P/S against its own 10 years 0.26%

10-year low 10-year high

P/B against its own 10 years 1.56%

10-year low 10-year high

EV/Sales against its own 10 years 0.26%

10-year low 10-year high

EV/FCF against its own 10 years 0.26%

10-year low 10-year high

Dividends

Payout Ratio 1.37

Annual Dividend Rate 1.88

Annual Dividend Yield 20.17%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.88	0.47 0.47 0.47
2025	1.88	0.47 0.47 0.47 0.47
2024	1.88	0.47 0.47 0.47 0.47
2023	1.41	0.47 0.47 0.47 0.29
2022	1.81	0.40 0.47 0.47 0.47
2021	0.26	0.26

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	8	26	15	13
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	8	26	15	13

	2023	2024	2025	Q'26
Payables	1	1	1	1
ST’ Debt	—	—	—	—
Other	—	—	—	—
	67	105	99	142

Compound Annual Growth %

	10y	5y	3y
Sales	—	—	4.27%
Cash Flow	—	—	19.19%
Earnings	—	—	3.70%
Book Value	—	—	5.25%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	13	13	—	—	—
’25	13	14	14	14	55
’24	13	13	14	14	55
’23	15	14	14	15	57
’22	10	11	13	15	49

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	3	9	—	—	—
’25	8	6	8	7	29
’24	7	6	8	2	23
’23	2	10	1	16	28
’22	3	4	5	5	17

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	3	9	—	—	—
’25	8	6	8	7	29
’24	7	6	8	2	23
’23	2	10	1	16	28
’22	3	4	5	5	17

Fiscal quarters ending in the months shown.

EPS $

	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
’22	0.44	0.42	0.55	0.41	1.82

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	15.50	13.87	12.91	14.82	11.85	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	17.00	20.29	17.65	16.75	16.27
People
People	Employees	—	—	—	—	—	—	—	—	—	—
	Revenue/emp, $m	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
Income, $m
Income, $m	Revenue	—	—	—	—	—	11	49	57	55	55
	Gross margin, %	—	—	—	—	—	100.00	100.00	100.00	100.00	100.00
	EBT	—	—	—	—	—	9	32	39	37	36
	EBT margin, %	—	—	—	—	—	86.34	66.10	67.74	67.42	65.01
	Net income	—	—	—	—	—	9	32	39	37	36
	Depreciation	—	—	—	—	—	(1)	(2)	(2)	(1)	(2)
Per share, $
Per share, $	Revenue	—	—	—	—	—	1.71	2.77	3.16	2.85	2.64
	Earnings	—	—	—	—	—	1.47	1.82	2.14	1.92	1.71
	Cash flow	—	—	—	—	—	1.04	0.96	1.57	1.20	1.37
	Capex	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
	Free cash flow	—	—	—	—	—	1.04	0.96	1.57	1.20	1.37
	Book value	—	—	—	—	—	40.99	14.96	15.03	16.02	14.66
	Shares, m	—	—	—	—	—	6	18	18	19	21
Valuation, ×
Valuation, ×	P/E	—	—	—	—	—	9.02	8.24	7.44	8.03	7.17
	P/S	—	—	—	—	—	0.00	5.42	5.06	5.41	4.65
	P/B	—	—	—	—	—	1.10	1.00	1.06	0.96	0.84
	EV/Sales	—	—	—	—	—	0.00	5.30	4.92	4.93	4.38
	EV/FCF	—	—	—	—	—	0.00	15.24	9.90	11.70	8.42
Cash, $m
Cash, $m	Operating cash flow	—	—	—	—	—	7	17	28	23	29
	Capex	—	—	—	—	—	—	—	—	—	—
	Free cash flow	—	—	—	—	—	7	17	28	23	29
Balance, $m
Balance, $m	Working capital	—	—	—	—	—	80	(53)	(59)	(79)	(84)
	Total debt	—	—	—	—	—	—	—	—	—	—
	Net debt	—	—	—	—	—	(80)	(6)	(8)	(26)	(15)
	Shareholders’ equity	—	—	—	—	—	264	264	272	309	308
Returns, %
Returns, %	ROA	—	—	—	—	—	0.00	10.39	11.02	9.33	8.37
	ROIC	—	—	—	—	—	3.23	7.81	9.12	8.23	7.65
	ROE	—	—	—	—	—	0.00	12.23	14.45	12.76	11.68

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
RWT Redwood Trust, Inc.	$390.7M	— (loss-making)	8.4×	+35.48% (above 0%: growing)	n/m	−77.33% (below 0%: shrinking)	8.33%	(1.59%)	Compare
KREF KKR Real Estate Finance Trust	$352.3M	— (loss-making)	— (loss-making)	−41.60% (below 0%: shrinking)	n/m	−137.85% (below 0%: shrinking)	100.00%	(560.14%)	Compare
NREF NexPoint Real Estate Finance, Inc.	$288.9M	6.5×	10.9×	+11.50% (above 0%: growing)	−46.30% (below 0%: shrinking)	−363.98% (below 0%: shrinking)	100.00%	25.54%	Compare
REFI Chicago Atlantic Real Estate Finance, Inc.	$240.6M	6.7×	7.0×	−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	$198.6M	— (loss-making)	103×	+14.25% (above 0%: growing)	n/m	+1,481.15% (above 0%: growing)	100.00%	37.52%	Compare
RC Ready Capital Corp	$185.0M	— (loss-making)	— (loss-making)	−49.32% (below 0%: shrinking)	n/m	+231.22% (above 0%: growing)	100.00%	101.65%	Compare
MITT TPG Mortgage Investment Trust Inc.	$176.2M	7.2×	11.8×	+11.99% (above 0%: growing)	n/m	+110.45% (above 0%: growing)	100.00%	100.45%	Compare
AOMR Angel Oak Mortgage REIT Inc.	$167.6M	9.1×	14.1×	+17.96% (above 0%: growing)	+366.67% (above 0%: growing)	−496.84% (below 0%: shrinking)	25.95%	8.10%	Compare
CMTG Claros Mortgage Trust, Inc.	$166.5M	— (loss-making)	— (loss-making)	−42.45% (below 0%: shrinking)	n/m	+58.23% (above 0%: growing)	76.18%	(64.67%)	Compare
Median of peers	$191.8M	7.2×	11.8×	+11.75%	—	−9.55%	100.00%	16.82%

All 37 Reit Mortgage stocks →

Chicago Atlantic Real Estate Finance, Inc. (REFI) key facts

Strength: 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.
Chicago Atlantic Real Estate Finance, Inc. (REFI) is a Reit Mortgage company in the Real Estate sector, listed on Nasdaq.
As of October 16, 2026, REFI traded at $9.32, a market capitalization of $240.6 million.
Chicago Atlantic Real Estate Finance, Inc. pays an annual dividend of $1.88 per share, a yield of 20.2%, with a payout ratio of 137.2%.
Return on equity was 11.7% and debt-to-equity 0.00.
Its Piotroski F-score is 3 out of 9 for fiscal 2025.