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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. 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%
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%) (below 0%: weak)
Next 5Y EPS Growth 4.57%

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 4.9×; over the ten years it ranged from 3.4× in 2026 to 14.8× in 2022.
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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Source: company filings (standardised) and stockrow calculations.

Chicago Atlantic Real Estate Finance, Inc. (REFI) Latest News

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stockrow.com/REFI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com