REFI

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Chicago Atlantic Real Estate Finance, Inc.

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Key Metrics

Previous Close: $10.59
52-Week Range: $9.69 – $14.57
Market Cap: $271.84M
P/E (TTM): 7.74
EPS (TTM): 1.37
Dividend Yield: 17.85%

Advanced Metrics

Price/Book: 0.75
PEG Ratio: —
Return on Equity: 9.61%
Return on Assets: 6.41%
Gross Margin: 100.00%
Operating Margin: 62.67%
Profit Margin: 60.21%
Current Ratio: 26.61
Debt/Equity: 0.47
Total Debt: $140.50M
Free Cash Flow: —
Revenue Growth: -7.50%
Earnings Growth: -17.10%
Enterprise Value: $398.99M

REFI Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$48.86M	$57.33M	$54.78M	$55.56M
Selling, General & Admin	$3.96M	$6.74M	$8.45M	$8.67M
Pretax Income	$32.29M	$38.71M	$37.05M	$36.01M
Income Tax	$0.00	$0.00	$0.00	$0.00
Net Income	$32.29M	$38.71M	$37.05M	$36.01M
Diluted EPS	1.82	2.11	1.88	1.68
Diluted Shares	17.75M	18.34M	19.71M	21.43M

REFI Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$5.72M	$7.90M	$26.40M	$14.95M
Receivables	$1.20M	$1.11M	$4.82M	$5.20M
Total Assets	$343.27M	$359.23M	$435.15M	$424.92M
Long-Term Debt	$58.00M	$66.00M	$49.10M	$49.33M
Total Debt	$58.00M	$66.00M	$104.10M	$98.43M
Total Liabilities	$79.24M	$87.37M	$126.19M	$117.10M
Retained Earnings	-$5.14M	-$5.81M	-$10.14M	-$15.52M
Shareholders' Equity	$264.03M	$271.85M	$308.96M	$307.81M
Net Debt	$52.28M	$58.10M	$77.70M	$83.49M

REFI Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$17.01M	$28.42M	$23.16M	$28.79M
Free Cash Flow	$17.01M	$28.42M	$23.16M	$28.79M
Stock-Based Compensation	$435.62K	$1.48M	$3.06M	$3.37M
Investing Cash Flow	-$125.24M	-$1.93M	-$39.30M	$8.74M
Financing Cash Flow	$33.71M	-$24.31M	$34.64M	-$48.98M
Dividends Paid	-$28.17M	-$39.13M	-$41.63M	-$43.84M
Net Change in Cash	-$74.53M	$2.18M	$18.50M	-$11.45M

REFI Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$13.04M	$14.59M	$13.69M	$14.24M	$12.92M
Selling, General & Admin	$1.85M	$2.15M	$2.23M	$2.45M	$2.02M
Pretax Income	$10.04M	$8.88M	$8.93M	$8.16M	$4.84M
Income Tax	$0.00	$0.00	$0.00	$0.00	$0.00
Net Income	$10.04M	$8.88M	$8.93M	$8.16M	$4.84M
Diluted EPS	0.47	0.41	0.42	0.38	0.23
Diluted Shares	21.26M	21.49M	21.49M	21.49M	21.48M

REFI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$9.88M	$35.56M	$28.92M	$14.95M	$27.86M
Receivables	$2.74M	$4.18M	$4.51M	$5.20M	$4.97M
Total Assets	$414.67M	$455.21M	$427.08M	$424.92M	$435.95M
Long-Term Debt	$49.16M	$49.22M	$49.27M	$49.33M	$49.39M
Total Debt	$87.16M	$120.42M	$101.67M	$98.43M	$116.44M
Total Liabilities	$103.89M	$145.19M	$117.16M	$117.10M	$132.53M
Retained Earnings	-$9.92M	-$11.55M	-$12.52M	-$15.52M	-$20.78M
Shareholders' Equity	$310.78M	$310.03M	$309.91M	$307.81M	$303.42M
Net Debt	$77.28M	$84.85M	$72.75M	$83.49M	$88.59M

REFI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$7.63M	$6.46M	$8.19M	$6.52M	$3.16M
Free Cash Flow	$7.63M	$6.46M	$8.19M	$6.52M	$3.16M
Stock-Based Compensation	$649.31K	$881.13K	$928.65K	$909.77K	$865.35K
Investing Cash Flow	$5.51M	-$3.56M	$14.06M	-$7.28M	$1.73M
Financing Cash Flow	-$29.65M	$22.77M	-$28.89M	-$13.22M	$8.01M
Dividends Paid	-$13.61M	-$10.43M	-$9.91M	-$9.91M	-$9.91M
Net Change in Cash	-$16.52M	$25.68M	-$6.64M	-$13.97M	$12.91M

Market Snapshot

About

Chicago Atlantic Real Estate Finance, Inc. is a real estate investment trust that provides secured lending to state-licensed operators in the cannabis industry. The company originates senior loans collateralized by real estate, equipment, and licenses, focusing on established multi-state cannabis operators with strong cash flows.