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Chicago Atlantic Real Estate Finance, Inc.

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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	Q2 2026
Revenue	$13.04M	$14.59M	$13.69M	$14.24M	$12.92M	$12.61M
Selling, General & Admin	$1.85M	$2.15M	$2.23M	$2.45M	$2.02M	$2.49M
Pretax Income	$10.04M	$8.88M	$8.93M	$8.16M	$4.84M	$7.47M
Income Tax	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Net Income	$10.04M	$8.88M	$8.93M	$8.16M	$4.84M	$7.47M
Diluted EPS	0.47	0.41	0.42	0.38	0.23	0.34
Diluted Shares	21.26M	21.49M	21.49M	21.49M	21.48M	21.71M

REFI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$9.88M	$35.56M	$28.92M	$14.95M	$27.86M	$13.35M
Receivables	$2.74M	$4.18M	$4.51M	$5.20M	$4.97M	$6.26M
Total Assets	$414.67M	$455.21M	$427.08M	$424.92M	$435.95M	$461.70M
Long-Term Debt	$49.16M	$49.22M	$49.27M	$49.33M	$49.39M	$49.45M
Total Debt	$87.16M	$120.42M	$101.67M	$98.43M	$116.44M	$140.50M
Total Liabilities	$103.89M	$145.19M	$117.16M	$117.10M	$132.53M	$160.05M
Retained Earnings	-$9.92M	-$11.55M	-$12.52M	-$15.52M	-$20.78M	-$23.51M
Shareholders' Equity	$310.78M	$310.03M	$309.91M	$307.81M	$303.42M	$301.65M
Net Debt	$77.28M	$84.85M	$72.75M	$83.49M	$88.59M	$127.15M

REFI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$7.63M	$6.46M	$8.19M	$6.52M	$3.16M	$9.06M
Free Cash Flow	$7.63M	$6.46M	$8.19M	$6.52M	$3.16M	$9.06M
Stock-Based Compensation	$649.31K	$881.13K	$928.65K	$909.77K	$865.35K	$957.58K
Investing Cash Flow	$5.51M	-$3.56M	$14.06M	-$7.28M	$1.73M	-$36.65M
Financing Cash Flow	-$29.65M	$22.77M	-$28.89M	-$13.22M	$8.01M	$13.09M
Dividends Paid	-$13.61M	-$10.43M	-$9.91M	-$9.91M	-$9.91M	-$10.91M
Net Change in Cash	-$16.52M	$25.68M	-$6.64M	-$13.97M	$12.91M	-$14.50M

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.