REFI · Chicago Atlantic Real Estate Finance, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $1.15M | - | $1.30M | $1.27M | $1.20M | - | $1.25M | $1.25M | $1.39M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | $4.84M | - | $8.93M | $8.88M | $10.04M | - | $11.21M | $9.18M | $8.73M | - |
| Interest Expense | $1.93M | - | $1.42M | $1.92M | $1.91M | - | $1.80M | $1.84M | $2.10M | - |
| Income Tax | $0 | - | $0 | $0 | $0 | - | $0 | $0 | $0 | - |
| Net Income | $4.84M | - | $8.93M | $8.88M | $10.04M | - | $11.21M | $9.18M | $8.73M | - |
| EPS - Basic | $0.23 | - | $0.42 | $0.42 | $0.48 | - | $0.57 | $0.47 | $0.48 | - |
| EPS - Diluted | $0.23 | - | $0.42 | $0.41 | $0.47 | - | $0.56 | $0.46 | $0.47 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27.86M | $14.95M | $28.92M | $35.56M | $9.88M | $26.40M | $6.76M | $7.07M | $6.90M | $7.90M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $435.95M | $424.92M | $427.08M | $455.21M | $414.67M | $435.15M | $365.91M | $386.49M | $383.65M | $359.23M |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | $49.39M | $49.33M | $49.27M | $49.22M | $49.16M | $49.10M | $54.00M | $76.75M | - | - |
| Total Liabilities | $132.53M | $117.10M | $117.16M | $145.19M | $103.89M | $126.19M | $70.45M | $93.77M | $97.69M | $87.37M |
| Stockholders' Equity | $303.42M | $307.81M | $309.91M | $310.03M | $310.78M | $308.96M | $295.47M | $292.72M | $285.96M | $271.85M |
| Retained Earnings | ($20.78M) | ($15.52M) | ($12.52M) | ($11.55M) | ($9.92M) | ($10.14M) | ($4.45M) | ($6.39M) | ($6.09M) | ($5.81M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.16M | - | - | - | $7.63M | - | - | - | $6.92M | - |
| Investing Cash Flow | $1.73M | - | - | - | $5.51M | - | - | - | ($18.72M) | - |
| Financing Cash Flow | $8.01M | - | - | - | ($29.65M) | - | - | - | $10.81M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 0.0% | - | 0.0% | 0.0% | 0.0% | - | 0.0% | 0.0% | 0.0% | - |
| Return on assets | 1.1% | - | 2.1% | 2.0% | 2.4% | - | 3.1% | 2.4% | 2.3% | - |
| Return on equity | 1.6% | - | 2.9% | 2.9% | 3.2% | - | 3.8% | 3.1% | 3.1% | - |
| Return on invested capital | 1.4% | - | 2.5% | 2.5% | 2.8% | - | 3.2% | 2.5% | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.18 | 0.26 | - | - |
| Debt / Assets | 0.11 | 0.12 | 0.12 | 0.11 | 0.12 | 0.11 | 0.15 | 0.20 | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 2.5x | - | 6.3x | 4.6x | 5.3x | - | 6.2x | 5.0x | 4.1x | - |
| Equity multiplier | 1.44 | 1.38 | 1.38 | 1.47 | 1.33 | 1.41 | 1.24 | 1.32 | 1.34 | 1.32 |
| Liabilities / Assets | 0.30 | 0.28 | 0.27 | 0.32 | 0.25 | 0.29 | 0.19 | 0.24 | 0.25 | 0.24 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 49.2x | - | 30.5x | 34.0x | 31.3x | - | 27.7x | 33.4x | 33.6x | - |
| P / B | 0.8x | - | 0.9x | 1.0x | 1.0x | - | 1.1x | 1.0x | 1.0x | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -51.8% | - | -20.3% | -3.3% | 15.0% | - | 12.4% | 6.3% | -18.4% | - |
| Net income growth (YoY) | -51.8% | - | -20.3% | -3.3% | 15.0% | - | 12.4% | 6.3% | -18.4% | - |
| EPS growth (YoY) | -51.1% | - | -25.0% | -10.9% | 0.0% | - | 3.7% | -2.1% | -21.7% | - |
| EPS CAGR (3y) | -27.4% | - | -20.3% | -3.1% | 2.2% | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -2.4% | -0.4% | 4.9% | 5.9% | 8.7% | 13.6% | 7.1% | 7.0% | 5.1% | 3.0% |
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing Chicago Atlantic Real Estate Finance against the 5 most active filers in the same SIC group.
Dividends
$1.88/share trailing 12 months · -8.7% YoY
| Ex-date | Per share |
|---|---|
| Mar 31, 2026 | $0.4700 |
| Dec 31, 2025 | $0.4700 |
| Sep 30, 2025 | $0.4700 |
| Jun 30, 2025 | $0.4700 |
| Mar 31, 2025 | $0.4700 |
| Dec 31, 2024 | $0.6500 |
| Sep 30, 2024 | $0.4700 |
| Jun 28, 2024 | $0.4700 |
| Mar 27, 2024 | $0.4700 |
| Dec 28, 2023 | $0.7600 |
| Sep 28, 2023 | $0.4700 |
| Jun 29, 2023 | $0.4700 |
| Mar 30, 2023 | $0.4700 |
| Dec 29, 2022 | $0.7600 |
| Sep 29, 2022 | $0.4700 |
| Jun 29, 2022 | $0.4700 |
| Mar 30, 2022 | $0.4000 |