Chicago Atlantic Real Estate Finance (REFI) Financials

$14.22 +0.10 (+0.67%)

As of 10:47 AM Eastern

Annual Income Statements for Chicago Atlantic Real Estate Finance

This table shows Chicago Atlantic Real Estate Finance's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	32	39	37
Consolidated Net Income / (Loss)	32	39	37
Net Income / (Loss) Continuing Operations	32	39	37
Total Pre-Tax Income	32	39	37
Total Operating Income	35	44	44
Total Gross Profit	51	63	62
Total Revenue	51	63	62
Operating Revenue	51	63	62
Total Cost of Revenue	0.00	0.00	0.00
Total Operating Expenses	17	19	18
Selling, General & Admin Expense	5.68	7.41	7.20
Other Operating Expenses / (Income)	10	9.72	7.48
Other Special Charges / (Income)	0.44	1.48	3.06
Total Other Income / (Expense), net	-2.61	-5.57	-7.32
Interest Expense	2.61	5.75	7.08
Other Income / (Expense), net	0.00	0.18	-0.24
Income Tax Expense	0.00	0.00	0.00
Basic Earnings per Share	$1.83	$2.14	$1.92
Weighted Average Basic Shares Outstanding	17.65M	18.09M	19.28M
Diluted Earnings per Share	$1.82	$2.11	$1.88
Weighted Average Diluted Shares Outstanding	17.75M	18.34M	19.71M
Weighted Average Basic & Diluted Shares Outstanding	18.08M	18.20M	20.89M
Cash Dividends to Common per Share	$2.10	$2.17	$2.06

This table shows Chicago Atlantic Real Estate Finance's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	11	4.56	11	8.64	9.98	9.40	8.73	9.18	11	7.92
Consolidated Net Income / (Loss)	9.77	7.26	11	8.64	9.98	9.40	8.73	9.18	11	7.92
Net Income / (Loss) Continuing Operations	11	4.56	11	8.64	9.98	9.40	8.73	9.18	11	7.92
Total Pre-Tax Income	9.77	7.26	11	8.64	9.98	9.40	8.73	9.18	11	7.92
Total Operating Income	-1.51	41	12	9.64	11	11	11	11	13	9.50
Total Gross Profit	0.00	51	17	15	15	17	15	15	16	15
Total Revenue	0.00	51	17	15	15	17	15	15	16	15
Operating Revenue	-	-	17	15	15	17	15	15	16	15
Total Operating Expenses	1.51	10	4.22	5.02	3.84	5.54	4.51	4.00	3.25	5.98
Selling, General & Admin Expense	1.43	1.62	1.84	1.82	1.74	2.01	1.84	1.66	1.72	1.97
Other Operating Expenses / (Income)	-	-	2.23	2.94	1.56	2.99	2.14	1.50	0.68	3.16
Other Special Charges / (Income)	0.08	0.11	0.14	0.26	0.54	0.54	0.53	0.84	0.85	0.85
Total Other Income / (Expense), net	13	-37	-1.62	-0.99	-1.36	-1.60	-2.11	-1.84	-1.80	-1.58
Interest Expense	-13	37	1.62	0.99	1.45	1.69	2.03	1.84	1.80	1.41
Other Income / (Expense), net	-	-	0.00	0.00	0.09	0.09	-0.08	0.00	0.00	-0.17
Basic Earnings per Share	$0.55	$0.42	$0.60	$0.48	$0.55	$0.51	$0.48	$0.47	$0.57	$0.40
Weighted Average Basic Shares Outstanding	17.66M	17.65M	17.88M	18.09M	18.18M	18.09M	18.27M	19.38M	19.63M	19.28M
Diluted Earnings per Share	$0.55	$0.41	$0.60	$0.47	$0.54	$0.50	$0.47	$0.46	$0.56	$0.39
Weighted Average Diluted Shares Outstanding	17.75M	17.75M	17.96M	18.27M	18.56M	18.34M	18.64M	19.89M	20.06M	19.71M
Weighted Average Basic & Diluted Shares Outstanding	17.66M	18.08M	18.09M	18.18M	18.18M	18.20M	19.10M	19.62M	19.63M	20.89M

This table details how cash moves in and out of Chicago Atlantic Real Estate Finance's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-75	2.18	19
Net Cash From Operating Activities	17	28	23
Net Cash From Continuing Operating Activities	17	28	23
Net Income / (Loss) Continuing Operations	32	39	37
Consolidated Net Income / (Loss)	32	39	37
Amortization Expense	-2.31	-2.43	-1.44
Non-Cash Adjustments To Reconcile Net Income	-16	-8.67	-9.64
Changes in Operating Assets and Liabilities, net	3.44	0.81	-2.81
Net Cash From Investing Activities	-125	-1.93	-39
Net Cash From Continuing Investing Activities	-125	-1.93	-39
Sale and/or Maturity of Investments	18	77	102
Other Investing Activities, net	-150	-79	-142
Net Cash From Financing Activities	34	-24	35
Net Cash From Continuing Financing Activities	34	-24	35
Repayment of Debt	-0.50	-74	-171
Repurchase of Common Equity	-0.12	-0.28	-1.22
Payment of Dividends	-28	-39	-42
Issuance of Debt	58	82	209
Issuance of Common Equity	4.51	7.22	40
Cash Interest Paid	1.66	5.03	6.21

This table details how cash moves in and out of Chicago Atlantic Real Estate Finance's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	2.71	-3.62	-1.07	13	-9.32	-0.80	-0.99	0.17	-0.31	20
Net Cash From Operating Activities	5.00	4.63	1.70	10	1.00	16	6.92	6.21	8.20	1.83
Net Cash From Continuing Operating Activities	5.00	4.63	1.70	10	1.00	16	6.92	6.21	8.20	1.83
Net Income / (Loss) Continuing Operations	9.77	7.26	11	8.64	9.98	9.40	8.73	9.18	11	7.92
Consolidated Net Income / (Loss)	9.77	7.26	11	8.64	9.98	9.40	8.73	9.18	11	7.92
Amortization Expense	-0.64	-0.55	-0.74	-0.43	-0.41	-0.85	-0.39	-0.28	-0.38	-0.39
Non-Cash Adjustments To Reconcile Net Income	-5.82	-4.11	-3.67	-1.44	-3.93	0.37	0.19	-2.26	-1.94	-5.63
Changes in Operating Assets and Liabilities, net	1.69	2.03	-4.58	3.44	-4.63	6.58	-1.62	-0.43	-0.68	-0.08
Net Cash From Investing Activities	-2.00	-4.52	25	5.20	-22	-11	-19	-2.86	24	-41
Net Cash From Continuing Investing Activities	-2.00	-4.52	25	5.20	-22	-11	-19	-2.86	24	-41
Sale and/or Maturity of Investments	-	4.14	45	-31	49	14	3.66	18	56	25
Other Investing Activities, net	-16	-15	-33	50	-71	-25	-22	-21	-32	-67
Net Cash From Financing Activities	-0.30	-3.72	-28	-2.03	11	-5.57	11	-3.19	-32	59
Net Cash From Continuing Financing Activities	-0.30	-3.72	-28	-2.03	11	-5.57	11	-3.19	-32	59
Repayment of Debt	-	-0.32	-49	-0.05	-10	-15	-13	-21	-52	-85
Repurchase of Common Equity	-	-0.10	-0.10	-0.18	-	-	-0.34	-0.33	-0.09	-0.46
Payment of Dividends	-8.30	-8.30	-13	-8.52	-8.56	-8.57	-14	-9.24	-9.26	-9.27
Issuance of Debt	8.00	5.00	29	5.50	30	18	28	16	30	136
Issuance of Common Equity	-	-	6.00	1.22	-	-	9.81	11	0.04	19
Cash Interest Paid	0.54	1.01	1.36	1.08	1.09	1.50	1.79	1.86	1.69	0.87

This table presents Chicago Atlantic Real Estate Finance's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	278	343	359	435
Total Current Assets	81	6.73	8.71	30
Cash & Equivalents	80	5.72	7.90	26
Accounts Receivable	0.87	1.02	0.71	0.46
Other Current Assets	-	0.00	0.11	3.37
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00
Total Noncurrent Assets	197	337	350	400
Noncurrent Note & Lease Receivables	-	335	349	398
Other Noncurrent Operating Assets	0.20	1.20	1.00	1.45
Total Liabilities & Shareholders' Equity	278	343	359	435
Total Liabilities	14	79	87	126
Total Current Liabilities	11	75	82	72
Short-Term Debt	0.00	58	66	55
Accounts Payable	0.21	1.06	1.14	2.29
Accrued Expenses	6.64	1.87	1.07	1.30
Dividends Payable	4.54	14	14	14
Total Noncurrent Liabilities	2.71	3.30	5.30	54
Long-Term Debt	-	-	0.00	49
Other Noncurrent Operating Liabilities	2.71	3.30	5.30	4.91
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	264	264	272	309
Total Preferred & Common Equity	264	264	272	309
Total Common Equity	264	264	272	309
Common Stock	264	269	278	319
Retained Earnings	-0.18	-5.14	-5.81	-10

This table presents Chicago Atlantic Real Estate Finance's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	340	323	331	352	384	386	366
Total Current Assets	8.68	2.26	15	15	12	8.54	359
Cash & Equivalents	9.33	4.64	18	8.70	6.90	7.07	6.76
Accounts Receivable	0.84	1.67	1.01	0.95	5.14	0.63	0.61
Inventories, net	-1.50	-	-5.12	-	-	-	-4.09
Other Current Assets	-	-4.05	-	5.51	0.19	0.84	1.47
Other Current Nonoperating Assets	-	-	-	-	-	-	355
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	351
Total Noncurrent Assets	332	633	316	3.47	371	378	361
Long-Term Investments	331	312	315	-	-	-	355
Other Noncurrent Operating Assets	0.73	321	1.23	3.47	0.93	1.17	6.48
Total Liabilities & Shareholders' Equity	340	323	331	352	384	386	366
Total Liabilities	70	51	57	77	98	94	70
Total Current Liabilities	68	51	55	75	94	90	67
Short-Term Debt	53	38	43	63	81	77	54
Accounts Payable	0.72	0.96	1.42	1.19	1.34	1.54	1.36
Dividends Payable	8.44	8.67	8.71	8.57	9.01	9.26	9.27
Other Current Nonoperating Liabilities	-	0.22	-	0.50	-	-	2.58
Total Noncurrent Liabilities	2.55	0.00	1.80	1.67	3.57	3.73	3.24
Other Noncurrent Operating Liabilities	2.55	-	1.80	1.67	3.57	3.73	3.24
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	270	272	274	276	286	293	295
Total Preferred & Common Equity	270	272	274	276	286	293	295
Total Common Equity	270	272	274	276	286	293	295
Common Stock	269	275	277	277	292	299	300
Retained Earnings	1.09	-2.98	-2.90	-1.34	-6.09	-6.39	-4.45

This table displays calculated financial ratios and metrics derived from Chicago Atlantic Real Estate Finance's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	0.00%	22.20%	-1.27%
EBITDA Growth	0.00%	28.95%	1.56%
EBIT Growth	0.00%	27.38%	-0.76%
NOPAT Growth	0.00%	26.86%	0.19%
Net Income Growth	0.00%	19.87%	-4.30%
EPS Growth	0.00%	15.93%	-10.90%
Operating Cash Flow Growth	0.00%	67.11%	-18.50%
Free Cash Flow Firm Growth	0.00%	0.00%	-123.22%
Invested Capital Growth	0.00%	3.52%	15.15%
Revenue Q/Q Growth	0.00%	-35.71%	-1.66%
EBITDA Q/Q Growth	0.00%	-41.92%	-2.95%
EBIT Q/Q Growth	0.00%	-40.32%	-3.83%
NOPAT Q/Q Growth	0.00%	-40.56%	-3.27%
Net Income Q/Q Growth	0.00%	5.86%	-3.84%
EPS Q/Q Growth	0.00%	4.46%	-5.53%
Operating Cash Flow Q/Q Growth	0.00%	62.01%	-37.13%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	97.47%
Invested Capital Q/Q Growth	0.00%	6,170.82%	12.69%
Profitability Metrics	-	-	-
Gross Margin	100.00%	100.00%	100.00%
EBITDA Margin	63.33%	66.82%	68.73%
Operating Margin	67.82%	70.40%	71.44%
EBIT Margin	67.82%	70.69%	71.05%
Profit (Net Income) Margin	62.74%	61.54%	59.65%
Tax Burden Percent	100.00%	100.00%	100.00%
Interest Burden Percent	92.51%	87.06%	83.95%
Effective Tax Rate	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	10.54%	13.13%	12.03%
ROIC Less NNEP Spread (ROIC-NNEP)	6.65%	5.08%	2.70%
Return on Net Nonoperating Assets (RNNOA)	1.70%	1.31%	0.73%
Return on Equity (ROE)	12.23%	14.45%	12.76%
Cash Return on Invested Capital (CROIC)	0.00%	9.68%	-2.05%
Operating Return on Assets (OROA)	11.23%	12.66%	11.11%
Return on Assets (ROA)	10.39%	11.02%	9.33%
Return on Common Equity (ROCE)	12.23%	14.45%	12.76%
Return on Equity Simple (ROE_SIMPLE)	12.23%	14.24%	11.99%
Net Operating Profit after Tax (NOPAT)	35	44	44
NOPAT Margin	67.82%	70.40%	71.44%
Net Nonoperating Expense Percent (NNEP)	3.88%	8.05%	9.32%
Return On Investment Capital (ROIC_SIMPLE)	-	13.11%	10.74%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	11.04%	11.79%	11.59%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.18%	29.60%	28.56%
Earnings before Interest and Taxes (EBIT)	35	44	44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	33	42	43
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.82	0.95	0.98
Price to Tangible Book Value (P/TBV)	0.82	0.95	0.98
Price to Revenue (P/Rev)	4.23	4.10	4.88
Price to Earnings (P/E)	6.74	6.67	8.17
Dividend Yield	14.69%	13.25%	13.36%
Earnings Yield	14.84%	15.00%	12.24%
Enterprise Value to Invested Capital (EV/IC)	0.81	0.92	0.96
Enterprise Value to Revenue (EV/Rev)	5.24	5.03	6.13
Enterprise Value to EBITDA (EV/EBITDA)	8.28	7.52	8.91
Enterprise Value to EBIT (EV/EBIT)	7.73	7.11	8.62
Enterprise Value to NOPAT (EV/NOPAT)	7.73	7.14	8.58
Enterprise Value to Operating Cash Flow (EV/OCF)	15.87	11.13	16.43
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	9.69	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.22	0.24	0.34
Long-Term Debt to Equity	0.00	0.00	0.16
Financial Leverage	0.25	0.26	0.27
Leverage Ratio	1.18	1.31	1.37
Compound Leverage Factor	1.09	1.14	1.15
Debt to Total Capital	18.01%	19.54%	25.20%
Short-Term Debt to Total Capital	18.01%	19.54%	13.32%
Long-Term Debt to Total Capital	0.00%	0.00%	11.89%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	81.99%	80.46%	74.80%
Debt to EBITDA	1.78	1.57	2.44
Net Debt to EBITDA	1.60	1.38	1.82
Long-Term Debt to EBITDA	0.00	0.00	1.15
Debt to NOPAT	1.66	1.49	2.35
Net Debt to NOPAT	1.50	1.31	1.75
Long-Term Debt to NOPAT	0.00	0.00	1.11
Altman Z-Score	1.87	2.09	1.77
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	0.09	0.11	0.42
Quick Ratio	0.09	0.10	0.37
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	33	-7.58
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	5.67	-1.07
Operating Cash Flow to Interest Expense	6.51	4.94	3.27
Operating Cash Flow Less CapEx to Interest Expense	9.07	4.94	3.27
Efficiency Ratios	-	-	-
Asset Turnover	0.17	0.18	0.16
Accounts Receivable Turnover	54.40	72.96	106.60
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00
Days Sales Outstanding (DSO)	6.71	5.00	3.42
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	6.71	5.00	3.42
Capital & Investment Metrics	-	-	-
Invested Capital	331	343	395
Invested Capital Turnover	0.16	0.19	0.17
Increase / (Decrease) in Invested Capital	0.00	12	52
Enterprise Value (EV)	270	316	380
Market Capitalization	218	258	303
Book Value per Share	$14.95	$14.95	$15.74
Tangible Book Value per Share	$14.95	$14.95	$15.74
Total Capital	322	338	413
Total Debt	58	66	104
Total Long-Term Debt	0.00	0.00	49
Net Debt	52	58	78
Capital Expenditures (CapEx)	-6.70	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-16	-15	-13
Debt-free Net Working Capital (DFNWC)	-9.81	-7.37	13
Net Working Capital (NWC)	-68	-73	-42
Net Nonoperating Expense (NNE)	2.61	5.57	7.32
Net Nonoperating Obligations (NNO)	67	71	86
Total Depreciation and Amortization (D&A)	-2.31	-2.43	-1.44
Debt-free, Cash-free Net Working Capital to Revenue	-30.17%	-24.27%	-21.51%
Debt-free Net Working Capital to Revenue	-19.06%	-11.71%	21.00%
Net Working Capital to Revenue	-131.74%	-116.64%	-67.56%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$1.83	$2.14	$1.92
Adjusted Weighted Average Basic Shares Outstanding	17.65M	18.09M	19.28M
Adjusted Diluted Earnings per Share	$1.82	$2.11	$1.88
Adjusted Weighted Average Diluted Shares Outstanding	17.75M	18.34M	19.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	18.08M	18.20M	20.89M
Normalized Net Operating Profit after Tax (NOPAT)	25	32	33
Normalized NOPAT Margin	48.06%	50.93%	53.46%
Pre Tax Income Margin	62.74%	61.54%	59.65%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	13.35	7.73	6.23
NOPAT to Interest Expense	13.35	7.70	6.27
EBIT Less CapEx to Interest Expense	15.91	7.73	6.23
NOPAT Less CapEx to Interest Expense	15.91	7.70	6.27
Payout Ratios	-	-	-
Dividend Payout Ratio	87.25%	101.10%	112.38%
Augmented Payout Ratio	87.63%	101.83%	115.68%

This table displays calculated financial ratios and metrics derived from Chicago Atlantic Real Estate Finance's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-67.89%	-7.16%	2.48%	7.08%	-6.36%
EBITDA Growth	-4,322.42%	0.00%	524.19%	388.50%	612.62%	-74.82%	-10.32%	16.72%	14.61%	-12.69%
EBIT Growth	-3,008.23%	0.00%	746.06%	433.39%	856.46%	-73.10%	-12.58%	14.37%	13.87%	-15.85%
NOPAT Growth	-3,008.23%	0.00%	746.06%	433.39%	850.80%	-73.33%	-11.97%	14.37%	14.73%	-13.62%
Net Income Growth	140.17%	0.00%	37.01%	15.80%	2.13%	29.52%	-18.35%	6.26%	12.37%	-15.73%
EPS Growth	-33.73%	0.00%	36.36%	11.90%	-1.82%	21.95%	-21.67%	-2.13%	3.70%	-22.00%
Operating Cash Flow Growth	0.00%	0.00%	-43.93%	135.32%	-80.01%	235.05%	306.44%	-39.17%	720.33%	-88.21%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	67.32%	-140.34%	0.00%	85.61%	-4,084.04%	-11,161.52%	-6,398.62%
Invested Capital Growth	0.00%	0.00%	3,838.81%	4.57%	162.02%	3.52%	17.66%	4,724.28%	6,307.65%	15.15%
Revenue Q/Q Growth	0.00%	0.00%	-67.89%	-11.30%	3.58%	8.87%	-51.62%	-2.09%	8.23%	-4.79%
EBITDA Q/Q Growth	32.65%	1,992.06%	-71.55%	-20.43%	19.67%	-7.06%	-56.35%	3.57%	17.51%	-29.20%
EBIT Q/Q Growth	47.75%	2,828.52%	-70.13%	-21.71%	18.55%	-2.96%	-56.28%	2.43%	18.03%	-28.29%
NOPAT Q/Q Growth	47.75%	2,828.52%	-70.13%	-21.71%	17.66%	-3.06%	-55.98%	1.71%	18.03%	-27.02%
Net Income Q/Q Growth	30.88%	-25.73%	47.36%	-19.16%	15.43%	-5.81%	-7.10%	5.20%	22.08%	-29.36%
EPS Q/Q Growth	30.95%	-25.45%	46.34%	-21.67%	14.89%	-7.41%	-6.00%	-2.13%	21.74%	-30.36%
Operating Cash Flow Q/Q Growth	15.31%	-7.51%	-63.22%	499.90%	-90.21%	1,450.43%	-55.38%	-10.22%	32.07%	-77.72%
Free Cash Flow Firm Q/Q Growth	32.15%	-100.00%	0.00%	102.99%	-131.86%	77.84%	-443.91%	-726.51%	9.95%	87.21%
Invested Capital Q/Q Growth	-4.72%	3,857.01%	-5.27%	-102.56%	168.05%	6,170.82%	7.68%	0.64%	-5.70%	12.69%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	0.00%	79.00%	70.00%	62.80%	72.56%	61.94%	67.62%	71.53%	77.66%	57.75%
Operating Margin	0.00%	80.07%	74.49%	65.75%	74.69%	66.50%	70.63%	73.38%	80.02%	61.34%
EBIT Margin	0.00%	80.07%	74.49%	65.75%	75.25%	67.08%	70.14%	73.38%	80.02%	60.28%
Profit (Net Income) Margin	0.00%	14.10%	64.70%	58.96%	65.71%	56.85%	56.90%	61.14%	68.96%	51.16%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	-646.75%	17.61%	86.85%	89.68%	87.32%	84.75%	81.12%	83.32%	86.17%	84.88%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	12.44%	33.16%	0.00%	0.00%	12.41%	12.76%	25.05%	28.40%	10.33%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-38.02%	34.53%	0.00%	0.00%	10.10%	9.39%	26.87%	30.07%	8.32%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-9.69%	-15.05%	0.00%	0.00%	2.61%	2.11%	-9.62%	-11.33%	2.25%
Return on Equity (ROE)	0.00%	2.75%	18.11%	13.41%	13.40%	15.02%	14.87%	15.44%	17.06%	12.58%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	9.68%	-3.70%	-90.27%	-168.08%	-2.05%
Operating Return on Assets (OROA)	0.00%	13.26%	16.64%	16.27%	21.26%	12.01%	12.25%	12.71%	14.07%	9.43%
Return on Assets (ROA)	0.00%	2.34%	14.45%	14.59%	18.56%	10.18%	9.94%	10.59%	12.13%	8.00%
Return on Common Equity (ROCE)	0.00%	2.75%	18.11%	13.41%	13.39%	15.02%	14.87%	15.44%	17.06%	12.58%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	12.93%	13.29%	13.26%	0.00%	12.85%	12.74%	13.04%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.51	41	12	9.64	11	11	11	11	13	9.50
NOPAT Margin	0.00%	80.07%	74.49%	65.75%	74.69%	66.50%	70.63%	73.38%	80.02%	61.34%
Net Nonoperating Expense Percent (NNEP)	8.09%	50.46%	-1.37%	-0.36%	-0.50%	2.31%	3.37%	-1.81%	-1.67%	2.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	3.25%	-	-	-	2.30%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	3.15%	11.16%	12.40%	11.48%	12.16%	11.99%	11.07%	10.60%	12.75%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	19.93%	25.51%	34.25%	25.31%	33.50%	29.37%	26.62%	19.98%	38.66%
Earnings before Interest and Taxes (EBIT)	-1.51	41	12	9.64	11	11	11	11	13	9.33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.15	41	12	9.21	11	10	10	11	13	8.94
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.73	0.82	0.76	0.87	0.85	0.95	0.97	1.00	1.03	0.98
Price to Tangible Book Value (P/TBV)	0.73	0.82	0.76	0.87	0.85	0.95	0.97	1.00	1.03	0.98
Price to Revenue (P/Rev)	0.00	4.23	3.04	2.89	2.39	4.10	4.51	4.73	4.82	4.88
Price to Earnings (P/E)	0.00	6.74	5.88	6.77	6.91	6.67	7.57	7.87	7.90	8.17
Dividend Yield	11.94%	14.69%	16.44%	14.22%	14.60%	13.25%	12.29%	12.24%	12.12%	13.36%
Earnings Yield	0.00%	14.84%	17.01%	14.76%	14.48%	15.00%	13.20%	12.71%	12.66%	12.24%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.81	0.00	0.00	52.71	0.92	0.95	0.98	0.00	0.96
Enterprise Value to Revenue (EV/Rev)	0.00	5.24	0.00	0.00	2.95	5.03	5.71	5.85	0.00	6.13
Enterprise Value to EBITDA (EV/EBITDA)	0.00	8.28	0.00	0.00	3.98	7.52	8.64	8.57	0.00	8.91
Enterprise Value to EBIT (EV/EBIT)	0.00	7.73	0.00	0.00	3.87	7.11	8.22	8.20	0.00	8.62
Enterprise Value to NOPAT (EV/NOPAT)	0.00	7.73	0.00	0.00	3.87	7.14	8.24	8.22	0.00	8.58
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	15.87	0.00	0.00	16.44	11.13	10.49	12.25	0.00	16.43
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	9.69	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.22	0.14	0.16	0.23	0.24	0.28	0.26	0.18	0.34
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.16
Financial Leverage	-1.03	0.25	-0.44	-1.03	-1.01	0.26	0.22	-0.36	-0.38	0.27
Leverage Ratio	1.26	1.18	1.12	1.23	1.27	1.31	1.27	1.27	1.26	1.37
Compound Leverage Factor	-8.15	0.21	0.98	1.10	1.11	1.11	1.03	1.05	1.08	1.16
Debt to Total Capital	16.40%	18.01%	12.11%	13.58%	18.60%	19.54%	22.13%	20.77%	15.45%	25.20%
Short-Term Debt to Total Capital	16.40%	18.01%	12.11%	13.58%	18.60%	19.54%	22.13%	20.77%	15.45%	13.32%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.89%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	83.54%	81.99%	87.89%	86.42%	81.40%	80.46%	77.87%	79.23%	84.55%	74.80%
Debt to EBITDA	0.00	1.78	0.80	0.73	0.87	1.57	1.99	1.81	1.23	2.44
Net Debt to EBITDA	0.00	1.60	-5.96	-4.90	0.75	1.38	1.82	1.64	-6.99	1.82
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.15
Debt to NOPAT	0.00	1.66	0.76	0.70	0.85	1.49	1.90	1.74	1.18	2.35
Net Debt to NOPAT	0.00	1.50	-5.69	-4.71	0.73	1.31	1.74	1.58	-6.70	1.75
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.11
Altman Z-Score	0.00	1.94	2.59	2.71	2.01	1.78	1.68	1.86	3.82	1.50
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.13	0.09	0.04	0.27	0.20	0.11	0.13	0.09	5.35	0.42
Quick Ratio	0.15	0.09	0.12	0.36	0.13	0.10	0.13	0.09	0.11	0.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	7.31	0.00	-310	9.25	-2.95	-0.65	-45	-369	-332	-42
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-191.53	9.30	-2.03	-0.39	-21.96	-200.48	-184.50	-30.09
Operating Cash Flow to Interest Expense	0.00	0.13	1.05	10.26	0.69	9.17	3.41	3.38	4.56	1.30
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.13	9.33	10.26	0.69	9.17	3.41	3.38	4.56	1.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.17	0.22	0.25	0.28	0.18	0.17	0.17	0.18	0.16
Accounts Receivable Turnover	0.00	54.40	80.72	84.04	109.29	72.96	18.12	75.73	80.92	106.60
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	6.71	4.52	4.34	3.34	5.00	20.14	4.82	4.51	3.42
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	6.71	4.52	4.34	3.34	5.00	20.14	4.82	4.51	3.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-8.82	331	314	-8.04	5.47	343	369	372	350	395
Invested Capital Turnover	0.00	0.16	0.45	-10.04	-58.42	0.19	0.18	0.34	0.35	0.17
Increase / (Decrease) in Invested Capital	-8.82	0.00	322	0.38	14	12	55	380	345	52
Enterprise Value (EV)	-89	270	-72	-51	288	316	353	363	-3.06	380
Market Capitalization	198	218	207	239	234	258	278	293	304	303
Book Value per Share	$15.29	$14.95	$15.05	$15.13	$15.17	$14.95	$15.71	$15.33	$15.06	$15.74
Tangible Book Value per Share	$15.29	$14.95	$15.05	$15.13	$15.17	$14.95	$15.71	$15.33	$15.06	$15.74
Total Capital	323	322	310	317	339	338	367	369	349	413
Total Debt	53	58	38	43	63	66	81	77	54	104
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	49
Net Debt	-287	52	-279	-290	54	58	74	70	-307	78
Capital Expenditures (CapEx)	0.00	0.00	-13	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15	-16	-16	-16	-5.40	-15	-7.53	-12	339	-13
Debt-free Net Working Capital (DFNWC)	-6.10	-9.81	-11	2.72	3.30	-7.37	-0.63	-4.75	346	13
Net Working Capital (NWC)	-59	-68	-49	-40	-60	-73	-82	-82	292	-42
Net Nonoperating Expense (NNE)	-11	34	1.62	0.99	1.36	1.60	2.11	1.84	1.80	1.58
Net Nonoperating Obligations (NNO)	-279	67	42	-282	-270	71	83	79	55	86
Total Depreciation and Amortization (D&A)	-0.64	-0.55	-0.74	-0.43	-0.41	-0.85	-0.39	-0.28	-0.38	-0.39
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-30.17%	-23.00%	-19.57%	-5.52%	-24.27%	-12.21%	-19.04%	537.51%	-21.51%
Debt-free Net Working Capital to Revenue	0.00%	-19.06%	-16.18%	3.29%	3.38%	-11.71%	-1.02%	-7.65%	548.21%	21.00%
Net Working Capital to Revenue	0.00%	-131.74%	-71.33%	-48.73%	-61.01%	-116.64%	-132.67%	-131.29%	462.71%	-67.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.42	$0.60	$0.48	$0.55	$0.51	$0.48	$0.47	$0.57	$0.40
Adjusted Weighted Average Basic Shares Outstanding	17.66M	17.65M	17.88M	18.09M	18.18M	18.09M	18.27M	19.38M	19.63M	19.28M
Adjusted Diluted Earnings per Share	$0.00	$0.41	$0.60	$0.47	$0.54	$0.50	$0.47	$0.46	$0.56	$0.39
Adjusted Weighted Average Diluted Shares Outstanding	17.75M	17.75M	17.96M	18.27M	18.56M	18.34M	18.64M	19.89M	20.06M	19.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.66M	18.08M	18.09M	18.18M	18.18M	18.20M	19.10M	19.62M	19.63M	20.89M
Normalized Net Operating Profit after Tax (NOPAT)	-1.00	29	8.71	6.93	8.32	8.07	7.96	8.30	9.70	7.24
Normalized NOPAT Margin	0.00%	56.20%	52.73%	47.28%	54.77%	48.83%	51.86%	55.26%	59.66%	46.76%
Pre Tax Income Margin	0.00%	14.10%	64.70%	58.96%	65.71%	56.85%	56.90%	61.14%	68.96%	51.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.12	7.61	9.69	7.88	6.56	5.30	5.99	7.23	6.61
NOPAT to Interest Expense	0.00	1.12	7.61	9.69	7.83	6.50	5.33	5.99	7.23	6.73
EBIT Less CapEx to Interest Expense	0.00	1.12	15.89	9.69	7.88	6.56	5.30	5.99	7.23	6.61
NOPAT Less CapEx to Interest Expense	0.00	1.12	15.89	9.69	7.83	6.50	5.33	5.99	7.23	6.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	87.25%	105.59%	106.17%	106.28%	101.10%	107.53%	107.91%	106.26%	112.38%
Augmented Payout Ratio	0.00%	87.63%	106.17%	107.23%	107.33%	101.83%	108.94%	109.69%	108.22%	115.68%

Key Financial Trends

Chicago Atlantic Real Estate Finance (NASDAQ: REFI) has demonstrated several noteworthy trends across its financial statements from Q3 2022 through Q4 2024. Here are the key highlights that retail investors should consider:

Steady growth in net income: The company’s consolidated net income has shown a general upward trajectory, rising from approximately $9.77 million in Q3 2022 to about $7.9 million in Q4 2024, with higher quarterly peaks such as $11.2 million in Q3 2024.
Consistent profitability: Each quarter reports positive net income from continuing operations, indicating ongoing operational success and profitability.
Stable earnings per share (EPS): Basic and diluted EPS have remained relatively stable, hovering around $0.40 to $0.60 per quarter, reflecting consistent earnings relative to shares outstanding.
Healthy cash from operating activities: The company generated positive net cash from operating activities in all quarters, with an especially strong performance of $18.3 million in Q4 2024 and $15.5 million in Q4 2023, supporting liquidity and operational cash flow.
Substantial equity base: Total common equity increased steadily over the period, reaching approximately $295 million by Q3 2024, indicating strong capitalization and financial stability.
Fluctuations in total operating expenses: Operating expenses, including selling, general & administrative and other charges, have varied but remained within a consistent range, showing the company manages costs amid growth.
Dividend payouts remain stable: The company consistently paid quarterly dividends of $0.47 per common share, signaling a commitment to returning value to shareholders.
High interest expenses: Interest expense has been significant, ranging from about $1.4 million to $3.6 million quarterly, partly offsetting operating income.
Net cash used in investing activities: The company has consistently reported negative net cash flow from investing activities, reaching as much as $41 million in Q4 2024, possibly indicating heavy reinvestment or acquisition costs.
High levels of debt and repayments: There are large repayments and issuances of debt each quarter, with notable repayments close to $85 million in Q4 2024 and large debt issuances reflecting a potentially active credit and leverage management strategy that could pose refinancing risks in adverse conditions.

In summary, Chicago Atlantic Real Estate Finance exhibits solid earnings performance and robust operational cash flow generation, supported by a strong equity foundation. However, investors should be mindful of the company's significant interest expenses, continual investing cash outflows, and active debt issuance and repayment activity, which together suggest leveraged operations requiring monitoring for future financial flexibility and risk.

08/29/25 10:48 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Chicago Atlantic Real Estate Finance's Financials

When does Chicago Atlantic Real Estate Finance's financial year end?

According to the most recent income statement we have on file, Chicago Atlantic Real Estate Finance's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Chicago Atlantic Real Estate Finance's net income changed over the last 2 years?

Chicago Atlantic Real Estate Finance's net income appears to be on an upward trend, with a most recent value of $37.05 million in 2024, rising from $32.29 million in 2022. The previous period was $38.71 million in 2023. See where experts think Chicago Atlantic Real Estate Finance is headed by visiting Chicago Atlantic Real Estate Finance's forecast page.

What is Chicago Atlantic Real Estate Finance's operating income?

Chicago Atlantic Real Estate Finance's total operating income in 2024 was $44.37 million, based on the following breakdown:

Total Gross Profit: $62.10 million
Total Operating Expenses: $17.74 million

How has Chicago Atlantic Real Estate Finance's revenue changed over the last 2 years?

Over the last 2 years, Chicago Atlantic Real Estate Finance's total revenue changed from $51.47 million in 2022 to $62.10 million in 2024, a change of 20.7%.

How much debt does Chicago Atlantic Real Estate Finance have?

Chicago Atlantic Real Estate Finance's total liabilities were at $126.19 million at the end of 2024, a 44.4% increase from 2023, and a 795.4% increase since 2021.

How much cash does Chicago Atlantic Real Estate Finance have?

In the past 3 years, Chicago Atlantic Real Estate Finance's cash and equivalents has ranged from $5.72 million in 2022 to $80.25 million in 2021, and is currently $26.40 million as of their latest financial filing in 2024.

How has Chicago Atlantic Real Estate Finance's book value per share changed over the last 2 years?

Over the last 2 years, Chicago Atlantic Real Estate Finance's book value per share changed from 14.95 in 2022 to 15.74 in 2024, a change of 5.2%.

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This page (NASDAQ:REFI) was last updated on 8/29/2025 by MarketBeat.com Staff

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Chicago Atlantic Real Estate Finance (REFI) Financials

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Chicago Atlantic Real Estate Finance (REFI) Financials

Annual Income Statements for Chicago Atlantic Real Estate Finance

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Quarterly Metrics And Ratios for Chicago Atlantic Real Estate Finance

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