Chicago Atlantic Real Estate Finance (REFI) Financials

$14.53 -0.01 (-0.07%)

Closing price 04:00 PM Eastern

Extended Trading

$14.56 +0.03 (+0.21%)

As of 04:04 PM 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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	37	39	32
Consolidated Net Income / (Loss)	37	39	32
Net Income / (Loss) Continuing Operations	37	39	32
Total Pre-Tax Income	37	39	32
Total Operating Income	44	44	35
Total Gross Profit	62	63	51
Total Revenue	62	63	51
Operating Revenue	62	63	51
Total Cost of Revenue	0.00	0.00	0.00
Total Operating Expenses	18	19	17
Selling, General & Admin Expense	7.20	7.41	5.68
Other Operating Expenses / (Income)	7.48	9.72	10
Other Special Charges / (Income)	3.06	1.48	0.44
Total Other Income / (Expense), net	-7.32	-5.57	-2.61
Interest Expense	7.08	5.75	2.61
Other Income / (Expense), net	-0.24	0.18	0.00
Income Tax Expense	0.00	0.00	0.00
Basic Earnings per Share	$1.92	$2.14	$1.83
Weighted Average Basic Shares Outstanding	19.28M	18.09M	17.65M
Diluted Earnings per Share	$1.88	$2.11	$1.82
Weighted Average Diluted Shares Outstanding	19.71M	18.34M	17.75M
Weighted Average Basic & Diluted Shares Outstanding	20.89M	18.20M	18.08M
Cash Dividends to Common per Share	$2.06	$2.17	$2.10

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

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

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

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

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

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

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

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

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

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

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

According to the most recent income statement we have on file, Chicago Atlantic Real Estate Finance's financial year ends in December. Their financial 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 Chicago Atlantic Real Estate Finance's forecast for analyst expectations on what’s next for the company.

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 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%.

Related Companies

This page (NASDAQ:REFI) was last updated on 5/22/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Chicago Atlantic Real Estate Finance (REFI) Financials

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

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Chicago Atlantic Real Estate Finance (REFI) Financials

Annual Income Statements for Chicago Atlantic Real Estate Finance

Quarterly Income Statements for Chicago Atlantic Real Estate Finance

Annual Cash Flow Statements for Chicago Atlantic Real Estate Finance

Quarterly Cash Flow Statements for Chicago Atlantic Real Estate Finance

Annual Balance Sheets for Chicago Atlantic Real Estate Finance

Quarterly Balance Sheets for Chicago Atlantic Real Estate Finance

Annual Metrics And Ratios for Chicago Atlantic Real Estate Finance

Quarterly Metrics And Ratios for Chicago Atlantic Real Estate Finance

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

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools