Chicago Atlantic Real Estate Finance (REFI) Financials

$10.73 -0.09 (-0.83%)

Closing price 07/13/2026 04:00 PM Eastern

Extended Trading

$10.74 +0.01 (+0.09%)

As of 07/13/2026 07:13 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	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	32	39	37	36
Consolidated Net Income / (Loss)	32	39	37	36
Net Income / (Loss) Continuing Operations	32	39	37	36
Total Pre-Tax Income	32	39	37	36
Total Operating Income	35	44	-18	-20
Total Gross Profit	51	63	0.00	0.00
Total Revenue	51	63	0.00	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00
Total Operating Expenses	17	19	18	20
Selling, General & Admin Expense	5.68	7.41	7.20	7.24
Other Operating Expenses / (Income)	10	9.72	7.48	8.93
Other Special Charges / (Income)	0.44	1.48	3.06	3.37
Total Other Income / (Expense), net	-2.61	-5.57	55	56
Interest Expense	2.61	5.75	7.15	7.55
Interest & Investment Income	-	-	62	63
Other Income / (Expense), net	0.00	0.18	-0.17	0.17
Income Tax Expense	0.00	0.00	0.00	0.00
Basic Earnings per Share	$1.83	$2.14	$1.92	$1.71
Weighted Average Basic Shares Outstanding	17.65M	18.09M	19.28M	21.00M
Diluted Earnings per Share	$1.82	$2.11	$1.88	$1.68
Weighted Average Diluted Shares Outstanding	17.75M	18.34M	19.71M	21.43M
Weighted Average Basic & Diluted Shares Outstanding	18.08M	18.20M	20.89M	21.08M
Cash Dividends to Common per Share	$2.10	$2.17	$2.06	$1.88

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	9.98	9.40	8.73	9.18	11	7.92	10	8.88	8.93	8.16	4.84
Consolidated Net Income / (Loss)	9.98	9.40	8.73	9.18	11	7.92	10	8.88	8.93	8.16	4.84
Net Income / (Loss) Continuing Operations	9.98	9.40	8.73	9.18	11	7.92	10	8.88	8.93	8.16	4.84
Total Pre-Tax Income	9.98	9.40	8.73	9.18	11	7.92	10	8.88	8.93	8.16	4.84
Total Operating Income	11	11	11	-4.00	13	9.50	12	11	11	-53	7.09
Total Gross Profit	15	17	15	0.00	16	15	15	17	15	-47	15
Total Revenue	15	17	15	0.00	16	15	15	17	15	-47	15
Operating Revenue	15	17	15	-	16	15	15	17	15	-	15
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	3.84	5.54	4.51	4.00	3.25	5.98	3.00	5.71	4.75	6.08	8.08
Selling, General & Admin Expense	1.74	2.01	1.84	1.66	1.72	1.97	1.69	1.75	1.83	1.97	1.66
Other Operating Expenses / (Income)	1.56	2.99	2.14	1.50	0.68	3.16	0.66	3.08	1.99	3.20	5.56
Other Special Charges / (Income)	0.54	0.54	0.53	0.84	0.85	0.85	0.65	0.88	0.93	0.91	0.87
Total Other Income / (Expense), net	-1.36	-1.60	-2.11	13	-1.80	-1.58	-2.07	-1.91	-1.57	61	-2.25
Interest Expense	1.45	1.69	2.10	1.84	1.80	1.41	2.07	2.08	1.57	1.84	2.04
Other Income / (Expense), net	0.09	0.09	-0.00	0.00	0.00	-0.17	0.00	-	0.00	-	-0.21
Income Tax Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Basic Earnings per Share	$0.55	$0.51	$0.48	$0.47	$0.57	$0.40	$0.48	$0.42	$0.42	$0.39	$0.23
Weighted Average Basic Shares Outstanding	18.18M	18.09M	18.27M	19.38M	19.63M	19.28M	20.86M	21.00M	21.07M	21.00M	21.08M
Diluted Earnings per Share	$0.54	$0.50	$0.47	$0.46	$0.56	$0.39	$0.47	$0.41	$0.42	$0.38	$0.23
Weighted Average Diluted Shares Outstanding	18.56M	18.34M	18.64M	19.89M	20.06M	19.71M	21.26M	21.49M	21.49M	21.43M	21.48M
Weighted Average Basic & Diluted Shares Outstanding	18.18M	18.20M	19.10M	19.62M	19.63M	20.89M	20.97M	21.07M	21.08M	21.08M	21.21M
Cash Dividends to Common per Share	$0.47	-	$0.47	$0.47	$0.47	-	$0.47	$0.47	$0.47	-	$0.47

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	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-75	2.18	19	-11
Net Cash From Operating Activities	17	28	23	29
Net Cash From Continuing Operating Activities	17	28	23	29
Net Income / (Loss) Continuing Operations	32	39	37	36
Consolidated Net Income / (Loss)	32	39	37	36
Amortization Expense	-2.31	-2.43	-1.44	-1.78
Non-Cash Adjustments To Reconcile Net Income	-16	-8.67	-9.64	-4.88
Changes in Operating Assets and Liabilities, net	3.44	0.81	-2.81	-0.56
Net Cash From Investing Activities	-125	-1.93	-39	8.74
Net Cash From Continuing Investing Activities	-125	-1.93	-39	8.74
Sale and/or Maturity of Investments	18	77	121	79
Other Investing Activities, net	-150	-79	-161	-70
Net Cash From Financing Activities	34	-24	35	-49
Net Cash From Continuing Financing Activities	34	-24	35	-49
Repayment of Debt	-0.50	-74	-171	-148
Repurchase of Common Equity	-0.12	-0.28	-1.22	-0.16
Payment of Dividends	-28	-39	-42	-44
Issuance of Debt	58	82	209	142
Issuance of Common Equity	4.51	7.22	40	1.03
Cash Interest Paid	1.66	5.03	6.21	6.94

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-9.32	-0.80	-0.99	0.17	-0.31	20	-17	26	-6.64	-14	13
Net Cash From Operating Activities	1.00	16	6.92	6.21	8.20	1.83	7.63	6.46	8.19	6.52	3.16
Net Cash From Continuing Operating Activities	1.00	16	6.92	6.21	8.20	1.83	7.63	6.46	8.19	6.52	3.16
Net Income / (Loss) Continuing Operations	9.98	9.40	8.73	9.18	11	7.92	10	8.88	8.93	8.16	4.84
Consolidated Net Income / (Loss)	9.98	9.40	8.73	9.18	11	7.92	10	8.88	8.93	8.16	4.84
Amortization Expense	-0.41	-0.85	-0.39	-0.28	-0.38	-0.39	-0.26	-0.37	-0.76	-0.39	-0.65
Non-Cash Adjustments To Reconcile Net Income	-3.93	0.37	0.19	-2.26	-1.94	-5.63	-2.79	0.04	0.02	-2.15	3.63
Changes in Operating Assets and Liabilities, net	-4.63	6.58	-1.62	-0.43	-0.68	-0.08	0.63	-2.08	-0.01	0.90	-4.65
Net Cash From Investing Activities	-22	-11	-19	-2.86	24	-41	5.51	-3.56	14	-7.28	1.73
Net Cash From Continuing Investing Activities	-22	-11	-19	-2.86	24	-41	5.51	-3.56	14	-7.28	1.73
Sale and/or Maturity of Investments	49	14	3.66	18	56	25	9.17	3.11	57	9.70	52
Other Investing Activities, net	-71	-25	-22	-21	-32	-67	-3.66	-6.66	-43	-17	-50
Net Cash From Financing Activities	11	-5.57	11	-3.19	-32	59	-30	23	-29	-13	8.01
Net Cash From Continuing Financing Activities	11	-5.57	11	-3.19	-32	59	-30	23	-29	-13	8.01
Repayment of Debt	-10	-15	-13	-21	-52	-85	-33	-7.70	-68	-39	-38
Repurchase of Common Equity	-	-	-0.34	-0.33	-0.09	-0.46	-0.08	0.00	-0.07	-0.01	-0.03
Payment of Dividends	-8.56	-8.57	-14	-9.24	-9.26	-9.27	-14	-10	-9.91	-9.91	-9.91
Issuance of Debt	30	18	28	16	30	136	16	41	49	36	56
Issuance of Common Equity	-	-	9.81	11	0.04	19	1.03	-	-	-	0.00
Cash Interest Paid	1.09	1.50	1.79	1.86	1.69	0.87	1.74	3.04	1.67	0.49	3.00

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	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	278	343	359	435	425
Total Current Assets	81	6.73	8.71	30	17
Cash & Equivalents	80	5.72	7.90	26	15
Accounts Receivable	0.87	1.02	0.71	0.46	0.87
Other Current Assets	-	0.00	0.11	3.37	1.19
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	197	337	350	400	408
Noncurrent Note & Lease Receivables	-	335	349	398	404
Other Noncurrent Operating Assets	0.20	1.20	1.00	1.45	4.01
Total Liabilities & Shareholders' Equity	278	343	359	435	425
Total Liabilities	14	79	87	126	117
Total Current Liabilities	11	75	82	71	62
Short-Term Debt	0.00	58	66	55	49
Accounts Payable	0.21	1.06	1.14	1.14	0.83
Accrued Expenses	6.64	1.87	1.07	1.15	1.35
Dividends Payable	4.54	14	14	14	11
Total Noncurrent Liabilities	2.71	3.30	5.30	55	55
Long-Term Debt	-	-	0.00	49	49
Other Noncurrent Operating Liabilities	2.71	3.30	5.30	6.20	5.33
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	264	264	272	309	308
Total Preferred & Common Equity	264	264	272	309	308
Total Common Equity	264	264	272	309	308
Common Stock	264	269	278	319	323
Retained Earnings	-0.18	-5.14	-5.81	-10	-16

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	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	340	323	331	352	384	386	366	415	455	427	436
Total Current Assets	8.68	2.26	15	15	12	8.54	359	408	446	423	30
Cash & Equivalents	9.33	4.64	18	8.70	6.90	7.07	6.76	9.88	36	29	28
Accounts Receivable	0.84	1.67	1.01	0.95	5.14	0.63	0.61	0.53	0.42	0.58	2.56
Other Current Assets	-	-4.05	-	5.51	0.19	0.84	1.47	1.23	0.88	0.03	0.07
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	351	396	410	393	0.00
Total Noncurrent Assets	332	633	316	3.47	371	378	361	406	423	403	405
Noncurrent Note & Lease Receivables	-	-	-	-	370	377	-	-	-	-	401
Other Noncurrent Operating Assets	0.73	321	1.23	3.47	0.93	1.17	6.48	6.85	8.80	4.49	4.91
Total Liabilities & Shareholders' Equity	340	323	331	352	384	386	366	415	455	427	436
Total Liabilities	70	51	57	77	98	94	70	104	145	117	133
Total Current Liabilities	68	51	55	75	94	90	67	51	83	63	80
Short-Term Debt	53	38	43	63	81	77	54	38	71	52	67
Accounts Payable	0.72	0.96	1.42	1.19	1.34	1.54	1.36	2.54	1.36	1.06	1.24
Accrued Expenses	5.63	-	0.34	-	2.52	2.49	-	-	-	-	0.31
Dividends Payable	8.44	8.67	8.71	8.57	9.01	9.26	9.27	9.82	9.91	9.91	11
Total Noncurrent Liabilities	2.55	0.00	1.80	1.67	3.57	3.73	3.24	53	62	54	53
Long-Term Debt	-	-	-	-	-	-	-	49	49	49	49
Other Noncurrent Operating Liabilities	2.55	-	1.80	1.67	3.57	3.73	3.24	3.82	13	4.51	3.18
Commitments & Contingencies	0.00	0.00	0.00	0.00	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	311	310	310	303
Total Preferred & Common Equity	270	272	274	276	286	293	295	311	310	310	303
Total Common Equity	270	272	274	276	286	293	295	311	310	310	303
Common Stock	269	275	277	277	292	299	300	321	322	322	324
Retained Earnings	1.09	-2.98	-2.90	-1.34	-6.09	-6.39	-4.45	-9.92	-12	-13	-21

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

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	21,075,298.00
DEI Adjusted Shares Outstanding	-	-	-	21,075,298.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	1.71
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	22.20%	-1.27%	0.00%
EBITDA Growth	0.00%	28.95%	1.56%	-9.38%
EBIT Growth	0.00%	27.38%	-0.76%	-8.23%
NOPAT Growth	0.00%	26.86%	0.19%	-10.19%
Net Income Growth	0.00%	19.87%	-4.30%	-2.79%
EPS Growth	0.00%	15.93%	-10.90%	-10.64%
Operating Cash Flow Growth	0.00%	67.11%	-18.50%	24.32%
Free Cash Flow Firm Growth	0.00%	0.00%	-123.22%	61.14%
Invested Capital Growth	0.00%	3.52%	15.15%	1.91%
Revenue Q/Q Growth	0.00%	-35.71%	-1.66%	-100.00%
EBITDA Q/Q Growth	0.00%	-41.92%	-2.95%	-137.70%
EBIT Q/Q Growth	0.00%	-40.32%	-3.83%	-133.46%
NOPAT Q/Q Growth	0.00%	-40.56%	-3.27%	-133.75%
Net Income Q/Q Growth	0.00%	5.86%	-3.84%	0.66%
EPS Q/Q Growth	0.00%	4.46%	-5.53%	-0.59%
Operating Cash Flow Q/Q Growth	0.00%	62.01%	-37.13%	19.47%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	97.47%	-230.31%
Invested Capital Q/Q Growth	0.00%	6,170.82%	12.69%	3.83%
Profitability Metrics	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	0.00%
EBITDA Margin	63.33%	66.82%	68.73%	0.00%
Operating Margin	67.82%	70.40%	71.44%	0.00%
EBIT Margin	67.82%	70.69%	71.05%	0.00%
Profit (Net Income) Margin	62.74%	61.54%	59.65%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	92.51%	87.06%	83.95%	-185.81%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	10.54%	13.13%	12.03%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	6.65%	5.08%	2.70%	0.00%
Return on Net Nonoperating Assets (RNNOA)	1.70%	1.31%	0.73%	0.00%
Return on Equity (ROE)	12.23%	14.45%	12.76%	11.68%
Cash Return on Invested Capital (CROIC)	0.00%	9.68%	-2.05%	-6.79%
Operating Return on Assets (OROA)	11.23%	12.66%	11.11%	0.00%
Return on Assets (ROA)	10.39%	11.02%	9.33%	0.00%
Return on Common Equity (ROCE)	12.23%	14.45%	12.76%	11.68%
Return on Equity Simple (ROE_SIMPLE)	12.23%	14.24%	11.99%	0.00%
Net Operating Profit after Tax (NOPAT)	35	44	44	-20
NOPAT Margin	67.82%	70.40%	71.44%	0.00%
Net Nonoperating Expense Percent (NNEP)	3.88%	8.05%	9.32%	-61.52%
Return On Investment Capital (ROIC_SIMPLE)	-	13.11%	10.74%	-4.81%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	11.04%	11.79%	11.59%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.18%	29.60%	28.56%	0.00%
Earnings before Interest and Taxes (EBIT)	35	44	44	-19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	33	42	43	-21
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.82	0.95	0.98	0.81
Price to Tangible Book Value (P/TBV)	0.82	0.95	0.98	0.81
Price to Revenue (P/Rev)	4.23	4.10	4.88	0.00
Price to Earnings (P/E)	6.74	6.67	8.17	6.89
Dividend Yield	14.69%	13.25%	13.36%	15.98%
Earnings Yield	14.84%	15.00%	12.24%	14.52%
Enterprise Value to Invested Capital (EV/IC)	0.81	0.92	0.96	0.82
Enterprise Value to Revenue (EV/Rev)	5.24	5.03	6.13	0.00
Enterprise Value to EBITDA (EV/EBITDA)	8.28	7.52	8.91	0.00
Enterprise Value to EBIT (EV/EBIT)	7.73	7.11	8.62	0.00
Enterprise Value to NOPAT (EV/NOPAT)	7.73	7.14	8.58	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.87	11.13	16.43	11.51
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	9.69	0.00	0.00
Leverage & Solvency	-	-	-	-
Debt to Equity	0.22	0.24	0.34	0.32
Long-Term Debt to Equity	0.00	0.00	0.16	0.16
Financial Leverage	0.25	0.26	0.27	0.29
Leverage Ratio	1.18	1.31	1.37	1.39
Compound Leverage Factor	1.09	1.14	1.15	-2.59
Debt to Total Capital	18.01%	19.54%	25.20%	24.23%
Short-Term Debt to Total Capital	18.01%	19.54%	13.32%	12.09%
Long-Term Debt to Total Capital	0.00%	0.00%	11.89%	12.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	81.99%	80.46%	74.80%	75.77%
Debt to EBITDA	1.78	1.57	2.44	-4.65
Net Debt to EBITDA	1.60	1.38	1.82	-3.95
Long-Term Debt to EBITDA	0.00	0.00	1.15	-2.33
Debt to NOPAT	1.66	1.49	2.35	-5.04
Net Debt to NOPAT	1.50	1.31	1.75	-4.27
Long-Term Debt to NOPAT	0.00	0.00	1.11	-2.52
Altman Z-Score	1.87	2.09	1.77	0.94
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-
Current Ratio	0.09	0.11	0.42	0.27
Quick Ratio	0.09	0.10	0.37	0.25
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	33	-7.58	-27
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	5.67	-1.07	-3.59
Operating Cash Flow to Interest Expense	6.51	4.94	3.27	3.82
Operating Cash Flow Less CapEx to Interest Expense	9.07	4.94	3.27	3.82
Efficiency Ratios	-	-	-	-
Asset Turnover	0.17	0.18	0.16	0.00
Accounts Receivable Turnover	54.40	72.96	106.60	0.00
Inventory Turnover	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	6.71	5.00	3.42	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	6.71	5.00	3.42	0.00
Capital & Investment Metrics	-	-	-	-
Invested Capital	331	343	395	402
Invested Capital Turnover	0.16	0.19	0.17	0.00
Increase / (Decrease) in Invested Capital	0.00	12	52	7.53
Enterprise Value (EV)	270	316	380	331
Market Capitalization	218	258	303	248
Book Value per Share	$14.95	$14.95	$15.74	$14.61
Tangible Book Value per Share	$14.95	$14.95	$15.74	$14.61
Total Capital	322	338	413	406
Total Debt	58	66	104	98
Total Long-Term Debt	0.00	0.00	49	49
Net Debt	52	58	78	83
Capital Expenditures (CapEx)	-6.70	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-16	-15	-13	-11
Debt-free Net Working Capital (DFNWC)	-9.81	-7.37	13	3.67
Net Working Capital (NWC)	-68	-73	-42	-45
Net Nonoperating Expense (NNE)	2.61	5.57	7.32	-56
Net Nonoperating Obligations (NNO)	67	71	86	95
Total Depreciation and Amortization (D&A)	-2.31	-2.43	-1.44	-1.78
Debt-free, Cash-free Net Working Capital to Revenue	-30.17%	-24.27%	-21.51%	0.00%
Debt-free Net Working Capital to Revenue	-19.06%	-11.71%	21.00%	0.00%
Net Working Capital to Revenue	-131.74%	-116.64%	-67.56%	0.00%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$1.83	$2.14	$1.92	$1.71
Adjusted Weighted Average Basic Shares Outstanding	17.65M	18.09M	19.28M	21.00M
Adjusted Diluted Earnings per Share	$1.82	$2.11	$1.88	$1.68
Adjusted Weighted Average Diluted Shares Outstanding	17.75M	18.34M	19.71M	21.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	18.08M	18.20M	20.89M	21.08M
Normalized Net Operating Profit after Tax (NOPAT)	25	32	33	-11
Normalized NOPAT Margin	48.06%	50.93%	53.46%	0.00%
Pre Tax Income Margin	62.74%	61.54%	59.65%	0.00%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	13.35	7.73	6.23	-2.57
NOPAT to Interest Expense	13.35	7.70	6.27	-2.59
EBIT Less CapEx to Interest Expense	15.91	7.73	6.23	-2.57
NOPAT Less CapEx to Interest Expense	15.91	7.70	6.27	-2.59
Payout Ratios	-	-	-	-
Dividend Payout Ratio	87.25%	101.10%	112.38%	121.75%
Augmented Payout Ratio	87.63%	101.83%	115.68%	122.20%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	20,893,785.00	20,967,457.00	21,074,625.00	21,075,298.00	21,080,272.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	20,893,785.00	20,967,457.00	21,074,625.00	21,075,298.00	21,080,272.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.48	0.42	0.42	0.39	0.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-67.89%	-7.16%	2.48%	7.08%	-6.36%	-1.54%	0.00%	-6.20%	-48.28%	0.38%
EBITDA Growth	612.62%	-74.82%	-10.32%	16.72%	14.61%	-12.69%	13.40%	343.60%	-22.87%	-39.82%	-47.44%
EBIT Growth	856.46%	-73.10%	-12.58%	14.37%	13.87%	-15.85%	11.75%	369.77%	-19.30%	-40.24%	-43.16%
NOPAT Growth	850.80%	-73.33%	-11.97%	14.37%	14.73%	-13.62%	11.71%	369.77%	-19.30%	-40.85%	-41.46%
Net Income Growth	2.13%	29.52%	-18.35%	6.26%	12.37%	-15.73%	15.02%	-3.34%	-20.31%	3.00%	-51.80%
EPS Growth	-1.82%	21.95%	-21.67%	-2.13%	3.70%	-22.00%	0.00%	-10.87%	-25.00%	-2.56%	-51.06%
Operating Cash Flow Growth	-80.01%	235.05%	306.44%	-39.17%	720.33%	-88.21%	10.22%	4.06%	-0.22%	256.70%	-58.51%
Free Cash Flow Firm Growth	-140.34%	0.00%	85.61%	-4,084.04%	-11,161.52%	-6,398.62%	69.22%	95.27%	91.98%	32.45%	91.84%
Invested Capital Growth	162.02%	3.52%	17.66%	4,724.28%	6,307.65%	15.15%	7.00%	7.79%	10.60%	1.91%	2.08%
Revenue Q/Q Growth	3.58%	8.87%	-51.62%	-2.09%	8.23%	-4.79%	147.80%	9.23%	-7.58%	-407.26%	132.36%
EBITDA Q/Q Growth	19.67%	-7.06%	-56.35%	3.57%	17.51%	-29.20%	131.06%	-12.05%	-6.53%	-647.60%	111.68%
EBIT Q/Q Growth	18.55%	-2.96%	-56.28%	2.43%	18.03%	-28.29%	132.07%	-10.88%	-2.68%	-604.20%	113.00%
NOPAT Q/Q Growth	17.66%	-3.06%	-55.98%	1.71%	18.03%	-27.02%	132.21%	-10.88%	-2.68%	-604.20%	113.39%
Net Income Q/Q Growth	15.43%	-5.81%	-7.10%	5.20%	22.08%	-29.36%	26.79%	-11.59%	0.64%	-8.70%	-40.66%
EPS Q/Q Growth	14.89%	-7.41%	-6.00%	-2.13%	21.74%	-30.36%	20.51%	-12.77%	2.44%	-9.52%	-39.47%
Operating Cash Flow Q/Q Growth	-90.21%	1,450.43%	-55.38%	-10.22%	32.07%	-77.72%	317.23%	-15.24%	26.64%	-20.36%	-51.47%
Free Cash Flow Firm Q/Q Growth	-131.86%	77.84%	-443.91%	-726.51%	9.95%	87.21%	84.67%	-32.26%	-46.67%	-127.06%	98.15%
Invested Capital Q/Q Growth	168.05%	6,170.82%	7.68%	0.64%	-5.70%	12.69%	0.06%	1.38%	-3.25%	3.83%	0.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%	100.00%
EBITDA Margin	72.56%	61.94%	67.62%	71.53%	77.66%	57.75%	78.42%	63.14%	63.86%	0.00%	41.06%
Operating Margin	74.69%	66.50%	70.63%	73.38%	80.02%	61.34%	80.14%	65.38%	68.85%	0.00%	46.73%
EBIT Margin	75.25%	67.08%	70.14%	73.38%	80.02%	60.28%	80.14%	65.38%	68.85%	0.00%	45.37%
Profit (Net Income) Margin	65.71%	56.85%	56.90%	61.14%	68.96%	51.16%	66.47%	53.80%	58.58%	0.00%	31.92%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	87.32%	84.75%	81.12%	83.32%	86.17%	84.88%	82.94%	82.28%	85.09%	-15.41%	70.34%
Effective Tax Rate	0.00%	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%	12.41%	12.76%	25.05%	28.40%	10.33%	0.00%	13.27%	14.43%	0.00%	0.01%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	10.10%	9.39%	26.87%	30.07%	8.32%	0.00%	11.01%	12.07%	0.00%	-2.43%
Return on Net Nonoperating Assets (RNNOA)	0.00%	2.61%	2.11%	-9.62%	-11.33%	2.25%	0.00%	3.10%	2.65%	0.00%	-0.73%
Return on Equity (ROE)	13.40%	15.02%	14.87%	15.44%	17.06%	12.58%	12.86%	16.37%	17.08%	11.68%	-0.72%
Cash Return on Invested Capital (CROIC)	0.00%	9.68%	-3.70%	-90.27%	-168.08%	-2.05%	-11.07%	8.15%	5.63%	-6.79%	-8.21%
Operating Return on Assets (OROA)	21.26%	12.01%	12.25%	12.71%	14.07%	9.43%	0.00%	12.18%	13.43%	0.00%	0.01%
Return on Assets (ROA)	18.56%	10.18%	9.94%	10.59%	12.13%	8.00%	0.00%	10.02%	11.43%	0.00%	0.00%
Return on Common Equity (ROCE)	13.39%	15.02%	14.87%	15.44%	17.06%	12.58%	12.86%	16.37%	17.08%	11.68%	-0.72%
Return on Equity Simple (ROE_SIMPLE)	13.26%	0.00%	12.85%	12.74%	13.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	11	11	11	11	13	9.50	12	11	11	-53	7.09
NOPAT Margin	74.69%	66.50%	70.63%	73.38%	80.02%	61.34%	80.14%	65.38%	68.85%	0.00%	46.73%
Net Nonoperating Expense Percent (NNEP)	-0.50%	2.31%	3.37%	-1.81%	-1.67%	2.01%	2.46%	2.26%	2.36%	-67.66%	2.44%
Return On Investment Capital (ROIC_SIMPLE)	-	3.25%	-	-	-	2.30%	3.04%	2.51%	2.55%	-13.03%	1.69%
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%	0.00%
SG&A Expenses to Revenue	11.48%	12.16%	11.99%	11.07%	10.60%	12.75%	11.18%	10.61%	12.00%	0.00%	10.91%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.31%	33.50%	29.37%	26.62%	19.98%	38.66%	19.86%	34.62%	31.15%	0.00%	53.27%
Earnings before Interest and Taxes (EBIT)	11	11	11	11	13	9.33	12	11	11	-53	6.88
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11	10	10	11	13	8.94	12	10	9.74	-53	6.23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.85	0.95	0.97	1.00	1.03	0.98	0.85	0.94	0.87	0.81	0.79
Price to Tangible Book Value (P/TBV)	0.85	0.95	0.97	1.00	1.03	0.98	0.85	0.94	0.87	0.81	0.79
Price to Revenue (P/Rev)	2.39	4.10	4.51	4.73	4.82	4.88	0.00	3.73	3.48	0.00	4,159.25
Price to Earnings (P/E)	6.91	6.67	7.57	7.87	7.90	8.17	6.90	7.69	7.53	6.89	7.75
Dividend Yield	14.60%	13.25%	12.29%	12.24%	12.12%	13.36%	16.25%	14.76%	16.11%	15.98%	16.61%
Earnings Yield	14.48%	15.00%	13.20%	12.71%	12.66%	12.24%	14.48%	13.00%	13.27%	14.52%	12.91%
Enterprise Value to Invested Capital (EV/IC)	52.71	0.92	0.95	0.98	0.00	0.96	0.00	0.00	0.00	0.82	0.81
Enterprise Value to Revenue (EV/Rev)	2.95	5.03	5.71	5.85	0.00	6.13	0.00	0.00	0.00	0.00	5,703.31
Enterprise Value to EBITDA (EV/EBITDA)	3.98	7.52	8.64	8.57	0.00	8.91	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	3.87	7.11	8.22	8.20	0.00	8.62	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	3.87	7.14	8.24	8.22	0.00	8.58	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	16.44	11.13	10.49	12.25	0.00	16.43	0.00	0.00	0.00	11.51	13.45
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	9.69	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.23	0.24	0.28	0.26	0.18	0.34	0.28	0.39	0.33	0.32	0.38
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.16	0.16	0.16	0.16	0.16	0.16
Financial Leverage	-1.01	0.26	0.22	-0.36	-0.38	0.27	0.28	0.28	0.22	0.29	0.30
Leverage Ratio	1.27	1.31	1.27	1.27	1.26	1.37	1.34	1.40	1.31	1.39	1.38
Compound Leverage Factor	1.11	1.11	1.03	1.05	1.08	1.16	1.11	1.15	1.11	-0.21	0.97
Debt to Total Capital	18.60%	19.54%	22.13%	20.77%	15.45%	25.20%	21.90%	27.97%	24.70%	24.23%	27.73%
Short-Term Debt to Total Capital	18.60%	19.54%	22.13%	20.77%	15.45%	13.32%	9.55%	16.54%	12.73%	12.09%	15.97%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	11.89%	12.35%	11.43%	11.97%	12.14%	11.76%
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%	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%	0.00%
Common Equity to Total Capital	81.40%	80.46%	77.87%	79.23%	84.55%	74.80%	78.10%	72.03%	75.30%	75.77%	72.27%
Debt to EBITDA	0.87	1.57	1.99	1.81	1.23	2.44	-4.86	2.04	1.81	-4.65	-4.35
Net Debt to EBITDA	0.75	1.38	1.82	1.64	-6.99	1.82	40.21	-5.58	-5.80	-3.95	-3.31
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	1.15	-2.74	0.83	0.88	-2.33	-1.84
Debt to NOPAT	0.85	1.49	1.90	1.74	1.18	2.35	-5.29	1.99	1.76	-5.04	-4.74
Net Debt to NOPAT	0.73	1.31	1.74	1.58	-6.70	1.75	43.82	-5.45	-5.62	-4.27	-3.61
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	1.11	-2.99	0.81	0.85	-2.52	-2.01
Altman Z-Score	2.01	1.78	1.68	1.86	3.82	1.50	2.62	2.38	2.61	0.68	0.93
Noncontrolling Interest Sharing Ratio	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.20	0.11	0.13	0.09	5.35	0.42	8.01	5.40	6.67	0.27	0.38
Quick Ratio	0.13	0.10	0.13	0.09	0.11	0.37	8.05	0.44	0.47	0.25	0.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2.95	-0.65	-45	-369	-332	-42	-14	-18	-27	-60	-1.12
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%	0.00%
Free Cash Flow to Firm to Interest Expense	-2.03	-0.39	-21.96	-200.48	-184.50	-30.09	-6.65	-8.74	-17.01	-32.91	-0.55
Operating Cash Flow to Interest Expense	0.69	9.17	3.41	3.38	4.56	1.30	3.69	3.11	5.23	3.55	1.55
Operating Cash Flow Less CapEx to Interest Expense	0.69	9.17	3.41	3.38	4.56	1.30	3.69	3.11	5.23	3.55	1.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.18	0.17	0.17	0.18	0.16	0.00	0.19	0.20	0.00	0.00
Accounts Receivable Turnover	109.29	72.96	18.12	75.73	80.92	106.60	0.00	149.02	129.31	0.00	0.04
Inventory Turnover	0.00	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	0.21	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	0.00
Days Sales Outstanding (DSO)	3.34	5.00	20.14	4.82	4.51	3.42	0.00	2.45	2.82	0.00	9,822.67
Days Inventory Outstanding (DIO)	0.00	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	0.00
Cash Conversion Cycle (CCC)	3.34	5.00	20.14	4.82	4.51	3.42	0.00	2.45	2.82	0.00	9,822.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5.47	343	369	372	350	395	395	401	388	402	403
Invested Capital Turnover	-58.42	0.19	0.18	0.34	0.35	0.17	0.00	0.20	0.21	0.00	0.00
Increase / (Decrease) in Invested Capital	14	12	55	380	345	52	26	29	37	7.53	8.21
Enterprise Value (EV)	288	316	353	363	-3.06	380	-457	-36	-56	331	327
Market Capitalization	234	258	278	293	304	303	265	293	270	248	239
Book Value per Share	$15.17	$14.95	$15.71	$15.33	$15.06	$15.74	$14.87	$14.79	$14.71	$14.61	$14.39
Tangible Book Value per Share	$15.17	$14.95	$15.71	$15.33	$15.06	$15.74	$14.87	$14.79	$14.71	$14.61	$14.39
Total Capital	339	338	367	369	349	413	398	430	412	406	420
Total Debt	63	66	81	77	54	104	87	120	102	98	116
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	49	49	49	49	49	49
Net Debt	54	58	74	70	-307	78	-722	-329	-325	83	89
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.40	-15	-7.53	-12	339	-13	-14	399	383	-11	-10
Debt-free Net Working Capital (DFNWC)	3.30	-7.37	-0.63	-4.75	346	13	395	435	412	3.67	18
Net Working Capital (NWC)	-60	-73	-82	-82	292	-42	357	364	359	-45	-49
Net Nonoperating Expense (NNE)	1.36	1.60	2.11	1.84	1.80	1.58	2.07	1.91	1.57	-61	2.25
Net Nonoperating Obligations (NNO)	-270	71	83	79	55	86	84	91	78	95	100
Total Depreciation and Amortization (D&A)	-0.41	-0.85	-0.39	-0.28	-0.38	-0.39	-0.26	-0.37	-0.76	-0.39	-0.65
Debt-free, Cash-free Net Working Capital to Revenue	-5.52%	-24.27%	-12.21%	-19.04%	537.51%	-21.51%	0.00%	509.57%	494.67%	0.00%	-17,901.79%
Debt-free Net Working Capital to Revenue	3.38%	-11.71%	-1.02%	-7.65%	548.21%	21.00%	0.00%	554.95%	532.06%	0.00%	30,650.57%
Net Working Capital to Revenue	-61.01%	-116.64%	-132.67%	-131.29%	462.71%	-67.56%	0.00%	464.10%	464.32%	0.00%	-86,216.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.55	$0.51	$0.48	$0.47	$0.57	$0.40	$0.48	$0.42	$0.42	$0.39	$0.23
Adjusted Weighted Average Basic Shares Outstanding	18.18M	18.09M	18.27M	19.38M	19.63M	19.28M	20.86M	21.00M	21.07M	21.00M	21.08M
Adjusted Diluted Earnings per Share	$0.54	$0.50	$0.47	$0.46	$0.56	$0.39	$0.47	$0.41	$0.42	$0.38	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	18.56M	18.34M	18.64M	19.89M	20.06M	19.71M	21.26M	21.49M	21.49M	21.43M	21.48M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	18.18M	18.20M	19.10M	19.62M	19.63M	20.89M	20.97M	21.07M	21.08M	21.08M	21.21M
Normalized Net Operating Profit after Tax (NOPAT)	8.32	8.07	7.96	8.30	9.70	7.24	8.93	8.17	8.00	-36	5.57
Normalized NOPAT Margin	54.77%	48.83%	51.86%	55.26%	59.66%	46.76%	59.11%	49.51%	52.46%	0.00%	36.71%
Pre Tax Income Margin	65.71%	56.85%	56.90%	61.14%	68.96%	51.16%	66.47%	53.80%	58.58%	0.00%	31.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.88	6.56	5.30	5.99	7.23	6.61	5.86	5.19	6.71	-28.81	3.37
NOPAT to Interest Expense	7.83	6.50	5.33	5.99	7.23	6.73	5.86	5.19	6.71	-28.81	3.47
EBIT Less CapEx to Interest Expense	7.88	6.56	5.30	5.99	7.23	6.61	5.86	5.19	6.71	-28.81	3.37
NOPAT Less CapEx to Interest Expense	7.83	6.50	5.33	5.99	7.23	6.73	5.86	5.19	6.71	-28.81	3.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	106.28%	101.10%	107.53%	107.91%	106.26%	112.38%	107.86%	111.84%	120.78%	121.75%	130.30%
Augmented Payout Ratio	107.33%	101.83%	108.94%	109.69%	108.22%	115.68%	110.37%	113.51%	122.50%	122.20%	130.66%

Financials Breakdown Chart

Key Financial Trends

Chicago Atlantic Real Estate Finance (NASDAQ: REFI) has shown a mixed but generally resilient operating profile over the last four years. The company continues to generate solid quarterly earnings and operating cash flow, but its results are heavily influenced by leverage, investment activity, and dividend commitments. For retail investors, the key takeaway is that REFI remains profitable and cash-generative, but its balance sheet and financing structure require close attention.

Q1 2026 net income was $4.8 million, with EPS of $0.23, showing the company remained profitable despite lower earnings than recent quarters.
Operating cash flow in Q1 2026 was $3.2 million, indicating the business continued to produce cash from core operations.
Cash and equivalents rose to $27.9 million in Q1 2026 from $28.9 million in Q3 2025 and much higher than early 2024 levels, showing improved liquidity versus the prior year.
Total equity increased to $303.4 million in Q1 2026, up from $285.9 million in Q1 2024, reflecting ongoing capital support and retained profitability.
The company consistently produced positive operating income across the periods shown, including $7.1 million in Q1 2026 and $10.5 million in Q3 2025.
REFI’s quarterly net income has generally stayed in the $8 million to $11 million range in 2024 and 2025, indicating a durable earnings base before the softer Q1 2026 result.
The company’s revenue has been relatively stable, with quarterly revenue generally around $15 million to $16.5 million in the periods shown.
REFI appears to rely on a combination of debt issuance, debt repayments, and investment sales to manage liquidity and fund operations.
Dividends are a major recurring cash outflow, with quarterly dividend payments near $9.9 million to $10.4 million in several recent periods.
Weighted average shares outstanding have gradually increased over time, which can modestly pressure per-share results even when absolute earnings are steady.
Interest expense remains meaningful, totaling $2.0 million in Q1 2026 and generally staying elevated across recent quarters, which reduces bottom-line flexibility.
The company carries a leveraged balance sheet, with $67.1 million of short-term debt and $49.4 million of long-term debt in Q1 2026.
Retained earnings remain negative at -$20.8 million in Q1 2026, showing the company has not fully rebuilt cumulative earnings to positive territory.
Investing cash flows have been volatile, often swinging sharply based on investment maturities and other investing activity, which adds uncertainty to cash generation.
Q1 2025 was restated and some historical periods show unusual statement formatting, so investors should be careful when comparing quarter-to-quarter trends too mechanically.

Bottom line: REFI still looks like a profitable, income-producing finance company with decent liquidity, but the investment case depends heavily on stable credit performance, manageable leverage, and the company’s ability to keep funding its dividend without stretching the balance sheet. The recent drop in Q1 2026 earnings versus late 2025 is worth watching, but the company has not shown signs of a near-term cash crunch.

07/14/26 07:10 AM ETAI Generated. May Contain Errors.

Chicago Atlantic Real Estate Finance Financials - Frequently Asked Questions

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 2025 ended on December 31, 2025.

Chicago Atlantic Real Estate Finance's net income appears to be on an upward trend, with a most recent value of $36.01 million in 2025, rising from $32.29 million in 2022. The previous period was $37.05 million in 2024. View Chicago Atlantic Real Estate Finance's forecast to see where analysts expect Chicago Atlantic Real Estate Finance to go next.

Chicago Atlantic Real Estate Finance's total operating income in 2025 was -$19.54 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $19.54 million

Over the last 3 years, Chicago Atlantic Real Estate Finance's total revenue changed from $51.47 million in 2022 to $0.00 in 2025, a change of -100.0%.

Chicago Atlantic Real Estate Finance's total liabilities were at $117.10 million at the end of 2025, a 7.2% decrease from 2024, and a 730.9% increase since 2021.

In the past 4 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 $14.95 million as of their latest financial filing in 2025.

Over the last 3 years, Chicago Atlantic Real Estate Finance's book value per share changed from 14.95 in 2022 to 14.61 in 2025, a change of -2.3%.

Related Companies

Financial statements for NASDAQ:REFI last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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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 Cash Flow Statements for Chicago Atlantic Real Estate Finance

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Quarterly Balance Sheets for Chicago Atlantic Real Estate Finance

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Quarterly Metrics And Ratios for Chicago Atlantic Real Estate Finance

Financials Breakdown Chart

Key Financial Trends

Chicago Atlantic Real Estate Finance Financials - Frequently Asked Questions

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

How has Chicago Atlantic Real Estate Finance's net income changed over the last 3 years?

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

How has Chicago Atlantic Real Estate Finance's revenue changed over the last 3 years?

How much debt does Chicago Atlantic Real Estate Finance have?

How much cash does Chicago Atlantic Real Estate Finance have?

How has Chicago Atlantic Real Estate Finance's book value per share changed over the last 3 years?

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