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REFI

Chicago Atlantic Real Estate Finance, Inc.

REFI

Chicago Atlantic Real Estate Finance, Inc. • NASDAQ
$12.76 ▲ 0.00% (+0.00)
Market Cap $268.92 M
52w High $16.29
52w Low $11.85
Dividend Yield 1.88%
P/E 7.55
Volume 45.48K
Outstanding Shares 21.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $13.685M ▼ $13.685M ▼ $8.935M ▲ 65.286% ▲ $0.42 $0
Q2-2025 $14.59M ▲ $14.59M ▲ $8.877M ▼ 60.846% ▼ $0.42 ▼ $0
Q1-2025 $13.042M ▼ $13.042M ▼ $10.041M ▲ 76.993% ▲ $0.48 ▲ $0
Q4-2024 $13.903M ▼ $13.903M ▼ $7.92M ▼ 56.962% ▼ $0.4 ▼ $0
Q3-2024 $14.459M $14.459M $11.212M 77.539% $0.57 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $28.921M ▼ $427.077M ▼ $117.162M ▼ $309.915M ▼
Q2-2025 $35.562M ▲ $455.214M ▲ $145.186M ▲ $310.028M ▼
Q1-2025 $9.879M ▼ $414.665M ▼ $103.885M ▼ $310.78M ▲
Q4-2024 $26.4M ▲ $435.149M ▲ $126.191M ▲ $308.958M ▲
Q3-2024 $6.76M $365.913M $70.446M $295.467M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.935M ▲ $8.185M ▲ $14.06M ▲ $-28.887M ▼ $-6.642M ▼ $8.185M ▲
Q2-2025 $8.877M ▼ $6.463M ▼ $-3.555M ▼ $22.775M ▲ $25.683M ▲ $6.463M ▼
Q1-2025 $10.041M ▲ $7.625M ▲ $5.507M ▲ $-29.654M ▼ $-16.521M ▼ $7.625M ▲
Q4-2024 $7.92M ▼ $1.828M ▼ $-41.265M ▼ $59.077M ▲ $19.64M ▲ $1.828M ▼
Q3-2024 $11.212M $8.203M $23.541M $-32.054M $-310.45K $8.203M

Five-Year Company Overview

Income Statement

Income Statement REFI shows a short but solid track record of profitability. Revenue has been fairly steady over the past few years, and earnings have generally grown from its first year as a public company, though most recent earnings per share appear slightly below the prior year’s peak. This suggests the core lending business is still healthy and profitable, but growth may be slowing or costs of funding and credit may be putting a bit more pressure on the bottom line. Overall, the income statement reflects a mature, income-focused lender rather than a high-growth story.

Balance Sheet

Balance Sheet The balance sheet shows a business that is steadily expanding its loan portfolio, with total assets and equity rising over time. At the same time, leverage has increased meaningfully in the most recent year, implying heavier use of debt to finance growth. This can amplify returns when loans perform well, but it also raises financial risk if credit quality or collections weaken. Cash on hand is modest, which is typical for a mortgage REIT that aims to stay fully invested, but it does mean the company depends heavily on access to funding markets and loan repayments to stay flexible.

Cash Flow

Cash Flow REFI’s cash flows look reasonably stable for a lender. Operating cash flow has consistently been positive and closely matches free cash flow because capital spending needs are minimal. This pattern is what you would expect from a financial company whose main “investment” is its loan book, not physical assets. The key sensitivity is not equipment spending but the timing and reliability of borrower payments; as long as the loan portfolio performs as intended, the business model should keep generating cash to support dividends and portfolio expansion.

Competitive Edge

Competitive Edge REFI occupies a focused niche as a mortgage REIT lending primarily to cannabis operators, an area where traditional banks are still largely absent. This limited competition, combined with senior secured lending against real estate, gives the company pricing power and some protection through collateral. Its experience with state-by-state regulations and cannabis-specific risks is a differentiator that new entrants would need time to match. However, the company is exposed to concentration in a single, still-maturing industry that remains federally illegal, which adds regulatory and credit uncertainty. If federal rules change and large banks move in, competitive pressure on loan pricing and structures could rise over time.

Innovation and R&D

Innovation and R&D REFI’s “innovation” is not in technology labs but in specialized credit expertise. Its edge comes from a purpose-built cannabis lending platform, a disciplined, credit-first underwriting process, and tailored loan structures for this complex regulatory environment. Features like senior secured positions, real estate collateral, and interest rate floors help manage risk and earnings volatility. The firm’s ability to design large, bespoke facilities for leading cannabis operators underscores its structuring know-how. The main challenge is to keep this intellectual edge as the regulatory landscape evolves and more capital providers study or enter the space.

Summary

REFI is a young, specialized mortgage REIT built around financing cannabis-related real estate. Financially, it has shown consistent profitability, growing assets, and reliable cash generation, but with a notable step-up in leverage that increases sensitivity to credit and funding conditions. Strategically, its niche focus, underwriting discipline, and regulatory expertise create a meaningful, but potentially time-limited, advantage while federal restrictions keep big banks on the sidelines. The opportunity is continued growth alongside the cannabis industry; the key risks are regulatory shifts, borrower health, and higher leverage in a still-volatile sector.

NEWS

October 17, 2025 · 7:00 AM UTC

Directors and Officers of Chicago Atlantic Real Estate Finance Purchase 54,000 Shares of Common Stock on the Open Market

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October 16, 2025 · 7:00 AM UTC

Chicago Atlantic Real Estate Finance Schedules Third Quarter 2025 Earnings Release and Conference Call Date

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September 15, 2025 · 7:00 AM UTC

Chicago Atlantic Real Estate Finance Declares Common Stock Dividend of $0.47 for the Third Quarter of 2025

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