Chicago Atlantic Real Estate Finance, Inc. Financials
Financial Health Signals
Chicago Atlantic Real Estate Finance, Inc. passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Chicago Atlantic Real Estate Finance, Inc. generates $0.63 in operating cash flow ($23.2M OCF vs $37.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
This page shows Chicago Atlantic Real Estate Finance, Inc. (REFI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Chicago Atlantic Real Estate Finance, Inc. reported $37.0M in net income in fiscal year 2024. This represents a decrease of 4.3% from the prior year.
Chicago Atlantic Real Estate Finance, Inc. earned $1.88 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 10.9% from the prior year.
Chicago Atlantic Real Estate Finance, Inc. held $26.4M in cash against $49.1M in long-term debt as of fiscal year 2024.
Chicago Atlantic Real Estate Finance, Inc. paid $2.06 per share in dividends in fiscal year 2024. This represents a decrease of 5.1% from the prior year.
Chicago Atlantic Real Estate Finance, Inc. had 21M shares outstanding in fiscal year 2024. This represents an increase of 14.5% from the prior year.
Chicago Atlantic Real Estate Finance, Inc.'s ROE was 12.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 2.2 percentage points from the prior year.
REFI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.3M+2.2% | $1.3M+6.3% | $1.2M-4.6% | $1.3M0.0% | $1.3M-9.8% | $1.4M | N/A | $1.3M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $1.4M-26.1% | $1.9M+0.6% | $1.9M+6.3% | $1.8M-2.2% | $1.8M-12.6% | $2.1M | N/A | $1.4M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | N/A | $0 |
| Net Income | $8.9M+0.6% | $8.9M-11.6% | $10.0M-10.4% | $11.2M+22.1% | $9.2M+5.2% | $8.7M | N/A | $10.0M |
| EPS (Diluted) | $0.42+2.4% | $0.41-12.8% | $0.47-16.1% | $0.56+21.7% | $0.46-2.1% | $0.47 | N/A | $0.54 |
REFI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $427.1M-6.2% | $455.2M+9.8% | $414.7M-4.7% | $435.1M+12.6% | $386.5M+0.7% | $383.7M+6.8% | $359.2M+2.0% | $352.3M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $28.9M-18.7% | $35.6M+260.0% | $9.9M-62.6% | $26.4M+273.4% | $7.1M+2.4% | $6.9M-12.6% | $7.9M-9.2% | $8.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $117.2M-19.3% | $145.2M+39.8% | $103.9M-17.7% | $126.2M+34.6% | $93.8M-4.0% | $97.7M+11.8% | $87.4M+14.2% | $76.5M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $49.3M+0.1% | $49.2M+0.1% | $49.2M+0.1% | $49.1M-36.0% | $76.8M | N/A | N/A | N/A |
| Total Equity | $309.9M0.0% | $310.0M-0.2% | $310.8M+0.6% | $309.0M+5.5% | $292.7M+2.4% | $286.0M+5.2% | $271.9M-1.4% | $275.8M |
| Retained Earnings | -$12.5M-8.4% | -$11.5M-16.5% | -$9.9M+2.2% | -$10.1M-58.5% | -$6.4M-5.0% | -$6.1M-4.8% | -$5.8M-332.9% | -$1.3M |
REFI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.2M+26.6% | $6.5M-15.2% | $7.6M+317.2% | $1.8M-70.6% | $6.2M-10.2% | $6.9M-55.4% | $15.5M+1450.4% | $1000K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $14.1M+495.5% | -$3.6M-164.6% | $5.5M+113.3% | -$41.3M-1345.2% | -$2.9M+84.7% | -$18.7M-74.3% | -$10.7M+50.5% | -$21.7M |
| Financing Cash Flow | -$28.9M-226.8% | $22.8M+176.8% | -$29.7M-150.2% | $59.1M+1952.7% | -$3.2M-129.5% | $10.8M+294.1% | -$5.6M-148.9% | $11.4M |
| Dividends Paid | $9.9M-5.0% | $10.4M-23.4% | $13.6M+46.8% | $9.3M+0.3% | $9.2M-33.4% | $13.9M+61.8% | $8.6M+0.1% | $8.6M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
REFI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | 2.9%+0.0pp | 2.9%-0.4pp | 3.2%-0.6pp | 3.8%+0.7pp | 3.1%+0.1pp | 3.0% | N/A | 3.6% |
| Return on Assets | 2.1%+0.1pp | 1.9%-0.5pp | 2.4%-0.6pp | 3.1%+0.7pp | 2.4%+0.1pp | 2.3% | N/A | 2.8% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.160.0 | 0.160.0 | 0.160.0 | 0.16-0.1 | 0.26-0.1 | 0.34+0.0 | 0.32+0.0 | 0.28 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is Chicago Atlantic Real Estate Finance, Inc. profitable?
Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) reported a net income of $37.0M in fiscal year 2024.
What is Chicago Atlantic Real Estate Finance, Inc.'s earnings per share (EPS)?
Chicago Atlantic Real Estate Finance, Inc. (REFI) reported diluted earnings per share of $1.88 for fiscal year 2024. This represents a -10.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
How much debt does Chicago Atlantic Real Estate Finance, Inc. have?
As of fiscal year 2024, Chicago Atlantic Real Estate Finance, Inc. (REFI) had $26.4M in cash and equivalents against $49.1M in long-term debt.
Does Chicago Atlantic Real Estate Finance, Inc. pay dividends?
Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) paid $2.06 per share in dividends during fiscal year 2024.
What is Chicago Atlantic Real Estate Finance, Inc.'s return on equity (ROE)?
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a return on equity of 12.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Chicago Atlantic Real Estate Finance, Inc.'s operating cash flow?
Chicago Atlantic Real Estate Finance, Inc. (REFI) generated $23.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Chicago Atlantic Real Estate Finance, Inc.'s total assets?
Chicago Atlantic Real Estate Finance, Inc. (REFI) had $435.1M in total assets as of fiscal year 2024, including both current and long-term assets.
How many shares does Chicago Atlantic Real Estate Finance, Inc. have outstanding?
Chicago Atlantic Real Estate Finance, Inc. (REFI) had 21M shares outstanding as of fiscal year 2024.
What is Chicago Atlantic Real Estate Finance, Inc.'s debt-to-equity ratio?
Chicago Atlantic Real Estate Finance, Inc. (REFI) had a debt-to-equity ratio of 0.16 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Chicago Atlantic Real Estate Finance, Inc.'s return on assets (ROA)?
Chicago Atlantic Real Estate Finance, Inc. (REFI) had a return on assets of 8.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Chicago Atlantic Real Estate Finance, Inc.'s Piotroski F-Score?
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Chicago Atlantic Real Estate Finance, Inc.'s earnings high quality?
Chicago Atlantic Real Estate Finance, Inc. (REFI) has an earnings quality ratio of 0.63x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.