Chicago Atlantic Real Estate Finance, Inc. Financials
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 5 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).
Stable asset-level profitability is paired with a distribution-first capital model that keeps leverage modest but limits retained cash.
From FY2023 to FY2025, return on assets stayed near8.5% while debt-to-equity hovered around 0.2x, so the company is earning on its asset base without leaning hard on borrowings. Yet dividends paid exceeded both net income and operating cash flow in FY2024 and FY2025, which helps explain why retained earnings became more negative even though annual profit remained positive.
Earnings quality looks acceptable but not fully self-funding: FY2025 operating cash flow was
Balance-sheet risk looks restrained, with long-term debt of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Chicago Atlantic Real Estate Finance, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Chicago Atlantic Real Estate Finance, Inc. carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
Chicago Atlantic Real Estate Finance, Inc.'s ROE of 11.7% shows moderate profitability relative to equity, earning a score of 38/100. This is down from 12.0% the prior year.
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 $0.80 in operating cash flow ($28.8M OCF vs $36.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Chicago Atlantic Real Estate Finance, Inc. reported $36.0M in net income in fiscal year 2025. This represents a decrease of 2.8% from the prior year.
Chicago Atlantic Real Estate Finance, Inc. earned $1.68 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 10.6% from the prior year.
Cash & Balance Sheet
Chicago Atlantic Real Estate Finance, Inc. held $14.9M in cash against $49.3M in long-term debt as of fiscal year 2025.
Chicago Atlantic Real Estate Finance, Inc. paid $1.88 per share in dividends in fiscal year 2025. This represents a decrease of 8.7% from the prior year.
Chicago Atlantic Real Estate Finance, Inc. had 21M shares outstanding in fiscal year 2025. This represents an increase of 1.2% from the prior year.
Margins & Returns
Chicago Atlantic Real Estate Finance, Inc.'s ROE was 11.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the prior year.
Capital Allocation
REFI Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | $1.2M | N/A | $1.3M+2.2% | $1.3M+6.3% | $1.2M | N/A | $1.3M0.0% | $1.3M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $1.9M | N/A | $1.4M-26.1% | $1.9M+0.6% | $1.9M | N/A | $1.8M-2.2% | $1.8M |
| Income Tax | $0 | N/A | $0 | $0 | $0 | N/A | $0 | $0 |
| Net Income | $4.8M | N/A | $8.9M+0.6% | $8.9M-11.6% | $10.0M | N/A | $11.2M+22.1% | $9.2M |
| EPS (Diluted) | $0.23 | N/A | $0.42+2.4% | $0.41-12.8% | $0.47 | N/A | $0.56+21.7% | $0.46 |
REFI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $435.9M+2.6% | $424.9M-0.5% | $427.1M-6.2% | $455.2M+9.8% | $414.7M-4.7% | $435.1M+18.9% | $365.9M-5.3% | $386.5M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $27.9M+86.3% | $14.9M-48.3% | $28.9M-18.7% | $35.6M+260.0% | $9.9M-62.6% | $26.4M+290.5% | $6.8M-4.4% | $7.1M |
| 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 | $132.5M+13.2% | $117.1M-0.1% | $117.2M-19.3% | $145.2M+39.8% | $103.9M-17.7% | $126.2M+79.1% | $70.4M-24.9% | $93.8M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $49.4M+0.1% | $49.3M+0.1% | $49.3M+0.1% | $49.2M+0.1% | $49.2M+0.1% | $49.1M-9.1% | $54.0M-29.6% | $76.8M |
| Total Equity | $303.4M-1.4% | $307.8M-0.7% | $309.9M0.0% | $310.0M-0.2% | $310.8M+0.6% | $309.0M+4.6% | $295.5M+0.9% | $292.7M |
| Retained Earnings | -$20.8M-33.9% | -$15.5M-24.0% | -$12.5M-8.4% | -$11.5M-16.5% | -$9.9M+2.2% | -$10.1M-127.7% | -$4.5M+30.4% | -$6.4M |
REFI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.2M-51.5% | $6.5M-20.4% | $8.2M+26.6% | $6.5M-15.2% | $7.6M+317.2% | $1.8M-77.7% | $8.2M+32.1% | $6.2M |
| 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 | $1.7M+123.8% | -$7.3M-151.7% | $14.1M+495.5% | -$3.6M-164.6% | $5.5M+113.3% | -$41.3M-275.3% | $23.5M+924.4% | -$2.9M |
| Financing Cash Flow | $8.0M+160.6% | -$13.2M+54.3% | -$28.9M-226.8% | $22.8M+176.8% | -$29.7M-150.2% | $59.1M+284.3% | -$32.1M-905.2% | -$3.2M |
| Dividends Paid | $9.9M0.0% | $9.9M0.0% | $9.9M-5.0% | $10.4M-23.4% | $13.6M+46.8% | $9.3M+0.1% | $9.3M+0.2% | $9.2M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
REFI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | 1.6% | N/A | 2.9%+0.0pp | 2.9%-0.4pp | 3.2% | N/A | 3.8%+0.7pp | 3.1% |
| Return on Assets | 1.1% | N/A | 2.1%+0.1pp | 1.9%-0.5pp | 2.4% | N/A | 3.1%+0.7pp | 2.4% |
| 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 | 0.160.0 | 0.160.0 | 0.16-0.0 | 0.18-0.1 | 0.26 |
| 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 $36.0M in fiscal year 2025.
How much debt does Chicago Atlantic Real Estate Finance, Inc. have?
As of fiscal year 2025, Chicago Atlantic Real Estate Finance, Inc. (REFI) had $14.9M in cash and equivalents against $49.3M in long-term debt.
Does Chicago Atlantic Real Estate Finance, Inc. pay dividends?
Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) paid $1.88 per share in dividends during fiscal year 2025.
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 11.7% for fiscal year 2025, 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 $28.8M in operating cash flow during fiscal year 2025, 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 $424.9M in total assets as of fiscal year 2025, including both current and long-term assets.
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 2025, 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 2025, 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 to 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 0.80x, 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.
How financially healthy is Chicago Atlantic Real Estate Finance, Inc.?
Chicago Atlantic Real Estate Finance, Inc. (REFI) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.