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Chicago Atlantic Real Estate Finance, Inc. Financials

REFI
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

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).

Rhea AI REFI FY2025

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 near 8.5% 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 $28.8M versus $36.0M of net income. The same shortfall showed up in FY2024, so reported profit is recurring, but a meaningful share is being absorbed before it becomes cash the balance sheet can keep.

Balance-sheet risk looks restrained, with long-term debt of $49.3M against equity of $307.8M, but capital has not been compounding internally. Shares outstanding rose from 18.2M to 21.1M since FY2023 while cash fell in FY2025 despite investing cash turning positive, a pattern consistent with funding distributions and balance-sheet support through external capital rather than retained profits.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating Chicago Atlantic Real Estate Finance, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial
2/6

Chicago Atlantic Real Estate Finance, Inc. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Mixed
0.80x

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

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
$36.0M
YoY-2.8%

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.

EPS (Diluted)
$1.68
YoY-10.6%

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

Free Cash Flow
N/A
Cash & Debt
$14.9M
YoY-43.4%

Chicago Atlantic Real Estate Finance, Inc. held $14.9M in cash against $49.3M in long-term debt as of fiscal year 2025.

Dividends Per Share
$1.88
YoY-8.7%

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.

Shares Outstanding
21M
YoY+1.2%

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

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
11.7%
YoY-0.3pp

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

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

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

Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) reported a net income of $36.0M in fiscal year 2025.

Chicago Atlantic Real Estate Finance, Inc. (REFI) reported diluted earnings per share of $1.68 for fiscal year 2025. This represents a -10.6% 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.

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.

Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) paid $1.88 per share in dividends during fiscal year 2025.

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.

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.

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.

Chicago Atlantic Real Estate Finance, Inc. (REFI) had 21M shares outstanding as of fiscal year 2025.

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.

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.

Chicago Atlantic Real Estate Finance, Inc. (REFI) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.

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.

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