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).
The dominant mechanic is a low-debt, expanding asset base that produces income while distributions exceed annual operating cash generation.
Net income fell from$38.7M in FY2023 to$36.0M in FY2025, indicating a modest earnings retreat. Meanwhile, operating cash flow recovered from$23.2M in FY2024 to$28.8M in FY2025, narrowing the earnings-to-cash gap and indicating improved cash conversion despite lower reported profit.
FY2025 dividends reached
Total assets rose from
Financial Health Signals
Chicago Atlantic Real Estate Finance, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
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).
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
REFI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| SG&A Expenses | $1.5M+32.8% | $1.2M | N/A | $1.3M+2.2% | $1.3M+6.3% | $1.2M | N/A | $1.3M |
| Interest Expense | $2.3M+17.7% | $1.9M | N/A | $1.4M-26.1% | $1.9M+0.6% | $1.9M | N/A | $1.8M |
| Income Tax | $0 | $0 | N/A | $0 | $0 | $0 | N/A | $0 |
| Net Income | $7.5M+54.4% | $4.8M | N/A | $8.9M+0.6% | $8.9M-11.6% | $10.0M | N/A | $11.2M |
| EPS (Diluted) | $0.34+47.8% | $0.23-39.5% | $0.38-9.5% | $0.42+2.4% | $0.41-12.8% | $0.47+20.5% | $0.39-30.4% | $0.56 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
REFI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $461.7M+5.9% | $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 |
| Cash & Equivalents | $13.4M-52.1% | $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 |
| Total Liabilities | $160.1M+20.8% | $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 |
| Long-Term Debt | $49.5M+0.1% | $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 |
| Total Equity | $301.6M-0.6% | $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 |
| Retained Earnings | -$23.5M-13.1% | -$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 |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.
REFI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $9.1M+186.2% | $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 |
| Investing Cash Flow | -$36.6M-2217.5% | $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 |
| Financing Cash Flow | $13.1M+63.3% | $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 |
| Dividends Paid | $10.9M+10.1% | $9.9M0.0% | $9.9M0.0% | $9.9M-5.0% | $10.4M-23.4% | $13.6M+46.8% | $9.3M+0.1% | $9.3M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.
REFI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 2.5%+0.9pp | 1.6% | N/A | 2.9%0.0pp | 2.9%-0.4pp | 3.2% | N/A | 3.8% |
| Return on Assets | 1.6%+0.5pp | 1.1% | N/A | 2.1%+0.1pp | 1.9%-0.5pp | 2.4% | N/A | 3.1% |
| Debt-to-Equity | 0.160.0x | 0.160.0x | 0.160.0x | 0.160.0x | 0.160.0x | 0.160.0x | 0.160.0x | 0.18 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.
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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 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.
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.