Chicago Atlantic Real Estate Finance, Inc. (REFI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 20, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the REFI SEC filings page.
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 lender remains profitable, but lower asset returns and dividends exceeding operating cash flow reveal a distribution model reliant on more than current earnings.
ROA fell from10.8% in FY2023 to8.5% in FY2025 even as assets grew, indicating added scale did not preserve the same earnings yield. FY2025 operating cash flow was$28.8M against$43.8M of dividends, so distributions exceeded internally generated cash and required financing or balance-sheet movement.
Debt-to-equity was 0.2x in FY2025 against equity of
Interest expense reached
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 $7.5M in net income in Q2 2026. This represents a decrease of 15.8% from the same quarter a year earlier. Against the prior quarter it is up 54.4%.
Chicago Atlantic Real Estate Finance, Inc. earned $0.34 per diluted share (EPS) in Q2 2026. This represents a decrease of 17.1% from the same quarter a year earlier. Against the prior quarter it is up 47.8%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Chicago Atlantic Real Estate Finance, Inc. held $13.4M in cash against $49.5M in long-term debt as of Q2 2026.
Chicago Atlantic Real Estate Finance, Inc. paid $0.47 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Margins & Returns
Chicago Atlantic Real Estate Finance, Inc.'s ROE was 2.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
REFI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| SG&A Expenses | $1.5M+20.3% | $1.2M-3.7% | N/A | $1.3M+3.6% | $1.3M+1.3% | $1.2M-14.0% | N/A | $1.3M+0.2% |
| Interest Expense | $2.3M+18.2% | $1.9M+1.0% | N/A | $1.4M-21.0% | $1.9M+4.6% | $1.9M-9.1% | N/A | $1.8M+24.2% |
| Income Tax | $0 | $0 | N/A | $0 | $0 | $0 | N/A | $0 |
| Net Income | $7.5M-15.8% | $4.8M-51.8% | N/A | $8.9M-20.3% | $8.9M-3.3% | $10.0M+15.0% | N/A | $11.2M+12.4% |
| EPS (Basic) | $0.35-16.7% | $0.23-52.1% | $0.38-2.6% | $0.42-26.3% | $0.42-10.6% | $0.480.0% | $0.39-25.0% | $0.57+3.6% |
| EPS (Diluted) | $0.34-17.1% | $0.23-51.1% | $0.38-2.6% | $0.42-25.0% | $0.41-10.9% | $0.470.0% | $0.39-23.5% | $0.56+3.7% |
| Diluted Shares (Avg) | 22M+1.1% | 21M+1.0% | N/A | 21M+7.1% | 21M+8.0% | 21M+14.1% | N/A | 20M+8.1% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
REFI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $461.7M+1.4% | $435.9M+5.1% | $424.9M-2.4% | $427.1M+16.7% | $455.2M+17.8% | $414.7M+8.1% | $435.1M+21.1% | $365.9M+3.9% |
| Cash & Equivalents | $13.4M-62.5% | $27.9M+182.0% | $14.9M-43.4% | $28.9M+327.8% | $35.6M+402.9% | $9.9M+43.1% | $26.4M+234.3% | $6.8M-22.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $160.1M+10.2% | $132.5M+27.6% | $117.1M-7.2% | $117.2M+66.3% | $145.2M+54.8% | $103.9M+6.3% | $126.2M+44.4% | $70.4M-7.9% |
| Long-Term Debt | $49.5M+0.5% | $49.4M+0.5% | $49.3M+0.5% | $49.3M-8.8% | $49.2M-35.9% | $49.2M | $49.1M | $54.0M |
| Total Equity | $301.6M-2.7% | $303.4M-2.4% | $307.8M-0.4% | $309.9M+4.9% | $310.0M+5.9% | $310.8M+8.7% | $309.0M+13.6% | $295.5M+7.1% |
| Retained Earnings | -$23.5M-103.6% | -$20.8M-109.6% | -$15.5M-53.1% | -$12.5M-181.3% | -$11.5M-80.6% | -$9.9M-62.9% | -$10.1M-74.4% | -$4.5M-231.6% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $9.1M+40.1% | $3.2M-58.5% | $6.5M+256.7% | $8.2M-0.2% | $6.5M+4.1% | $7.6M+10.2% | $1.8M-88.2% | $8.2M+720.3% |
| Stock-Based Compensation | $958K+8.7% | $865K+33.3% | N/A | $929K+9.8% | $881K+5.4% | $649K+22.2% | N/A | $846K+56.5% |
| Investing Cash Flow | -$36.6M-930.8% | $1.7M-68.6% | -$7.3M+82.4% | $14.1M-40.3% | -$3.6M-24.5% | $5.5M+129.4% | -$41.3M-284.2% | $23.5M+208.5% |
| Financing Cash Flow | $13.1M-42.5% | $8.0M+127.0% | -$13.2M-122.4% | -$28.9M+9.9% | $22.8M+814.2% | -$29.7M-374.4% | $59.1M+1161.0% | -$32.1M-381.6% |
| Dividends Paid | $10.9M+4.7% | $9.9M-27.2% | $9.9M+6.9% | $9.9M+7.0% | $10.4M+12.8% | $13.6M-1.9% | $9.3M+8.2% | $9.3M+8.1% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Share Buybacks.
REFI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 2.5%-0.4pp | 1.6%-1.6pp | N/A | 2.9%-0.9pp | 2.9%-0.3pp | 3.2%+0.2pp | N/A | 3.8%+0.2pp |
| Return on Assets | 1.6%-0.3pp | 1.1%-1.3pp | N/A | 2.1%-1.0pp | 1.9%-0.4pp | 2.4%+0.1pp | N/A | 3.1%+0.2pp |
| Debt-to-Equity | 0.160.0x | 0.160.0x | 0.160.0x | 0.160.0x | 0.16-0.1x | 0.16-0.2x | 0.16-0.2x | 0.18-0.1x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Chicago Atlantic Real Estate Finance, Inc. REFI | FY2025 | N/A | $36.0M | N/A | $224.7M | — |
| TPG Mortgage Investment Trust, Inc. MITT | FY2025 | N/A | $48.7M | N/A | $166.3M | — |
| Ares Commercial Real Estate Corporation ACRE | FY2025 | $54.8M | -$902K | -1.6% | $184.2M | 6/100 |
| Angel Oak Mortgage REIT, Inc. AOMR | FY2025 | $143.7M | $44.0M | 30.6% | $175.9M | 38/100 |
| Seven Hills Realty Trust SEVN | FY2025 | $29.4M | $15.4M | 52.5% | $137.5M | 37/100 |
| ACRES Commercial Realty Corp. ACR | FY2025 | $79.9M | $28.0M | 35.0% | $163.6M | 30/100 |
Where Chicago Atlantic Real Estate Finance, Inc. Ranks
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 P/E ratio?
Chicago Atlantic Real Estate Finance, Inc. (REFI) trades at 6.2x earnings, its market capitalization divided by net income of $36.0M net income, FY2025. The market capitalization is $224.7M as of Oct 20, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Chicago Atlantic Real Estate Finance, Inc.'s price-to-sales ratio?
Chicago Atlantic Real Estate Finance, Inc. (REFI) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $224.7M as of Oct 20, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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.