Chicago Atlantic Real Estate Finance Announces Fourth Quarter 2025 Financial Results
Rhea-AI Summary
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) reported Q4 2025 and full-year results on March 12, 2026. Key highlights: net interest income of $14.24M in Q4 and $55.39M for 2025, distributable earnings diluted of $1.88 for 2025, and regular dividends declared totaling $1.88 per share for the year. Portfolio principal was $411.1M at year end with unfunded commitments rising to $31.1M. Management noted a $616M new investment pipeline and available liquidity of approximately $50.0M as of March 12, 2026.
Positive
- Unfunded commitments increased 48.6% YoY to $31.1M
- New investment pipeline of $616M as of year-end commentary
- Available liquidity approximately $50.0M as of March 12, 2026
Negative
- Provision for credit losses of $731,051 in 2025 versus a benefit of $583,298 in 2024
- Distributable earnings diluted fell to $1.88 in 2025 from $2.03 in 2024
News Market Reaction – REFI
On the day this news was published, REFI declined 0.49%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Sector peers show mixed moves while REFI was down 0.9% pre-release. Among close peers, MITT (-0.89%) and AOMR (-0.59%) were lower, while ACRE (+0.20%), SEVN (+1.07%) and ACR (+0.21%) traded higher. Only ACRE appeared in the momentum scanner, moving down 1.59%.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | -1.3% | Reported Q3 2025 results with stable income and portfolio metrics. |
| Aug 07 | Q2 2025 earnings | Positive | +2.7% | Strong Q2 2025 performance with high yields and large opportunity pipeline. |
| May 07 | Q1 2025 earnings | Positive | +0.4% | Q1 2025 results showed higher net income and stable dividend policy. |
| Mar 12 | Q4 2024 earnings | Neutral | -3.5% | Q4 2024 results with lower net income but strong originations and dividends. |
| Nov 07 | Q3 2024 earnings | Positive | +1.2% | Q3 2024 earnings highlighted higher net income and investment‑grade rating. |
Earnings releases have typically produced modest single‑digit stock moves, with mostly positive reactions but one notable selloff on weaker 2024 Q4 results.
Over the past five earnings cycles from Nov 2024 through Nov 2025, Chicago Atlantic has reported consistent net interest income and a loan book generally in the $360M–$420M range, with weighted average yields in the high‑teens and regular $0.47 quarterly dividends. The company has steadily extended its revolving credit facility to 2028 and maintained conservative leverage. Today’s Q4 2025 and full‑year 2025 results continue that pattern of stable income, high yields and disciplined portfolio growth.
Historical Comparison
Across five prior earnings releases, REFI’s average move was about -0.08%, indicating historically muted price reactions to results compared with typical volatility in mortgage REITs.
Earnings updates show a relatively stable high‑yield loan book, steady dividends near $0.47 per quarter, and disciplined leverage, with modest fluctuations in net income quarter to quarter.
Regulatory & Risk Context
An effective S-3 shelf filed on 2026-01-16 permits Chicago Atlantic to offer up to $452,114,647 in various securities, providing flexibility for future capital raises; the filing shows no usage yet.
Market Pulse Summary
This announcement details Q4 and full‑year 2025 results showing steady net interest income and a loan book of $411.1M with high weighted average yields. Management highlights a $616M investment pipeline and plans to maintain a dividend payout ratio of about 90–100% of distributable earnings. Investors may also track capital plans under the $452.1M S-3 shelf and any special dividend needed to satisfy 2026 distribution requirements.
Key Terms
distributable earnings financial
debt/equity ratio financial
weighted average yield to maturity financial
variable interest rate financial
revolving credit facility financial
special dividend financial
AI-generated analysis. Not financial advice.
CHICAGO, March 12, 2026 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a commercial mortgage real estate investment trust, today announced its results for the fourth quarter and year ended December 31, 2025.
Peter Sack, Co-Chief Executive Officer, noted, “We completed 2025 on a strong note with new originations leading to net portfolio growth for the year and potential regulatory relief improving equity valuations and sentiment among our borrowers. While the financial services and private credit sectors face ongoing challenges with credit quality, a declining interest rate environment, and overcrowding and overlap on certain types of borrowers, we believe our performance stands in sharp relief. Chicago Atlantic continues to focus on strong operators, the right states, and an underwriting discipline that stresses protection of collateral and returns to shareholders above all else. At year end, over
Quarterly Results of Operations
| For the three months ended | ||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Total Amount | Per Share | Total Amount | Per Share | Total Amount | Per Share | |||||||||||||||||||
| OPERATING RESULTS | ||||||||||||||||||||||||
| Net interest income | $ | 14,238,203 | $ | 0.66 | $ | 13,685,274 | $ | 0.64 | $ | 14,068,376 | $ | 0.69 | ||||||||||||
| Total expenses before provision for expected credit losses | $ | 5,981,137 | $ | 0.28 | $ | 4,193,515 | $ | 0.20 | $ | 5,682,193 | $ | 0.28 | ||||||||||||
| Net income | $ | 8,157,249 | $ | 0.38 | $ | 8,934,539 | $ | 0.42 | $ | 7,919,692 | $ | 0.39 | ||||||||||||
| (Benefit) provision for current expected credit losses | $ | 99,817 | $ | 0.00 | $ | 557,220 | $ | 0.03 | $ | 301,491 | $ | 0.01 | ||||||||||||
| Distributable earnings – basic | $ | 9,251,310 | $ | 0.44 | $ | 10,522,142 | $ | 0.50 | $ | 9,214,434 | $ | 0.47 | ||||||||||||
| Distributable earnings – diluted | $ | 9,251,310 | $ | 0.43 | $ | 10,522,142 | $ | 0.49 | $ | 9,214,434 | $ | 0.46 | ||||||||||||
| Diluted weighted average shares of common stock outstanding | 21,485,739 | – | 21,485,776 | – | 20,256,628 | – | ||||||||||||||||||
| Regular dividends declared | $ | 9,907,728 | $ | 0.47 | $ | 9,905,390 | $ | 0.47 | 9,789,737 | $ | 0.47 | |||||||||||||
| PORTFOLIO PERFORMANCE | ||||||||||||||||||||||||
| Total loan principal outstanding | $ | 411,075,088 | $ | 399,948,492 | $ | 410,221,554 | ||||||||||||||||||
| Portfolio companies | 26 | 26 | 30 | |||||||||||||||||||||
| Unfunded commitments | $ | 31,116,960 | $ | 29,761,667 | $ | 20,935,000 | ||||||||||||||||||
| Gross unlevered weighted average yield to maturity | 16.3 | % | 16.5 | % | 17.2 | % | ||||||||||||||||||
| Aggregate loan portfolio bearing a variable interest rate | 62.4 | % | 63.3 | % | 63.0 | % | ||||||||||||||||||
| Book value per share | $ | 14.60 | $ | 14.71 | $ | 14.83 | ||||||||||||||||||
| Debt/equity ratio | 32.0 | % | 32.8 | % | 33.7 | % | ||||||||||||||||||
Annual Results of Operations
| For the year ended | ||||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||||
| Total Amount | Per Share | Total Amount | Per Share | |||||||||||||
| OPERATING RESULTS | ||||||||||||||||
| Net interest income | $ | 55,390,399 | $ | 2.58 | $ | 54,950,885 | $ | 2.56 | ||||||||
| Total expenses before provision for expected credit losses | $ | 18,813,870 | $ | 0.88 | $ | 18,320,604 | $ | 0.85 | ||||||||
| Net income – diluted | $ | 36,010,478 | $ | 1.68 | $ | 37,045,403 | $ | 1.72 | ||||||||
| (Benefit) provision for current expected credit losses | $ | 731,051 | $ | 0.03 | $ | (583,298 | ) | $ | (0.03 | ) | ||||||
| Distributable earnings – basic | $ | 40,352,053 | $ | 1.92 | $ | 40,018,381 | $ | 2.08 | ||||||||
| Distributable earnings – diluted | $ | 40,352,053 | $ | 1.88 | $ | 40,018,381 | $ | 2.03 | ||||||||
| Diluted weighted average shares of common stock outstanding | 21,431,650 | – | 19,713,916 | – | ||||||||||||
| Regular dividends declared | $ | 41,395,696 | $ | 1.88 | $ | 41,370,860 | $ | 1.88 | ||||||||
Subsequent Portfolio Activity
During the subsequent period from January 1, 2026, to March 12, 2026, the Company had the following investment activities:
- Advanced new gross loan principal of approximately
$51.1 million , comprised of$16.2 million to a new borrower and$34.9 million to existing borrowers on delayed draw and revolving loan facilities.
- Received a total of approximately
$40.4 million in loan repayments, comprised of$3.1 million in scheduled amortization payments,$4.4 million of unscheduled prepayments payments and$32.9 million of full loan prepayments.
Capital Activity
- As of December 31, 2025, the Company had approximately
$98.4 million of total drawn leverage, comprised of$49.1 million drawn on the secured revolving credit facility and$49.3 million , at carrying value, of senior unsecured notes due 2028.
- As of March 12, 2026, the Company has
$52.9 million available on its secured revolving credit facility, and total liquidity, net of estimated liabilities, of approximately$50.0 million .
2026 Outlook
Chicago Atlantic offered the following outlook for full year 2026:
- The Company expects to maintain a dividend payout ratio based on Distributable Earnings per weighted average diluted share of approximately
90% to100% on a full year basis.
- If the Company’s taxable income requires additional distribution in excess of the regular quarterly dividend, in order to meet its 2026 taxable income distribution requirements, the Company expects to meet that requirement with a special dividend in the fourth quarter of 2026.
Conference Call and Quarterly Earnings Supplemental Details
Chicago Atlantic will host a conference call and live audio webcast, both open for the general public to hear, later today at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (833) 630-1956 (international callers: 412-317-1837). The live audio webcast of the Company’s quarterly conference call will be available online in the Investor Relations section of the Company’s website at www.refi.reit. The online replay will be available approximately one hour after the end of the call and archived for one year.
Chicago Atlantic posted its Fourth Quarter 2025 Earnings Supplemental on the Investor Relations page of its website. Chicago Atlantic routinely posts important information for investors on its website, www.refi.reit. The Company intends to use this website as a means of disclosing material information, for complying with our disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. The Company encourages investors, analysts, the media and others interested in Chicago Atlantic to monitor the Investor Relations page of its website, in addition to following its press releases, SEC filings, publicly available earnings calls, presentations, webcasts and other information posted from time to time on the website. Please visit the IR Resources section of the website to sign up for email notifications.
About Chicago Atlantic Real Estate Finance, Inc.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-leading commercial mortgage REIT utilizing significant real estate, credit and cannabis expertise to originate senior secured loans primarily to state-licensed cannabis operators in limited-license states in the United States. REFI is part of the Chicago Atlantic platform, which has offices in Chicago, Miami, New York, and London.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward- looking statements. These forward-looking statements, including statements about our future growth and strategies for such growth, are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. More information on these risks and other potential factors that could affect our business and financial results is included in our filings with the SEC. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Tripp Sullivan
SCR Partners
IR@REFI.reit
| CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Loans held for investment | $ | 332,772,244 | $ | 364,238,847 | ||||
| Loans held for investment – related party | 76,183,323 | 38,238,199 | ||||||
| Loans held for investment, at carrying value | 408,955,567 | 402,477,046 | ||||||
| Current expected credit loss reserve | (5,062,785 | ) | (4,346,869 | ) | ||||
| Loans held for investment at carrying value, net | 403,892,782 | 398,130,177 | ||||||
| Loans, at fair value – related party (amortized cost of | – | 5,335,000 | ||||||
| Cash and cash equivalents | 14,948,884 | 26,400,448 | ||||||
| Interest receivable | 4,009,800 | 1,453,823 | ||||||
| Other receivables and assets, net | 874,245 | 459,187 | ||||||
| Related party receivables | 1,189,937 | 3,370,339 | ||||||
| Total Assets | $ | 424,915,648 | $ | 435,148,974 | ||||
| Liabilities | ||||||||
| Revolving loan | $ | 49,100,000 | $ | 55,000,000 | ||||
| Notes payable, net | 49,334,459 | 49,096,250 | ||||||
| Dividend payable | 11,157,220 | 13,605,153 | ||||||
| Related party payables | 2,214,920 | 2,043,403 | ||||||
| Management and incentive fees payable | 3,098,576 | 2,863,158 | ||||||
| Interest payable | 1,348,334 | 1,149,021 | ||||||
| Accounts payable and other liabilities | 834,977 | 1,136,014 | ||||||
| Interest reserve | 12,686 | 1,297,878 | ||||||
| Total Liabilities | 117,101,172 | 126,190,877 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Common stock, par value | 210,803 | 208,292 | ||||||
| Additional paid-in-capital | 323,125,854 | 318,886,768 | ||||||
| Accumulated deficit | (15,522,181 | ) | (10,136,963 | ) | ||||
| Total stockholders' equity | 307,814,476 | 308,958,097 | ||||||
| Total liabilities and stockholders' equity | $ | 424,915,648 | $ | 435,148,974 | ||||
| CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
| 2025 (unaudited) | 2024 (unaudited) | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Interest income | $ | 16,075,823 | $ | 15,479,250 | $ | 62,936,040 | $ | 62,104,092 | ||||||||
| Interest expense | (1,837,620 | ) | (1,410,874 | ) | (7,545,641 | ) | (7,153,207 | ) | ||||||||
| Net interest income | 14,238,203 | 14,068,376 | 55,390,399 | 54,950,885 | ||||||||||||
| Expenses | ||||||||||||||||
| Management and incentive fees, net | 3,098,576 | 2,863,158 | 8,202,136 | 8,061,896 | ||||||||||||
| General and administrative expense | 1,538,311 | 1,490,103 | 5,304,451 | 5,388,967 | ||||||||||||
| Professional fees | 434,483 | 483,408 | 1,938,422 | 1,811,067 | ||||||||||||
| Stock based compensation | 909,767 | 845,524 | 3,368,861 | 3,058,674 | ||||||||||||
| Provision (benefit) for current expected credit losses | 99,817 | 301,491 | 731,051 | (583,298 | ) | |||||||||||
| Total expenses | 6,080,954 | 5,983,684 | 19,544,921 | 17,737,306 | ||||||||||||
| Change in unrealized gain (loss) on investments | – | (165,000 | ) | 165,000 | (240,604 | ) | ||||||||||
| Realized gain on debt securities, at fair value | – | – | – | 72,428 | ||||||||||||
| Net income before income taxes | 8,157,249 | 7,919,692 | 36,010,478 | 37,045,403 | ||||||||||||
| Income tax expense | – | – | – | – | ||||||||||||
| Net income | $ | 8,157,249 | $ | 7,919,692 | $ | 36,010,478 | $ | 37,045,403 | ||||||||
| Earnings per common share: | ||||||||||||||||
| Basic earnings per common share | $ | 0.39 | $ | 0.40 | $ | 1.71 | $ | 1.92 | ||||||||
| Diluted earnings per common share | $ | 0.38 | $ | 0.39 | $ | 1.68 | $ | 1.88 | ||||||||
| Weighted average number of common shares outstanding: | ||||||||||||||||
| Basic weighted average shares of common stock outstanding | 21,075,353 | 19,830,596 | 21,003,635 | 19,279,501 | ||||||||||||
| Diluted weighted average shares of common stock outstanding | 21,485,739 | 20,256,628 | 21,431,650 | 19,713,916 | ||||||||||||
Distributable Earnings
In addition to using certain financial metrics prepared in accordance with GAAP to evaluate our performance, we also use Distributable Earnings to evaluate our performance. Distributable Earnings is a measure that is not prepared in accordance with GAAP. We define Distributable Earnings as, for a specified period, the net income (loss) computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss); provided that Distributable Earnings does not exclude, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash, (iv) provision for current expected credit losses and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between our Manager and our independent directors and after approval by a majority of such independent directors. We believe providing Distributable Earnings on a supplemental basis to our net income as determined in accordance with GAAP is helpful to stockholders in assessing the overall performance of our business. As a REIT, we are required to distribute at least
In our Annual Report on Form 10-K, we defined Distributable Earnings so that, in addition to the exclusions noted above, the term also excluded from net income Incentive Compensation paid to our Manager. We believe that revising the term Distributable Earnings so that it is presented net of Incentive Compensation, while not a direct measure of net taxable income, over time, can be considered a more useful indicator of our ability to pay dividends. This adjustment to the calculation of Distributable Earnings has no impact on period-to-period comparisons. Distributable Earnings should not be considered as substitutes for GAAP net income. We caution readers that our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our reported Distributable Earnings may not be comparable to similar measures presented by other REITs.
| Year ended | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Net Income | $ | 36,010,478 | $ | 37,045,403 | ||||
| Adjustments to net income | ||||||||
| Stock based compensation | 3,368,861 | 3,058,674 | ||||||
| Amortization of debt issuance costs | 406,663 | 256,998 | ||||||
| Provision (benefit) for current expected credit losses | 731,051 | (583,298 | ) | |||||
| Change in unrealized gain (loss) on investments | (165,000 | ) | 240,604 | |||||
| Distributable Earnings | $ | 40,352,053 | $ | 40,018,381 | ||||
| Basic weighted average shares of common stock outstanding (in shares) | 21,003,635 | 19,279,501 | ||||||
| Basic Distributable Earnings per Weighted Average Share | $ | 1.92 | $ | 2.08 | ||||
| Diluted weighted average shares of common stock outstanding (in shares) | 21,431,650 | 19,713,916 | ||||||
| Diluted Distributable Earnings per Weighted Average Share | $ | 1.88 | $ | 2.03 | ||||
FAQ
What were Chicago Atlantic (REFI) Q4 2025 net interest income and net income figures?
How large is Chicago Atlantic's (REFI) new investment pipeline entering 2026?
What liquidity and leverage did Chicago Atlantic (REFI) report as of March 12, 2026?
Did Chicago Atlantic (REFI) change its 2026 dividend policy or payout guidance?
How did Chicago Atlantic's (REFI) unfunded commitments and portfolio size change at year end 2025?
What does Chicago Atlantic (REFI) say about credit and interest rate protection across its portfolio?
