Here are the 10-K annual reports from Chicago Atlantic Real Estate Finance, Inc. (REFI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow REFI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full REFI filings page.
Chicago Atlantic Real Estate Finance, Inc. is a Maryland-incorporated commercial mortgage REIT focused on originating and investing in first-lien and structured loans, primarily to state-licensed cannabis operators. It is externally managed by Chicago Atlantic REIT Manager, LLC under a renewable management agreement.
The company targets senior, real-estate‑secured loans with strong collateral, covenants and risk-adjusted yields, concentrating on profitable or EBITDA‑positive operators across cultivation, processing, dispensaries and ancillary businesses. As of December 31, 2025, the aggregate market value of common stock held by non‑affiliates was approximately $236.8 million, and as of March 6, 2026 there were 21,080,272 shares outstanding.
Management emphasizes a credit‑first underwriting process, short loan durations with prepayment protections, and diversification by geography and borrower type. The company has elected REIT tax status and relies on the Investment Company Act Section 3(c)(5) exemption by keeping a majority of assets in real‑estate‑related interests.