Every 10-Q that Chicago Atlantic Real Estate Finance, Inc. (REFI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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. reported consolidated results for the three and six months ended June 30, 2026 as a commercial real estate finance REIT focused on senior loans to state-licensed cannabis operators. Total assets were $461.7 million, with loans held for investment at carrying value, net, of $398.5 million and loans at fair value – related party of $40.6 million.
For the quarter, net interest income was $12.8 million and net income was $7.5 million, with six‑month net income of $12.3 million versus $18.9 million a year earlier. The current expected credit loss reserve increased to $9.4 million, or 2.27% of loan principal, reflecting portfolio composition changes and specific credit developments including non‑accrual loans #4 and #34 and higher reserves on Loan #36.
The loan book totaled $412.1 million of principal (41.2% fixed‑rate, 58.8% floating‑rate) with a 2.2‑year weighted average remaining life and significant geographic concentration in Illinois, Ohio and Florida. Debt consisted of a $91.1 million revolving loan maturing June 30, 2028 and $50.0 million of 9.00% senior unsecured notes maturing October 18, 2028. The company declared quarterly dividends of $0.47 per share and remained in compliance with all financial covenants.
Chicago Atlantic Real Estate Finance, Inc. reported Q1 2026 net income of $4.8 million, down from $10.0 million a year earlier, as higher credit loss provisions reduced profitability. Earnings per share were $0.23 basic and diluted, versus $0.48 basic and $0.47 diluted in Q1 2025.
Interest income was stable at $15.2 million, while a $3.8 million provision for current expected credit losses replaced a prior-year benefit, lifting total expenses to $8.1 million. Loans held for investment, net, were $400.6 million, and the CECL reserve rose to $8.7 million, or 2.15% of loan principal.
The company ended the quarter with $27.9 million in cash and cash equivalents and total assets of $435.9 million. It maintained its quarterly dividend at $0.47 per share, declaring cash dividends of about $9.9 million, consistent with its REIT focus on regular distributions funded by loan interest income.
Chicago Atlantic Real Estate Finance (REFI) reported Q3 2025 results. Net income was $8.93 million with basic and diluted EPS of $0.42. Net interest income was $13.69 million on interest income of $15.25 million and interest expense of $1.57 million. The quarter included a $0.56 million provision for current expected credit losses and a common dividend of $0.47 per share.
Total assets were $427.1 million. Loans held for investment, net, were $393.06 million after a CECL reserve of $4.99 million, representing 1.25% of principal. Two loans were on non‑accrual as of September 30, 2025 totaling $23.88 million by carrying value. Cash and cash equivalents were $28.92 million.
On the balance sheet, the revolving loan was $52.4 million outstanding with $57.6 million availability and a 7.25% rate; its maturity was extended to June 30, 2028 on August 5, 2025. Unsecured notes payable were $49.27 million, bearing 9.00% and maturing October 18, 2028. Shares outstanding were 21,075,298 as of November 3, 2025.