Company research
Chicago Atlantic Real Estate Finance, Inc.
CIK 1867949Updated Sep 24, 2026
SecurityREFI · NASDAQ · equity
REFI price & chart
Loading TradingView…
NASDAQ:REFI on TradingView ↗About the company
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.
In the news
Chicago Atlantic Real Estate Finance Schedules Second Quarter 2026 Earnings Release and Conference Call Date ↗
Recent filings
4 filing
425 filing
DEFA14A filing
425 filing
Results of Operations and Financial Condition · Regulation FD Disclosure
Items 2.02, 7.01, 9.01
Show 5 more recent filings
Financials
FY 2025 · USDSource
Source
Source
Source
balance sheet · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsUSD | 424,915,648Source | 435,148,974Source | 359,225,597Source | 343,271,050Source |
| Current assets: | ||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 14,948,884Source | 26,400,448Source | 7,898,040Source | 5,715,827Source |
| LIABILITIES AND EQUITY | ||||
| LiabilitiesUSD | 117,101,172Source | 126,190,877Source | 87,372,206Source | 79,238,027Source |
| Stockholders’ equity: | ||||
| Common Stock, Value, IssuedUSD | 210,803Source | 208,292Source | 181,972Source | 176,859Source |
| Additional Paid in CapitalUSD | — | — | — | 268,995,848Source |
| Retained Earnings (Accumulated Deficit)USD | -15,522,181Source | -10,136,963Source | -5,811,673Source | -5,139,684Source |
| Stockholders' Equity Attributable to ParentUSD | 307,814,476Source | 308,958,097Source | 271,853,391Source | 264,033,023Source |
| Additional Paid in Capital, Common StockUSD | 323,125,854Source | 318,886,768Source | 277,483,092Source | — |
| Liabilities and EquityUSD | 424,915,648Source | 435,148,974Source | 359,225,597Source | 343,271,050Source |
| Additional Financial Items | ||||
| Dividends PayableUSD | 11,157,220Source | 13,605,153Source | 13,866,656Source | 13,618,591Source |
| Long-term DebtUSD | 49,334,459Source | 49,096,250Source | — | — |
| Long-term Debt, Current MaturitiesUSD | — | — | — | 336,323,706Source |
cash flow · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Share-based Payment Arrangement, Noncash ExpenseUSD | 3,368,861Source | 3,058,674Source | 1,479,736Source | 435,623Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | 28,792,608Source | 23,159,376Source | 28,416,459Source | 17,005,155Source |
| Cash flows from investing activities: | ||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | 8,736,720Source | -39,296,863Source | -1,925,416Source | -125,244,044Source |
| Cash flows from financing activities: | ||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | -48,980,892Source | 34,639,895Source | -24,308,830Source | 33,706,190Source |
| Dividends paid | — | — | — | — |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | 14,948,884Source | 26,400,448Source | 7,898,040Source | 5,715,827Source |
| Supplemental disclosure of cash flow information: | ||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | 6,939,666Source | 6,205,623Source | 5,031,492Source | — |
| Additional Financial Items | ||||
| Share-based Payment Arrangement, ExpenseUSD | 3,400,000Source | 3,100,000Source | 1,500,000Source | 435,623Source |
| Amortization of Debt Issuance Costs and DiscountsUSD | 406,663Source | 256,998Source | 550,906Source | 563,464Source |
| Debt Securities, Realized Gain (Loss)USD | 0Source | 72,428Source | 104,789Source | — |
| Dividends PayableUSD | 11,157,220Source | 13,605,153Source | 13,866,656Source | 13,618,591Source |
| General and Administrative ExpenseUSD | 5,304,451Source | 5,388,967Source | 5,260,287Source | 3,528,322Source |
| Income Tax Expense (Benefit)USD | 0Source | 0Source | 0Source | — |
| InterestIncomeOperatingPaidInKindUSD | 6,162,563Source | 9,147,837Source | 9,458,215Source | — |
| Investment Income, InterestUSD | — | — | — | 6,920,388Source |
| Net Income (Loss) Attributable to ParentUSD | 36,010,478Source | 37,045,403Source | 38,710,248Source | 32,292,477Source |
| Operating ExpensesUSD | — | — | — | 16,565,151Source |
| Proceeds from Issuance of Common StockUSD | 1,033,474Source | 39,591,879Source | 7,222,363Source | 4,505,664Source |
| Provision for Loan, Lease, and Other LossesUSD | — | — | 940,385Source | 3,887,405Source |
| Financing Receivable, Credit Loss, Expense (Reversal)USD | 731,051Source | -583,298Source | 940,385Source | — |
| Unrealized Gain (Loss) on DerivativesUSD | -1,600,000Source | -2,700,000Source | 1,687,734Source | — |
| Unrealized Gain (Loss) on InvestmentsUSD | 165,000Source | -240,604Source | — | — |
income statement · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Total RevenueUSD | — | — | — | 48,857,628Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | 36,010,478Source | 37,045,403Source | 38,710,248Source | 32,292,477Source |
| Income Tax Expense (Benefit)USD | 0Source | 0Source | 0Source | — |
| Net Income (Loss) Attributable to ParentUSD | 36,010,478Source | 37,045,403Source | 38,710,248Source | 32,292,477Source |
| Earnings Per Share, BasicUSD per share | 1.71Source | 1.92Source | 2.14Source | 1.83Source |
| Earnings Per Share, DilutedUSD per share | 1.68Source | 1.88Source | 2.11Source | 1.82Source |
| Weighted Average Number of Shares Outstanding, Basicshares | 21,003,635Source | 19,279,501Source | 18,085,088Source | 17,653,765Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | 21,431,650Source | 19,713,916Source | 18,343,725Source | 17,746,214Source |
| Additional Financial Items | ||||
| Common Stock, Dividends, Per Share, DeclaredUSD per share | 1.88Source | 2.06Source | 2.17Source | 2.1Source |
| Debt Securities, Realized Gain (Loss)USD | 0Source | 72,428Source | 104,789Source | — |
| General and Administrative ExpenseUSD | 5,304,451Source | 5,388,967Source | 5,260,287Source | 3,528,322Source |
| Interest ExpenseUSD | — | — | 5,752,908Source | 2,024,299Source |
| Interest Expense, DebtUSD | 6,943,305Source | 6,802,744Source | 5,113,524Source | 2,614,138Source |
| InterestExpenseOperatingUSD | 7,545,641Source | 7,153,207Source | — | — |
| Interest Income (Expense), NetUSD | 55,390,399Source | 54,950,885Source | 57,147,096Source | 51,471,766Source |
| Interest Income, OperatingUSD | 62,936,040Source | 62,104,092Source | 62,900,004Source | — |
| InterestIncomeOperatingPaidInKindUSD | 6,162,563Source | 9,147,837Source | 9,458,215Source | — |
| Interest Income, OtherUSD | — | — | 2,000,000Source | — |
| Interest Revenue (Expense), NetUSD | -7,545,641Source | -7,153,207Source | -5,752,908Source | -2,614,138Source |
| Investment Income, InterestUSD | — | — | — | 6,920,388Source |
| Management Fee ExpenseUSD | 4,485,313Source | 4,138,401Source | 4,046,398Source | — |
| Operating ExpensesUSD | — | — | — | 16,565,151Source |
| Other General and Administrative ExpenseUSD | 4,930,489Source | 4,821,373Source | 4,799,210Source | 3,137,861Source |
| Selling ExpenseUSD | — | — | 14,200,000Source | — |
Filing attachments
ea030117601ex99-1.htm · 8-K · 2026-08-11
EX-99.1 2 ea030117601ex99-1.htm PRESS RELEASE DATED AUGUST 11, 2026 Exhibit 99.1 Chicago Atlantic Real Estate Finance Announces Second Quarter 2026 Financial Results CHICAGO - (August 11, 2026) Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI, “Chicago Atlantic”, “REFI” or the “Company”), a commercial mortgage real estate investment trust, today announced its financial results for the second quarter ended June 30, 2026. Peter Sack, Co-Chief Executive Officer, noted, “Chicago Atlan…
Read attachment ↗ea030117601ex99-2.htm · 8-K · 2026-08-11
EX-99.2 3 ea030117601ex99-2.htm SECOND QUARTER 2026 EARNINGS SUPPLEMENTAL PRESENTATION DATED AUGUST 11, 2026 Exhibit 99.2 CONFIDENTIAL | Chicago Atlantic Advisers, LLC EARNINGS SUPPLEMENTAL For the three months ended June 30, 2026 REAL ESTATE FINANCE Chicago Atlantic Real Estate Finance, Inc 2 Forward Looking Statements This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exch…
Read attachment ↗ea029747601ex99-1.htm · 8-K · 2026-07-13
EX-99.1 4 ea029747601ex99-1.htm PRESS RELEASE, DATED JULY 13, 2026 Exhibit 99.1 Chicago Atlantic Real Estate Finance, Inc. Announces Second-Lien Financing of Thirty-Two Cannabis Retail Properties Issued 4,306,754 common shares at price of $14.53 per share in exchange for approximately $62,500,000 of second lien notes secured by thirty-two retail properties. CHICAGO - (July 13, 2026) Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI; “Chicago Atlantic”, the “Company” or “REFI”), a c…
Read attachment ↗ea029503701ex99-1.htm · 8-K · 2026-06-18
EX-99.1 6 ea029503701ex99-1.htm JOINT PRESS RELEASE, DATED JUNE 18, 2026 Exhibit 99.1 Chicago Atlantic Real Estate Finance, Inc. and Chicago Atlantic BDC, Inc. Announce Definitive Merger Agreement Creates a scaled BDC positioned for growth while maintaining industry leading credit quality and portfolio yield NEW YORK, June 18, 2026 - Chicago Atlantic Real Estate Finance, Inc. (“REFI”) (NASDAQ: REFI), a commercial mortgage real estate investment trust, and Chicago Atlantic BDC, Inc. (the “…
Read attachment ↗ea029503701ex99-2.htm · 8-K · 2026-06-18
EX-99.2 7 ea029503701ex99-2.htm INVESTOR PRESENTATION, DATED JUNE 18, 2026 Exhibit 99.2 CONFIDENTIAL | Chicago Atlantic BDC, Inc. Chicago Atlantic BDC, Inc. ("LIEN") & Chicago Atlantic Real Estate Finance, Inc. ("REFI") Overview of Proposed Merger Between LIEN and REFI June 18, 2026 CONFIDENTIAL | Chicago Atlantic BDC, Inc. 2 The information contained in this presentation should be viewed in conjunction with the Agreement and Plan of Merger (the "Merger Agreement") among LIEN, REFI (togeth…
Read attachment ↗ea028939301ex99-1.htm · 8-K · 2026-05-07
EX-99.1 2 ea028939301ex99-1.htm PRESS RELEASE DATED MAY 7, 2026 Exhibit 99.1 Chicago Atlantic Real Estate Finance Announces First Quarter 2026 Financial Results CHICAGO - (May 7, 2026) Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a commercial mortgage real estate investment trust, today announced its financial results for the first quarter ended March 31, 2026. Peter Sack, Co-Chief Executive Officer, noted, “Chicago Atlantic delivered st…
Read attachment ↗