Security
Chicago Atlantic Real Estate Finance, Inc. Common Stock · REFI
REFINASDAQCommon stockCurrentCIK 1867949Updated Nov 11, 2026
REFI price & chart
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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 ↗
Seeking Alpha
Chicago Atlantic Real Estate Finance, Inc. 2026 Q3 - Results - Earnings Call Presentation ↗
REFI outlines $0.015 per share quarterly distributable earnings lift per 25 bp hike while expecting Q4 2026 originations to slow ↗
Chicago Atlantic Real Estate Finance, Inc. (REFI) Q3 2026 Earnings Call Transcript ↗
Recent filings
425 filing
DEFA14A filing
425 filing
Results of Operations and Financial Condition · Regulation FD Disclosure
Items 2.02, 7.01, 9.01
10-Q filing
Show 5 more recent filings
Financials
FY 2025 · USDSource
Source
Source
Source
balance sheet · annual statements
| Line item | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | Q1 2024 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| AssetsUSD | 427,077,164Source | 365,912,737Source | 461,699,086Source | 455,214,325Source | 386,490,304Source | 435,948,612Source | 414,665,332Source | 383,654,933Source | 424,915,648Source | 435,148,974Source | 359,225,597Source | 343,271,050Source |
| Current assets: | ||||||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 28,920,537Source | 6,760,433Source | 13,351,699Source | 35,562,084Source | 7,070,883Source | 27,855,945Source | 9,879,177Source | 6,904,113Source | 14,948,884Source | 26,400,448Source | 7,898,040Source | 5,715,827Source |
| LIABILITIES AND EQUITY | ||||||||||||
| LiabilitiesUSD | 117,162,485Source | 70,445,979Source | 160,051,048Source | 145,185,935Source | 93,765,399Source | 132,525,954Source | 103,885,285Source | 97,694,156Source | 117,101,172Source | 126,190,877Source | 87,372,206Source | 79,238,027Source |
| Stockholders’ equity: | ||||||||||||
| Common Stock, Value, IssuedUSD | 210,753Source | 196,345Source | 213,144Source | 210,746Source | 196,245Source | 210,803Source | 208,938Source | 191,003Source | 210,803Source | 208,292Source | 181,972Source | 176,859Source |
| Additional Paid in CapitalUSD | — | — | — | — | — | — | — | — | — | — | — | 268,995,848Source |
| Retained Earnings (Accumulated Deficit)USD | -12,522,211Source | -4,451,503Source | -23,511,551Source | -11,548,516Source | -6,393,964Source | -20,779,353Source | -9,915,731Source | -6,088,747Source | -15,522,181Source | -10,136,963Source | -5,811,673Source | -5,139,684Source |
| Stockholders' Equity Attributable to ParentUSD | 309,914,679Source | 295,466,758Source | 301,648,038Source | 310,028,390Source | 292,724,905Source | 303,422,658Source | 310,780,047Source | 285,960,777Source | 307,814,476Source | 308,958,097Source | 271,853,391Source | 264,033,023Source |
| Additional Paid in Capital, Common StockUSD | 322,226,137Source | 299,721,916Source | 324,946,445Source | 321,366,160Source | 298,922,624Source | 323,991,208Source | 320,486,840Source | 291,858,521Source | 323,125,854Source | 318,886,768Source | 277,483,092Source | — |
| Liabilities and EquityUSD | 427,077,164Source | 365,912,737Source | 461,699,086Source | 455,214,325Source | 386,490,304Source | 435,948,612Source | 414,665,332Source | 383,654,933Source | 424,915,648Source | 435,148,974Source | 359,225,597Source | 343,271,050Source |
| Additional Financial Items | ||||||||||||
| Dividends PayableUSD | 9,905,390Source | 9,267,714Source | 10,639,254Source | 9,905,074Source | 9,256,736Source | 11,347,028Source | 9,820,079Source | 9,007,244Source | 11,157,220Source | 13,605,153Source | 13,866,656Source | 13,618,591Source |
| Long-term DebtUSD | 49,274,644Source | 54,000,000Source | 49,452,551Source | 49,215,015Source | 76,750,000Source | 49,393,248Source | 49,155,713Source | — | 49,334,459Source | 49,096,250Source | — | — |
| Long-term Debt, Current MaturitiesUSD | — | — | — | — | — | — | — | — | — | — | — | 336,323,706Source |
cash flow · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | 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 | — | — | 928,654Source | 845,524Source | 957,578Source | 881,128Source | 865,354Source | 649,312Source | 3,368,861Source | 3,058,674Source | 1,479,736Source | 435,623Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | 3,163,807Source | 7,625,168Source | 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 | — | — | — | — | — | — | 1,730,663Source | 5,507,310Source | 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 | — | — | — | — | — | — | 8,012,591Source | -29,653,749Source | -48,980,892Source | 34,639,895Source | -24,308,830Source | 33,706,190Source |
| Dividends paid | — | — | — | — | — | — | —Source | —Source | —Source | —Source | —Source | —Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | 28,920,537Source | 6,760,433Source | 13,351,699Source | 35,562,084Source | 27,855,945Source | 9,879,177Source | 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 | — | — | — | — | — | — | 2,995,378Source | 1,740,547Source | 6,939,666Source | 6,205,623Source | 5,031,492Source | — |
| Additional Financial Items | ||||||||||||
| Share-based Payment Arrangement, ExpenseUSD | — | — | — | — | — | — | 900,000Source | 600,000Source | 3,400,000Source | 3,100,000Source | 1,500,000Source | 435,623Source |
| Amortization of Debt Issuance Costs and DiscountsUSD | — | — | — | — | — | — | 83,451Source | 110,309Source | 406,663Source | 256,998Source | 550,906Source | 563,464Source |
| Debt Securities, Realized Gain (Loss)USD | — | — | 0Source | 0Source | — | 0Source | — | 0Source | 0Source | 72,428Source | 104,789Source | — |
| Dividends PayableUSD | — | — | 9,905,390Source | 9,267,714Source | 10,639,254Source | 9,905,074Source | 11,347,028Source | 9,820,079Source | 11,157,220Source | 13,605,153Source | 13,866,656Source | 13,618,591Source |
| General and Administrative ExpenseUSD | — | — | 1,298,910Source | 1,254,062Source | 1,529,035Source | 1,271,124Source | 1,151,474Source | 1,196,106Source | 5,304,451Source | 5,388,967Source | 5,260,287Source | 3,528,322Source |
| Income Tax Expense (Benefit)USD | — | — | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | — |
| InterestIncomeOperatingPaidInKindUSD | — | — | — | — | — | — | 1,275,042Source | 1,595,058Source | 6,162,563Source | 9,147,837Source | 9,458,215Source | — |
| Investment Income, InterestUSD | — | — | — | — | — | — | — | — | — | — | — | 6,920,388Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | 8,934,539Source | 11,211,636Source | 7,473,326Source | 8,877,375Source | 4,840,364Source | 10,041,312Source | 36,010,478Source | 37,045,403Source | 38,710,248Source | 32,292,477Source |
| Operating ExpensesUSD | — | — | — | — | — | — | — | — | — | — | — | 16,565,151Source |
| Proceeds from Issuance of Common StockUSD | — | — | — | — | — | — | 0Source | 1,033,474Source | 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 | — | — | 557,220Source | -989,597Source | 551,294Source | 1,147,290Source | 3,837,851Source | -1,073,276Source | 731,051Source | -583,298Source | 940,385Source | — |
| Unrealized Gain (Loss) on DerivativesUSD | — | — | — | — | — | — | -5,400,000Source | -2,400,000Source | -1,600,000Source | -2,700,000Source | 1,687,734Source | — |
| Unrealized Gain (Loss) on InvestmentsUSD | — | — | — | — | — | — | -206,000Source | — | 165,000Source | -240,604Source | — | — |
| Gain (Loss) on Extinguishment of Debt | — | — | — | — | — | — | — | —Source | — | — | — | — |
income statement · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total RevenueUSD | — | — | — | — | — | — | — | — | — | — | — | 48,857,628Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | — | — | 8,934,539Source | 11,211,636Source | 7,473,326Source | 8,877,375Source | 4,840,364Source | 10,041,312Source | 36,010,478Source | 37,045,403Source | 38,710,248Source | 32,292,477Source |
| Income Tax Expense (Benefit)USD | — | — | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | — |
| Net Income (Loss) Attributable to ParentUSD | — | — | 8,934,539Source | 11,211,636Source | 7,473,326Source | 8,877,375Source | 4,840,364Source | 10,041,312Source | 36,010,478Source | 37,045,403Source | 38,710,248Source | 32,292,477Source |
| Earnings Per Share, BasicUSD per share | — | — | 0.42Source | 0.57Source | 0.35Source | 0.42Source | 0.23Source | 0.48Source | 1.71Source | 1.92Source | 2.14Source | 1.83Source |
| Earnings Per Share, DilutedUSD per share | — | — | 0.42Source | 0.56Source | 0.34Source | 0.41Source | 0.23Source | 0.47Source | 1.68Source | 1.88Source | 2.11Source | 1.82Source |
| Weighted Average Number of Shares Outstanding, Basicshares | — | — | 21,074,771Source | 19,625,190Source | 21,242,557Source | 21,002,787Source | 21,080,272Source | 20,858,466Source | 21,003,635Source | 19,279,501Source | 18,085,088Source | 17,653,765Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | — | 21,485,776Source | 20,058,417Source | 21,713,882Source | 21,487,106Source | 21,484,118Source | 21,264,891Source | 21,431,650Source | 19,713,916Source | 18,343,725Source | 17,746,214Source |
| Additional Financial Items | ||||||||||||
| Common Stock, Dividends, Per Share, DeclaredUSD per share | — | — | 0.47Source | 0.47Source | 0.47Source | 0.47Source | 0.47Source | 0.47Source | 1.88Source | 2.06Source | 2.17Source | 2.1Source |
| Debt Securities, Realized Gain (Loss)USD | — | — | 0Source | 0Source | — | 0Source | — | 0Source | 0Source | 72,428Source | 104,789Source | — |
| General and Administrative ExpenseUSD | — | — | 1,298,910Source | 1,254,062Source | 1,529,035Source | 1,271,124Source | 1,151,474Source | 1,196,106Source | 5,304,451Source | 5,388,967Source | 5,260,287Source | 3,528,322Source |
| Interest ExpenseUSD | — | — | — | 1,799,351Source | — | — | — | — | — | — | 5,752,908Source | 2,024,299Source |
| Interest Expense, DebtUSD | — | — | 1,422,314Source | 1,701,480Source | 2,273,552Source | 1,924,126Source | 1,931,020Source | 1,912,330Source | 6,943,305Source | 6,802,744Source | 5,113,524Source | 2,614,138Source |
| InterestExpenseOperatingUSD | — | — | 1,565,592Source | 1,799,351Source | 2,384,377Source | 2,077,048Source | 2,040,602Source | 2,065,382Source | 7,545,641Source | 7,153,207Source | — | — |
| Interest Income (Expense), NetUSD | — | — | 13,685,274Source | 14,459,393Source | 12,834,645Source | 14,424,987Source | 13,124,086Source | 13,041,933Source | 55,390,399Source | 54,950,885Source | 57,147,096Source | 51,471,766Source |
| Interest Income, OperatingUSD | — | — | 15,250,866Source | 16,258,744Source | 15,219,022Source | 16,502,035Source | 15,164,688Source | 15,107,315Source | 62,936,040Source | 62,104,092Source | 62,900,004Source | — |
| InterestIncomeOperatingPaidInKindUSD | — | — | — | — | — | — | 1,275,042Source | 1,595,058Source | 6,162,563Source | 9,147,837Source | 9,458,215Source | — |
| Interest Income, OtherUSD | — | — | — | — | — | — | — | — | — | — | 2,000,000Source | — |
| Interest Revenue (Expense), NetUSD | — | — | -1,565,592Source | -1,799,351Source | -2,384,377Source | -2,077,048Source | -2,040,602Source | -2,065,382Source | -7,545,641Source | -7,153,207Source | -5,752,908Source | -2,614,138Source |
| Investment Income, InterestUSD | — | — | — | — | — | — | — | — | — | — | — | 6,920,388Source |
| Management Fee ExpenseUSD | — | — | 1,150,934Source | 1,062,379Source | 1,079,552Source | 1,091,006Source | 1,201,003Source | 1,209,225Source | 4,485,313Source | 4,138,401Source | 4,046,398Source | — |
| Operating ExpensesUSD | — | — | — | — | — | — | — | — | — | — | — | 16,565,151Source |
| Other General and Administrative ExpenseUSD | — | — | 1,200,933Source | 1,110,611Source | 1,395,641Source | 1,155,787Source | 1,029,059Source | 1,148,769Source | 4,930,489Source | 4,821,373Source | 4,799,210Source | 3,137,861Source |
| Selling ExpenseUSD | — | — | — | — | — | — | — | — | — | — | 14,200,000Source | — |
Offerings
Registration 333-292792
Filing attachments
ea031124401ex99-1.htm · DEFA14A · 2026-11-10
Exhibit 99.1 Chicago Atlantic Real Estate Finance Announces Third Quarter 2026 Financial Results CHICAGO - (November 10, 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 third quarter ended September 30, 2026. Peter Sack, Co-Chief Executive Officer, noted, “Chicago Atlantic delivered distributable earnings of $0.49 per diluted weighted …
Read attachment ↗ea031124401ex99-2.htm · DEFA14A · 2026-11-10
Exhibit 99.2 Third Quarter 2026 Earnings Supplemental As of and for the periods ended September 30, 2026 Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) Forward Looking Statements This presentation contains forward - looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21 E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), regarding future events and the future results of Chicago Atlantic Real Estate Fin…
Read attachment ↗ea031124401ex99-1.htm · 425 · 2026-11-10
Exhibit 99.1 Chicago Atlantic Real Estate Finance Announces Third Quarter 2026 Financial Results CHICAGO - (November 10, 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 third quarter ended September 30, 2026. Peter Sack, Co-Chief Executive Officer, noted, “Chicago Atlantic delivered distributable earnings of $0.49 per diluted weighted …
Read attachment ↗ea031124401ex99-2.htm · 425 · 2026-11-10
Exhibit 99.2 Third Quarter 2026 Earnings Supplemental As of and for the periods ended September 30, 2026 Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) Forward Looking Statements This presentation contains forward - looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21 E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), regarding future events and the future results of Chicago Atlantic Real Estate Fin…
Read attachment ↗ea031124401ex99-1.htm · 8-K · 2026-11-10
Exhibit 99.1 Chicago Atlantic Real Estate Finance Announces Third Quarter 2026 Financial Results CHICAGO - (November 10, 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 third quarter ended September 30, 2026. Peter Sack, Co-Chief Executive Officer, noted, “Chicago Atlantic delivered distributable earnings of $0.49 per diluted weighted …
Read attachment ↗ea031124401ex99-2.htm · 8-K · 2026-11-10
Exhibit 99.2 Third Quarter 2026 Earnings Supplemental As of and for the periods ended September 30, 2026 Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) Forward Looking Statements This presentation contains forward - looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21 E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), regarding future events and the future results of Chicago Atlantic Real Estate Fin…
Read attachment ↗