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Chicago Atlantic Real Estate Finance(NASDAQ) REFI

Market Cap$218.15MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Since IPO (2021)+19%
5 YearN/A
1 Year-13%
1 Month-5%
$10.18
-0.88%
-0.09Today
After hours$10.22+$0.04 (+0.39%)
Chicago Atlantic Real Estate Finance last closing stock price
MetricPriceDate
Last closeUSD 10.242026-08-10
Chicago Atlantic Real Estate Finance stock price return by period
PeriodPrice returnPrice at period startPeriod start date
1 week+3.38%USD 9.902026-08-03
1 month-5.41%USD 10.822026-07-10
3 month-6.07%USD 10.902026-05-12
Year to date-9.15%USD 11.272025-12-31
1 year-12.57%USD 11.712025-08-08
3 year+4.95%USD 9.752023-08-11
Since inception+18.7%USD 8.652021-12-08

Chicago Atlantic Real Estate Finance Financials at a Glance

Market Cap

$218.15MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Revenue (TTM)

$59.52M

Net Income (TTM)

$30.81M

EPS (TTM)

$1.43

P/E Ratio

7.14

Dividend

$1.88

Beta (Volatility)

0.00 (Low)

Price

$10.18

Volume

181,146.642

Open

$10.42

Previous Close

$10.24

Daily Range

$10.05 - $10.42

52-Week Range

$9.69 - $14.57

Estimated Earnings Date

Aug 11, 2026

REFI News

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Chicago Atlantic (REFI) Q2 EPS Beats 9%

Motley Fool Markets TeamAug 7, 2025

REFI: Motley Fool Moneyball Superscore

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About Chicago Atlantic Real Estate Finance

Chicago Atlantic helps cannabis companies get loans for buildings and equipment. It provides financing to licensed businesses that often cannot use traditional banks. The firm earns money from interest paid on these property-backed loans.

Financing the Cannabis Frontier

  • Senior Mortgage Loans: First-priority loans secured by real estate and equipment; these represent the majority of the loan portfolio.
  • Structured Financing: Flexible funding plans for commercial property owners who need specific capital solutions.
  • Cannabis-Related Lending: Specialized loans for state-licensed growers and sellers across the United States and Canada.

Raising Capital and Moving North

  • In October 2024, the firm raised $50 million through senior unsecured notes to fund new business activities.
  • The company increased its At-the-Market sales program to $100 million in March 2025 to increase available cash.
  • REFI expanded into Canada on January 8, 2026, by funding a $16.2 million loan for a licensed operator.
  • In August 2025, the company extended the maturity of its revolving credit facility to June 2028.

Navigating a High-Risk Industry

The firm uses a floating-rate strategy, with 64.8% of its loan portfolio tied to market interest rates in March 2026. This approach allows income to adjust when market benchmarks change.

Chicago Atlantic operates as a real estate investment trust (REIT). It avoids federal corporate income taxes by distributing at least 90% of taxable income to its shareholders.

The Latest Financial Results

  • Revenue grew to $15.2 million in Q1 2026, a 16.3% increase over the $13.0 million reported in Q1 2025.
  • Net income fell to $4.8 million in Q1 2026, down 51.8% from $10.0 million in the previous year.
  • Total loans held for investment reached a carrying value of $409.2 million as of March 31, 2026.
  • The Current Expected Credit Losses (CECL) reserve, which covers potential loan defaults, hit $8.7 million in Q1 2026.
  • Operating cash flow reached $3.2 million in Q1 2026, down 58.5% from $7.6 million in Q1 2025.

Bottom Line

Chicago Atlantic has established itself as a specialized lender for the regulated cannabis sector. While the firm continues to grow its total revenue, recent results show higher reserves for potential credit losses.

AI Generated • May 19, 2026

Industry

Mortgage Real Estate Investment Trusts (REITs)

Sector

Financials

CEO

Anthony Cappell, MBA; Peter Sack, MBA

Website

www.refi.reit

Headquarters

Miami Beach, FL 33139, US

REFI Financials

Key Financial Metrics (TTM)

Gross Margin

93.86%

Operating Margin

25.27%

Net Income Margin

51.77%

Return on Equity

10.01%

Return on Capital

8.86%

Return on Assets

7.07%

Earnings Yield

14.01%

Dividend Yield

18.37%

Payout Ratio

1.30%

Stock Overview

Market Cap

$218.15MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Shares Outstanding

21.31M

Volume

181.15K

Avg. Volume

161.86K

Financials (TTM)

Gross Profit

$55.86M

Operating Income

$15.04M

EBITDA

$15.04M

Operating Cash Flow

$24.33M

Capital Expenditure

$0.00

Free Cash Flow

$24.33M

Cash & ST Invst.

$27.86M

Total Debt

$116.44M

Chicago Atlantic Real Estate Finance Performance Analysis

Chicago Atlantic Real Estate Finance annual revenue and year-over-year revenue growth by fiscal year
Fiscal yearPeriod endRevenueYoY growth
20222022-12-31USD 51,471,766364.8%
20232023-12-31USD 63,004,79322.4%
20242024-12-31USD 62,176,520-1.3%
20252025-12-31USD 62,936,0401.2%
Chicago Atlantic Real Estate Finance sequential (quarter-over-quarter) revenue growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-3011.9%
Q32025-09-30-6.2%
Q42025-12-3117.5%
Q12026-03-31-5.7%
Chicago Atlantic Real Estate Finance annual diluted earnings per share and year-over-year EPS growth by fiscal year
Fiscal yearPeriod endDiluted EPSYoY growth
20222022-12-31USD 1.82234.4%
20232023-12-31USD 2.1116.0%
20242024-12-31USD 1.88-11.0%
20252025-12-31USD 1.68-10.6%
Chicago Atlantic Real Estate Finance sequential (quarter-over-quarter) diluted earnings per share growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-30-12.8%
Q32025-09-302.4%
Q42025-12-31-9.5%
Q12026-03-31-39.5%

Revenue Growth Rate

Annual and quarterly growth comparison

Earnings Per Share Growth Rate

Annual and quarterly EPS growth comparison

Quarterly Performance

Name
Q1 2026YOY CHG

Revenue

$15.16M

+16.3%

Gross Profit

$13.45M

+3.1%

Gross Margin

88.66%

N/A

Market Cap

$218.15MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

N/A

Market Cap/Employee

N/A

N/A

Employees

0

N/A

Net Income

$4.84M

-51.8%

EBITDA

$6.88M

N/A

Quarterly Fundamentals

Name
Q1 2026YOY CHG

Total Cash

$27.86M

+182.0%

Total Debt

$116.44M

+33.6%

Accounts Receivable

$7.47B

+1760.4%

Inventory

$0.00

N/A

Long Term Debt

$49.39M

-43.3%

Short Term Debt

$67.05M

N/A

Return on Assets

7.07%

N/A

Return on Invested Capital

4.25%

N/A

Free Cash Flow

$3.16M

-58.5%

Operating Cash Flow

$3.16M

-58.5%

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Questions About REFI

What is the current price of Chicago Atlantic Real Estate Finance?

Chicago Atlantic Real Estate Finance is trading at $10.24 per share.

What is the 52-week range for Chicago Atlantic Real Estate Finance?

Over the past 52 weeks, Chicago Atlantic Real Estate Finance has traded between $9.69 and $14.57.

How much debt does Chicago Atlantic Real Estate Finance have?

As of the most recent reporting period, Chicago Atlantic Real Estate Finance reported total debt of $116.44M.

How much cash does Chicago Atlantic Real Estate Finance have on hand?

Chicago Atlantic Real Estate Finance reported $27.86M in cash and cash equivalents in its most recent financial results.

What is Chicago Atlantic Real Estate Finance’s dividend yield?

Chicago Atlantic Real Estate Finance currently has a dividend yield of 18.37%.

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