Chicago Atlantic Real Estate Finance, Inc. REFI

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated financing subsidiary, Chicago Atlantic Lincoln, LLC ("CAL") (collectively the "Company", "we", "us" or "our"), is a commercial mortgage real estate investment trust ("REIT") incorporated in the state of Maryland on March 30, 2021. The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ended December 31, 2021. The Company believes that it has qualified as a REIT and that its method of operation will enable it to continue to qualify as a REIT. The Company generally will not be subject to United States federal income taxes on its REIT taxable income if it annually distributes to stockholders at least 90% of its REIT taxable income prior to the deduction for dividends paid and complies with various other requirements as a REIT. See "— U.S. Federal Income Tax Considerations." Additionally, the Company is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and intends to take advantage of certain exemptions for emerging growth companies allowing us to temporarily forego the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. The Company commenced operations on March 30, 2021 and completed its initial public offering ("IPO") in December 2021.

Last close 9.37 2026-10-23
Market cap $240.1M 2026-06-30 share count
52-week range 8.76 - 13.49

Valuation FY2025 figures against the last close

P/S—
P/E5.6x
P/FCF8.3x
EV/EBITDA—
Dividend yield18.3%
Diluted EPS1.68

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021
Revenue ———$48.9M—
SG&A $5.3M$5.4M$5.3M$3.5M—
Total operating expenses ———$16.6M—
Interest expense $55.4M$55.0M$57.1M$2.6M—
Pre-tax income $36.0M$37.0M$38.7M$32.3M—
Income tax $0$0$0$0—
Net income $36.0M$37.0M$38.7M$32.3M—
EPS, basic 1.711.922.141.83—
EPS, diluted 1.681.882.111.82—
Shares, diluted (wtd. avg.) 21.4M19.7M18.3M17.7M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021
Cash and equivalents $14.9M$26.4M$7.9M$5.7M$80.2M
Total assets $424.9M$435.1M$359.2M$343.3M$278.2M
Accounts payable ————$212.9K
Short-term debt ——$284.5M$281.6M$200.4M
Long-term debt $49.3M$49.1M———
Total liabilities $117.1M$126.2M$87.4M$79.2M$14.1M
Retained earnings -$15.5M-$10.1M-$5.8M-$5.1M-$177.6K
Total equity $307.8M$309.0M$271.9M$264.0M$264.1M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021
Operating cash flow $28.8M$23.2M$28.4M$17.0M—
Stock-based compensation $3.4M$3.1M$1.5M$435.6K—
Investing cash flow $8.7M-$39.3M-$1.9M-$125.2M—
Financing cash flow -$49.0M$34.6M-$24.3M$33.7M—
Dividends paid $43.8M$41.6M$39.1M$28.2M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-103027.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20M 40M 60M Revenue, FY2022: 48.9M Net income, FY2022: 32.3M Net income, FY2023: 38.7M Net income, FY2024: 37M Net income, FY2025: 36M FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2021FY2022FY2023FY2024FY2025
Revenue — $48.9M — — —
Gross profit — — — — —
Net income — $32.3M $38.7M $37.0M $36.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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