Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc.

REFI
Chicago Atlantic Real Estate Finance, Inc.US flagNASDAQ Global Market
11.06
USD
-0.22
- -
234.55MMarket Cap
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
- -
2.77
3.17
2.84
- -
2.63
Basic EPS, GAAP
- -
1.83
2.14
1.92
- -
1.46
Free Cash Flow per Basic Share
- -
0.96
1.57
1.2
- -
1.16
Dividend per Share
- -
1.6
2.16
2.16
- -
1.91
Book Value per Share
- -
-0.28
-0.31
-0.51
- -
-0.98
Tangible Book Value per Share
- -
14.96
15.03
16.03
- -
14.41
Basic Weighted Avg Shares
- -
18
18
19
- -
21
Sales/Revenue/Turnover
- -
49
57
55
56
55
Operating Margin (%)
- -
- -
- -
- -
- -
- -
Depreciation Expense
- -
- -
- -
- -
- -
- -
Net Income, GAAP
- -
32
39
37
36
31
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
Profit Margin (%)
- -
66.1
67.52
67.62
64.82
55.58
Working Capital
- -
- -
- -
- -
- -
- -
LT Debt
- -
58
66
49
49
49
Total Equity
264
264
272
309
308
303
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)
- -
- -
- -
- -
- -
- -

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
52
49
67
LT Borrowings
49
49
49
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
21
21
21
Market Capitalization
265
257
238

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
29
15
28
Accounts Receivable, Net
4
4
5
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
14
18
15
ST Debt
52
49
67
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
- -
-0.37%
Free Cash Flow
- -
- -
24.32%
Net Income, GAAP
- -
- -
-2.79%
Sales/Revenue/Turnover
- -
- -
1.41%
Total Cash Common Dividend
- -
- -
5.31%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
13
13
14
14
55
2025
13
15
14
14
56
2026
13
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.48
0.47
0.57
0.4
1.92
2025
0.48
0.42
0.42
0.39
- -
2026
0.23
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.76
0.48
0.47
0.47
2.16
2025
0.65
0.5
0.47
0.47
- -
2026
0.47
- -
- -
- -
- -

Company Description

APIChat
CEO
Anthony Robert Cappell
Sector
Real Estate
Industry
REIT - Mortgage
Address
420 North Wabash Avenue Miami Beach IL United States of America 60611
IPO Date
Dec 8, 2021
Business
Chicago Atlantic Real Estate Finance, Inc. Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) operates as a commercial mortgage real estate investment trust that originates, structures and invests in senior secured first mortgage loans and alternative structured financings backed by commercial real estate properties primarily owned by or affiliated with established multi-state or single-state licensed cannabis operators in limited-license U.S. states; its portfolio emphasizes low-leverage deployments to consumer- and product-focused operators supporting growth initiatives such as facility expansions and equipment financing. Founded in 2021 and headquartered in Miami Beach, Florida, the company targets the cannabis sector's unique capital needs where traditional bank financing is limited, delivering risk-adjusted returns to stockholders through consistent income dividends and capital appreciation while qualifying as a REIT exempt from federal corporate income taxes upon distributing at least 90% of taxable income. Recent developments include funding a record $75 million three-year secured revolving credit facility to Verano Holdings in third-quarter 2025, the largest real estate-backed revolver among U.S. cannabis operators; closing a loan portfolio acquisition and joint venture with Silver Spike Investment Corp. in 2024 that combined investment management platforms and positioned the entity as a leading public lender to cannabis companies with approximately $300 million in net assets; and through its majority stake in Vire Growth Inc., finalizing 2025 acquisitions of cultivation and distribution assets from Cannabis Louri, Harvest Nevada and WhomeCo Cannabis including the Arches platform alongside Lineage Merchant Partners.

Company News

APIChat
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