Chicago Atlantic Real Estate Finance, Inc.

REFI

Chicago Atlantic Real Estate Finance, Inc.

REFI

Insider Sentiment (TTM):

Last Purchase:2025-10-16Last Sale:2024-11-07Shares Purchased (TTM):43,150Shares Sold (TTM):0

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:5,932,073Shares Outstanding:21,080,272Institutional Ownership Pct.:28.14%

Earnings Market Reaction:

Filing Date:2026-08-11Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Related Party	-	-	-	-	-	0	5	-	-	-	0	3
Assets
Financing Receivable Excluding Accrued Interest Be…	-	409	409	398	414	399	402	355	382	376	354	339
Financing Receivable Allowance For Credit Loss Exc…	-	-9	-5	-5	-4	-3	-4	-4	-5	-5	-5	-5
Financing Receivable Excluding Accrued Interest Af…	-	401	404	393	410	396	398	351	377	370	349	334
Loans Held For Sale Fair Value Disclosure	-	-	-	-	-	-	-	6	-	-	-	0
Cash And Cash Equivalents At Carrying Value	13	28	15	29	36	10	26	7	7	7	8	9
Other Receivables	3	3	1	1	0	1	0	1	1	5	1	1
Interest Receivable	5	5	4	4	3	2	1	0	1	1	1	2
Other Assets Current	1	0	1	0	1	1	3	1	1	0	0	-
Held To Maturity Securities Fair Value	-	-	-	-	-	-	-	-	-	-	1	3
Assets	462	436	425	427	455	415	435	366	386	384	359	352
Liabilities
Lines Of Credit Current	91	67	49	52	71	38	55	54	77	81	66	63
Notes Payable	49	49	49	49	49	49	49	-	-	-	-	-
Dividends Payable Current And Noncurrent	11	11	11	10	10	10	14	9	9	9	14	9
Other Liabilities	2	1	2	3	2	2	2	2	2	2	2	-
Management And Incentive Fees Payable	2	2	3	1	2	2	3	2	2	2	3	2
Interest Payable Current And Noncurrent	2	0	1	0	0	1	1	3	2	3	1	0
Payable Investment Purchase	-	-	-	-	9	1	-	-	-	-	-	-
Accounts Payable And Accrued Liabilities Current A…	1	1	1	1	1	3	1	1	2	1	1	1
Liabilities	160	133	117	117	145	104	126	70	94	98	87	77
Stockholders Equity
Common Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Additional Paid In Capital Common Stock	325	324	323	322	321	320	319	300	299	292	277	277
Retained Earnings Accumulated Deficit	-24	-21	-16	-13	-12	-10	-10	-4	-6	-6	-6	-1
Stockholders Equity	302	303	308	310	310	311	309	295	293	286	272	276
Liabilities And Stockholders Equity	462	436	425	427	455	415	435	366	386	384	359	352
Common Stock Par Or Stated Value Per Share	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Common Stock Shares Authorized	100	100	100	100	100	100	100	100	100	100	100	100
Common Stock Shares Issued	21	21	21	21	21	21	21	20	20	19	18	18
Shares Outstanding	21	21	21	21	21	21	21	20	20	18	18	18

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10‑Q10‑K

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10‑Q10‑K

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	-2.15%	-1.81%	-8.60%	-	-	-	-	-	-	-	-	-
2025	-0.68%	-1.16%	-5.11%	4.78%	-2.21%	0.59%	-1.16%	1.70%	-0.03%	-5.11%	3.51%	-2.01%
2024	-1.38%	-0.51%	3.70%	5.44%	6.43%	3.97%	2.16%	2.60%	0.53%	-4.23%	-0.46%	-2.01%
2023	-	-	-	-	-	-	1.49%	9.63%	9.77%	-0.04%	1.67%	-0.17%
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Performance and Valuation Metrics

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Metrics	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Leverage & Debt
Interest Coverage TTM	-0.45	-0.44	-0.35	-0.35	-0.12	0.25	0.87	4.18	4.26	4.89	5.73	5.29
Per Share Metrics
Diluted EPS TTM	1.35	1.43	1.68	1.66	1.77	1.80	1.88	1.92	1.87	1.97	2.11	1.97
Free Cash Flow Per Share TTM	1.48	1.15	1.37	0.78	0.79	1.14	1.20	1.88	1.53	1.84	1.57	0.97
Dividend Per Share TTM	2.09	2.21	2.39	1.71	1.68	1.98	2.16	2.09	2.08	2.16	2.16	2.14
Margin Metrics
Gross Profit Margin TTM	112.69%	111.94%	111.99%	111.42%	111.61%	111.50%	111.52%	111.77%	111.41%	110.27%	109.54%	109.05%
Operating Profit Margin TTM	47.65%	48.91%	57.22%	57.38%	60.07%	62.00%	59.65%	61.00%	60.07%	60.52%	64.21%	62.49%
Net Profit Margin TTM	47.65%	48.91%	57.22%	57.38%	60.07%	62.00%	59.65%	61.00%	60.07%	60.52%	64.21%	62.49%
Growth Metrics
Net Revenue Growth (1Y)	-2.58%	1.82%	1.34%	-1.29%	2.04%	1.89%	3.01%	7.92%	10.33%	12.43%	23.39%	71.64%
Net Income Growth (1Y)	-22.72%	-19.68%	-2.79%	-7.14%	2.04%	4.38%	-4.30%	5.35%	2.55%	4.45%	19.87%	46.06%
EPS Growth (1Y)	-23.59%	-20.52%	-10.77%	-13.53%	-5.85%	-8.56%	-10.23%	-2.44%	-4.24%	2.20%	17.01%	41.90%
Valuation Metrics
P/E TTM	7.74	7.42	6.57	6.67	6.57	6.60	6.42	6.07	5.95	5.67	5.30	4.91
P/B TTM	0.75	0.75	0.77	0.77	0.81	0.81	0.77	0.79	0.76	0.73	0.76	0.65
P/S TTM	3.69	3.63	3.76	3.83	3.95	4.09	3.83	3.70	3.57	3.43	3.41	3.07
Market Cap	227.72M	228.50M	236.63M	238.56M	250.18M	253.14M	237.90M	233.69M	221.83M	208.28M	205.31M	179.55M
Enterprise Value	354.87M	317.08M	320.12M	311.31M	335.03M	330.42M	336.33M	280.93M	291.51M	282.63M	263.41M	233.85M
Calculated Values
Free Cash Flow TTM	31.38M	24.33M	28.79M	16.48M	16.49M	23.87M	23.16M	36.84M	29.63M	33.63M	28.42M	17.54M
Net Debt	127.15M	88.59M	83.49M	72.75M	84.85M	77.28M	98.43M	47.24M	69.68M	74.35M	58.10M	54.30M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
NCAV
NCAV Per Share TTM
Valuation Ratios
P/CF TTM
PEG Ratio
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
EV Revenue TTM
EV FCF TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2025-10-16Purchase

Owner: Mazarakis, John

Title: Executive Chairman

Shares: 8,000

Price/Share: $12.75

Value: $102,000.00

Shares Owned: 416,607

Relationship: Director,Officer

Ownership: Direct

2025-10-15Purchase

Owner: Papastavrou, Jason D

Title: -

Shares: 10,000

Price/Share: $12.62

Value: $126,200.00

Shares Owned: 49,546

Relationship: Director

Ownership: Direct

2025-10-15Purchase

Owner: Kite, David

Title: Chief Operating Officer

Shares: 2,500

Price/Share: $12.70

Value: $31,750.00

Shares Owned: 59,516

Relationship: Officer

Ownership: Direct

2025-10-14Purchase

Owner: Sack, Peter

Title: Co-Chief Executive Officer

Shares: 8,150

Price/Share: $12.43

Value: $101,304.50

Shares Owned: 81,257

Relationship: Director,Officer

Ownership: Direct

2025-10-14Purchase

Owner: Konigsberg, Brandon

Title: -

Shares: 7,000

Price/Share: $12.33

Value: $86,310.00

Shares Owned: 27,546

Relationship: Director

Ownership: Direct

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2025-10-16	Mazarakis, John	Director,Officer	Executive Chairman	Direct	Purchase	8,000	12.75	$102,000.00	416,607	4
2025-10-15	Papastavrou, Jason D	Director	-	Direct	Purchase	10,000	12.62	$126,200.00	49,546	4
2025-10-15	Kite, David	Officer	Chief Operating Officer	Direct	Purchase	2,500	12.70	$31,750.00	59,516	4
2025-10-14	Sack, Peter	Director,Officer	Co-Chief Executive Officer	Direct	Purchase	8,150	12.43	$101,304.50	81,257	4
2025-10-14	Konigsberg, Brandon	Director	-	Direct	Purchase	7,000	12.33	$86,310.00	27,546	4
2025-10-01	Mazarakis, John	Director,Officer	Executive Chairman	Direct	Purchase	7,500	12.43	$93,225.00	408,607	4
2025-04-09	Silverman, Phillip	Officer	Chief Financial Officer	Direct	Purchase	769	13.00	$9,997.00	39,054	4
2024-11-08	Mazarakis, John	Director,Officer	Executive COB	Direct	Purchase	2,779	15.82	$43,963.78	372,709	4
2024-11-07	Mazarakis, John	Director,Officer	Executive COB	Direct	Sale	2,779	15.86	$44,074.94	369,930	4
2023-03-14	Mazarakis, John	Director,Officer	Executive COB	Direct	Purchase	10,000	13.19	$131,900.00	243,954	4
2022-12-12	Bodmeier, Andreas	Director,Officer	Co-President and CIO	Direct	Purchase	9,184	15.86	$145,658.24	234,381	4
2022-12-12	Mazarakis, John	Director,Officer	Executive COB	Direct	Purchase	9,184	15.86	$145,658.24	233,954	4
2022-12-12	Sack, Peter	Director,Officer	Co-President	Direct	Purchase	2,396	15.86	$38,000.56	5,821	4
2022-12-12	Cappell, Anthony	Director,Officer	Chief Executive Officer	Direct	Purchase	9,184	15.86	$145,658.24	227,454	4
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Institutional Ownership

No data available for chart

2026-03-31

28.14%

Inst. Shares: 5,932,073

Shares Outstanding: 21,080,272

2025-12-31

30.26%

Inst. Shares: 6,355,925

Shares Outstanding: 21,003,635

2025-09-30

29.66%

Inst. Shares: 6,251,339

Shares Outstanding: 21,074,771

2025-06-30

28.25%

Inst. Shares: 5,933,550

Shares Outstanding: 21,002,787

2025-03-31

30.40%

Inst. Shares: 6,341,888

Shares Outstanding: 20,858,466

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	5,932,073	21,080,272	28.14%
2025-12-31	6,355,925	21,003,635	30.26%
2025-09-30	6,251,339	21,074,771	29.66%
2025-06-30	5,933,550	21,002,787	28.25%
2025-03-31	6,341,888	20,858,466	30.40%
2024-12-31	6,984,478	19,279,501	36.23%
2024-09-30	6,064,930	19,625,190	30.90%
2024-06-30	5,503,878	19,378,445	28.40%
2024-03-31	5,327,119	18,273,919	29.15%
2023-12-31	4,376,211	18,085,088	24.20%
2023-09-30	4,405,945	18,175,467	24.24%
2023-06-30	4,095,056	18,094,288	22.63%
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Chicago Atlantic Real Estate Finance, Inc. (REFI) — SEC Financial Statements & Analysis

Chicago Atlantic Real Estate Finance, Inc. (REFI) is a real estate investment trusts company, incorporated in MD. Chicago Atlantic Real Estate Finance, Inc. trades on Nasdaq as: REFI. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), Chicago Atlantic Real Estate Finance, Inc. reported a -2.58% year-over-year revenue growth, a Gross Profit Margin of 112.69% (TTM), a Price-to-Sales (P/S) ratio of 3.69x (TTM), a Price-to-Book (P/B) ratio of 0.75x (TTM), at a market cap of $227.72M. Figures below are sourced from SEC EDGAR, as-filed.

Net Revenue TTM Growth 1Y: -2.58%
Gross Profit Margin TTM: 112.69%
P/S TTM: 3.69x
P/B TTM: 0.75x
Market Cap: $227.72M

Data as of 2026-06-30 · Source: SEC EDGAR

Frequently Asked Questions

What industry is Chicago Atlantic Real Estate Finance, Inc. in?

Chicago Atlantic Real Estate Finance, Inc. (REFI) operates in the Real Estate Investment Trusts industry.

What is REFI's market cap?

Chicago Atlantic Real Estate Finance, Inc. (REFI) has a market capitalization of $227.72M as of 2026-06-30.

What is REFI's P/E ratio?

Chicago Atlantic Real Estate Finance, Inc. (REFI)'s trailing twelve month P/E ratio is 7.74x as of 2026-06-30.

What exchange does REFI trade on?

Chicago Atlantic Real Estate Finance, Inc. (REFI) trades on the Nasdaq.

Where is Chicago Atlantic Real Estate Finance, Inc. incorporated?

Chicago Atlantic Real Estate Finance, Inc. is incorporated in MD.