Chicago Atlantic Real Estate Finance, Inc. (REFI) AI Stock Analysis

Chicago Atlantic Real Estate Finance, Inc. functions in the commercial real estate finance sector within the United States. The company specializes in originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. A distinctive part of its portfolio is providing senior loans tailored specifically for state-licensed operators and property owners in the cannabis industry. Operating as a real estate investment trust, the company distributes at least 90% of its taxable income to shareholders to benefit from favorable tax treatment. Founded in 2021, the company is headquartered in Chicago, Illinois.

Following revenue of $11.08B in FY2021, Chicago Atlantic reported revenue of $48.9M in FY2022, $57.3M in FY2023, $54.8M in FY2024, and $63.1M in FY2025. Over the 4 years from FY2021 to FY2025, revenue CAGR was -72.5%. Net income reached $36.0M in FY2025 with a net margin of 57.1% and EPS of $1.74, down from an operating margin of 80.7% and net income of $37.0M in FY2024. For the latest quarter ended June 30, 2026, quarterly revenue growth fell 7.5% year-over-year, while quarterly earnings declined 17.1%. Over the trailing twelve months, revenue was $48.8M and EPS was $1.37.

As of June 30, 2026, Chicago Atlantic held $13.4M in cash and short-term investments alongside total debt of $140.5M, resulting in net debt of $127.2M. Shareholders' equity stood at $301.6M against total assets of $461.7M, representing a debt-to-equity ratio of 0.47 and a current ratio of 0.40. In FY2025, operating cash flow and free cash flow both totaled $28.8M. During that fiscal year, the company paid $43.8M in dividends, while share count expanded 24.4% over 5 years.

At a share price of $9.31, Chicago Atlantic carries a market cap of $238.5M and an enterprise value of $365.7M. The stock trades at a trailing P/E of 6.8x and a forward P/E of 5.4x, both lower than the median of its US-listed Real Estate peers at 21.6x and 23.5x, respectively. Its price-to-book ratio is 0.9x and EV-to-revenue stands at 7.8x. Over the past year, the stock returned -11.6%, trailing the S&P 500 return of 16.8%. The shares trade 10.3% below their 200-day average.

Chicago Atlantic pays an annual forward dividend of $1.88 per share, which represents a dividend yield of 20.15%. Dividends are distributed on a quarterly frequency and have been paid for 6 consecutive years. The company recorded its last ex-dividend date on September 30, 2026. However, its dividend payout ratio stands at 133.3%, reflecting FY2025 dividends paid of $43.8M compared to free cash flow of $28.8M.

Wall Street coverage consists of 2 Strong Buy, 1 Buy, and 2 Hold ratings, with zero Sell or Strong Sell ratings. The mean price target is $15.12, representing upside of 62.5% from the last close of $9.31. Over the last 4 quarters, the company recorded 0 EPS beats. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $54.8M and EPS of $1.32, marking a 21.1% decline. The next earnings date is scheduled for November 3, 2026.

This page is an AI-written research summary of Chicago Atlantic Real Estate Finance, Inc. (REFI). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: REFI income statement, REFI balance sheet, REFI key metrics, REFI analyst forecast, REFI chart. See the REFI stock overview for the latest quote and news.