Chicago Atlantic Real Estate Finance, Inc. (REFI) Balance Sheet
REFI balance sheet, 2025
December 31, 2025 · U.S. dollars$424.9M assets = $117.1M liabilities + $307.8M equity
Both columns are drawn to the same scale: what REFI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
REFI financial health
Descriptive bands, not a rating. Fiscal 2025.
REFI balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $278.2M2021 | $424.9M2025 | +11.2%/yr | |
| Total liabilities | $14.1M2021 | $117.1M2025 | +69.8%/yr | |
| Shareholders’ equity | $264.1M2021 | $307.8M2025 | +3.9%/yr | |
| Cash & short-term investments | $80.2M2021 | $14.9M2025 | −34.3%/yr | |
| Total debt | $197.7M2021 | $98.4M2025 | −16.0%/yr | |
| Net cash (debt) | −$117.5M2021 | −$83.5M2025 | +$34.0M | |
| Working capital | $265.1M2021 | −$48.0M2025 | −$313.1M | |
| Book value per share | $15.132021 | $14.362025 | −1.3%/yr | |
| Current ratio | 22.752021 | 0.282025 | −22.47 | |
| Debt / equity | 0.752021 | 0.322025 | −0.43 | |
| Shares outstanding | 17.5M2021 | 21.4M2025 | +5.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
REFI assets
REFI liabilities and equity
REFI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
REFI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $14.9M | $26.4M | $7.9M | $5.7M | $80.2M |
| Cash & equivalents | $14.9M | $26.4M | $7.9M | $5.7M | $80.2M |
| Short-term investments | — | — | — | $339.3M | $196.98B |
| Receivables | $4.0M | $403.5M | $348.7M | $335.3M | $196.9M |
| Inventory | $0 | $0 | $0 | $6.9M | $0 |
| Other current assets | $0 | $5.0M | $1.5M | $0 | $203,883 |
| Total current assets | $19.0M | $434.8M | $358.0M | $342.5M | $277.3M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $842,269 | $335.3M | $196.9M |
| Other non-current assets | $406.0M | $305,075 | $366,592 | $0 | $0 |
| Total assets | $424.9M | $435.1M | $359.2M | $343.3M | $278.2M |
| Liabilities | |||||
| Accounts payable | $1.3M | $2.2M | $1.1M | $963,713 | $212,887 |
| Short-term debt | $49.1M | $49.10B | $66.0M | $58.0M | $1.8M |
| Deferred revenue | — | — | −$64.9M | −$56.9M | — |
| Total current liabilities | $66.9M | $20.0M | $19.3M | $19.7M | $12.2M |
| Long-term debt | $49.3M | $49.1M | $66.0M | $58.0M | $0 |
| Other long-term liabilities | $847,663 | $57.1M | $2.1M | $1.5M | $1.9M |
| Total liabilities | $117.1M | $126.2M | $87.4M | $79.2M | $14.1M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $210,803 | $208,292 | $181,972 | $176,859 | $173,551 |
| Retained earnings (deficit) | −$15.5M | −$10.1M | −$5.8M | −$5.1M | −$177,560 |
| Accumulated other comprehensive income | $0 | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $307.8M | $309.0M | $271.9M | $264.0M | $264.1M |
| Key figures | |||||
| Total debt | $98.4M | $104.1M | $66.0M | $58.0M | $197.7M |
| Net cash (debt) | −$83.5M | −$77.7M | −$58.1M | −$52.3M | −$117.5M |
| Working capital | −$48.0M | $414.8M | $338.7M | $322.7M | $265.1M |
| Tangible book value | $307.8M | $309.0M | $271.9M | $264.0M | $264.1M |
| Book value per share | $14.36 | $15.67 | $14.82 | $14.88 | $15.13 |
| Shares outstanding | 21.4M | 19.7M | 18.3M | 17.7M | 17.5M |
| Current ratio | 0.28 | 21.74 | 18.53 | 17.34 | 22.75 |
| Quick ratio | 0.28 | 21.49 | 18.46 | 17.27 | 22.73 |
| Debt / equity | 0.32 | 0.34 | 0.24 | 0.22 | 0.75 |
| Equity / assets | 72.4% | 71.0% | 75.7% | 76.9% | 94.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $13.4M | $27.9M | $14.9M | $28.9M | $35.6M | $9.9M | $26.4M | $6.8M | $7.1M | $6.9M | $7.9M | $8.7M |
| Cash & equivalents | $13.4M | $27.9M | $14.9M | $28.9M | $35.6M | $9.9M | $26.4M | $6.8M | $7.1M | $6.9M | $7.9M | $8.7M |
| Short-term investments | — | — | — | — | — | — | — | $6.75B | — | — | — | $8.69B |
| Receivables | $5.1M | $7.47B | $4.0M | $4.5M | $415.1M | $401.5M | $403.5M | $1.10B | $376.8M | $370.5M | $348.7M | $333.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $0 | $3.18B |
| Other current assets | $1.2M | $0 | $0 | $0 | $4.4M | $3.0M | $5.0M | $0 | $2.3M | $5.9M | $1.5M | $0 |
| Total current assets | $19.6M | $32.8M | $19.0M | $33.4M | $455.0M | $414.4M | $434.8M | $7.9M | $386.2M | $383.3M | $358.0M | $348.3M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $842,269 | $3.5M |
| Other non-current assets | $442.1M | $403.2M | $406.0M | $393.7M | $203,382 | $254,229 | $305,075 | $358.1M | $301,037 | $325,415 | $366,592 | $516,261 |
| Total assets | $461.7M | $435.9M | $424.9M | $427.1M | $455.2M | $414.7M | $435.1M | $365.9M | $386.5M | $383.7M | $359.2M | $352.3M |
| Liabilities | ||||||||||||
| Accounts payable | $1.7M | $310,106 | $1.3M | — | $10.8M | $3.0M | $2.2M | $1.4M | $1.5M | $1.3M | $1.1M | $1.1M |
| Short-term debt | $91.0M | $67.0M | $49.1M | $52.4M | $49.2M | $38.0M | $55.0M | $54.0M | $76.8M | $81.2M | $66.0M | $63.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$76.8M | −$81.2M | −$64.9M | −$61.8M |
| Total current liabilities | $49.5M | $81.9M | $66.9M | $66.8M | $22.9M | $15.1M | $20.0M | $66.5M | $15.1M | $14.6M | $19.3M | $11.7M |
| Long-term debt | $49.5M | $49.4M | $49.3M | $49.3M | $49.2M | $49.2M | $49.1M | $0 | $0 | $81.2M | $66.0M | $63.0M |
| Other long-term liabilities | $61.1M | $1.3M | $847,663 | $1.1M | $73.1M | $39.6M | $57.1M | $55.6M | $78.7M | $1.8M | $2.1M | $1.8M |
| Total liabilities | $160.1M | $132.5M | $117.1M | $117.2M | $145.2M | $103.9M | $126.2M | $70.4M | $93.8M | $97.7M | $87.4M | $76.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $213,144 | $210,803 | $210,803 | $210,753 | $210,746 | $208,938 | $208,292 | $196,345 | $196,245 | $191,003 | $181,972 | $181,823 |
| Retained earnings (deficit) | −$23.5M | −$20.8M | −$15.5M | −$12.5M | −$11.5M | −$9.9M | −$10.1M | −$4.5M | −$6.4M | −$6.1M | −$5.8M | −$1.3M |
| Accumulated other comprehensive income | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $301.6M | $303.4M | $307.8M | $309.9M | $310.0M | $310.8M | $309.0M | $295.5M | $292.7M | $286.0M | $271.9M | $275.8M |
| Key figures | ||||||||||||
| Total debt | $140.5M | $116.4M | $98.4M | $101.7M | $120.4M | $87.2M | $104.1M | $54.0M | $76.8M | $81.2M | $66.0M | $63.0M |
| Net cash (debt) | −$127.2M | −$88.6M | −$83.5M | −$72.8M | −$84.9M | −$77.3M | −$77.7M | −$47.2M | −$69.7M | −$74.3M | −$58.1M | −$54.3M |
| Working capital | −$29.8M | −$49.1M | −$48.0M | −$33.4M | $432.1M | $399.3M | $414.8M | −$58.6M | $371.1M | $368.7M | $338.7M | $336.6M |
| Tangible book value | $301.6M | $303.4M | $307.8M | $309.9M | $310.0M | $310.8M | $309.0M | $295.5M | $292.7M | $286.0M | $271.9M | $275.8M |
| Book value per share | $13.89 | $14.12 | $14.36 | $14.42 | $14.43 | $14.61 | $15.25 | $14.73 | $14.72 | $15.34 | $14.64 | $14.86 |
| Shares outstanding | 21.7M | 21.5M | 21.4M | 21.5M | 21.5M | 21.3M | 20.3M | 20.1M | 19.9M | 18.6M | 18.6M | 18.6M |
| Current ratio | 0.40 | 0.40 | 0.28 | 0.50 | 19.87 | 27.45 | 21.74 | 0.12 | 25.63 | 26.21 | 18.53 | 29.67 |
| Quick ratio | 0.37 | 91.57 | 0.28 | 0.50 | 19.68 | 27.25 | 21.49 | 16.63 | 25.48 | 25.81 | 18.46 | 29.17 |
| Debt / equity | 0.47 | 0.38 | 0.32 | 0.33 | 0.39 | 0.28 | 0.34 | 0.18 | 0.26 | 0.28 | 0.24 | 0.23 |
| Equity / assets | 65.3% | 69.6% | 72.4% | 72.6% | 68.1% | 74.9% | 71.0% | 80.7% | 75.7% | 74.5% | 75.7% | 78.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 12, 2026); data from EODHD.
REFI financial position
At the end of fiscal 2025 (December 31, 2025), Chicago Atlantic Real Estate Finance had total assets of $424.9 million (down 2.4% from a year earlier), total liabilities of $117.1 million and shareholders' equity of $307.8 million. It held $14.9 million in cash and short-term investments against $98.4 million of debt, net debt of $83.5 million. Its current ratio was 0.28. In the latest quarter (ended June 30, 2026) total assets were $461.7 million and equity $301.6 million.
Related: REFI income statement, REFI cash flow statement, REFI key metrics. See the REFI stock overview for the latest quote and news.
REFI balance sheet FAQ
What are Chicago Atlantic Real Estate Finance's total assets?
Chicago Atlantic Real Estate Finance reported total assets of $424.9 million at the end of fiscal 2025 (December 31, 2025), compared with $435.1 million a year earlier.
How much debt does Chicago Atlantic Real Estate Finance have?
Chicago Atlantic Real Estate Finance had $98.4 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.32.
How much cash does Chicago Atlantic Real Estate Finance have?
Chicago Atlantic Real Estate Finance held $14.9 million in cash and short-term investments at the end of fiscal 2025; with $98.4 million of debt that is net debt of $83.5 million.
What is Chicago Atlantic Real Estate Finance's book value?
Chicago Atlantic Real Estate Finance's shareholders' equity (book value) was $307.8 million at the end of fiscal 2025, or $14.36 per share.
What is Chicago Atlantic Real Estate Finance's current ratio?
Chicago Atlantic Real Estate Finance had current assets of $19.0 million and current liabilities of $66.9 million, a current ratio of 0.28 (current liabilities exceed current assets).