Chicago Atlantic Real Estate Finance, Inc. (REFI) Financial Statements
Industry: Real Estate Investment Trusts
In fiscal 2025, Chicago Atlantic Real Estate Finance reported revenue of $56.3M, up 3.9% from $54.2M the year before. Net income was $36.0M (a 64.0% net margin), or $1.68 per diluted share. Net interest income was $55.4M, and the efficiency ratio (noninterest expense / revenue) was 34.7%. Operating activities generated $28.8M of cash. At fiscal year end, Chicago Atlantic Real Estate Finance held $424.9M in total assets against $117.1M in total liabilities, including $14.9M of cash and equivalents.
Open the full interactive Chicago Atlantic Real Estate Finance financials → Quarterly statements, key ratios, valuation history and price charts.
Chicago Atlantic Real Estate Finance Key Stats
| Share Price | $9.11 |
|---|---|
| Market Cap | $197.8M |
| P/E Ratio | 5.4 |
| Dividend Yield | 20.54% |
| Revenue YoY Growth | +3.9% |
| 52-Week Range | $9.11 – $11.40 |
| Shares Outstanding | 21.2 million (basic, 2026 Q2) |
Chicago Atlantic Real Estate Finance Income Statement
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|
| Net Interest Income | — | $57.1M | $55.0M | $55.4M |
| Provision for Credit Losses | — | $940,385 | -$583,298 | $731,051 |
| Noninterest Income | — | $1.1M | -$751,474 | $896,051 |
| Noninterest Expense | — | $18.6M | $17.7M | $19.5M |
| Revenue | $48.9M | $58.3M | $54.2M | $56.3M |
| Pre-Tax Income | $32.3M | $38.7M | $37.0M | $36.0M |
| Income Tax | — | $0 | $0 | $0 |
| Net Income | $32.3M | $38.7M | $37.0M | $36.0M |
| Diluted EPS | $1.82 | $2.11 | $1.88 | $1.68 |
Chicago Atlantic Real Estate Finance Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $14.2M | $14.3M | $16.8M | $13.2M |
| Net Income | $8.9M | $8.2M | $4.8M | $7.5M |
| Diluted EPS | $0.42 | $0.38 | $0.23 | $0.34 |
Chicago Atlantic Real Estate Finance Balance Sheet
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|
| Cash & Equivalents | $5.7M | $7.9M | $26.4M | $14.9M |
| Loans (Net) | — | $348.7M | $398.1M | $403.9M |
| Total Assets | $343.3M | $359.2M | $435.1M | $424.9M |
| Total Long-Term Debt | $336.3M | $16.4M | $49.1M | $49.3M |
| Total Liabilities | $79.2M | $87.4M | $126.2M | $117.1M |
| Shareholders' Equity | $264.0M | $271.9M | $309.0M | $307.8M |
Chicago Atlantic Real Estate Finance Cash Flow Statement
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|
| Cash From Operations | $17.0M | $28.4M | $23.2M | $28.8M |
| Cash From Investing | -$125.2M | -$1.9M | -$39.3M | $8.7M |
| Cash From Financing | $33.7M | -$24.3M | $34.6M | -$49.0M |
| Dividends Paid | $28.2M | $39.1M | $41.6M | $43.8M |
Figures from Chicago Atlantic Real Estate Finance's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Chicago Atlantic Real Estate Finance financials page for every line item.
Chicago Atlantic Real Estate Finance Company Profile
| Ticker | REFI |
|---|---|
| Exchange | Nasdaq |
| Industry | Real Estate Investment Trusts |
| Headquarters | Chicago, Illinois |
| Incorporated in | Maryland |
| Fiscal Year End | December 31 |
| SEC Filer Category | Emerging growth company |
| SEC CIK | 0001867949 |
Frequently Asked Questions
What was Chicago Atlantic Real Estate Finance's revenue in fiscal 2025?
Chicago Atlantic Real Estate Finance (REFI) reported revenue of $56.3M for fiscal 2025.
What is Chicago Atlantic Real Estate Finance's annual revenue history?
Chicago Atlantic Real Estate Finance's annual revenue by fiscal year: 2022: $48.9M; 2023: $58.3M; 2024: $54.2M; 2025: $56.3M.
What was Chicago Atlantic Real Estate Finance's net income in fiscal 2025?
Chicago Atlantic Real Estate Finance reported net income of $36.0M for fiscal 2025.
What was Chicago Atlantic Real Estate Finance's earnings per share (EPS) in fiscal 2025?
Chicago Atlantic Real Estate Finance's diluted EPS was $1.68 for fiscal 2025 (adjusted for any later stock splits).
What was Chicago Atlantic Real Estate Finance's revenue last quarter?
In its most recent reported quarter (2026 Q2), Chicago Atlantic Real Estate Finance reported revenue of $13.2M.
How much debt does Chicago Atlantic Real Estate Finance have?
Chicago Atlantic Real Estate Finance reported $49.3M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Chicago Atlantic Real Estate Finance are outstanding?
Chicago Atlantic Real Estate Finance reported a weighted average of 21.2 million basic shares outstanding in 2026 Q2.
What is Chicago Atlantic Real Estate Finance's market cap?
Based on its latest closing price, Chicago Atlantic Real Estate Finance (REFI) has a market capitalization of about $197.8M.
When does Chicago Atlantic Real Estate Finance's fiscal year end?
Chicago Atlantic Real Estate Finance's fiscal year end, as registered with the SEC, is December 31.
Where is Chicago Atlantic Real Estate Finance headquartered?
Chicago Atlantic Real Estate Finance lists its business address in Chicago, Illinois in its SEC filings.